Insurers Give NZD 37M To Assist Northland Flood Recovery | NZ Market Update

Insurance Council of New Zealand has released the preliminary figures which reflect the degree of damage due to the July Northland floods. The insurers have paid NZD 37 million till date for customers' recovery. Such incidents reaffirm the significance of having insurance, especially at the times of unforeseen events. The amount paid till now is more than those paid during the February Southland floods when there was a state of emergency declared in Fiordland, Clutha, and Southland.

FlexiGroup Limited (ASX:FXL) announced humm’s expansion to New Zealand on the back of the success of Oxipay in that market. It is the only BNPL product in the country that supports transactions in-store and online up to NZD10,000. Humm is ready to transform the New Zealand market, where the users would have more spending power opening up new divisions for Kiwis like solar, home furnishing, renovations, luxury retailing, fertility and healthcare by making use of BNPL.

ByteDance has rejected the bid offered by Microsoft and has chosen another bidder Oracle for its TikTok US operation. Oracle would be taking a significant stake in the business. ByteDance highlighted that Oracle would be its technology partner. The deal reflects a symbolic loss for Microsoft as it has an advertising business and Tik Tok generates revenue by showing advertisements to its users while scrolling through videos in the app. Now, Oracle can provide TikTok with the cloud infrastructure.

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