New Zealand probes banks' climate commitments for anti-cartel behaviour
WELLINGTON, March 21 (Reuters) - New Zealand has opened an investigation to determine if commitments by lenders under the Net-Zero Banking Alliance could breach anti-cartel regulations, the country's competition watchdog said.
The Commerce Commission said in an email on Friday that it had opened an investigation to determine whether the adoption and alleged alignment of net-zero strategies and targets by banks could breach section 30 of New Zealand's Commerce Act.
Section 30 prohibits contracts, arrangements, understandings or covenants containing cartel provisions.
"We are continuing to obtain information from relevant parties to determine whether there is conduct that breaches the Act," the statement said.
Farm lobbying group Federate Farmers in December asked the Commerce Commission to look at whether the banks' commitment to the Net-Zero Banking Alliance had resulted in anti-competitive behaviour.
An email sent by Federated Farmers to the head of the Commerce Commission said the alliance "risks creating co-ordinated lending practices that disadvantage high-emission sectors such as agriculture, transport and mining."
Along with government-owned Kiwibank, New Zealand's banking system is dominated by four large Australian banks: Westpac Banking (WBC.AX), opens new tab, Commonwealth Bank of Australia-owned ASB Bank (CBA.AX), opens new tab, National Australia Bank's Bank of New Zealand (NAB.AX), opens new tab and ANZ Group (ANZ.AX), opens new tab.
New Zealand's Banking Association and the five banks did not respond immediately to requests for comment on the Commerce Commission probe.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
2 hours ago
- Reuters
China's forex reserves up $3.6 billion in May, less than expected
BEIJING, June 7 (Reuters) - China's foreign exchange reserves rose by a less-than-expected $3.6 billion in May, official data showed on Saturday, as the dollar continued to weaken against other major currencies. The country's foreign exchange reserves, the world's largest, rose 0.11% to $3.285 trillion last month, below the Reuters forecast of $3.292 trillion. They were $3.282 trillion in April. The increase in reserves was due to "the combined effects of factors such as exchange rate conversion and asset price changes," China's State Administration of Foreign Exchange said in a statement. The yuan weakened 1.05% against the dollar in May, while the dollar slid 0.23% against a basket of other major currencies .
Wales Online
7 hours ago
- Wales Online
Future of Llancaiach Fawr branded scandalous as Grade-I listed manor is mothballed
Future of Llancaiach Fawr branded scandalous as Grade-I listed manor is mothballed Caerphilly County Borough Council has closed Llancaiach Fawr amid ongoing uncertainty over its future, with the venue near Nelson being 'mothballed' and put on the market Llancaiach Fawr (Image: Google/Local Democracy Reporting Service ) The decision to shut down Llancaiach Fawr has been labelled a "retrograde step", amidst ongoing doubts about the future of the heritage site. The Grade-I listed manor, located near Nelson, has been "mothballed" and up for sale since January, following a cost-cutting move by Caerphilly County Borough Council to cease its annual subsidy for the site. The council's Plaid Cymru opposition group has claimed there is "no sign" of the venue reopening "anytime soon". Plaid revealed that a council response to a Freedom of Information (FOI) Act request indicated that while 15 viewings had been scheduled, no offers have been made so far. "The closure was yet another flawed decision by the Labour cabinet, made against the opposition of the public and many councillors," stated Cllr Lindsay Whittle, who heads the Plaid group. Plaid Cymru group leader Lindsay Whittle at Ty Penallta (Image: Plaid Cymru/Local Democracy Reporting Service ) "We want to see Llancaiach Fawr reopened to the public as soon as possible, but given the lack of submissions of interest so far then we might be waiting quite a long time. It really is scandalous that this tourist and historical icon of Caerphilly remains shut." Plaid Senedd Member Delyth Jewell described the venue as "irreplaceable" and "the centre of the community", including for thousands of schoolchildren who visited on trips. Stay informed on Caerphilly news by signing up to our newsletter here Article continues below "Many of us warned that if the council closed its doors, they might never reopen again," Cllr Jewell said. "What a crying shame it will be if that turns out to be the case." Councillor Delyth Jewell (Image: Plaid Cymru/Local Democracy Reporting Service ) Yet, these opinions have been contested by the council's deputy leader, Labour's Jamie Pritchard. He remarked that there has been "a high level of interest from a range of organisations who have submitted business cases to secure a bright new future for Llancaiach Fawr". Cllr Pritchard mentioned that the council "received so much interest, we ran more open days than originally envisaged". Councillor James Pritchard (Image: CCBC/Local Democracy Reporting Service ) He added: "I must say, for leading Plaid politicians to say there has been a lack of submissions tells me they have simply ignored a statement I put out more than two weeks ago," and continued, "This is a very peculiar and totally unproductive way to operate. We are very positive about the future of Llancaiach Fawr, and we look forward to issuing further updates over the coming weeks." Article continues below In response to Plaid's Freedom of Information Act request, the council disclosed it is "now awaiting submissions from those that expressed an interest" in managing Llancaiach Fawr but noted that a definitive timeline "cannot be confirmed at this stage". The council also revealed that 37 staff members had their employment "terminated" at the site, with one individual retained until the end of June "to maintain the open space", and two others successfully redeployed within the council.
Scottish Sun
7 hours ago
- Scottish Sun
Bitter Trump-Musk breakup forces allies to take sides as MAGA influencers quip Don's ‘not invited to Mars anymore'
LAWMAKERS have been forced to pick sides after President Donald Trump and Elon Musk's bromance came to a screeching halt. Democrats and Republicans are scrambling to pledge their allegiance after Musk called for Trump's impeachment and hurled unfounded accusations about the Epstein files. 7 Elon Musk's feud with President Donald Trump has left some MAGA loyalists picking sides Credit: Reuters 7 The feud erupted over Trump's 'big, beautiful bill,' which proposed stripping billions in government subsidies from Tesla Credit: AP 7 The drama unfolded when Musk disapproved of Trump's "Big Beautiful Bill," calling it a "massive, outrageous, pork-filled Congressional spending bill." Trump said the world's richest man was furious because the bill proposes stripping billions in government subsidies from Musk's electric vehicle company Tesla. The two exchanged digital blows with searing social media posts until late Thursday night, when White House aides were said to have scheduled a call between the bitter rivals. RECONCILIATION REJECTED Musk appeared to have offered a possible olive branch when he responded to a post on X from hedge fund manager Bill Ackman. Ackman called for reconciliation, "for the benefit of our great country," and said, "We are much stronger together than apart." In a telling reply, Musk said, "You're not wrong." Speaker Mike Johnson raced to try to get Musk on the phone to negotiate a peace offering. He said they were trying to nail down a time to chat, but haven't been able to iron things out yet. But that all fell apart on Friday morning when Trump blasted Musk again and said he wasn't interested in talking anytime soon. Despite glimmers of hope, politicians and thought leaders have rushed to pick sides and share their two cents on the matter. Trump crushes hopes of 'peace talks' call with Musk as he insists Elon has 'lost his mind' after feud went nuclear Though many of them have been quick to stick to President Trump, not everyone is falling in line. TRUMP SUPPORTERS RALLY Support for Trump was immediate and forceful as allies rallied around the president. Johnson, who oversaw the passage of Trump's "big beautiful bill" in the House that prompted Musk's initial shot across the bow when he called the legislation a "disgusting abomination," was among the first to come to the president's aid. "Look, I know all of you are very concerned about [Musk's] tweets, but I think the American people are concerned about things that really matter," Johnson told reporters Thursday. How did Musk and Trump's relationship crumble? ELON Musk and Donald Trump spent Thursday launching insults on social media as their relationship quickly went sour. The Tesla owner called for Trump's impeachment as the president hit back and warned the government could end all federal contracts with Musk's companies. Here's how it went down: On Tuesday, Musk tweeted that Trump's signature "big beautiful" spending bill was a "disgusting abomination" that would add billions to the federal deficit On Thursday in the Oval Office, Trump addressed Musk's criticism of the bill and accused Musk of trying to kill it because the bill ends federal subsidies for electric vehicles Musk responded by live-posting on X as Trump spoke, initially shrugging off the president's assessment with an unbothered "Whatever," before tearing into the bill's other spending provisions Trump escalated the feud after the Oval Office meeting with multiple posts on Truth Social, saying he told Musk to leave the White House instead of continuing to work with Doge and threatening to dump Musk's federal contracts, which are worth billions Musk fired back on X by saying he was "decommissioning" the Dragon spacecraft made by SpaceX that brought the stranded Nasa astronauts back from the International Space Station in March Musk also escalated the war of words by reposting and replying "Yes" to a tweet claiming that Trump should be impeached and replaced by Vice President JD Vance Musk further fanned the flames by claiming that Trump is named in the infamous "Epstein files" and making unfounded accusations that its the reason they haven't been released to the public. "That is making their taxes low, making their economy work, making the border secure, making energy dominance a big thing again, and that's what our bill is going to do." Johnson said he supported Trump's massive tax and spending cuts bill, and called it a "historic step forward." Vice President JD Vance rushed to his bosses aid and blasted "lies the corporate media tells about President Trump." "One of the most glaring is that he's impulsive or short-tempered," he wrote. "Anyone who has seen him operate under pressure knows that's ridiculous." White House Press Secretary Karoline Leavitt said the feud was an "unfortunate episode from Elon," adding that he wasn't happy with the bill because "it does not include the policies he wanted." "As a businessman, he has a right to speak for his companies, but as president, President Trump has a responsibility to fight for this country," she told Fox News. CJ Pearson, who is the co-chair of the Republican National Committee Youth Advisory, made it clear who had his vote and confidence. "I'll be on the side of the guy that took a bullet for his country. Simple as that," he told the Daily Mail. 7 Representative Thomas Massie, a Republican from Kentucky, slammed Musk's claims, but added that he should be respected Credit: Getty 7 White House Press Secretary Karoline Leavitt praised the 'big beautiful bill' when she was asked about the feud Credit: Splash EPSTEIN CLAIMS 'RIDICULOUS' Other Republicans fumed over Musk's unfounded claim that Trump is named in files on sex trafficker Jeffrey Epstein and should be impeached. Leader of the House Task Force on the Declassification of Federal Secrets, Anna Paulina Luna, said the Epstein accusation was bogus. "The fact is, I do not believe that President Trump is in the Epstein files," she said. Representative Thomas Massie, a Republican from Kentucky who Musk supported, disagreed that Trump should be impeached but added that he still respects the Tesla CEO. "This is the language Trump speaks in. [Musk] is speaking it back to him," he said. Meanwhile, Tennessee Representative Tim Burchett argued that if Trump were in the files, it would've already be used against him politically. "Honestly, if any of that stuff was true on Trump, don't you think the Biden administration would have brought it out? I mean, that's just ridiculous," he said. There's no evidence that Trump had any involvement in Epstein's crimes. 7 Vice President JD Vance blasted the 'corporate media' for portraying Trump as short-tempered Credit: AP MAGA INFLUENCERS CAUTIOUS MAGA influencers remain divided on the feud, including Emily Wilson, known as Emily Saves America, who said that she "doesn't agree with doing this publicly and it's not a good look for us… compared to Democrats, our party at least goes for it. "We go with what we think and feel, we don't just fall in line with each other. I feel like Democrats are all shady and do everything behind closed doors and eat their own." Raquel Debono, who runs Make America Hot Again, jokingly said: "I guess Trump's not invited to Mars anymore." However, activist Robby Starbuck said MAGA is stronger "with Trump and Elon working together," and hopes the two can come together. "Elon is right to want a balanced budget and Trump is right to want his signature legislation. "Remember, our founders in America did great things, often fought and later made up. "This doesn't need to be a breakup if they let cooler heads prevail." Meanwhile, podcaster Joe Rogan, who endorsed Trump as president, called for Musk's phone to be thrown away. 7 White House aides reportedly set up a phone call between Musk and Trump to clear the air, but it fell through Credit: AP DEMOCRATS DIVIDED ON MUSK PRAISE The feud has had some in the Democratic party praising Musk, which has earned the ire of Pennsylvania Senator John Fetterman. "The Dems, we've been dumping all over Musk and vandalizing Teslas or whatever, and now, suddenly, we might be more back into him," he said. Fetterman warned the party against fawning over the billionaire. "It wasn't that long ago that Tesla was like the virtue-signaling kind of accessory for Dems," he said. "I would never want to vandalize Teslas, and the 'big, beautiful bill' is wrong for America. So, from my perspective, I've just tried to be consistent through that." WHO'S STAYING QUIET Some key decision makers are keeping to themselves until tensions cool. "I'm staying out of it," Representative Don Bacon, a Republican from Nebraska, told NBC News. "There's a good verse in Proverbs, 'Stay out of fights.' I'm staying out of this one." Representative Richard Hudson, a Republican from North Carolina, said that he has faith the feud will "blow over." When he was asked whether the two would make up, he merely shrugged.
