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New Zealand house prices climbed for a fifth month in February, fueled by increased demand for property in the nation’s largest cities as the economy emerges from a recession.

Prices rose 5.5 percent from a year earlier, following a 4.4 percent annual gain in January, according to a Quotable Value New Zealand Ltd. index. Prices in the 17 largest cities rose 7.3 percent, the Wellington-based government valuation agency said in an e-mailed report.

Further gains in house prices may be curbed by the prospect of higher interest rates and changes to taxation of investment property that will be announced in the May 20 budget. Prices in rural areas fell in February and the pace of increases in provincial cities and some urban areas is slowing, said Glenda Whitehead, valuation manager at Quotable Value.

“Values in the last few months have flattened in many areas,” she said. “The market remains patchy and buyers cautious.”

Reserve Bank Governor Alan Bollard said on Jan. 28 he expected to raise the official cash rate from a record-low 2.5 percent around the middle of the year.

Property sales and listings of houses for sale improved in February as the market approaches its busiest time of the year in late summer, Whitehead said.

“We expect values to stabilize over the coming months, reflecting the ongoing uncertainty around employment, pending interest-rate rises and continued tight lending criteria,” she said. “We may see more certainty in the market after the budget announcement.”

Unemployment

Damping consumer confidence, New Zealand’s jobless rate rose to a 10-year high of 7.3 percent in the fourth quarter. Banks are taking a careful approach to lending and are requesting fresh valuations where the borrower has a low deposit, Whitehead said.

The number of home-loan approvals in the three months ended Feb. 26 slumped 20 percent from a year earlier, according to central bank figures published March 3.

A separate report prepared by the Real Estate Institute last month said that house prices fell for a second month in January. The institute releases February figures on March 12.

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Health industry executive and attorney Colleen McHugh was chosen Wednesday to succeed five-year University of Texas System Board of Regents Chairman James R. Huffines.

McHugh, who is the first female to fill the top regents post, was elected during the group's regular board meeting. Her predecessor was first elected in June 2004 and stayed on until November 2007. He was elected again in April last year.

Gov. Rick Perry named McHugh Texas Public Safety Commission chairman in 2001. She was the first female elected to that commission in 1998. She was added to the regents board in 2005.

Previously, McHugh served as the regents' vice chairman, health affairs committee chair and academic affairs committee member. She worked as the athletics liaison and on the type 2 diabetes risk assessment program advisory committee free credit scores. She also chaired the task force on UTMB clinical operations.

McHugh served as the State Bar of Texas president from 1996-1997. She is currently vice president of compliance, risk management and privacy officer for the CHRISTUS Spohn Health System. She is board certified in labor and employment law and is a member of the highly regarded American Law Institute.

McHugh received her undergraduate degree from Southern Methodist University and her law degree from St. Mary's University School of Law.

Huffines will continue as a board member. Member Paul Foster and Janiece Longoria were named vice chairmans of the board.

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Industrial Alliance Insurance and Financial Services Inc. of Canada has launched a company in Scottsdale in what officials say “is the next phase of the company’s long-term growth strategy in the U.S.”

IA American Life Insurance Co. will be headquartered with the Quebec City company’s Industrial Alliance Pacific Life Insurance Co. U.S. division. The two will offer a range of life and annuity products.

Among IA’s first efforts was a tentative agreement to take on policies of Golden State Mutual Life Insurance Co., seized in September by California regulators. It’s also offering a new product called SecureLife Plus universal life insurance, which offers coverage to individuals up to age 120 and features such as increased maximums on term riders, a new waiver of surrender charge and an accelerated death benefit.

“We’ve laid a solid U.S. foundation and now we’re focusing on growth in underserved, middle-income markets,” said Michael Stickney, president of IA American.

“The debut of IA American marks the beginning of a new phase in our expansion in North America,” said Yvon Charest, president and CEO of Industrial Alliance guaranteed online payday loans. “Over the last few years, we’ve focused on creating a solid local management team in the U.S. Our next objective is to create a strong and vibrant organization capable of serving the insurance and financial needs of middle-income American families.”

State officials took over Golden State Mutual, the largest minority-owned life insurance company in California, after the insurer’s surplus dropped below the state’s required minimum. Golden State Mutual had posted six consecutive years of net operating losses and was operating in a hazardous financial condition, according to an announcement from Insurance Commissioner Steve Poizner. IA was the only bidder that met state requirements after a national search.

Founded in 1892, Industrial Alliance is a life and health insurance company with operations across North America. It has more than 3,400 employees and manages and over $58 billion in assets. Officials could not be reached over the weekend for further details on the Scottsdale operation.

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Government-owned mortgage financing firm Freddie Mac reported a larger loss in the fourth quarter, but the company did not need to draw down any additional tax dollars in the period.

The company, which along with rival Fannie Mae (FNM, Fortune 500) was put into a conservatorship under government control in September 2008, lost $6.5 billion in the quarter, up from a loss of $5.4 billion in the third quarter.

Including $1.3 billion in preferred dividend payments to the federal government, the loss came to $7.8 billion in the fourth quarter of 2009. But that’s still much better than the $23.9 billion it lost in the year-earlier period.

The company lost $21.6 billion for the year, an improvement from 2008 losses of $50.1 billion.

Freddie charged off $2.4 billion in bad loans during the quarter, nearly triple the $863 million from a year earlier. That brought full-year charge-offs to $7.6 billion in 2009.

And the worst is clearly not behind it, as Freddie raised its reserves for loan losses to $33.9 billion at the end of the quarter, up from $30.6 billion three months earlier.

About 3.9% of its $1.9 trillion in loans are now delinquent, well below the national average for late payments. But Freddie’s delinquency rate has been rising steadily for the past two years.

Freddie (FRE, Fortune 500) said it ended the quarter with a positive net worth of $4.4 billion, which means that for the third straight quarter it did not need another injection of government cash make quick cash. Net worth compares a company’s assets to the value of its liabilities.

A year ago Freddie needed $30.8 billion in federal cash as mounting foreclosures on the mortgages Freddie owns or guarantees hurt the company’s finances. Since the start of the conservatorship, Freddie has received $50.7 billion in taxpayer dollars, while Fannie has received $60.9 billion.

That injection of tax money to keep the companies afloat gave the Treasury Department an 80% stake in both companies. Fannie and Freddie both pay dividends to Treasury. Freddie has paid $4.2 billion so far.

But despite those dividends, future injections of taxpayer dollars are likely. At the end of the fourth quarter, Treasury lifted a $100 billion limit on the amount of money it could pour into each of the firms.

Fannie and Freddie are the primary source of mortgage funding in the nation. They bundle home loans that conform to certain standards into securities, attach a guarantee that they will be paid, and sell them to investors. The process gets money back to the banks and other lenders that originate the loans.

Freddie, which has about $1.9 trillion in its loan portfolio, purchased or guaranteed approximately one out of every four U.S. home loans originated during 2009. 

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Five former U.S. Treasury secretaries who have served both Republican and Democrat presidents have jointly called on Congress to implement the so- called Volcker Rule to limit the size and trading of banks.

Banks that benefit from public support via access to the Federal Reserve and the Federal Deposit Insurance Corp. shouldn’t “engage in essentially speculative activity unrelated to essential bank services,” John Snow, Paul O’Neill, Nicholas Brady, George Shultz and W. Michael Blumenthal wrote in a letter published by the Wall Street Journal.

Restricting proprietary trading by banks is a “key element in protecting our financial system and will assure that banks will give priority to their essential lending and depository responsibilities,” the former secretaries wrote.

The group also urged the U.S. government to take the lead at international meetings to win “broad agreement on this principle among the leading financial centers.”

U.S. President Barack Obama on Jan. 21 introduced a proposal he called the Volcker Rule to limit the size and trading activities of financial institutions and reduce risk- taking. The rule is named after former Fed Chairman Paul Volcker.

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New Zealand’s budget cash deficit was wider than the government forecast after departments made payments for services earlier than they expected.

The cash deficit was NZ$8.85 billion ($6.2 billion) in the six months ended Dec. 31, or NZ$934 million wider than forecast in December’s fiscal update, the Treasury Department said in a statement released in Wellington today.

New Zealand’s budget showed a cash deficit for the first time in nine years in the 12 months ended June 30, and Finance Minister Bill English has projected six years of deficits as debt increases. Tax receipts fell and government welfare spending increased last year as New Zealand faced its worst recession in three decades.

Payments of NZ$1.3 billion occurred in late December which had been forecast in January, the Treasury said. The variance from forecast is expected to reverse in January, it said.

Tax receipts broadly matched forecast in the six months to December, the Treasury said. Company tax exceeded estimates after inclusion of the government’s settlement with banks over tax on structured finance transactions.

Excluding these transactions, company tax receipts were lower than forecast as firms lowered their tax assessments, suggesting “current-year profitability was weaker than expected in the December forecast and it is possible this will persist until the end of the year,” the department said.

The government’s budget operating deficit was NZ$1.04 billion, which was NZ$1.45 billion narrower than forecast.

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Austin Water will begin this week a $31.8 million stimulus-funded treatment plant project that will create 150 jobs, increase energy efficiency and reduce operational costs.

On Wednesday, the group will break ground on upgrades to the Hornsby Bend Biosolids Management Plant, which processes biosolids from treated wastewater. The zero interest, 30-year loan came from the American Recovery and Reinvestment Act's Clean Water State Revolving Fund distributed through the Environmental Protection Agency and the Texas Water Development Board.

About $7 million will be used to construct a 15-acre composting pad for "Dillo Dirt," a popular soil conditioner produced from city yard waste and treated biosolids Business Card Holders. Chasco Constructors was awarded the contract for that project in December.

The rest of the funds will upgrade biosolid treatment infrastructure and improve energy efficiency. The changes will enhance odor control, increase sludge dewatering capacity and reduce operational costs.

Once completed, the plant will use less petroleum-based polymers and increase production and capture of digester gases, which can be used to generate electricity.

Matous Constructors was chosen to complete that project.

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The parent company of Hawaiian Electric Co. and American Savings Bank posted lower earnings for fiscal 2009 compared to 2008.

Hawaiian Electric Industries (NYSE: HEI) reported a profit of $102.3 million for fiscal 2009, an 18.7 percent decrease from the $125.9 million it earned in fiscal 2008.

That figure, however, includes $19.3 million in after-tax charges related to a previous sale of the bank’s mortgage-related securities portfolio.

Total revenue was down for the year to $2.3 billion, compared to $3.2 billion the previous year.

HEI attributed the decrease to lower kilowatt-hour sales at its electric utilities, increases in utility operations and bank credit expenses.

“It was a challenging year and we made difficult decisions to curb spending and reduce risk, while continuing to progress forward with long-term strategic initiatives to move Hawaii toward a clean-energy future and improved performance and profitability at both our utility and bank,” said Constance Lau, HEI president and CEO, in a prepared statement payday advance.

Electric utility earnings were $79.4 million for the year, compared to $92 million the previous year. Kilowatt-hour sales were off 2.5 percent while operating expenses increased by $5.3 million.

Income from American Savings Bank was up 22 percent for the year to $21.8 million. But, the company said adjusted net income from the bank was $41.1 million and $53.4 million in 2009 and 2008, respectively, a 23 percent decrease for the year. The non-adjusted figures include the after-tax charge in 2009 and a balance sheet restructuring charge in 2008.

“Like many banks across the country, our bank was affected by the economic pressures in 2009,” Lau said. “However, as we have done throughout the economic crisis, we kept capital healthy and depositors’ money safe.”

Shares of Hawaiian Electric Industries stock were up 1.4 percent to $42.78 on Thursday.

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Shopping Web site Groupon, which offers a daily deal on the local goods, services and cultural events, launched in Memphis today.

Using the principles of collective buying, Groupon negotiates deals with local businesses and sends free daily e-mails to subscribers notifying them of the deals.

“With its vibrant Mid-South culture, Memphis offers food, music and activities you won't find anywhere else,” Groupon’s founder Andrew Mason said in a statement. “We look forward to introducing local residents to the best businesses in Memphis and saving them money on their favorite things to do.”

The deals are only activated if a minimum number of people agree to buy, encouraging subscribers to share the promotion with family and friends via social media tools such as Facebook and Twitter. Guaranteeing a large number of customers provides an incentive for companies to offer good deals, the company says, and has helped more than 2 million subscribers save nearly $80 million.

Memphis is the 35th city entered by Groupon, which was launched in November 2008 in Chicago. The company plans to be in 80 cities by the end of 2010.

“Groupon brings buyers and sellers together in a fun and collaborative way,” Mason said. “We offer the consumer a great deal they can’t get anywhere else and deliver the sales directly to the merchant.”

Groupon is a project of The Point, an online community launched in 2007 for organizing group action.

Consumers interested in its service can visit www.groupon.com. Businesses wanting their goods or services featured can visit www.grouponworks.com.

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The top transit official for President Barack Obama’s administration will be in Denver Friday announcing major funding for the FasTracks project.

Peter Rogoff, head of the Federal Transit Administration, is to join U.S. Senator Michael Bennet, Denver Mayor John Hickenlooper and Phil Washington, the head of the Regional Transportation District, at Denver Union Station on Friday afternoon.

He may be here to talk about a $300 million federal loan to help cover the cost of redeveloping Denver Union Station, the hub of the FasTracks project. The Denver City Council last week gave its approval to using city money to repay a portion of the loan if tax revenues couldn’t.

This week, three lines that are part of FasTracks received word of federal money, through Obama’s budget proposal for fiscal year 2011, to help pay for construction. Obama’s proposal included:

• $40 million for the West corridor from downtown to Golden, part of an existing $308 million commitment by the federal government to help pay for the line.

• $40 million for the Gold line from downtown to Wheat Ridge, and $40 million for the East line from downtown to Denver International Airport — via a line item listed as “New Full Funding Grant Agreement Funding Recommendations,” which Rogoff said Tuesday, during a conference call with reporters, signaled the government’s intention to help pay for the line.

The Gold and the East line are on a list of “projects that we’re including in the budget, and we’re signaling our intention to sign a full funding grant agreement on these projects before Sept. 30, 2011,” Rogoff said Tuesday during the call.

Still outstanding is the status of the $300 million loan for Denver Union Station.

Paul Griffo, spokesman for the Federal Transit Administration, wouldn’t confirm or deny that Rogoff would discuss the loan in Denver on Friday.

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