90 seconds at 9am: May Wang on dairy spree; Portugal rating cut
25th Mar 10, 8:53am
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 Chinese-New Zealand entrepreneur May Wang and Hong Kong investors are planning to spend up to NZ$1.5 billion to buy dairy farms and build factories here. There is still a lot of water (and money) to go under the bridge before that happens. Wang's UBNZ and Natural Dairy have bought 4 farms and are in talks to buy 22 other Crafar farms off the receiver Michael Stiassny at Korda Mentha. But it all requires Overseas Investment Office approval. There are also questions why Wang overpaid for the farms and how she benefits personally. Some Hong Kong investors in the company behind the cash trail are asking many questions about May Wang, who has been involved in failed businesses here in the past and faces Companies office charges in the Auckland District Court next week. Meanwhile, Fitch downgraded Portugal one notch to AA- overnight, reigniting fears about a meltdown in Europe as debt burdens grow and rates rise This helped boost the New Zealand dollar to a 2 year high versus the euro and a record high vs the Pound.