HSBC

Cry Baby of the Week

This whinging cry baby isn’t identified by a complicit media, but they are a cry baby nonetheless, running off to the Human Rights Commission to complain about their rights being infringed…by a bank.

HSBC New Zealand is closing bank accounts with balances under $100,000 in a move one customer has blasted as discriminatory.

Local clients of the global bank have been told that “non-premier” banking services are being withdrawn.

A minimum of $100,000 in savings or $500,000 in home lending is required to qualify for HSBC Premier.

The customer told the Business Herald that he had been banking with HSBC in Auckland for “umpteen years”.

“I feel that I’ve been a victim and discriminated [against],” he said.

“To me, a bank should provide services to the public and help the needy, but not to bully those whose accounts do not hold a minimum balance of $100,000 at any one time.”

The customer said he had approached the Human Rights Commission over the matter.

Read more »

NZ economy out-performing every other OECD country

Looks like that despite the surplus being under serious threat the so-called “rock star economy” is still going along nicely, outperforming every other OECD country.

Australians are going to have to get used to New Zealanders going on about how much better their economy is if one economist is right.

Paul Bloxham, the HSBC economist who first called New Zealand a rock star economy, says the New Zealand dollar is going to be strong for some time because the economy it represents is strong.

The New Zealand dollar was at 98.27 Australian cents on Friday from 98.18 cents on Thursday and it is expected to reach parity.

The last time the New Zealand dollar passed the Australian dollar was on October 18, 1973 and it only managed it for a few hours, Mr Bloxham said on TVNZ’s Q+A programme today..

The New Zealand economy is out-performing every other OECD economy.   Read more »

More good news

While David Cunliffe suns himself on holiday, contemplating how he will hide his rich prick lifestyle from the seething masses, still more economic good news continues to roll in.

Labour and the Greens are going to have a real problem in fighting against this avalanche of good news and government likely to ask voters why they would put everything at risk.

New Zealand has begun an economic boom that could drive its currency past Australia’s for the first time in four decades, HSBC Bank Australia says.

The bank rates the rebuilding of earthquake-damaged Christchurch – one of three things driving the economy – as an economic force as important to New Zealand as the resources boom of the last decade was to Australia’s economy.

“New Zealand is set for a strong 2014, with the economy already firing on all cylinders,” Adam Richardson and Paul Bloxham of HSBC Bank Australia say in a report.

New Zealand is likely to outperform almost all other OECD economies in 2014, except Chile, Israel and Mexico.

HSBC forecasts gross domestic product (GDP) will expand by 3.4 per cent in 2014, up from 2.8 per cent in 2013.

The New Zealand dollar will rise to 87 US cents by the end of 2014. It was 82.46 US cents at 5pm on Friday.  Read more »

The “rock star” economy of 2014

People around the world are starting to understand what our opposition parties have failed to grasp…National has actually done a good job with the economy and now it is starting to hum.

New Zealand will be the “rock star” economy of 2014, with growth set to outpace most of its developed markets peers, according to HSBC, a stark contrast with neighboring Australia, which is struggling to maintain economic momentum.

“We think New Zealand will be the rock star economy of 2014. Growth is going to pick up pretty solidly this year,” Paul Bloxham, chief economist for Australia and New Zealand at HSBC, told CNBC Asia’s “Squawk Box” on Monday.

HSBC forecasts the economy will grow 3.4 percent in 2014—the fastest pace since 2007 and well above trend growth of 2.5 percent. For 2013, the economy is expected to post growth of 3.0 percent, according to the bank.

What will drive this “rock star” economy then, since Labour reckons we are in the dog box…surely the experts must be wrong because David Cunliffe is right?  Read more »