Click here for this morning's video. Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including news that Fonterra has reacted with shock and dismay to the release of a video showing animal neglect on Crafar Farms. (Breaking news - 3m high tsunami heading for NZ after 8.3 quake in Samoa; due to hit Gisborne at 10am; Auckland at 11.12am, although NZ Civil Defence says unlikely to be risk to NZ Stuff reported.) Fonterra said it may stop collecting milk from Crafar Farms, but only if there is a successful prosecution and Crafar refuses to make changes to its operations. Meanwhile Agriculture Minister David Carter has said he wants the Crafars out of the industry and that Fonterra should have been more proactive. However, he says he's not willing to intervene to force the banks, MAF and Fonterra together to manage the Crafars' exit from the industry. Westpac, Rabo and PGG Wrightson Finance are watching the situation closely and could call in the receivers. Meanwhile South Canterbury Finance bond prices fell sharply on the NZX yesterday and the yield jumped to a record high 27%. Pyne Gould Corp shares collapsed ahead of its massively discounted rights issue, The Press reported.
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