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90 seconds at 9am: US spending freeze (sort of); Chinese lending freeze (definitely); AIAL share issue

Posted in News

Watch on our video page here.

click here to go to todays 90-at-Nine video report

Watch on YouTube here.

Bernard Hickey details the key news overnight in 90 seconds at 9am in association with BNZ, including news that Barack Obama is planning a three year freeze on US government spending, but many areas are exempted, including Defence and Homeland Security . Just 12% of the US$3.5 trillion Federal budget is covered.

Meanwhile, China is rapidly slowing lending. ICBC bank has told Beijing branches to stop lending for the rest of January, the WSJ reported. Citic has also suspended lending in Shanghai. This is concerning Asian markets and is a factor for commodity supplier Australia, which is our largest trading partner.

Meanwhile, New Zealand's Treasury and the Ministry of Economic Development has asked for tenders to outsource many administrative functions of central government, including finance, HR and Information Technology. This could help the government reduce spending.

Gareth Vaughan of Fairfax's Stuff is reporting that Auckland International Airport is expected to announce plans later today to raise NZ$100 million through a share issue to help pay for its purchase of a stake in two North Queensland airports. Its shares were halted this morning.

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

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2 Comments

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