Credit crunch hits Christmas parties?

Many businesses are taking a break from expensive over the top Christmas functions in view of the recession, according to this Herald story:
http://www.nzherald.co.nz/best-of-the-week/news/article.cfm?c_id=1502758&objectid=10544523&ref=rss

TelstraClear have cancelled their annual bash because they see it as inappropriate to celebrate when business and personal customers are facing tough times. Other businesses are cutting Christmas cards for e-mails and making donations to City Missions, or scrapping parties in favour of staff gifts.

The BNZ seem to be bucking the trend though, hosting a $40,000 party for senior management at Auckland restaurant Cibo. Check out the details in this Herald on Sunday story:
http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10545729

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