Here's my summary of the key news overnight in 90 seconds at 9 am, including news the EU has fined Microsoft an enormous amount for failing to abide by an agreement over browser choice - an eye-watering NZ$880 million.
Europe is moving towards Swiss-style executive pay curbs. European officials, emboldened by a victory over banker bonuses, will propose giving shareholders voting rights to challenge executive pay at public companies. Corporate largesse is under attack across Europe with Switzerland last week voting to impose some of the world's strictest controls on executive remuneration amid public anger at Wall Street-style excess in the country's boardrooms.
The EU reported a contraction of 0.6% in GDP for the 17-nation zone in the fourth quarter, with investment falling 1.1%.
In contrast, the Australian economy expanded more than expected in the last quarter of 2012, mainly on rising government spending and helped by cuts in official interest rates. Exports rose in 2012, mainly from minerals, and productivity rose. But construction slumped and household savings declined.
Private-sector jobs in the US increased by 198,000 in February according to the Moody's/ADP employment report, which was 12% higher than market forecasts. A growth in construction jobs was the main feature.
One of the drivers of 2012 world growth is slowing. Emerging markets grew at a slower pace in February than the month before according to HSBC's monthly purchasing managers' index. New orders and employment levels both fell.
And news you may have missed yesterday; home loan approvals in New Zealand last week were the strongest in more than five years with almost NZ$1.5 billion approved for new customers in the week. The average loan size was a record and topped $180,000 for the first time, according to Reserve Bank data.
The kiwi dollar has slipped back very slightly from yesterday after the push it got from dairy prices and starts today at 82.8 USc, 80.9 AUc, and the TWI is at 76.2.
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2 Comments
With the DOW closing near 14 300 points there's already a plethora of headlines , " time for gravity to take hold / it may go higher - but this won't end well / time to lock in your gains " ...
...... with attitudes like that , you'll never get rich .... ditch the broker or advisor who peddles such dribble & nonsense , as if he can see the future !
We're all gonna be rich .... yeeeeee----haaaaaaaaaaaaaaaaa !
"Gray told the jury the bundles of cash in his wardrobe were money from sales of cars he imported." herald...
Knock knock..who's there?....it's me...from the IRD...haha
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