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Fonterra is expected to announce details of its proposed capital reforms at 1pm today. Fonterra needs to raise cash from shareholders to repay debt. The question will be how much cash does it need and which shareholders will be able to or want to hand over the cash. Fonterra has already ruled out an NZX float.
Meanwhile, the state of California has launched a probe into the activities of the three big credit rating agencies, Standard and Poor's, Moody's and Fitch.
It wants to know how these agencies gave such high ratings to toxic mortgage bonds and whether they can be trusted again. NZ will rely more heavily on these ratings.
Finally, US net worth rose in the June quarter, appearing to end the worst losing streak in history.
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