Law change ensures sub-contractors are paid retention money when building companies collapse   Changes to the retention fund law for subcontractors   Subcontractors will receive better protection from construction companies that have gone bankrupt after the law is revised. Under the new law, companies holding retention funds for subcontractors must provide regular reports on the…

No more waiting for payments at weekends: Banks shift to seven-day processing   Banking 7-day conversion, payment processing possible even on weekends Previously, banks only processed payments on business days and not on weekends, but now they are switching to a 7-day payment processing system that includes weekends. Starting May 26th, dollar transactions between all…

Tornado hits North Island of New Zealand… Houses and other buildings damaged   As a tornado hit the North Island of New Zealand, people were injured and houses were destroyed. According to the New Zealand Herald and others on the 11th, a tornado occurred at 5:30 am this morning and swept through the northern part…

Expectations of a rate hike lead to a decline in the New Zealand dollar   As the possibility of additional rate hikes by the Federal Reserve (Fed) looms following positive US employment data, the New Zealand dollar has shown a decline against major currencies. In addition, the risk-sensitive New Zealand dollar also showed weakness as…