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90 seconds at 9am: Tougher KiwiSaver rules; Portugese budget cuts; IMF for Europe
Bernard Hickey details the key news in 90 seconds at 9am in association with the BNZ, including news the NZHerald is reporting that Commerce Minister Simon Power is expected to announce tougher rules for KiwiSaver funds reporting results later today.
This follows the controversy around Huljich Funds Management, which issued misleading performance figures. The government is concerned that the public don't lose confidence in KiwiSaver and is likely to force all fund managers to report their results in the same way. Currently the default funds have tougher rules.
Meanwhile, Portugal has announced measures to bring its budget deficit under control, including cuts to investment and a cap of public sector wages. It wants to avoid Greece's debacle.
In the United States, a survey of economists has found most now expect the US Federal Reserve to hike its key funds rate within the next six months.
Meanwhile, Europe appears set to build its own regional version of the International Monetary Fund to help bail out countries such as Greece when they're in trouble.
2 Comments
Regional version of IMF great
Regional version of IMF great idea. Not. It just puts another step in the loop through which money will flow from one nation to another. My guess is the Europeans won't buy it. What works is when an undisciplined country suffers from high interest rates and a low currency value. That's what's missing from the EU. Creating another governing body to meter out punishment to the poor and stupid is a further reduction in sovereignty for each nation.
All the more reason why
All the more reason why they will Simon and remember...the beaurocrats rule mate!