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$1.2 billion paid in penalties by depositors to Banks

$1.2 billion paid in penalties by depositors to Banks

As customers overdrew accounts or fell behind on credit card and loan repayments since the nation was hit hard by recession last year, almost $1.2billion was paid in bank penalties.

However when the fee haul were attacked by political leaders and consumer groups, the banks declared that only if customers change their behavior was there a chance to reduce fees.

As per the latest figures unveiled by the Reserve Bank yesterday, total fees collected by banks rose more than 8 per cent to $11.6 billion last year, the fastest growth rate in five years.

Expensive earth digger purchased by a three year old NZ child; parents shocked

Expensive earth digger purchased by a three year old NZ child; parents shocked

A New Zealand couple received an email demanding NZ$20,000 (US$12,247) for an earthmoving digger this week, which came as a surprise expensive shock.

Astonishingly, the digger was bought by the couple’s three-year-old child, Pipi Quinlan on the online trading site Trade Me, while the parents were sleeping.

Pipi's mother Sarah said in shock, “The first I knew about it was when I came down and opened up the computer.”

Increasing Number of Infants Allergic to Cow’s Milk

Increasing Number of Infants Allergic to Cow’s Milk

According to Auckland University, there has been an increase in the number of infants with "cow's milk protein allergy".

In order to find out further facts related to this matter, a study funded by the Auckland District Health Board and led by Auckland University adult and child allergy specialist Professor Rohan Ameratunga, will be carried out.

This study will find out the number of children suffering from cow's milk protein allergies, and common symptoms.

IMD’s annual World Competitiveness Yearbook shows astonishing results

IMD’s annual World Competitiveness Yearbook shows astonishing results

It has been learnt that New Zealand, which was on 18th place initially on the IMD’s annual World Competitiveness Yearbook, has risen to 15th now.

IMD ranked 57 economies, in which the US is still top while Hong Kong has switched places with Singapore to be second and is swiftly closing the gap with the US. Furthermore, fourth rank was still maintained by Switzerland from last year.

Ageing population issue urged to be addressed by Government

Wayne Swan

A retirement investment specialist believes when it comes to the retirement policy, New Zealand should take a leaf out of Australia's book.

Australia's Treasurer Wayne Swan made an announcement in this month's budget that by 2023 the age a person is eligible to receive a pension will increase from 65 to 67.

In addition, retirement tax benefits for higher-paid individuals will be decreased and to pay for a weekly increase for present pensioners the Government would discontinue matching contributions to low and middle-income earners.

NZers feeling more secure about their jobs

NZers feeling more secure about their jobs

It has been specified by Research New Zealand polling that depite increase in jobless people to its highest level in six years, most Kiwis are confident about their job security and believe that the Government is taking the right steps to manage the recession.

It was put forward by the poll that two thirds (68%) of respondents believe the state of the economy is having an impact on their current financial situation and standard of living, and one in six (18%) feel it is having a 'big impact'.

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