90 at 9: NZ rated a D- for fund investors; US housing starts down; Great Southern fails
20th May 09, 8:44am
Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including Morningstar's rating of New Zealand as a D minus for fund investors and the worst in the world. ING Property reported a NZ$63 million loss and will cut its dividend, while APN News and Media is raising money to repay debt. In America, housing starts fell 13% to a record low, which was worse than forecasts. In Australia, timber, cattle and grape investment group Great Southern, has collapsed owing A$1.8 billion to investors and A$376 million to its banks, including A$220 million to ANZ.