90 seconds at 9am: Geneva vote due; Geely buys Volvo; Israel hikes
29th Mar 10, 8:42am
Watch on our video page here Watch on YouTube here Bernard Hickey details the key news overnight in 90 seconds at 9am in association with the BNZ, including news that Geneva Finance investors are set to vote on a second delayed capital repayment plan later today. This new one extends repayment until March 2015 from 2012. Geneva Finance was the first major finance company to opt for a moratorium and then a debt-for-equity swap. Investors swapped debt for equity at a rate of 36 cents per share, but the shares last traded at 5 cents a share. The NZHerald reports the NZ Shareholders Association now supports the plan. Meanwhile, Reuters reports that Chinese car company Geely has bought Volvo from Ford overnight, reinforcing again that this century is set to be China's. There are also fresh signs China's credit boom last year is overflowing into housing markets in this part of the world, with talk that Chinese buyers are pushing up house prices in Australia, the Australian reports. Meanwhile, Israel's central bank has increased its official cash rate by 0.25% to 1.5% overnight, its 4th hike since August, Bloomberg reported. The next hike may be in Australia on April 6.