Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including news from the NZHerald that Mark Hotchin is apprently looking for NZ$7,000 a week to survive, not the NZ$1,000 a week allowed under the terms of the Securities Commission's freeze on his assets.
The NZ Herald reports he needs the weekly allowance to pay for his living costs on the Gold Coast, including rent, living costs, a hire car and private school fees.
See more here in this piece about Hotchin's head on a modern pike.
Meanwhile, rain over the last three days has soaked parched pastures and lawns in Northland, Auckland, Waikato and Taranaki.
Federated Farmers said it may not reverse the damage of the drought in November and December, but it helps going into the main part of summer. See more here via Stuff.
However, there was more financial market turmoil in Europe overnight.
Moody's slashed the credit rating on Irish banks Anglo Irish and Nationwide to junk status and there was talk that France's AAA sovereign credit rating may be cut.
The euro fell to two week lows and the New Zealand dollar was the best performing currency on international markets.
Commodity prices rose on hopes for a US economic recovery, helping to boost commodity linked currencies such as the New Zealand dollar.
Chinese and Asian stocks fell on fears about military conflict on the Korean peninsular after South Korean forces staged a live firing drill. North Korea had threatened to retaliate, but chose not to overnight.
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