Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including news that Grant Thornton has released the 6th statutory managers report for Hubbard Management Funds.
The report shows a shortfall of NZ$31 million for investors and that Alan Hubbard had borrowed money against assets in the funds, effectively pawning assets that did not belong to him. The report shows investors will now not be repaid until next year, rather than this year.
The Timaru Herald reports, however, that the statutory managers' report for Aorangi Securities shows Hubbard has pledged NZ$60 million of his pesonal assets to ensure investors do not lose money. It is not clear what the assets are or how liquid they are. The official report from Grant Thornton was leaked to the newspaper by supporters of Hubbard.
Meanwhile, Opec members have called for an urgent meeting to consider increasing oil production to offset losses from Libya, where civil war has broken out. See more here at CNN.
The Dow rose more than 1%. See more here at Bloomberg.
However, the euro fell as concerns grow that the sovereign debt rise there is about to blow up again. See more here at Bloomberg.
The New Zealand dollar was solid just under 74 USc in early trade.
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