Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with BNZ, including news in from Fonterra's overnight internet auction of milk powder where prices fell 13.6% as supplies surged. See more detail here.
The New Zealand dollar initially dipped to 69.25 USc from 69.5 USc on the news, but firmed somewhat as the Dow broke a 7 day losing streak and closed up. The NZ dollar has followed the Dow closely since the onset of the Global Financial Crisis as it moves in tune with expectations about global growth, which affect commodity prices, and perceptions about investing in riskier currencies such as ours.
In Auckland, the NZHerald reports that the empire of property developer Tony Tay is being liquidated, although a film studio planned for the Waitakeres is going ahead.
Meanwhile, the British government is preparing a contingency plan for the potential collapse of BP under the weight of the costs from its oil spill disaster in the Gulf of Mexico, the Times is reporting.
Also, a leading Libyan oil executive has suggested Libya could buy BP, the BBC reported.
In the United States, BP's 11,500 service station owners are being hammered by a consumer boycott that has cut sales by around 20% in some cases, Bloomberg reports.
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