Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with the BNZ, including news that Australian mining stocks rose in Australia on investor hopes that new Australian Prime Minister Julia Gillard may water down the mining super tax that was such a factor in Kevin Rudd's downfall.
Gillard said she would talk with mining executives and cancelled a A$38.5 million advertising campaign planned by Rudd to rebut claims by the mining industry.
However some doubts set in during late London trade that Gillard may stick to the tax, Bloomberg reported.
Meanwhile, the Dominion Post has reported that Securities Commission member Simon Botherway has a potential conflict of interest in the Commission's recommendations on Allan Hubbard, given his brother Jonathan Botherway had dealings with South Canterbury Finance, including having some companies put in to receivership.
In the United States, the Dow closed down 1.4% on weak US durable goods orders and fresh concerns about the Euro zone.
Greek bond markets sold off on fresh worries about a default. This helped drag the New Zealand dollar down to 70.6 USc.
However, the art market seems to be booming as everything else falls. There was a record Christies auction overnight in London where art buyers paid US$226.5 million for 62 pieces of work, including pieces by Claude Monet and Pablo Picasso.
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1 Comments
FYI here's a statement out this afternoon from the Securities Commission on the Botherway conflict issue:
"An article in Fairfax Media publications this morning wrongly reports that Simon Botherway has declared a "potential conflict of interest" in relation to Mr Allan Hubbard.
"Mr Botherway has declared to the Commission that he may have a potential interest in matters relating directly to South Canterbury Finance Limited because of previous business dealings between his brother and that company. The statutory management order does not apply to South Canterbury Finance Limited.
"On this basis, the Commission is satisfied that Mr Botherway does not have a conflict of interest in relation to Aorangi Securities Limited, Mr or Mrs Hubbard, or the charitable trusts that were the subject of the Commission's recommendation for statutory management."
cheers
Bernard
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