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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.
15 Comments
Could the FMA decision to
Could the FMA decision to pursue civil rather than crimanal action be in any way related to the limp wristed community service sentences that have now set a precedent? Or did they need to spread the net this wide to capture Watson in it?
I know of one guy given community service and had his time signed off by a sports club for work he would have done anyway. That is how the old boys networks work.
yep.....they should get jail
yep.....they should get jail time IMHO.
regards
The FMA is just the optical
The FMA is just the optical backstop to lure suckers into trusting other people to 'invest' their money. What a joke, they are not monitering, ie 'bullion buyer' nor are there harsh penalties. The crooks loot the money in fat fees, and the suckers are left with awesome double didget negative returns. Even a hefty 'fine' and lengthy 'community service' is no consolation when the rates are due and there are mouths to feed or bills to pay.
"Does Central Bank
"Does Central Bank Independence Frustrate the Optimal Fiscal-Monetary Policy Mix in a
Liquidity Trap?"
have not read this yet, but it looks like it might be interesting......
http://www.interdependence.org/wp-content/uploads/2012/03/Paul-McCulley-...
".....more optimistic about
".....more optimistic about the outlook for growth. In Spain, a tough austerity budget......"
The oxymoron of the week? Already?
and yet more re-structuring
and yet more re-structuring in Greece and it hasnt started with the other PIIGS yet....I feel like Im looking at coyoti way out there past the cliff egde and Im damned if I can see what is holding him in fresh air......
regards
Tight oil in the shale rocks
Tight oil in the shale rocks is pretty labour intensive, and produces boom bust communities like the old gold rush days. No doubt there is growth, as they seek to suck out as much as possible in as short an amount of time as possible. Literally thousands of new wells possibly tens of thousands need to be dug every year, exponentially increasing in order to meet the crazy ambitions, and unachievable oil production targets.
http://www.youtube.com/watch?v=b97zJxKEqAk
http://www.theoildrum.com/node/9079
Naval commander's April
Naval commander's April Fools' stunt leaves him with egg on face
Senior naval officers called in for 'secret' exercise, troops up all night preparing, all revealed as Vice Admiral Rotberg's idea of April Fools' joke, but no one in IDF is laughing
http://www.ynetnews.com/articles/0,7340,L-4211056,00.html
Not very Admiral........Just
Not very Admiral........Just anothe vice....of the PROFLIGATE...
Yet another example of a Plonker wasting time effort and MUNNY.
Yet another Example of the hoi-poloi playing with the toys as others.... PAY THEIR WAY.
Yet another reason why we need LEADERS...not plonkers.
Yet another reason the budget is stretched.
Yet another reason for a TAXPAYERS REVOLT.
The taxpayers must be daft, deaf, dumb and blind.
This is not the Middle Ages...in someones Military Thief-dom..
This is not a game.
This is sheer STUPIDITY.
April Fool indeed and in practice.
Must we have an entire leadership with no restraint.
No Zeal-and will not be able to afford these idiots much longer.
And No Zeal is the Leaders playing pranks with their teapots, despots and paint pots and photo ops and night-ops.
A complete waste of space, time and efficacy....and mostly MUNNY.
Like this idiot,.......They do not need an EXERCISE in what not to do....
They need EXCISING.
No Zealand is becoming a laughing STOCK...and the stock is no laughing matter.
Have I over stated the case....YET.
I will try again.
Key may be popular....in the POLLS..........be he is not WORKING, nor a LEADER.
When he found out the idiots are running the place, he should have done something about it years ago.
Otherwise he is just another ho hum, also ran.
Time and Munny wasters ...each and every one....
We needed a time and motion EX-SPERT....
Please hire a practical man.......cos this guy is only practicing.
So is Treasury, so is MFAT, so is..........ya get the drift.
No wonder I rant....no wonder I am nutty...the nuts are running the asylum.
Laughable..."Over the past
Laughable..."Over the past two years, European leaders have repeatedly accused the agencies of exacerbating the sovereign debt crisis by unfairly downgrading countries’ creditworthiness and further driving up their costs of borrowing."
The ratings agencies were blind to the need to downgrade EU countries for years beforehand due to political/economic dogma. When they finally start to react its way to little, too late and the Pollies whine about it.....hello chaps your counries are buggered due to following voodoo economics and your watch dogs follow the same script so its hardly surprising you "missed it" is it...
regards
Another optical backstop,
Another optical backstop, designed to lure the suckers. Imagine the sell-off, and subsequent spending spree if debt was actually rated on the ability to repay. It's absolutley nuts how many people have their life savings tied up in these instruments of debt.
China to boost imports from
China to boost imports from NZ
Beijing will also encourage importers to buy more from countries that have free trade agreements with China, such as Pakistan, New Zealand, and member countries of the Association of Southeast Asian Nations.
http://usa.chinadaily.com.cn/business/2012-03/31/content_14958634.htm
Is there any way that the
Is there any way that the Hanover prospectus could include investors from a month and a half earlier.
Anyway even if the FMA win their case, there won't be any payout. I wouldn't be surprised if these guy's don't have a cent in their names. Everything will be sown up tight in family trusts. The FMA would be better off going after their old self. The incompetent Securities Commission. Now that would be an easy win.
I can see old dame plane Jane now, sitting on a beach somewhere sipping a drink, spending up large from her payout from all those years doing nothing. What a gal.
While piles of the loot
While piles of the loot might be sown up in trusts (Especially since the gifting graft was removed). Such a conundrum might be just what the politico's want so that the financial folks will hand them a crowbar to get some legislation in place to let them start looting those trusts. first those trusts... then others belonging to people other than MP's and friends (who will have put protection compliant systems in place by the time the hammers fall). Got to replace the tax shortfall somehow....
New RMB system from China in
New RMB system from China in the works.
The central bank official said the new system will be compatible with SWIFT, but its implementation may take years from the current research phase
http://usa.chinadaily.com.cn/business/2012-03/31/content_14957889.htm
See 8 minute youtube clip for explanation
http://www.youtube.com/watch?feature=player_embedded&v=CalZLYzP3e4