90 at 9: Parliament attacks NZ's banks; US banks repay bailout money; Fonterra freezes exec salaries
10th Jun 09, 10:12am
Bernard Hickey details the key news overnight in 90 seconds at 9am, including news that Parliament's Finance and Expenditure Committee has criticised New Zealand's banks for not passing on OCR cuts fast enough and wants them to reduce their profits. Meanwhile, 10 of America's biggest banks have repaid some bailout money to reduce government oversight. Some say this is a sign of strength. Meanwhile the New Zealand dollar rose to 62.7 USc overnight and the Dow was flat. Back here, Fonterra has frozen the salaries of its most senior executives.