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Photo: RNZ A number of factors may be converging that could bring interest rates down more quickly - and two-year fixed home loans to at or below 5 percent by the middle of next year, commentators say. The banks have been cutting interest rates in recent weeks, taking two-year fixed rates below 5.8 percent, from a peak of about 7 percent late last year. Commentators say developments offshore and domestically could help keep that pressure on. Bank competition Housing market turnover is low, which may make banks keener to compete for the smaller number of customers who might be looking for a home loan. But David Cunningham, chief executive at mortgage broking firm Squirrel, said although it seemed that the banks were vying to have a market-leading rate, the situation couldn't be described ...

The Warehouse has issued a recall notice for the Roo Crew Take-Apart Vehicle, saying its small parts pose a choking hazard for children under three. Photo: The Warehouse / Supplied The Warehouse is facing criminal charges over a children's toy. The Commerce Commission said it would soon file charges in the District Court over the Roo Crew Take-Apart Vehicle toys, which had been sold at the retailer from March 2021. The Warehouse had issued a voluntary recall for the product. Commerce Commission principal compliance adviser Grant McIntosh said it was concerned about the risk the toys could pose to small children and was urging anyone who may have bought them to return them. "Businesses must ensure that the products they supply comply with legal requirements and are safe for the intended ...

Photo: 123rf.com Economy shrinks 0.2% in June quarter Growth contracts 0.5% for the year ended June December quarter 2023 revised from a fall to flat, meaning NZ not in recession Households spend on food but not takeaways, cars, mobile phones Agriculture, construction, retail weaker; manufacturing, IT and health services grow The economy went backwards mid-year as a slide in retailing, construction, agriculture, and service industries stymied growth. Stats NZ data shows gross domestic product the broad measure of economic growth fell 0.2 percent for the three months ended June, with annual growth of -0.5 percent. Revisions to the December 2023 quarter changed a small contraction to flat, meaning the economy had not fallen into recession as previously thought. The numbers were better th...

US Federal Reserve chairman Jerome Powell, Photo: AFP / Mandel Ngan US central bank kicks off easing cycle Fed's policy rate lowered to 4.75 percent - 5.00 percent range Policymakers see another 50 basis points of cuts in 2024 One member of Fed board dissents; preferred smaller cut The US central bank has cut interest rates by a bigger-than-expected 0.5 percentage points in its first reduction in more than four years. The Federal Reserve's benchmark rate was cut to a range of 4.7to 5-5 percent, after being held at a 23-year high since July 2023. Federal Reserve chair Jerome Powell said the large cut was a "strong" move but was not in response to growing worries about the US economy and the labour market in particular. "We don't think we are behind," he said. "We think this is timely b...

Photo: RNZ / Nate McKinnon A niche part of the meat industry is seeing strong growth, with demand for blood and gland products on the up. The industry is very good at getting value out of every part of the animal and use most parts from the animal that are not meat such as tallow, bone meal, offal and blood - this is known as the fifth quarter. Red meat exports have been struggling over the last year due to softer demand from China. The fifth quarter hasn't been immune, in 2023/24 they dropped 13 per cent to $1.93 billion, despite this overall drop, fifth-quarter exports still accounted for 19 percent of total export revenue for the year. One area that has seen strong growth is blood and gland products which are used in vaccines, pharmaceuticals and medical devices. Meat Industry Associa...

Meta announced designated Instagram accounts would move automatically to "Teen Accounts" with more restrictive settings. Photo: OLIVIER DOULIERY/AFP Teenagers might find a way around new restricted Instagram accounts, but it's important the company is trying, a social media consultant says. Meta announced on Wednesday designated Instagram accounts would move automatically to "Teen Accounts", which will be private accounts by default. Users of such accounts can only be messaged and tagged by accounts they follow or are already connected to, while sensitive content settings will be dialled to the most restrictive available. Users under 16 can change the default settings only with a parent's permission. Parents will also get a suite of settings to monitor who their children are engaging wi...