The New York Stock Exchange yesterday started an
investigation into a possible computerised share sell-off
that triggered yet another turbulent day on world markets.
Telecom's XT mobile network was unable to cope with the
number of customers wanting to switch to the ultra-fast
service, the company said yesterday.
The ongoing effects of the recession are still costly for
Telecom, with the company estimating the slowdown had cost
about $10 million in the three months ended March.
The ongoing recovery in
New Zealand's economy was clearly demonstrated in the latest
Government accounts released yesterday by Treasury.
A transtasman alliance between Air New Zealand and Virgin
Blue represents an alluring proposal for Air NZ shareholders,
Craigs Investment Partners broker Chris Timms says.
International financial markets continued their volatility
yesterday but in New Zealand it was all about the currency
and the speech made by Reserve Bank governor Alan Bollard in
The fall in unemployment
to 6% in the year ended March was being celebrated throughout
New Zealand yesterday as a sign the labour market was finally
following the rest of the economic recovery.
Telecom is expected to announce tomorrow a much reduced
third-quarter operating profit but analysts will be focusing
on any indication of the company's dividend policy for 2011
The Greek bail-out package put together by the European Union
and the International Monetary Fund had done little yet to
calm investors' nerves, Forsyth Barr broker Tony Conroy said
The Australian Reserve Bank yesterday lifted its official
cash rate by 0.25% to 4.5%, making it now 2% higher than the
New Zealand Reserve Bank's 2.5% OCR.
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