90 seconds at 9am: Tougher KiwiSaver rules; Portugese budget cuts; IMF for Europe
9th Mar 10, 8:57am
Watch on our video page here Watch on YouTube here Bernard Hickey details the key news in 90 seconds at 9am in association with the BNZ, including news the NZHerald is reporting that Commerce Minister Simon Power is expected to announce tougher rules for KiwiSaver funds reporting results later today. This follows the controversy around Huljich Funds Management, which issued misleading performance figures. The government is concerned that the public don't lose confidence in KiwiSaver and is likely to force all fund managers to report their results in the same way. Currently the default funds have tougher rules. Meanwhile, Portugal has announced measures to bring its budget deficit under control, including cuts to investment and a cap of public sector wages. It wants to avoid Greece's debacle. In the United States, a survey of economists has found most now expect the US Federal Reserve to hike its key funds rate within the next six months. Meanwhile, Europe appears set to build its own regional version of the International Monetary Fund to help bail out countries such as Greece when they're in trouble.