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90 seconds at 9am: Strategic may default; Dubai bailed out; Citi to repay bailout loan

Posted in News

Bernard Hickey details the key news overnight in 90 seconds at 9am, including news Strategic Finance has warned it may default on its first 9 cent payment due on January 7 because loans on projects such as the Sentinel Tower, the Fiji Hilton and Soho Square are late. Bank of Scotland also needs to be repaid first. Investors are still owed NZ$291 million.

Meanwhile, Dubai has received a US$10 bln bailout from its fellow emirate Abu Dhabi and has promised to be more transparent in future, Bloomberg reported. In the United States, Citigroup has announced plans to repay its TARP loan to the US government, Bloomberg reported. This would be the last US bank to exit TARP This would allow Citi to pay big bonuses again.

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

"Asian photographers bringing couples to

"Asian photographers bringing couples to New Zealand for their wedding pictures are being warned by immigration officials that they are breaking the law by working without a work permit." (Lincoln Tan the herald)...see...it really is possible for beaurocratic stupidity to destroy tourism....I wonder what Key will think of this poke in his tourism eye!

beaurocratic stupidity? I think they

beaurocratic stupidity? I think they see it as taking jobs away from wedding photographers here and they are also using our infastructure to generate their own revenue without paying to maintain that infastructure i.e. paying tax. Immigration has a mandate to search all tourists for evidence that they intended to work in NZ without a visa. Professional cameras, chef knives, CV's, work documents etc etc all throw up red flags. I think this is a good example of Immigration doing the job it is supposed to.