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90 seconds at 9am: Bernanke pledges low rates for longer; Hanover’s black hole
November 17th, 2009Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including news US Federal Reserve Chairman Ben Bernanke spoke overnight about ‘big headwinds’ for the US economy, including weak bank lending and very high unemployment.
Bernanke repeated that interest rates would need to remain low for an extended period, Bloomberg reported. That reinforced perceptions of further US money printing, which in turn kept the US dollar weak. The NZ dollar headed for 75 USc this morning.
Meanwhile, growth figures in Japan overnight were relatively strong at 4.8%, but they were driven by stimulus spending. Most economists say the outlook for Japan’s economy remains subdued into next year, the FT.com reported.
Meanwhile, back in the New Zealand, Hanover Finance has released its annual accounts showing writedowns of over NZ$308 million and a net loss of NZ$102 million.
Tags: 90 seconds at 9am, Ben Bernanke, Bernard Hickey, Hanover Finance, Japan
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November 17th, 2009 at 9:42 am
http://www.nzherald.co.nz/motoring/news/article.cfm?c_id=9&objectid=10609776
This is what our useless govt ought to be pushing. Cut the bill for importing petrol and diesel. Instead they are reverting to form and running with failed immigration policies and a plan to have another property boom to hide the sickess that pervades this excuse for an economy.
November 17th, 2009 at 11:11 am
Good call Wally and lets not forget LPG; good work for mechanics, less pollution and a local fuel.
We should have a plan to halve our petro based transport fuel use in ten years.
There is no plan.
Hope is not a strategy.
November 17th, 2009 at 11:14 am
Hope that the peasants will believe there is a strategy, is the strategy!