Tag Archives: finance

NZ regulators issue a Bitcoin warning: Be prepared to lose all your money | Instant News


Liam Dann sits drinking beer with finance minister Steven Joyce to talk about Bitcoin and the economy.

The Financial Markets Authority has issued an emphatically-spoken warning for the Kiwi to consider taking over cryptocurrency.

The watchdog provided his comments to the Herald following Bitcoin’s latest rollercoaster move – the digital currency’s value has fallen by about a third since Friday after doubling over the past month – and similar advice issued by its UK counterpart, the Financial Conduct Authority or FCA.

“New Zealanders considering buying cryptocurrencies, such as Bitcoin, should be aware that this is a high-risk and highly volatile asset,” said an FMA spokesman.

“Cryptocurrency is not regulated in New Zealand and is often exploited by scammers and hackers.

“FMA shares FCA’s concern that some crypto exchanges promise high returns and customers must be prepared to lose all their money.

“Many foreign cryptocurrency exchanges are not regulated and operate exclusively online – without a connection to New Zealand. This makes it difficult to know who is offering, exchanging, buying or selling cryptocurrency”

If you are planning to buy cryptocurrency, you should at least ensure that the exchange is listed on the List of Financial Service Providers (FSPR), which gives you access to dispute resolution schemes, said an FMA spokesman.

“You should also check if the exchange keeps your New Zealand dollars in a trust account.”

While much of the narrative around Bitcoin has focused on the rollercoaster valuation of cryptocurrency, people buying any digital currency need to be aware of practical issues too, such as how easy it is to convert to fiat currency.

The $ 30 million Cryptopia theft, which involved a Christchurch-based cryptocurrency exchange operating globally, also highlighted that crypto deposits are not guaranteed – unlike most traditional currencies, where governments would normally step in either by law or political pressure if there was a big loss.

The liquidator from Grant Thornton, and the police, is still around try to parse what happened to the Cryptopia hack, which happened in January 2019.

3 things you need to know about cryptocurrencies like Bitcoin

• They are high risk and very volatile – prices can go up and down very quickly
• They are not regulated in New Zealand
Cryptocurrencies, crypto-exchanges, and the people who use them are often targets for hacks, online scams and scams

Source / FMA


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Westpac NZ Offers One-Year Home Loan Interest Rate of 2.29% | Instant News

Westpac NZ is helping Kiwis with their 2021 home ownership goals by offering the lowest interest rate of 2.29% per annum.

This is the lowest rate advertised by any of the major banks. A ‘special’ rate is available on a fixed one-year term to customers with 20% equity buying owner-occupant homes.

Westpac NZ Wealth and Consumer Banking General Manager Gina Dellabarca said the bank wanted to help home buyers act on their New Year’s resolutions.

“We know property ownership may have been a hot topic for many Kiwi families during the holiday period, so whether you’re looking to buy your dream home in 2021 or just pay off your mortgage a little faster, these special rates can help you get there,” Ms said. Dellabarca.

“Two years ago the rate for the same special home loan for the same period was 4.15%. It costs $ 1,119 two weeks to pay off a $ 500,000 mortgage over 30 years. Now, the lower interest rate means the same payment will be $ 885 two weeks – a savings of $ 6084 over the year. “

Ms Dellabarca said the current one-year term is the bank’s most popular fixed rate.

“We are looking forward to talking with first-time homebuyers about how we can support them to achieve their home ownership goals and these rates can definitely help them. We helped first home buyers to over 5,300 new homes in the 12 months to September 2020, a 7% increase from the previous year with many accessing their Kiwisaver first home buyer withdrawal options to help them with their deposits.

“Old mortgage customers who will renew their loan will also be able to take advantage of the new rates. This will give them the flexibility to switch to lower or fixed payments with their current payments which will shorten the life of their loan.

“We would like to speak with existing and new customers about these exciting new rates through our mobile mortgage team or our branch banking specialists or contact centers.”

The new interest rate 2.29% represents a 20bps cut and is effective today.

© Scoop Media


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Switzerland- Restaurant hit by COVID-19 calls for ‘compensation now’ | Instant News

(MENAFN – Swissinfo) Half of all hotel and restaurant businesses in Switzerland will go bankrupt by the end of March if they do not receive direct financial compensation for the effects of the coronavirus restrictions, warned the sector’s umbrella organization.

This content is published January 10, 2021 – 15:23 January 10, 2021 – 15:23 swissinfo.ch/jc

Based on a survey of more than 4,000 members, GastroSuisse said 98% of its members need support, and that ‘with every wave of coronavirus comes a wave of repeats’.

“In November and December, there was a second wave of redundancy in the hotel and catering industry,” he said in a statement. press release external link on Sunday. Nearly 60% of businesses that laid off staff during that year would have to do so again by the end of 2020, according to GastroSuisse. “So, it is up to the federal government to prevent a nationwide catastrophe and a third wave of job losses in the hotel and restaurant sector.”

GastroSuisse correctly said in October that 100,000 jobs were at risk. “In recent months, the situation has worsened again mainly due to the incomprehensible government decision to close the restaurant.”




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Mountaineer Food Bank receives a $ 9 million ‘transformational’ donation from philanthropist MacKenzie Scott | WV News | Instant News

GASSAWAY, W.Va. (WV News) – Mountaineer Food Bank has received a $ 9 million donation as part of a charity prize round distributed to the non-profit organization of philanthropist MacKenzie Scott.

“We met with the board of directors, the leadership team and other stakeholders about this transformational gift. We will work hard to ensure that this philanthropic gift entrusted to us will help more West Virginia residents access healthy and nutritious food, ”said Mountaineer Food Bank CEO Chad Morrison.

Mountaineer Food Bank plans to share details of how it will be invested across the West Virginia charity food chain at a later time, according to a release.

The organization is one of 384 non-profit organizations nationwide selected by Scott at the end of 2020 to receive charitable donations.

Scott is a novelist and philanthropist and is the ex-wife of Amazon CEO Jeff Bezos. Based on Forbes, his net worth is $ 56.1 billion.

“This investment in West Virginia is a vote of confidence in the work we are doing together to end hunger in our state,” Morrison continued. “We wouldn’t be here without more than 450 member agencies, our volunteers, and all our donors, individuals, businesses and foundations supporting us with financial contributions at every level. Everyone who has given food, funds, or time to feed a family in West Virginia should be very proud of this award. “

The announcement comes as West Virginia sees an unprecedented hunger crisis, according to the release. Prior to COVID-19, West Virginia had the 11th highest level of food insecurity in the country with 250,600 people struggling with hunger. That figure has jumped 30% to 324,500 during the pandemic. Mountaineer Food Bank distributed more than 24 million meals in 2020, an increase of nearly 7 million meals from last year.

“This is an opportunity to initiate a change in the hunger narrative in our state,” said Morrison, “but the problem is much bigger than a philanthropist can solve. The support we have received from all of our donors has led to this moment. When we all come together and contribute to solutions, our goals can be achieved. With this investment and the continued generosity of West Virginia’s residents, we can end hunger. “


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On the downside, Shrikant Chouhan at Kotak Securities said Nifty would have huge support between 13,800 and 13,700 ..

Trading arrangements for Monday: Top 15 things to know before Opening the Bell




Market Watch: Nifty hit 11,700 barrier.  In your opinion, will IT and Pharmacy stocks continue their strong performance for 6 months?

Market Watch: Nifty hit 11,700 barrier. In your opinion, will IT and Pharmacy stocks continue their strong performance for 6 months?


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