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- RBNZ exempts new house construction from LVRs 120
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- House prices soar, sales weak 35
- RBNZ lifts interest rate forecast 34
- Fonterra slashes profit forecast, axes dividend 23
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90 seconds at 9 am: Hanover court action; US payrolls; EU austerity; Australian rates
Here's our summary of the key news over the weekend in 90 seconds at 9 am, including news that the FMA has launched a civil action against the Hanover directors and promoters when the December 2007 prospectus was issued and extended.
By taking action against 'the promoters' this action brings in Eric Watson who was not a director at the time. And they have left themselves room to take further action on other prospectuses because this civil suit is only seeking redress for the NZ$35 million that was raised at the time, and not for the full NZ$550 million that was lost in the Hanover collapse.
In the US this week, economists are expecting the Government to report that payrolls rose by more than 200,000 workers in March - a fourth consecutive month - as companies became more optimistic about the outlook for growth.
In Spain, a tough austerity budget was introduced to their parliament, while a credit rating agency warned that Greece's debt may need restructuring yet again, and EU ministers are having trouble holding their nerve through all of this. Meanwhile, the EU has raised its 'firewall' to €800 billion (NZ$1.3 trillion) and they are moving ahead with some payback for the big three credit rating agencies whose views they clearly don't like.
This week in New Zealand, we will get the Crown Accounts to February, and hear about Barfoot & Thompson's Auckland house sales for March. We will also be closely following the Reserve Bank of Australia's official interest rate review announcement tomorrow - the prospects for a cut there have risen as they struggle to maintain their economic momentum. Folks are worried about their economy especially as demand from China for Australian resources seems to be slowing sharply.