Bernard Hickey details the key news overnight in 90 seconds at 9am in association with the BNZ, including news that the Dow first strengthened on China's announcement it may float the yuan, but then weakened on fears a stronger yuan could hurt China's exporters and its economy.
The New Zealand dollar first rose to 71.5 US cents and then subsided with the Dow in early trade to be 70.8 USc.
Meanwhile in Fiji, the government has issued a decree seizing the Momi resort from the receivers of Bridgecorp, Stuff's Michael Field reports.
Meanwhile, South Island millionaire Allan Hubbard has come out swinging at the government's decision to put him into statutory management, describing it as "completely unnecessary and contrived."
Hubbard also said he expected to have a deal by June 30 for a large overseas investor to inject a large amount of capital into South Canterbury Finance.
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