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Leading index plunges
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Asteroid destroys Straya Consumer sentiment up on house prices
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Phil Lowe hoses off any thought of rate hikes
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Reserve Bank of Fiji provides conditional approval to Kina Securities Limited
Reserve Bank of Fiji provides conditional approval to Kina Securities Limited
Reserve Bank of Fiji Governor Ariff Ali. [Image: File Photo]
The Reserve Bank Board has resolved that a conditional approval be granted on Kina Securities Limited’s application to take over Westpac Fiji.
The Westpac Group had announced on 7th December last year, its intention to sell the Westpac Pacific Business (Westpac Fiji and Westpac’s 89.91% stake in Westpac Bank PNG Limited) to Kina Securities Limited, subject to regulatory approvals in Fiji and PNG, and Kina Securities shareholder approval.
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Westpac with the note:
The growth rate in the Leading Index peaked at 5% back in November last year shortly after 22 consecutive negative prints and a particularly large -6% during last year’s national COVID lock-down. It has since fallen back to 1.34%, still comfortably above zero and therefore signalling the outlook for above trend growth.
On July 20 Westpac revised its near-term growth forecasts to take account of the lock-downs in both NSW and Victoria. We now expect that the NSW economy will contract by 3.1% in the September quarter and the Victorian economy will contract by 0.1%.
That assumes the NSW lockdown will last a total of eight weeks and the Victorian lockdown three weeks. Contractions in the two biggest states will mean that the national economy is likely to contract by 0.7% in the September quarter.