Borrowers ‘enslaved‘ by finance companies

Borrowers ‘enslaved‘ by finance companies

Vulnerable borrowers are becoming enslaved to finance companies and action is needed to protect them, an Auckland budgeting adviser says. Photo: 123rf Yesterday, two companies owned by disgraced businessman Allan Hawkins and his son Wayne for what a judge described as “cynical” and “deliberate” offending. The Commerce Commission said that over six years the companies, Budget Loans and Evolution Finance, continually added costs and interests to loans and then illegally […]

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Spark customers win deal on Sky sports coverage

Spark customers win deal on Sky sports coverage

Sky TV has cut a deal to deliver sports coverage to Spark‘s broadband customers. Spark said its unlimited broadband customers would get access to Sky TV‘s sports coverage at a reasonable price. Photo: RNZ / Kim Baker Wilson The two companies have agreed that Sky‘s Fanpass, which provides online coverage of key sports, will be available to Spark customers with unlimited broadband plans. The deal should cool the dispute between […]

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Payday lender accused of charging 183 percent interest

Payday lender accused of charging 183 percent interest

The Commerce Commission has launched High Court proceedings against payday lender Ferratum which it says charged borrowers 183 percent in interest. Commerce Commission. Photo: RNZ / Alexander Robertson The commission hopes a judge will order some of the customers‘ loans to be reopened. It said the company failed to help borrowers reach informed decisions about the loans, allegedly using pressure selling tactics and oppressive terms. Ferratum failed to exercise reasonable […]

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Air NZ, Qantas announce code sharing agreement

Air NZ, Qantas announce code sharing agreement

Air New Zealand and Qantas have announced a code sharing arrangement on 115 domestic routes in Australia and New Zealand. Photo: RNZ The airlines said the deal could see some passengers save up to two hours on their journey time. “We are confident that our respective customers will enjoy the reciprocal benefits on both sides of the Tasman,” Air NZ chief executive Christopher Luxon said. The two airlines would continue […]

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Australia‘s ANZ faces criminal cartel charges

Australia‘s ANZ faces criminal cartel charges

Australia‘s ANZ bank will be prosecuted over an alleged criminal cartel arrangement, the nation‘s consumer watchdog says. Photo: RNZ / Claire Eastham-Farrelly Both the bank and a senior official were facing charges over the trading of its own shares, the Australian Competition and Consumer Commission (ACCC) said. ANZ said it would defend the charges against the bank and its employee. Australia‘s banking sector is currently the into widespread misconduct. Two […]

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OECD chief: Italy in ‘safe hands‘ with Cottarelli

OECD chief: Italy in ‘safe hands‘ with Cottarelli

OECD chief: Italy in ‘safe hands‘ with Cottarelli Angel Gurria, the Secretary-General of the Organisation for Economic Co-operation and Development, has told FRANCE 24 that Italy‘s economy is in “safe hands” with Carlo Cottarelli as prime minister. Cottarelli, a former IMF economist, has been tasked with forming an interim government, as financial markets continue to be roiled by uncertainty over Italy‘s political future. Gurria was speaking as the OECD holds […]

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EU, others vow swift riposte as Trump kicks off trade war

EU, others vow swift riposte as Trump kicks off trade war

EU, others vow swift riposte as Trump kicks off trade war © Stephanie Lecocq/Pool/AFP | European Trade Commissioner Cecilia Malmstrom (C) speaks with US trade representative Robert Lighthizer (L) as they arrive for talks after Trump imposed tariffs on steel and aluminum, March 10, 2018, in Brussels. The world‘s largest economies stood at the precipice of all-out trade war on Thursday as major US allies announced retaliation against stinging steel […]

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EU takes case against US steel, aliminium tariffs to WTO

EU takes case against US steel, aliminium tariffs to WTO

EU takes case against US steel, aliminium tariffs to WTO © Emmanuel Dunand, AFP | European commissioner for trade Cecilia Malmström adresses a press conference on the US restrictions on steel and aluminium affecting the European Union at the European Commission in Brussels on June 1, 2018. The European Union on Friday submitted a request for consultations with the United States on steel and aluminium tariffs announced by Washington, a […]

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Visa investigating ongoing ‘service disruption‘ in Europe

Visa investigating ongoing ‘service disruption‘ in Europe

Visa investigating ongoing ‘service disruption‘ in Europe © Dave Kotinsky, AFP | Visa showcases a less card authenticated through biometrics at the Visa Innovation Lab at the National Retail Federation‘s Big Show on January 16, 2018. Visa says it is experiencing a “service disruption” as users in several European countries report that they are unable to make payments with their cards. The credit card firm said it is investigating the […]

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Greater food safety reassurance needed over M bovis – exporter

Greater food safety reassurance needed over M bovis – exporter

An infant formula exporter says he‘s been fielding concerned calls from around the world about Mycoplasma bovis, and the government should be doing more to reassure consumers. Photo: RNZ / Alexa Cook New Image Group founder Graeme Clegg said his business had been fielding inquiries from all around the world about safety aspects of the disease, since the of the disease on Monday. About 150,000 cattle will be culled as […]

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