New Zealand's central bank held the benchmark interest rate at 3.25% on Wednesday, noting near-term inflation risks, but said it expected to loosen monetary policy if price pressures continued to ease as forecast, Reuters reported. The decision was in line with a Reuters poll in which 19 of 27 economists surveyed projected the Reserve Bank of New Zealand would hold the cash rate for the first time since it started a cutting cycle in August 2024.
Failed Mosgiel businessman Malcolm Burns - who owes creditors millions - has finally been declared bankrupt despite a last-ditch effort to delay the decision a fourth time, the Otago Daily Times reported. Associate Judge Dale Lester declared Mr Burns bankrupt in the High Court at Dunedin on June 12 after the previous week giving him "a last chance" to pay what his company Otago Excavation owes vehicle leasing business FleetPartners Group.
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