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MARIA SLADE

One of the country's highest-paid chief executives is leaving Westpac New Zealand to take over the top job at Australia's St George Banking Group.

George Frazis was paid $5.4 million in the year to September 2011, the second year in a row his pay topped $5m.

The figure made him almost certainly the highest paid chief executive in New Zealand that year.

Westpac said Frazis' New Zealand replacement would be Peter Clare, a former senior manager at St George, Westpac and CBA.

"George Frazis has done an excellent job over the past three and a half years in significantly improving the performance of the New Zealand business," Westpac chief executive Gail Kelly said.

Cash earnings for the New Zealand business increased 41 per cent in the 2010/11 financial year.

"George has implemented a strong strategy to achieve growth across all market segments and to build a partnership with customers and the community. In particular, Westpac New Zealand's continued efforts in providing strong support for customers, the community and staff following the Christchurch earthquakes are a reflection of his commitment to this partnership."

Peter Clare was one of the Westpac Group's most seasoned executives, the bank said.

In his role as group executive products and operations, he led a division of 5000 people, providing key support across the businesses and driving performance. He is currently the chief operating officer of the group's Australian Financial Services business.

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Westpac NZ chief heads offshore

THE Reserve Bank has turned down applications by Standard Chartered Bank and Barclays Bank to keep over 25 percent of their Nostro account balances offshore as it emerged yesterday that some banks had partially complied with the directive to transfer 75 percent of their funds to onshore accounts.

RBZ Governor Dr Gideon Gono yesterday said the central bank will descend heavily on the truant banks.

Statistics show that Nostro balances for 22 banks stood at US$312, 6 million as of yesterday, instead of US$230 million had all the banks heeded the RBZ directive.

At least US$82 million was outstanding as of yesterday.

"The Reserve Bank of Zimbabwe shall be meeting with banks that have not complied with a view to taking stern measures to ensure compliance," Dr Gono said last night.

Figures showed that as of yesterday, Standard Chartered had US$109, 3 million as its Nostro balance, instead of keeping US$28,4 million as per the new requirements.

The variance, therefore, stood at US$81 million.

The bank had its request for a dispensation to keep funds in excess of the 25 percent requirement turned down by the central bank.

Standard Chartered said it needed to keep the funds offshore to facilitate disbursements to clients.

Barclays had a Nostro balance of US$37,4 million as of yesterday, but had not complied.

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Zimbabwe: Offshore Accounts - Banks Defy RBZ

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Windows Phone 'Tango' device limitations revealed

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Apple uses OpenStreetMap for iPhoto on iOS, doesn't give credit

WALTHAM, Mass.--(BUSINESS WIRE)--

NameMedia, the world leader in the acquisition, development and trading of digital real estate through a targeted website network and domain name marketplace, today announced the promotion of Bob Mountain to Senior Vice President of Business Development.

Mountain, who joined NameMedia in 2009, has been the key architect for Afternics Domain Listing Service (DLS) which is now the largest and most successful network for the listing and sale of premium domains in the aftermarket. Functioning similar to the Multiple Listing Service for physical real estate, DLS aggregates the supply of millions of domain names offered for sale by their owners, and then syndicates those listings to dozens of reseller sites. The network effect from aggregating both supply and demand has made Afternic the clear leader in bringing liquidity to the domain aftermarket.

Bob has worked tirelessly to knit together the most powerful reseller network for premium aftermarket domains, said NameMedia CEO Kelly Conlin. This promotion is a recognition of the contributions Bob has made not only to our company, but to the entire domain industry.

As much as we have accomplished, I believe that some of the programs and initiatives we have on our roadmap will make the future even more exciting, said Mountain. I look forward to continuing to grow the industry through collaboration and partnership the world over.

Prior to NameMedia Bob was co-founder and Chief Operating Officer of Quantia Communications, a mobile media company in the healthcare industry, and previously was the Chief Operating Officer of Sympatico-Lycos, a joint venture between Bell Canada Enterprises and Lycos Inc. Bob has a degree in economics from the University of Massachusetts at Lowell and an MBA from Worcester Polytechnic Institute.

About NameMedia:

NameMedia is the world leader in the acquisition, development and trading of digital real estate through a network of highly targeted websites and a marketplace for premium domain names. The companys website development focuses on creating compelling online communities in niche categories. The companys marketplace allows owners of premium domain names to list their domain properties for sale, and for domain buyers to review the largest available inventory. Through its ownership of one of the largest domain portfolios in the world, its innovative website development platform, and its broad distribution, NameMedia now serves more than 50 million visitors to its network of websites and sells domains to customers in more than 100 countries. Headquartered outside Boston in Waltham, Massachusetts, more information is available at http://www.namemedia.com.

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NameMedia Promotes Bob Mountain To Senior Vice President