Here's my summary of the key news overnight in 90 seconds at 9 am, including news its all about the airline industry today.
The New Zealand government has started the sale of 20% of Air New Zealand, a stake currently valued at NZ$362 mln, to raise funds to repay debt and invest in infrastructure. The sale will reduce the Government's current 73% stake to 53% and still a controlling interest - just like the power companies.
The Middle East has gone on a US$150 bln spending spree to buy huge numbers of new aircraft from Airbus (A380s) and Boeing (Dreamliners) for its growing international airline fleets.
And staying with the airline industry, Qantas is seething at the prospect that Australia's Virgin airlines will be owned and controlled by state-owned Etihad, Singapore Airlines, and Air New Zealand, and that approvals for the change will be up to the governments of each of the three countries. They are particularly upset that their cosy domestic cash-cow will be challenged so that it can't cross subsidise its international routes any longer.
Also, over the weekend, more stories are popping up about the "tech bubble" - we may be nearing an new Dot.Com bust like we had in 2000.
The Dow and the S&P 500 hit new highs on Friday for a sixth straight week of gains, as investors continued to take cues from Fed chair nominee Janet Yellen who appeared to endorse continued QE. Another equities crash at this time would be particularly damaging given the frail nature of recoveries in Western economies. However, there is evidence that markets are betting that QE cannot last much longer.
Still, New Zealand is currently in better shape than most. Last week, our Governments sold 2020 bonds for 4.45% yield, and that compares with China's government selling 50 year bonds paying 5.31% over the weekend. They ended up paying more than expected due to weak demand.
And finally, a couple of snippets of news from the financial industry. Firstly, ANZ boss Mike Smith's pay has been revealed to be NZ$11.7 mln - almost NZ$1 mln per month (or NZ$32,000 per day). And US giant GE is flogging off part of its financial arm by an IPO and trying to return to its roots of being an industrial company. The move is likely to have no implications for its business in New Zealand.
The NZ dollar starts today at 83.3 USc, 88.9 AUc, and the TWI is at 77.8
The easiest place to stay up with today's event risk is by following our Economic Calendar here »
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