The interest rates have been reduced by the ANZ National Bank that it charges on credit cards.

The step taken by the bank has come at the time when it has been defamed for not cutting interest rates as fast as the central bank has cut interest rates, though banks have moved to cut mortgage interest rates.

ANZ announced, "The 1.00 per cent per annum reduction on its credit cards, effective March 12, follows a reduction of 1.25 per cent per annum in January."

Appreciating the Government's announcement to go ahead of its $500 million infrastructure projects at an accelerated pace in addition to the $480 million business package, Shamubeel Eaqub, economist and research director of Goldman Sachs JBWere's Australia and New Zealand, said, "While small in the context of annual GDP
($180 billion) these are positive and encouraging steps to counter the recession and bolster the aggressive easing delivered by the RBNZ to date."

11% drop in ASB Bank's profits, as the bank reported a $238m operating profit for the six months to December 2008.

The drop further includes a $41 million that also includes loss that grew from applying new global accounting rules.

In 2007 the profits during the same period were $267 million.

ASB chairman Gary Judd said, "Total bank assets increased by 16.3 per cent, with lending balances rising 8.6 per cent."

Recently, a drop was witnessed in the prices of the fuels since prices were cut by the oil companies by 3 cents per litre.
It was informed by Gull spokesman Graeme Stirk that the petrol price were cut by them by three cents to $1.64.9 for 91 octane yesterday and its 98 blend was $1.75.9.
The price of Gull’s diesel remained the same at $1.06.9 per litre. It was announced by Shell this morning that prices for both petrol and diesel by three cents a litre was being cut by it.

New Zealand Mushrooms had received interim orders from the Environment Court either to shut its composting plant or control the odour so that it does not spread beyond its jurisdiction.

Vodafone Australia and Hutchison Telecommunications have proposed to merge and would operate under the brand name of Vodafone, VHA.  After the merger VHA’s revenue shall go up to $ 4 billion and its customers to about 6 million.