Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including news Don Ha Real Estate Ltd has been put into receivership by its bank.
The firm is owned by prominent property investor, real estate agent and seminar promoter Don Ha. He is a Vietnamese immigrant reputed to have been worth NZ$60 million before the property bubble burst in 2008.
Don Ha said in a statement on his website that management controls at Don Ha Real Estate were weak and his bank didn't understand his position.
"Without going into too many details it came to my attention recently that some of the management controls and reporting systems employed by Don Ha Real Estate Ltd weren't what they should have been," Ha said.
"I am confident that the bank which put me into receivership doesn't have a true understanding of my position. I wish they had communicated with me more before taking their action because this could have been avoided," he said, adding there was no reason for anyone connected to the busines to be worried and it was "business as usual". He did not name his bank.
He showed this by advertising his latest seminar series titled "Can you survive your own financial crisis?' in the Sunday Star Times (see left). Details of the seminar series are here. They cost NZ$50 for two tickets and are due to be held in Auckland and Hamilton next week. Places are limited.
Meanwhile, a coalition of airforces from Britain, France and America launched airstrikes against Muammar Gadaffi's forces over the weekend, closing almost all of Libya's oil fields. See more here at Bloomberg.
Unrest in the Middle East and North Africa also spread to Syria, where protests against the ruling family grew.
In Japan, there are signs that the stricken nuclear reactors may be cooling and that the worst may be over, according to US observers. See more here at CNN and at Bloomberg.
Meanwhile, the G7 group of countries staged their first concerted currency market intervention late on Friday to drag the yen lower. The Yen had strengthened to as much as 76 yen to the US dollar on fears Japanese pension funds would repatriate funds to pay for earthquake damage. The intervention pushed it back down to 81 yen to the US dollar. See more here at Bloomberg.
Also in big breaking corporate news, AT&T has agreed to buy T-Mobile from Deutsche Telekom for US$39 billion in cash and shares. The deal combines the second and fourth biggest mobile networks in America and is an example of the sorts of deals being done now that are funded by cheap borrowing. See more at WSJ and here at Bloomberg.
Corporate America is also finding it easier to increase profit growth by either growing revenues in faster growing markets overseas or merging domestic operations to cut costs.
The New Zealand dollar was steady around 73 USc and 59 Japanese yen in early trade.
(Updated with video and Don Ha Seminar advertisment)
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