Bernard Hickey details the key news overnight in 90 seconds at 9am, including news Strategic Finance has warned it may default on its first 9 cent payment due on January 7 because loans on projects such as the Sentinel Tower, the Fiji Hilton and Soho Square are late. Bank of Scotland also needs to be repaid first. Investors are still owed NZ$291 million.
Meanwhile, Dubai has received a US$10 bln bailout from its fellow emirate Abu Dhabi and has promised to be more transparent in future, Bloomberg reported. In the United States, Citigroup has announced plans to repay its TARP loan to the US government, Bloomberg reported. This would be the last US bank to exit TARP This would allow Citi to pay big bonuses again.