90 at 9: NZ$ down as Chinese coal buyer cancels shipment on high seas; IMF updgrades forecast
9th Jul 09, 9:24am
by
Bernard Hickey details the key news overnight in 90 seconds in 90 seconds in association with ASB, including news that the New Zealand dollar dipped below 62 USc overnight after it emerged a Chinese coal buyer cancelled an Australian shipment while in transit, dragging the Aussie dollar down. Meanwhile, 6 brokers from a New York 'Boiler Room' retail brokerage called Sky Capital have been arrested and charged over a US$140 million fraud involving New Zealand and British customers.
Elsewhere the IMF has upgraded its global growth forecast for 2010 to 2.5% from 1.9%, but it still sees GDP contracting 1.4% in 2009. Finally, the world's biggest steelmaker Arcelor Mittal is in advanced talks with its bankers over changing a covenant on its debt, suggesting the global group is in trouble.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.