Banking giant BNZ’s chief executive Andrew Thorburn has urged the government to overhaul the tax laws to control the property market and encourage other forms of investments, such as shares and term deposits.
In a recent TV interview, Mr. Thorburn said New Zealanders were not saving enough, and the government should step in to encourage them to save more.
He stressed that there was a need for some structural reforms in the tax system so that people could be incentivized to save more.

As per recent news, Shinzo Abe has announced to nominate the Asian Development Bank President Haruhiko Kuroda as the new Bank of Japan governor. The nomination came after the selection process appeared to intensify this month.

A motive to achieve two percent inflation has led to rift in board members of the Bank of Japan (BOJ). The next governor of the bank needs to tackle this sensitive situation very carefully.

The next step in this matter shall be of prime importance and has to be dealt with cautiously. At the same time, Prime Minister of Japan, Shinzo Abe has asked the central bank to move ahead boldly taking some firm step.

Dutch banking and insurance group ING has reported lower-than-expected net profit in the fourth-quarter but in comparison to the previous earnings, it has earned larger gains from asset sales.

Following this, they have announced to have another round of cost savings. In regard to this, the companies are looking forward to terminate another 2,400 jobs by 2015.

Consequent to confidential details of tax affairs of over 4,000 Britons with an HSBC bank account in Jersey out in the open, there seems to be a nearing threat to account holders. It has been claimed that the names and rest of the details of the account holders in the UK have been prepared by HM Revenue & Customs.

There is no doubt over the financial stiffness countries around the world are facing but the gross profit Australian banks have made this year has caught the attention of one and all. The big four Australian banks, BNZ, ANZ/National, Westpac and ASB, were reported to have gained a combined $3.4 billion profit after tax in New Zealand, thereby showing an increase of some 20% on last year's record.