Banking & Finance News

Bank of New Zealand has increased its standard one-year home loan rate by 20 basis points to 4.99 percent, with the 18-month rate rising by the same margin to 5.29 percent. Two- and three-year rates will lift by 16 basis points and four-year rates by six basis points, all to 5.45 percent. The move follows a similar increase by ANZ, which cited rising wholesale rates.

Infometrics chief forecaster Gareth Kiernan said financial markets have already priced in the official cash rate reaching 3 percent or slightly above by the end of this year and 3.5 percent by mid-2027. "You might get another 10 basis points, maybe slightly more on the one-year rate before the end of the year but I don't see a great deal of pressure on the one-year rates past that," Kiernan said. He said it was unlikely home loan rates would return to the 6 percent range, RNZ business (NZ) reports.

Australia's share market closed at a record 9,227 points, up 0.9 per cent, as pressure eased on the Japanese yen following intervention, ABC reports. The intraday high reached 9,230 points. Mining gained 3.3 per cent but energy losses limited further index gains, with traders also pricing in hopes of a US-Iran deal to reopen the Strait of Hormuz.

Top performers included Neuren Pharmaceuticals (up 16.28 per cent to $21.64), 4DMedical (up 9.77 per cent to $4.72) and IperionX (up 8.95 per cent to $3.41). Woodside Energy fell 3.55 per cent to $31.78, Domino's Pizza dropped 3.16 per cent to $19.29, and Karoon Energy slid 2.87 per cent to $1.69, David Chau reports for ABC business (AU).

Apple Pay is now available in the Philippines, Visa and Mastercard said on Tuesday, allowing eligible debit and credit cardholders to add their cards to the service on iPhone, Apple Watch, iPad and Mac devices.

Users can make contactless payments by double-clicking the side button on their iPhone or Apple Watch, authenticating the transaction and holding the device near a compatible payment terminal. The launch comes nearly a year after Google Pay entered the Philippine market, according to Inquirer, Inquirer business (PH) reports.

UOB is divesting its asset management business to Allianz Global Investors for $555 million, the Singapore lender said on Aug 5. The sale is expected to generate a pre-tax gain of about $330 million and will increase UOB's capital ratio by an estimated 14 basis points, according to the bank.

UOB operates the asset management arm across eight Asian markets and will retain a long-term distribution partnership with AllianzGI to offer clients investment products. All 500 UOB Asset Management employees will transfer to AllianzGI, which has committed to maintaining their employment. The transaction is expected to close in 2027, subject to regulatory approval, The Straits Times reports.