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90 seconds at 9am: Greece passes first test; PGC backs South Canterbury; Huljich drama
Bernard Hickey details the key news overnight in 90 seconds at 9am in association with the BNZ, including news that Greece has successfully sold its first government bonds since it announced plans earlier this week to slash its budget deficit.
There was good demand for 5 billion euros worth of bonds, partly because it offered a relatively high interest rate of 6.35%. This was 300 basis points over the prevailing interest rate.
Meanwhile Pyne Gould Corp's George Kerr has told The Press PGC's Torchlight Fund is likely to renew its NZ$75 million loan to South Canterbury Finance due in May.
Also in New Zealand, former Reserve Bank Governor Don Brash has taken over as Chief Executive and Chief Investment Officer for Huljich Funds Management after its CEO Peter Huljich resigned in the wake of controversy over how its funds reported its performance results.
The Securities Commission and the Auctuaries Office are still investigating the funds and fellow fund manager Gareth Morgan has repeated his calls for the funds to be broken up and handed back to default providers, the NZ Herald reported.
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11 Comments
re Huljich: So prominent political
re Huljich:
So prominent political apparatchiks Don Brash and John Banks, despite the enormous damage done by loose financial behaviour going unpunished on our country, are quite happy for loose financial behaviour to go unpunished in the Fund they are associated with?
Should we be suspicious that opportunistic technocrats seem to be attaching themselves to wealth pools built up by "ordinary" new zealanders?
"Should we be suspicious that
"Should we be suspicious that opportunistic technocrats seem to be attaching themselves to wealth pools built up by “ordinary” new zealanders?
Yes. Very.
“Should we be suspicious that
“Should we be suspicious that opportunistic technocrats seem to be attaching themselves to wealth pools built up by “ordinary” new zealanders?
Yes. Very.
You poor sod
well that's alright then. thanks
well that's alright then. thanks for the cheer-up fellas
Surely the solution for those
Surely the solution for those concerned is to simply vote with their feet. Relocate to another fund?
what's to stop brian tamaki
what's to stop brian tamaki setting up a kiwisaver fund?
He probably has too much
He probably has too much flowing in from the cult members to have time to worry about such things GOW.
i'd invest with tamaki before
i'd invest with tamaki before i'd invest with those other clowns, at least you'd probably get a good return
I'd a thought it's a
I'd a thought it's a no brainer for em', after all, saving, is their core business!
Mr. Brian Tamaki's " Save-Our-Souls
Mr. Brian Tamaki's " Save-Our-Souls " fund has an up front fee of 10 % ( a tithe ) . In house eftpos machines for your con-venience . What a guy !...........Your dividend will be a place in heaven .
Amen , breathren .
Neill: "Surely the solution for
Neill: "Surely the solution for those concerned is to simply vote with their feet. Relocate to another fund?"
I don't agree. NZers are unsophisticated investors, they would need a fair bit of education b4 you could realistically expect them to consider this significance of Huljich's behaviour. If it even got onto their radar, when you take into account the overwhelming importance of the rugby & the BBQ etc.
No, any schennanigans which led to a melt-down of a fund & they will be heading straight for that favoured bolt-hole, the rental market. It would just be another message like 1987 & the finance companies etc etc.
So it is vital that the Securities Commission takes a strong hand, to start to provide some confidence in our wild-west investment scene. History, of course, suggests that it will wring its hands & trot off to the next overseas junket. "Sigh", as Bernard would say.
Cheers