Two a penny

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The Reserve Bank has fired a warning shot about the sudden recent sharp rise in interest rates.

The central bank said this morning that current levels of long-term interest rates in this country were “out of line” with its expectations.

The action by the governor was unusual, as he normally waits for his regular six-weekly review of interest rates before making comments on market conditions.

Reserve Bank Governor Alan Bollard said the recent rise in rates charged between financial institutions was “unwarranted and inconsistent with the monetary policy outlook”. A short time ago it was worth US55.

The New Zealand dollar reacted sharply to the announcement, falling over a cent in value against the American currency.

The comments by Bollard indicate a clear concern from him that recent actions of the markets could put further pressure on struggling Kiwi households and on the depressed New Zealand economy.9 cents compared with over US57c prior to the RBNZ statement. Governments around the world are issuing huge amounts of bonds as they seek to pump money into their own economies.

A number of factors have caused the recent increase in longer term rates.

There has also been a very strong rise in the value of the New Zealand dollar – largely due to the weakness of the US dollar.

This is forcing banks sourcing money offshore to pay higher rates. Several banks have increased their longer term fixed mortgage rates. .5 percent to 3 percent, indicated it did not see much more scope for further falls.

As well, the RBNZ, when lowering official interest rates from 3.

Continuation of such a trend could put further downward pressure on an economy that has been in recession since the start of 2008.

All of these factors have contributed to what is effectively a sharp tightening in monetary conditions within New Zealand – contrary to the RBNZ’s wishes. Furthermore, the risks around the outlook continue to be weighted to the downside,” Dr Bollard said in a statement.

“As we said in our 12 March Monetary Policy Statement, the economic recovery is expected to be very gradual.”

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Dr Bollard said that if this “apparent distortion” in the market persists, it could put unnecessary pressure on the cost of borrowing by firms and households.

“As indicated in our March Statement, we are projecting interest rates to remain at relatively low levels for an extended period.

A number of economists in recent days have been calling for just such an action from the RBNZ governor.

The comments by Bollard are effectively an attempt to “jawbone” interest rates and the New Zealand dollar down.

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The father of a 17-year-old Auckland secondary school pupil whose killer was today convicted of murder spoke of being ”overwhelmed” by the verdict.

Charlie Borrell, whose son Augustine died from a single stab wound to the chest, said the past 18 months had been ”the equivalent of holding my breath”.

Davis, who was 18 at the time of the incident late on September 8 2007, pleaded not guilty to the charge.

Haiden Mark Davis, 20, was given a life sentence with a minimum term of 10 years for murdering Auckland Grammar School student Augustine Borrell during a confrontation in the inner city suburb of Herne Bay 18 months ago.

”I feel quite emotional about it all,” he told .

Speaking outside the High Court at Auckland, Mr Borrell said it was the right verdict, but ”it can’t bring back my son”.

”I was quietly confident that the jury would do the right thing, but there was always the fear that they’d return the wrong verdict.

”I think, whatever the verdict, we would still have broken down. It was all about the verdict.

”I didn’t even think about the punishment.”

Mr Borrell said he wanted to thank all his family and friends for their support throughout their ordeal.

”We’ve now reached a point where we can start healing a lot more.

It was met with applause, while Davis reacted by shouting obscenities as he was led out of the courtroom.

About 40 of Mr Borrell’s family and friends packed the courtroom and the atmosphere was fraught with emotion as the verdict was read out.

”He’s tried to paint a picture of remorse, but there is a lot more going on behind the scenes. . It brought my daughter to tears.

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”His attitude is very frustrating and it’s the equivalent of him kicking us in the head.

”You have behaved impeccably and with courtesy, dignity and humility.”

Sentencing Davis, Justice Rhys Harrison told the jury they had completed their task with care and diligence.

Augustine Borrell was one of six children, and his first cousin Chris McLean said he was ”a boy who had his act together in a big way”.”

Mr Borrell said the end of the case would allow the family to try to get on with their lives.

”He just walked into a moron.

”He had his own hire business and this year he was planning to buy a house.

”Davis had no idea who he was even having a go at.

”Davis had no idea who he was even having a go at. His first resort was violence.

”I heard that Davis has 25 previous convictions, including 18 for violence.

”He was on bail for aggravated robbery when he murdered Augustine.

”The world will be a better place with him off the streets,” Mr McLean said.

The jurors deliberated for four and half hours, returning once to tell the judge that they couldn’t reach a verdict.

He sent them away again and an hour later they came back with a guilty verdict. verdict.

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Marie Jamieson murder-accused sent to trial

– Thursday, 26 February 2009

JOSEPH MARTIN REEKERS: Sent to trial.

MARIE JAMIESON: Murdered in 2001.
Joseph Reekers, 52, of Auckland appeared in Waitakere District Court this afternoon for a depositions hearing.

The man charged with murdering Auckland hairdresser Marie Jamieson eight years ago has conceded the Crown has a prima facie case against him and has been committed to the High Court for trial.
Reekers has been remanded in custody and will appear in the High Court again next month.
All evidence presented to the court was in written form which the media had been banned from viewing.
Reekers was charged with her rape and murder last June.
The case remained cold until late in 2007 when police re-examined DNA evidence.
Her naked body was found behind factory buildings in Ranui on February 10 2001.
Ms Jamieson was last seen alive as she walked past the Gull service station in the Auckland suburb of Kingsland eight years ago.

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It’s fiesta time rain or shine

Saturday, 21 February 2009

STREET LIFE: Dancers, from left, Anita Hunziker, Sarah Knox and Francis Christeller prepare for the Cuba Street Carnival.

Cuba Street Carnival turns ten

New Zealand'sbiggest street party kicks off today, with 150,000 revellers expected to flood Wellington city for the Cuba Street Carnival.
Even yesterday's deluge couldn't dampen spirits ahead of the festivities.
Carnival spokeswoman Bridget Van Der Zijpp said that, despite a rain-soaked event in 2004, the crowds had still flocked to Cuba St. A cleanup after the downpour meant plans for the giant fiesta were still on track, starting about 11am. It's New Zealand's biggest street party. "We go ahead rain or shine."
The main stage in Cuba St and other stages in the city will feature 80 bands and DJs throughout the day.
Batucada drummers and samba dancers will bring a taste of Brazil to the capital later tonight.
Then the party will heat up with a massive street parade, winding its way from the Cambridge Tce end of Courtenay Place into Taranaki St and finishing in Ghuznee St. "Come early.
Ms Van Der Zijpp said "parade fluffers" would entertain festival-goers along the parade route from 8pm."

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It’s fiesta time rain or shine

Saturday, 21 February 2009

STREET LIFE: Dancers, from left, Anita Hunziker, Sarah Knox and Francis Christeller prepare for the Cuba Street Carnival.

Cuba Street Carnival turns ten

New Zealand'sbiggest street party kicks off today, with 150,000 revellers expected to flood Wellington city for the Cuba Street Carnival.
Even yesterday's deluge couldn't dampen spirits ahead of the festivities.
Carnival spokeswoman Bridget Van Der Zijpp said that, despite a rain-soaked event in 2004, the crowds had still flocked to Cuba St. A cleanup after the downpour meant plans for the giant fiesta were still on track, starting about 11am. It's New Zealand's biggest street party. "We go ahead rain or shine."
The main stage in Cuba St and other stages in the city will feature 80 bands and DJs throughout the day.
Batucada drummers and samba dancers will bring a taste of Brazil to the capital later tonight.
Then the party will heat up with a massive street parade, winding its way from the Cambridge Tce end of Courtenay Place into Taranaki St and finishing in Ghuznee St. "Come early.
Ms Van Der Zijpp said "parade fluffers" would entertain festival-goers along the parade route from 8pm."

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Beach seaweed complaints don’t wash, council says

Friday, 02 January 2009

Island Bayresidents are threatening to bring in bulldozers to clean up their beach after the council turned down requests to remove smelly seaweed and weeds.
Council officials say the debris is forming a natural protection against erosion.
"It's a waste of a beach, the only swimming beach on the south coast that's suitable for little children.
Beach cleanup campaigner Margaret Davis said the council had ignored a petition signed by hundreds of residents calling for action."
Last month, Mrs Davis presented a petition signed by 583 people to Wellington City Council.
"Surely it is the right of families who live close to an urban beach to be able to take toddlers in bare feet to play in clean dry sand. "And his answer is still no.
However, on Christmas Eve she was told councillors had referred the matter to the official who refused her request in the first place.
Wellington City Council parks manager Paul Andrews said council workers regularly removed litter and rubbish, but not natural beach debris and vegetation."
She said some long-term residents were so fed up that they had suggested hiring a bulldozer to do the job themselves."
Where vegetation had spread, the sand had stabilised. .
"Potentially you're going to get a better quality beach long term if you allow the dunes to build up again.
"We're not losing sand from the beach system, and there's less cost to ratepayers in cleaning up the road, less inconvenience to residents from sand blowing on to their properties.
In October, Mrs Davis told The the council had stopped taking seaweed and driftwood from the beach after the Taputeranga Marine Reserve came into force in August."
A local community conservation group had been replanting dunes at the western end of the beach for some years and was interested in extending that work, he said.

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Wellington City Council said last year it could no longer remove seaweed from the reserve because of rules prohibiting the removal of marine items a stance the Conservation Department said was wrong

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Witches, masons miss out on fake knives

Saturday, 20 December 2008

Abulk order of fake plastic knives and swords, coveted by local witches and Freemasons, will be handed over by Customs, but not in time for the Christmas rush.
Importer and retailer Dave Hannay won the right to retrieve the 230 knives and swords after the Customs service failed to appear in Napier Civil Court yesterday – but he cannot have them till next month, and then only if Customs does not object.
The order included 60 dragon-handled double-edged swords, 50 slide knives and 120 daggers with twisted blades.
The Chinese-made knives and swords were to have been sold in Mr Hannay's Napier store, King of Swords, but were seized by Customs in Auckland on December 21 last year as they were deemed to be offensive weapons.
The items, most of which are plastic with blunt edges, would have sold for about $9200. .
"The daggers were for the Freemasons. The swords have blunt stainless steel blades and plastic handles, and are glued into a resin dragon before being sold. "You'd be surprised who buys them. The others are bought for all sorts," Mr Hannay said. There are heaps of witches round here, and down in Masterton. Witches need them for their covens.
"This means I've missed two Christmases. And re-enactors, they like them too. If they'd [Customs] just turned up in court it might have been sorted. I've spent a year writing letters to various people trying to sort this out. "But these are weak imitations."
Mr Hannay said he understood that Customs was bound by definitions that saw fakes such as his classified as offensive weapons. I sell pocket knives in my store that are more dangerous. They'd snap if you hit anyone with them."
He said Customs had been made aware that it should have appeared in court. It's just ridiculous. He adjourned the case till next month in case Customs wished to be heard.
Judge Geoff Rea said that, "on the face of it", the knives would be ordered to be turned over to Mr Hannay.

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Weekend of drunken mayhem: 1000 calls to police

Monday, 15 December 2008

Drunkenmayhem sparked more than 1000 calls to Wellington police over the weekend 650 to the police communications centre and 414 triple-one calls.
Most of them related to booze-fuelled fights, disorder, domestic disputes and driving complaints.
"It is a high number, but not unusually high for this time of year in summer people tend to go out in the good weather, start drinking early and carry on right through the night," Mr Darroch said.
Inspector Steve Darroch said Wellington police were flat out dealing with alcohol-related incidents from Saturday afternoon, when people headed out to enjoy the good weather and kept drinking through the night.
Wellington police were busy yesterday processing 22 intoxicated people who had been held in cells overnight. . It accounts for 70 per cent of emergency hospital admissions, kills nearly three people a day and accounts for well over half of all crime.
The weekend binge underlined concerns at the growing booze toll, as reported in The on Saturday.
Wellington Hospital chief medical officer and drug and alcohol specialist Geoff Robinson said New Zealand needed to face up to its alcohol problem, which killed about 1000 people a year.
Every weekend, booze sends 84 people on average to Wellington Hospital either injured or seriously intoxicated.
Hot spots for drunken disorder on the weekend were Courtenay Place and Taranaki St, especially in the vicinity of nightclubs, Sergeant Corey Watts said.
Doctors and counsellors have called for a big rise in beer and wine prices, cuts in the number of outlets, bans on television advertising, raising the legal drinking age and more funding for treatment programmes.
Courtenay Place Expressoholic employee Alan Hunt said drunken tomfoolery was prevalent in Courtenay Place every Friday and Saturday night.
"Saturday is always a busy night, but more people were locked up than usual this weekend probably reflecting the time of year," Mr Watts said.
Neighbouring cafe owner Thanasis De Winter believed the drunkenness and violence on the streets on Saturday night was about normal levels, but he noticed a stronger police presence and more people being arrested throughout the evening and continuing well into Sunday morning.
"People are generally pretty good till about 10pm, then from about 3am fights start and there are girls screaming," Mr Hunt said.
Porirua police arrested eight drunken men the same night on a variety of charges, including assault and breaching bail conditions.
"Police were pretty tough arresting people with alcohol," Mr De Winter said.

. Earlier this month, more than 1000 drivers were breath-tested in booze-bus operations in Otaki and Levin, but only nine were found to be over the limit

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Cheers! We’re killing ourselves

Saturday, 13 December 2008

Amassive hike in alcohol prices is the key solution to a national booze problem which kills close toly three people every day and injures many more, say doctors and counsellors.
Alcohol is a contributing factor to 70 per cent of emergency hospital admissions and well over half of all crime.
It costs $425 million in ACC payouts, $655 million in the public health sector, and $1.
Those who see the devastation daily say raising the price of beer and wine, and reducing the number of liquor outlets are key solutions.17 billion in lost productivity each year. "It's very, very clear what we need to do, all we need now is the guts basically to get on and do it.
"Everyone agrees we have a problem," said Rebecca Williams of Alcohol Healthwatch."
Emergency medicine specialist Paul Quigley agreed."
Wellington Hospital chief medical officer and drug and alcohol specialist Dr Geoff Robinson said New Zealand had a "huge problem" with alcohol. "I'd just put the price up and sod it to all those who complain. .
His research showed that if alcohol were put through the drug-scheduling committee now, it would be a class B drug, sitting alongside Ritalin and morphine and more dangerous than fantasy."
Dr Quigley said the harm done by alcohol compared to the damage from methamphetamine was 100-1. It affects close toly every organ. "Alcohol is by far and away the overwhelming problem. "Alcohol is by far and away the overwhelming problem..
"The amount of money that's spent on `the war on drugs' versus on rehab is phenomenal," Dr Quigley said.
Last year 23,000 people attended treatment, but up to 160,000 were in need of help.
Counsellors say funding for alcohol treatment in the community and in prisons needs to be doubled.
"But there's very clear research that compulsory or mandatory treatment works as well as, or even better than for people who are supposedly self-motivated.
Drug and Alcohol counsellor Roger Brooking said it could be difficult for alcoholics to make the decision to help themselves because alcohol affects the brain.

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He said the Government had allowed the liquor industry to behave like drug dealers, and said it was essential to abolish conscience voting on all alcohol-related issues in Parliament

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Tougher lending has silver lining for home-buyers

By EMMA PAGE – Sunday, 30 November 2008

First-timehome buyers don't despair – banks might be tightening their lending criteria but it's not all bad news for those struggling to get on the property ladder.
Experts say the buffer zone of a larger deposit could save potential homeowners from trouble in the future and it also reduces weekly repayments, taking the sting out of household budgets.
"There would be some argument that this move by the banks could be protecting first- time buyers from potentially risky purchases," says Massey University banking lecturer David Tripe. Market conditions also mean lower rental prices – another bonus for those trying to save.
And as house prices grind to a standstill with further drops predicted, BNZ chief economist Tony Alexander says would-be home owners can take the time to save without fear of prices climbing."
But there is no denying that tightening the lending criteria does drastically reduce the amount of money people can potentially borrow. "You've got a good market in which to bargain to get a reduced rent and work on getting that deposit up. Last week ANZ National, the largest bank in New Zealand, announced it now requires a 20% deposit for all new loan applications.
Bernard Hickey, from interest.
Most of the other major banks have a similar policy, preferring a 20% deposit and assessing other applications on a case by case basis.nz, said that when the financial markets were liquid, banks were happy to lend to people with just a 5% deposit, meaning a couple with $30,000 in the bank could borrow enough to buy a $600,000 house.co. .
Now, the same couple would be looking at a $150,000 home."
But ASB head of retail banking Ian Park says the requirement for a 20% deposit used to be common practice."
But ASB head of retail banking Ian Park says the requirement for a 20% deposit used to be common practice."