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The backers of a proposed bank that would issue debt on behalf of local authorities say it could end up saving ratepayers millions of dollars a year.

Stocks in the United States ended mixed on Monday in choppy trading. Many financial centers were closed in Europe and parts of Asia for Easter.

General Motors has seen its shares fall sharply after a report that the US government wants the firm to start bankruptcy proceedings by 1 June.

The US budget deficit rose in March to almost $US1 trillion in the first half of the current fiscal year as the government moved to bail out troubled institutions.

US stocks gained ground on Wednesday after a two-day slide, on news the government is shoring up life insurers and optimism about consumer spending.

Work and Income is prepared to deal with substantially greater numbers of people on the unemployment benefit, says Social Development Minister Paula Bennett.

Prime Minister John Key has again called for restraint in state sector pay negotiations but says he is not imposing a pay freeze.

A further 60,000 job losses predicted; Government to give grassroots more say in Auckland super-city; 46 honours recipients will accept titles.

US stocks tumbled on Monday as two major vehicle manufacturers took a step closer to potential bankruptcy.

Asian shares slumped and were headed for their biggest daily fall in four weeks, while US Treasuries gained after an American task force rejected turnaround plans for automakers General Motors and…

United States Treasury Secretary Timothy Geithner has announced plans for a new single regulator to oversee the financial system in a bid to avoid a repeat of the current crisis.

American Samoa's Attorney General, Fepuleai Afa Ripley Jr., has been summoned to appear in the High Court to answer questions as to why his office have yet to provide funding...

The collapse of giant United States insurance company American International Group could have resulted in a 1930s-style global economic meltdown, Federal Reserve chairman Ben Bernanke has told a…

President Barack Obama says his administration is confronting the economic crisis on all fronts and seeing signs of progress as he sought to reassure recession-weary Americans about his recovery…

The United States government has fleshed out a plan it hopes can purge banks of up to $US1 trillion in toxic assets.

The New Zealand sharemarket and the dollar continued to rally on Tuesday following the announcement in the United States of a $US1 trillion plan to bail out American banks.

Asian markets surged on Monday and high-yielding currencies advanced on the yen after details were issued on a United States plan to rid banks of up to $US1 trillion of toxic assets.

Transport minister Steven Joyce says the Government is committed to funding Auckland's rail electrification but will not write blank cheques for related projects such as integrated ticketing and…

Treasury has been advising the government against direct support for struggling major private companies. The Prime Minister says bailing out companies would remain a last resort.

US President Barack Obama said he would not accept Treasury Secretary Timothy Geithner's resignation if it was offered, according to excerpts from a television interview to be broadcast on Sunday.

Advisers representing General Motors Corp bondholders on Friday issued an appeal to the automaker and US officials to break an impasse in a crucial round of debt restructuring talks.

The US government is expected to unveil a plan this week to try to get rid of toxic assets weighing down the country's financial system.