New Zealand

Funds raised by SMX for expansion

SMX,

A sum of $1.67 million has been raised by SMX, a privately owned developer of internet security, from investors, which also include Sam Morgan and Stephen Tindall.

According to SMX, the $1.67m round was its second fund raising round, which also saw the participation of K1W1, an investment vehicle of The Warehouse founder Mr Tindall, and Endeavour Capital, a venture capital company.

Furthermore, an undisclosed investment from Mr Morgan's investment company, Jasmine Investment Holdings, was sourced by the company.

IRD case lost by BNZ

IRD case lost by BNZ

As per the media reports, after its UK tax position became uncertain, National Australia Bank (NAB) switched a structured finance transaction from the UK to New Zealand.

This has come as one of the conclusions of a High Court judgment against NAB's subsidiary Bank of New Zealand. It could apparently cost it $654 million in unpaid tax and interest and more in penalties.
 
According to BNZ, it will most probably appeal today's judgment.

Internet child sex to be banned by govt. via filtering system

Internet child sex to be banned by govt. via filtering system

The government is acting fast to queries related to child sex abuse images on the Internet.

Soon, the New Zealand Internet service providers will receive a filtering system to block the sites that host such images. 

As per Internal Affairs deputy secretary Keith Manch, the initiative taken by the government comes as a reply to community expectations for the government to do more in providing a safe Internet environment.

NZ economy receives negative outlook by Fitch

NZ economy receives negative outlook by Fitch

The credit rating for New Zealand, which was maintained to AA plus by Fitch Ratings earlier, has now been revised from stable to negative by the agency.

The result, the agency says, is based on economic forecasts and the country's high level of debt.

As per Axa Chief Economist Bevan Graham, "We have some big global imbalances. We're reliant on others' savings - we don't save enough. So a timely reminder of that,
and that we've really got some work to do."

Whopping jump of 80% seen in Netbook sales in NZ

Whopping jump of 80% seen in Netbook sales in NZ

In the ongoing scenario of financial crisis, which has put adverse affects on the PC market, the Netbooks - which are smaller & cheaper than traditional laptops - appeared to be a ray of hope, as their sales are estimated to have hiked by 80% over last year.

In the year 2008, there were about 25,000 netbooks shipped. IDC analyst Stefan Nordbruch said that now it is being hoped that this year, around 45,000 netbooks would be sold.

Sum of $654 million to be paid to IRD by BNZ

Sum of $654 million to be paid to IRD by BNZ

With BNZ losing the case against IRD - pertaining to avoiding a payment of $416 million in tax - it would now have to pay Inland Revenue (IRD) $654 million.

IRD's claims of tax avoidance had been denied by BNZ, following which it had knocked the High Court's door with the hope of not paying an extra $416 million in tax, said a judgment released today against BNZ.

The case deals with the bank entering transactions, including "repo" deals prior to 2005, that involved complex cross border lending by overseas-owned banks.

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