In this section
Offers for readers
The comment stream
Recent comments
- 1 of 9747
- ››
Editors choice
- 1 of 79
- ››
The news stream
Latest news
Most commented
- 'Housing showing few signs of life' 251
- 'Dear Allan: Say sorry and thanks' 159
- 90 seconds at 9 am with BNZ 83
- 'A fish stinks from the head' 69
- 'Will we regret getting what we wished for?' 46
- Thursday's Top 10 with NZ Mint 45
- Barfoots says sales stalled in August 39
- Racism claimed in foreign ownership debate 31
- Should the RBNZ hold the Official Cash Rate at 3% until December 9 as many economists and the markets are now forecating? 17
- Taxpayer dives into the red 16
Most viewed
Interest on Twitter
90 seconds at 9am: New bid for Hanover?; Standard and Poor's global bank warning
Watch video on YouTube here. Watch on our video page here. Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including news a source has told the NZHerald that a 'well known and trusted company' is preparing a rival bid for Hanover Finance's loans that will be 'competitive' to the one on the table from Allied Farmers' shareholders. Meanwhile, Standard and Poor's has warned overnight that most of the world's banks require capital injections to remain above Standard and Poor's tougher revised measure of Tier 1 capital, The Telegraph reported. Standard and Poor's has downgraded the status of hybrid capital. This means ANZ on 7.1%, CBA on 6.3% and NAB on 6.9% would need to raise capital to meet the tougher measures, the Sydney Morning Herald reported. Meanwhile in the United States, quarterly GDP growth in annual terms was revised down to 2.8% from 3.5% and US unemployment is expected to remain above 10%. This data dragged on the US stock market and reduced appetites for risky currencies such as the New Zealand dollar, which nudged down to 72.3 USc overnight.
22 Comments
Must see some signs of
Must see some signs of higher deposit rates on offer now, both here and across the Tas. There is no other pathway. Mort rates MUST rise and that's before the RBNZ has decided Fisher at the Israeli RB has once again taken the lead. Bollard is again late to the party.
"A well know and trusted
"A well know and trusted company...". It will be interesting to see who that entity is, as the two adjectives don't always go together.
A sad last-gasp attempt at
A sad last-gasp attempt at relevance by S&P. Where was this 'improved' methodology back when it would have actually been useful? Are we meant to believe that the art of credit ratings has made a sudden breakthrough since the financial crisis began?
Marac?
Marac?
S&P are also hypocrites -
S&P are also hypocrites - the prevalence of hybrid securities as 'equity' came about because the ratings agencies themselves (Moody's first, S&P followed) decided to start treating them that way back in 2005.
Well Marac and its parent
Well Marac and its parent has the funds, and is also listed on NZX and has a plan to benefit from the consolidation of the finance sector. But I'd think Marac and its parent have better opportunities to choose from, e.g. being patient and waiting until there is more distress to take advantage of, such as when the other finance companies are getting credit ratings that are below BB, and have nowhere else to turn to. Also, Marac and its parent and its associated entities have a known interest in South Canterbury Finance, with the $75m prior charge secured funding line provided by an entity managed by a PGC owned entity.
Ive just finished reading a
Ive just finished reading a book on the demise of Lehman Bros. If what is in it is even half right then the big 3 ratings agencies are as much to blame for the GFC as anybody on Wall St.
They have no credibility left.
Something to warm up the
Something to warm up the day!..... http://www.dailymail.co.uk/news/article-1230635/Scientist-climate-change...
WOW...looks like some in the
WOW...looks like some in the Maori Party really do have a conscience...>
http://www.stuff.co.nz/national/politics/3095679/Maori-Party-revolt-thre...
At last, someone has an
At last, someone has an eye for the FUTURE...of New Zealand...albeit from a MAORI perspective.
Unfortunately HONE will still be a thorn in the side of any real sharing of MINDS for the WHOLE of New Zealand benefit.
Why the RUSH...
When do the rest of us GET a SAY. ...MR Key.
My step children are 1/64
My step children are 1/64 Ngai Tahu. I might see if that close relationship allows me to become a member! At least the leadership appears to be taking a bit of notice of their constituency.
Perhaps if we all inter
Perhaps if we all inter MARRY, we may ALL get a SAY.
@Wally Mortgage rates may well
@Wally Mortgage rates may well rise, but the OCR does not have to.
regards
@Miguel S: but the American
@Miguel S: but the American banks are 2%...if that doesn't open a few eyes I don't know what will...though I would think anyone with a functioning brain would not be surprised....
regards
@Andrew: Yes, the ratings agencies
@Andrew: Yes, the ratings agencies sold the AAA ratings for about $100k? each to anybody and everybody. I think its good they are being sued...I just hope it does not get thrown out as "free speech" that would be a travesty....but not un-surprising.
@Steven: Citi is the only
@Steven: Citi is the only US bank in the 2's, and the crappiness of their capital has been well documented already... the next lowest US bank is BoA at 5.8%. My beef is that S&P told banks that they would give hybrid capital a favourable treatment, and now they're saying "guys, we've had it wrong for the last four years, so we're going to punish you for it."
@andrew: if you haven't already, you should read Michael Lewis' article "The End", especially the bit where a guy from S&P explains how they model house prices.
http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11...
<a href="http://www.uggboots-shoes.net/" rel="nofollow">ugg boot
ugg boots
Fashion Ugg boots
ugg
Classic Ugg Boots
wholesale Ugg Boots
ugg sandals
cheap ugg shoes
Regarding the comment : Meanwhile
Regarding the comment :
Meanwhile in the United States, quarterly GDP growth in annual terms was revised down to 2.8% from 3.5% and US unemployment is expected to remain above 10%. This data dragged on the US stock market and reduced appetites for risky currencies such as the New Zealand dollar, which nudged down to 72.3 USc overnight.
Don't know if it is a good idea to state these sorts of opinions as facts. I think they can be made but heavily qualified. eg. This data dragged on the US stock market, 'which someone who actually knows no more than anyone else about the reasons for NZD/USD movements but who has to make a comment to make a living has attributed to' reduced appetites for risky currencies such as the New Zealand dollar, which nudged down to 72.3 USc overnight.
I think this would help readers understand these issues a little better. It is pointless perpetuating the idea that an expert can tell you why this sort of thing happenes - especially on a daily basis. This topic has been covered far better than I can By Nassim Nicholas Taleb
Just wanted to say great
Just wanted to say great job with the blog, today is my first visit here and I've enjoyed reading your posts so far
ugg bailey button UGG Cardy Grey UGG Classic Short
<a href="http://www.uggboots-shoes.net/" rel="nofollow">ugg</a>
ugg
uggs
ugg boots shoes
ugg boots
ugg shoes
ugg boots on sale
uggs outlet
Classic Ugg Boots
ugg sandals
wholesale Ugg Boots
wholesale uggs
Fashion Ugg boots
cheap ugg shoes
Bailey Button UGG Boots
Ugg Bailey Button
Classic Cardy Ugg Boots
Ugg Classic Cardy
Classic Mini Ugg Boots
Mini Ugg Boots
Classic Short Ugg Boots
Ugg Classic Short
Classic Tall Ugg Boots
Ugg Classic Tall
Infant Erin Ugg Boots
Baby Ugg Boots
Nightfall Ugg Boots
Ugg Nightfall
Short Metallic Ugg Boots
Sundance II Ugg Boots
Sundance 2 Ugg Boots
Tall Metallic Ugg Boots
UGG Amelie Suede Sandals
Amelie Suede Sandals Ugg Boots
UGG Fluff Flip Flop
UGG Tasmina Braid Sandals
Tasmina Braid Sandals Ugg Boots
UGG Tasmina Sandals
Tasmina Sandals Ugg Boots
Ultra Short Ugg Boots
Ultra Tall Ugg Boots
UGG Classic
UGG Classic Argyle Knit
UGG Classic Crochet Boots
UGG Sandals
UGG Coquette Sandals
Ugg Dakota sandals
UGG Gypsy sandals
UGG Halendi sandals
UGG Morocco sandals
Ugg Stripe Cable Knit
UGG Sundance Grab bags
UGG Ultra boots
It's summer . Get sandals
It's summer . Get sandals !
Hot weather ! UGGs stink
Hot weather ! UGGs stink .
Post new comment