Bernard Hickey details the key news over the weekend in 90 seconds at 9 am in association with Bank of New Zealand, including news from Europe's crisis summit of an agreement by 26 of the European Union's 27 countries to form a 'fiscal compact' with rules on deficits and debt.
The deal did not include Britain, which rejected the plan on the grounds it did not include the safeguards Prime Minister David Cameron wanted for the City of London financial district. This meant the agreement could only be a 'compact' rather than the full EU treaty changes wanted by France and Germany.
The 26 nations also agreed that their central banks would lendup €200 billion to the International Monetary Fund to help out with any bailouts of Southern European nations.
Markets rallied on Friday night on the deal, but critics argued the deal has not done enough to end the European Debt crisis, which threatens to send the developed world back into recession and slow growth in the developing world. See more here at Reuters from Felix Salmon.
Meanwhile, The Telegraph reported on Friday night the Eurozone banking system was "on the edge of collapse". It cited an unnamed banking executive saying a major European bank could fail within weeks.
Also on Friday nigh,t Moody's downgraded the credit ratings of France's three largest banks, Societe Generale, Credit Agricole and BNP Paribas, citing liquidity and funding constraints. See more here at BBC.
Credit Agricole issued NZ$250 million of perpetual callable junior subordinated bonds to retail investors in 2007. The bonds are the lowest in the 'pecking order' of creditors and just above shareholders. See the bond profile page for these bonds here.
The bonds are now trading on the secondary market at a yield of 51%.
Meanwhile, Chinese export growth fell in November to its weakest pace since 2009 as exports to Germany fell 1.6% from a year ago and exports to Italy fell 23% from a year ago. See more here at Bloomberg.
Elsewhere, a extension of the Kyoto treaty on climate change to 2017 was agreed after marathon talks in Durban in South Africa. The meeting agreed to negotiate a new treaty by 2015 that would start operating from 2020.