Wellington

New Zealand veterans vow to remember Normandy landings

Wellington  - New Zealand veterans of the 1944 Normandy landings, which were a turning point in World War II, vowed Sunday to keep going despite their international organization closing down because too many members have died.

Thirty representatives of veterans from Britain, France, Canada, the United States and New Zealand who took part in the assault on France's northern coast - which remains the largest amphibious military operation ever attempted - held a commemorative service Sunday in Wellington.

The international Normandy Veterans Association (NVA) has decided its membership is falling too fast to continue past the 65th anniversary of the landings in June, said David Christison, president of the New Zealand branch.

New Zealand government to guarantee wholesale bank deposits

New Zealand government to guarantee wholesale bank depositsWellington - The New Zealand government will guarantee wholesale deposits by foreign finance institutions to local banks, Finance Minister Michael Cullen announced Saturday.

Cullen said the move would help facilitate improved access to international funding markets for New Zealand banks.

"While the New Zealand banking system is very sound, we are in an environment where international investors remain risk-averse and where many other governments have guaranteed their banks," he said.

Rare "living fossil" nest found on New Zealand mainland

Rare "living fossil" nest found on New Zealand mainland Wellington - The first nest of eggs laid by tuatara reptiles - living fossils who are descendants of the dinosaurs - has been found on the New Zealand mainland in more than 200 years, the Karori Wildlife Sanctuary reported on Saturday.

Staff found four ping-pong-ball-sized leathery white eggs while doing routine maintenance work near the 8.6 kilometre predator-proof fence around the 225-hectare sanctuary in suburban Wellington, manager Raewyn Empson said.

New Zealand market rises 2.2 per cent after roller-coaster day

New Zealand stock marketWellington - The New Zealand stock market rose 2.2 per cent on Wednesday after a roller-coaster day in which strong gains in morning trading were checked later.

The benchmark NZX-50 index rose nearly 4 per cent in the first 15 minutes of trading, apparently fired by news of dramatic gains on Wall Street which produced the second biggest rise on record.

New Zealand mortgage funds suspend withdrawals

Wellington  - Axa New Zealand Ltd said Tuesday that it had frozen three managed mortgage funds worth a total of 225 million New Zealand dollars (121.5 million US dollars) to head off a feared run of withdrawals from 5,000 investors.

Ralph Stewart, chief executive of the insurance and investment management firm, said withdrawals from the Mortgage Distribution Fund, Mortgage Investment Fund and Axa Investment Portfolio had been suspended for 30 days.

New investments in the funds have also been suspended although investors would receive scheduled interest payments as usual, the firm said.

New Zealand minister switches sides before election

New Zealand minister switches sides before election Wellington - A minister in New Zealand's Labour-led coalition government announced on Sunday that he is switching sides and will only serve in a conservative administration after next month's general election.

Peter Dunne, minister of revenue and leader of the United Future party, said he would only support a government formed by the opposition National Party if it wins the election on November 8.

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