Bernard Hickey details the key news overnight in the final 90 seconds at 9am for 2009, including news from the New Zealand Herald that that the trustee for the First Step funds set up by Money Managers and Doug Somers Edgar has referred evidence of 'improprieties' by borrowers from First Step to the Serious Fraud Office for investigation. Around 7,000 investors are owed NZ$457 million and NZ$170 mln has already been lost. Investors have only received NZ$223 mln back so far from their frozen funds.
Meanwhile, New Zealand GDP figures out today are expected to show GDP growth of 0.3 to 0.4% in the September quarter from the June quarter. The housing market recovery and higher export prices are helping. The US revised down its September quarter GDP growth to 2.2% from 3.5% in annualised terms. In Europe, Moody's has downgraded Greece's credit rating but less than expected, triggering a rally on European markets. Alex Tarrant will present the first 90 at 9 for 2010 from January 11. I return on January 18.
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