In this section
Offers for readers
Follow the news from interest
The comment stream
Recent comments
- 1 of 20819
- ››
Editors choice
- 1 of 295
- ››
Finance sector jobs
Lead from the front utilising your strategic, technical and leadership qualities within th...more
New Zealand
Lead from the front utilising your technical expertise in this highly attractive senior li...more
New Zealand
Customer focus, high performance, exceeding client expectations and achieving profitable g...more
New Zealand
Key leadership position in the bank. Be a part of one of the fastest growing banks in New ...more
New Zealand
The news stream
Latest news
Most commented
- Fonterra to tighten TAF rules 67
- Govt eyes NZ$1.4b revenue grab 58
- English defends current account blowout 57
- 90 seconds at 9 am 51
- 90 seconds at 9 am 43
- Thursday's Top 10 with NZ Mint 38
- Budget 2012 reactions 37
- Budget tax moves to target high income NZers 29
- Friday's Top 10 with NZ Mint 24
- Wednesday's Top 10 with NZ Mint 24
Most viewed
90 seconds at 9am: Pound slaughtered again; Dutch bank DSB seized; PGGW Finance unworried by Crafar
Click here to watch this morning's video.
Bernard Hickey details the key news overnight in 90 seconds at 9am, including news that the British pound weakened again overnight on market concerns about Gordon Brown's plans to hock off 16 billion pounds worth of public assets in a hurry, the Times reported.
It weakened against most currencies, including the NZ dollar. The NZ dollar has now strengthened from 38 pence in July to over 46.5 pence overnight.
Meanwhile, Auckland Airport is planning a 5 year bond issue that will close in November, Reuters reported.
Meanwhile, the Dutch Central Bank has seized DSB bank after there was a run on the bank, the WSJ.com reported. It had 8 billion euros worth of assets.
Finally, back in New Zealand, PGG Wrightson Finance is refusing to disclose its exposure to Crafar Farms, The Press is reporting. It says Crafar's farms are in sought after areas and it's happy with its exposures.
4 Comments
And the good news is?
And the good news is? If we were really coming out of the recession, I'd expect a reasonable amount of good news, instead its still mostly bad if not awful. Im glad Ive left the UK, it looks dire there and the EU looks more and more like a bad experiment gone wrong.......Im always glad I came to NZ and now even more so.
I see Crafar is going to defend himself...based on his past successes he might find he faces the noose....is treason still a hangable offence?
:)
This <blockquote> It says Crafar’s
This
Is total B*llsh*t
How's this for an incompetent
How's this for an incompetent finance minister rooted in failed conventionalism. Bill English in the Herald commenting on his latest begging adventure.
http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10602846
"Our pitch to them simply was that we are coming out of recession better than most, we need to borrow $40 billion over the next three to four years, we have got a high credit rating and we are willing to adapt to the market needs to make the debt attractive."
That is a reference to a few technical conditions that appeal to lenders.
Mr English was confident New Zealand would have no trouble raising the debt, though it would be paying a fair amount for it.
At least two potential sources were big investment funds trying to diversify away from United States debt, and the fact that other countries rates were so low made New Zealand look good - 5.5 per cent on a 10-year Government bond looked attractive.
The point of the trip and another to New York and Tokyo last month was "to get on their radar screen".
"It has been worthwhile to let them know we are there, tell them what we are doing, stimulate interest in buying our debt because the more of them who want to lend to us, the cheaper it will be."
Mr English also met British Chancellor of the Exchequer Alistair Darling, who Mr English said "had a bit of wisdom about him
Bill, the way to fix a crisis caused by too much debt is not with more debt! They either don't get it or are too scared/gutless to break ranks. Saying Darling had a bit of wisdom about him was surely being sarcastic. And what were those "few technical conditions that appeal to lenders"
Stevek: Don't fret. That $40
Stevek: Don't fret. That $40 billion is the govt component of NZ's total debt. It is pretty much dwarfed by housing debt. And of course the "spring shoots" in the housing market are bound to reduce our overseas debt exposure ........ oh, hang on..........
Indeed, We Are Stuffed!