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90 seconds at 9 am with BNZ: China to plug itself in US TV ads; Jobs steps aside, Penn's A$17mln, company junk bonds beat bank debt in Europe

90 seconds at 9 am with BNZ: China to plug itself in US TV ads; Jobs steps aside, Penn's A$17mln, company junk bonds beat bank debt in Europe

Gareth Vaughan details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand.

China will screen television advertisements in the United States during President Hu Jintao’s state visit this week in an effort to help improve its image. The adverts will feature Chinese celebrities such as basketball player Yao Ming and astronaut Yang Liwei. They come after a recent survey showed one in five Americans identified China as the greatest threat to the US, more than any other country.

Andrew Penn, chief executive of AXA Asia Pacific, may get a A$17 million payout following his company’s proposed A$14.6 billion takeover by AMP. Penn, who has been at AXA Asia Pacific for 20 years, stands to pocket A$8 million in options plus a $A9 million termination payout.

However, AXA shareholders have the chance to veto the payout through a vote at an extraordinary general meeting on March 2.

Apple CEO Steve Jobs has again stepped aside to focus on his health meaning chief operating officer Tim Cook will step into Jobs’s shoes for the third time in seven years to oversee the company behind iPods, iPhone and iPads. Jobs, Apple’s co-founder, took an almost six- month break for a liver transplant in 2009 and had cancer surgery in 2004. Jobs said he would continue to be involved in Apple’s major strategic decisions. See a timeline here on Steve Jobs's health reports since his cancer diagnosis in 2003.

Meanwhile, Bloomberg reports that investors now believe junk bonds sold by companies in Europe are safer than that continent's riskiest bank debt for the first time as Europe’s sovereign debt crisis rumbles on.

Relative yields on speculative, or junk, grade European company debt have shrunk 51 basis points to 437 since October 31, a month before Ireland asked for an 85 billion euro bailout. Over the same timeframe, subordinated bank bond spreads have widened by 125 basis points to 466.

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The latest data shows that Anglo Irish Bank and other lenders had borrowed €51bn (£43bn) from the Irish central bank by the end of December, under an obscure progamme listed in the balance sheet as "other assets".

Your savings rate table is showing Rabo offering 5.6% on $20K for 3 months. Unfortunately I dont think this is on offer..................

Thanks Andy, we'll fix that.

Its started...the socialist pork is being sliced...

 "Labour is promising to extend paid parental leave and make Working for Families more generous for parents of under-2s under its new social welfare policy." herald

As expected we see just how bloody useless Labour intend to prizes for guessing where the money will come from...that's right...more borrowing because Labour know what's best for the peasants..Labour can wave the magic fiscal wand and up pops a surplus and an end to the recession...utter friggin garbage.

No thought on King's part that such election bribes will encourage the production of more children, demanding more WFF splurging...what does she care as long as she gets her position of power over the people.

By the's your pork they are slicing to buy your votes with ...doh

Aren't election promises, bribes, required to be costed?

Can anybody remember the events leading up to the Lange/Douglas govt?

Did they get in thinking "we'd better act fast or this ship is going down, and it doesn't matter if we only stay in for 1 term"?........


Can remember it very clearly - there weren't  any doom situations - it was Muldoon - he was out of control - acid tongue attacking anything and anyone that moved - people had had a gut full of him - Lange and Douglas put themselves up for election, kept their mouths shut, made no promises, no bribes, just offered themselves as two cleanskin, cleanhands, good guys - and it worked - but, boy, did the fireworks start the following week.

Muldoon cut his own throat when he picked up the phone and rang TVNZ and had them fire that upstart interviewer (simon upton? simon something)  called abuse of power all because he asked muldoon an inconvenient question.

Walker, I think.

Why does my icon look like a raindrop with bra?

You think thats a worry  Wally...check mine's a guy biting his own ass.

A dairy farm around here just sold. It was a reasonably big one I think about 1300 acres. SteveL knows it well. Rumor that the debt was over 18 mill, I believe westpac are the bankers involved, they took around the 8.5 mill for it, Ouch. the Two farmers bidding were  farmers using there existing farms for equity and leveraging.

"The trial of former Bridgecorp directors Rod Petricevic and Robert Roest was delayed because Petricevic was unable to access legal aid" herald.

Harhaaaaaaaaaa to be the last straw...delayed until Sept....has to be the biggest joke so far in 011.

Maybe Petricevic could try selling the Ferrari parked in the garage of his Remuera mansion? No?

aaagh yes ... but, more important ..... is he a BB? 

Lying b---------... "The solution?  Banks that were bailed out by national governments are now underwriting an issue of government bonds that will be used to help the governments pay for the bail out of the banks" Money Morning....well worth a read....never has a greater rort been planned by govts Reserve banks and other scum.


Oh and you get to read about why the floods in aus will trigger the great property collapse over there....what that will do for property over here is anyone's guess!

Not sure whether you are excited by the prospect, you do seem to get yourself all worked up about things sometimes.

By the way don't take to much notice of the guy who writes the junk mail Morning Report from Australia, he touts a get rich rich scheme on the sharemarket, as opposed to property 

Pssssst...wanna know what a future NZ Labour govt will tax....thought you money is on this little scheme jumping across the ditch.......

 "The Labor Party in South Australia has now self promoted themselves to a state of omnipotence. It had to happen, they are now charging for the rain, and farmers are to pay for water that falls on their own place stored in their own dam for stock."

In Victoria you're not allowed to build a dam on your own property, rural or otherwise. Have to get permission, town planning etc, pay huge fees, plus annual fees for the water collected. Your are not allowed to alter the natural flow of rain water.

Hey Wolly : Hazard a guess where the Premier of South Australia ( Mike Rann ) was raised and educated , from age 9 to 24 years ? ........

........ Hint : The country that formulated his outlook and politics is the same country you poop on , most mornings ........ ummmmmmm ??????

Yes, I reckon the future Labour government will be just as pathetic and worthless as any National government, present or past.

We simply cannot win.

How long does it take to burn $25000...12 minutes!


Hey Wolly, I think its about time Len gave himself a beating around the head again just to give himself a $25,000 wizz bang reality check. By the way, so glad Auckland SUPER City recruited former Hamilton promotions wizz kid Michael Redman. He left the Hamilton just before it was revealed his V8  debacle was exposed. $30,000,000+ booked to the ratepayers.  We dont want him back Len, not even on loan. You sure can pick em Len! Cheers

Keep your eyes wide open you lot...the euro games are about to begin and some piigs are set for slaughtering...Belgium snacks too by gum. Who will be left to take the haircut which will be more like an amputation at the neck. With the other eye you better watch the trickery at the Fed as Bernanke finds he can't escape his own hole. That leaves your third know which one...point that at Beijing cos they have themselves a wee inflation problem and one billion pissed off peasants.

Latest from Bill English this evening

"Focus of the 2011 Budget on savings and investment"

How many votes in that one?

Well I did warn you...the orchestrated littany of's the new leader in our competition for the best BS of 011.....

 "The boost from high commodity prices and improved terms of trade are unlikely to be felt across the wider economy until farm values stabilise and improve, says ANZ bank."herald

It's a windbag effort from the bank ...trying to convince peasants to borrow heaps and buy a farm and push up values are falling and the ANZ has joined the rush to pork them up...because the ANZ balance sheet is not happy when the inflated values fall.

Let's have a look at what the ANZ sees as the reason the economy is not booming...

 "But the property bubble had now burst and that meant farmers were focused on "recapitalisation" which was diverting spending from the general economy.".......have you ever read such crap before in your life?

Keep paying off the debts folks...screw the banks...they hate it when you don't owe them money...harhaaaaaaahahah. No debts =more profit for the farmer!...simple isn't it.

Lazy balance sheets folks...don't ya just love em.



Gee you would have to be pretty game to buy a farm at the moment, for any price as who knows what the commodity prices will be around the corner. 

Bernard's piece about them being overvalued by 87%? a while back might yet prove to be correct.

Days to the General Election: 24
See Party Policies here. Party Lists here.