Finance company meltdown claims its 25th scalp after months of rumours about Hanover Finance - investors are owed more than $½ billion; Dunedin animation company develops $1m display system being trialled by cricket authorities in India.
NZ Herald
The New Zealand Herald says the finance company meltdown claimed its 25th and biggest scalp on Thursday when Hanover Finance froze repayments to 16,500 investors, who are owed more than $½ billion. The Herald says the company was heavily exposed to the crumbling property development market.
Rising costs of housing, rent and food have catapulted New Zealand's biggest cities up a global cost of living ranking. The paper compares the cost of a latte in Auckland with five other major cities around the world.
The Herald also says New Zealanders have changed their minds on an unarmed police force according to a new survey.
Dominion Post
In a continuing investigation into New Zealand First finances, The Dominion Post questions what happened to a $25,000 donation reportedly given to the party by businessman Sir Robert Jones.
Wild weather is featured on the front page, with waves hurling debris over roads and a slip blocking the Wellington - Johnsonville railway line.
The Press
The Press leads with Hanover Finance, saying rumours of the company's impending failure had been swirling for months.
Co-owner Mark Hotchin said on Wednesday night that Hanover Finance was in "very good shape" before the rumours started late last year. He blamed the credit crunch, a slumping property market and a collapse in investor confidence.
The Canterbury District Health Board has appointed a temporary manager to oversee Christchurch rest home Villa Gardens after questions were raised about its standard of care.
ODT
The Otago Daily Times also leads with the Hanover story.
In other news: the paper says bed numbers at the Otago Community Hospice are likely to be reduced as the organisation faces a deficit of $300,000.
Dunedin animation company, Animation Research Ltd, has spent $1 million over the past 18 months developing a ball-tracking system and display package which is now being trialled by cricket authorities in India.
