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The Gossip - news from the Finance Sector

The latest news from the FIRST Union finance sector unofficial weblog!











  • ANZ CEO gets 13% pay rise

    Friday, November 14, 2014

    ANZ’s CEO David Hisco has received a 13% pay increase this week, lifting his total remuneration to NZ$4.7 million.

    Hisco was already the top-paid boss in the Business Herald’s latest executive pay survey (published only last month).

  • Reserve Bank to keep LVRs

    Friday, November 14, 2014

    The Reserve Bank acknowledged this week that while LVRs have taken some of the heat out of the property market (house prices rose 17% in the year before LVRs, but only 8.5% now), they have favoured investors over speculators.

    LVRs are to stay in place for the time being, and the Reserve Bank is eyeing further measures to discourage speculation in the property market.

  • US and UK Banks fined NZ$4 billion for forex rigging

    Friday, November 14, 2014

    Five major banks on both sides of the Atlantic have been fined NZ$4 billion for their roles in rigging the NZ$7 trillion a day foreign exchange markets.

  • TPPA National Day of Action

    Friday, November 14, 2014

    On 8 November 10,000 New Zealanders in 17 locations around the country attended protests against the Trans-Pacific Partnership Agreement (TPPA), including 3000 in Auckland, 1000 in Palmerston North, 1500 in Wellington, 2000 in Christchurch and 1000 in Dunedin. At the same time the #TPPANoWay hashtag trended no 1 across New Zealand and no 2 worldwide!

  • Hacktivist foiled by kitty

    Friday, November 14, 2014

    Hacker-activist Jeremy Hammond, considered a mastermind, believes his ultimate downfall was because of his cat.

    In 2012 FBI agents raided his home with assault rifles while Hammond dashed to his room to shut his encrypted laptop.

    However Hammond’s encryption programme proved too easy for agents to crack and get the evidence to put him in prison.

    “My password was really weak”, he recounted, having used his cat’s name, Chewy, with 123 on the end.

  • Bank Union Council nominations

    Friday, November 7, 2014

    Bank Union Council nomination forms went out to members last week, and we are currently looking for delegates to step up and fill the vacancies. The following council positions are vacant:

    Westpac: 2 Auckland retail, 2 central retail, 1 Auckland banking ops, 1 Christchurch banking ops and 1 South Island contact centre.

  • Westpac profits “as good as it gets”

    Friday, November 7, 2014

    Westpac NZ has increased its annual profit by 13 per cent, bringing in statutory profit of $864 million in the year ending September 30, an all time record performance for the bank.

    The bank is attributing the huge increase to a big fall in bad debts, with acting Chief Executive David McLean claiming that, “this is about as good as it gets in the credit cycle.”

  • TPPA National Day of Action

    Friday, November 7, 2014

    This Saturday is a national day of action against the Trans-Pacific Partnership Agreement, a trade and investment agreement our government is secretly negotiating with 11 other countries in the Asia-Pacific region, including the United States, Japan, Australia and Canada.

  • Your biggest fan!

    Friday, November 7, 2014

    With the US midterms over and the Republicans taking hold of the Senate, unions in the United States are concerned that protecting workers rights may now be an uphill battle.

    However there is room for some comic relief! In a televised debate between Florida Governor Rick Scott and his Democrat opponent Charlie Crist, the governor refused to take the stage, despite being in the building.

  • ANZ bargaining update

    Friday, November 7, 2014

    On Tuesday this week the union and the bank met in collective bargaining, making some progress.

    The parties have agreed they will meet again for mediated bargaining on 18 and 19 November.




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