Welcome to Kalkine Media’s daily update of latest events in the NZ financial markets, the economy and major corporate moves -
The Reserve Bank is proposing to remove loan-to-value ratio (LVR) restrictions that limit how much mortgage debt house-buyers can take on. This would help banks to keep lending to support customers, including with mortgage deferral. The LVRs, were first introduced in October 2013 to curb an overheated housing market.
Airlines have been rushing to shore up liquidity, reduce capital expenditure and cut costs to stay afloat amid the worst crisis to hit the global aviation industry. Air New Zealand said it will lay off about 3500 employees - nearly a third of its workforce - in the coming months, as the outbreak forced it to cancel nearly all flights.
Uber Eats says it will resume its deliveries next week when the country moves into alert level three. The food delivery service, which has been on pause for a month, will resume with contactless delivery on Tuesday, April 28 and offer a tipping option to funnel more money to restaurants.
Oil prices plunged below zero on Monday as demand for energy collapses amid the coronavirus pandemic and traders don't want to get stuck owning crude with nowhere to store it.. the market's most dramatic action by far was in oil, where the cost to have a barrel of US crude delivered in May plummeted to negative US$37.63 (NZ$62.33) as factories and automobiles around the world remain idled.