90 seconds at 9am: FAI Money to stop taking new money; Petrol price spike; Greek warning
10th Mar 10, 8:28am
Watch on our homepage here Watch on YouTube here Bernard Hickey details the key news overnight in 90 seconds at 9am in association with the BNZ, including news FAI Money, the finance company owned by Eric Watson and Mark Hotchin, has told shareholders in a letter it will stop taking in new money from March 22 and repay its outstanding debentures with interest. The NZ Herald reported the change in approach. FAI Money falls below the threshold of NZ$20 million to be in the Reserve Bank's reporting regime and it doesn't have a credit rating. FAI Money has been criticised in recent weeks over changes to its trust deed to start property lending. It is still advertising on its site. Meanwhile the unleaded petrol price rose over 182.5 cents/ltr at BP stations overnight, its highest level since mid-October 2008. The oil price has risen over US$82/barrel and the NZ$ has weakened off its highs of a few months ago. Meanwhile in Greece, the European Union has warned that Greece's tax hikes may not be enough to fix its big budget deficit, raising fears again of new attacks on the euro.