90 at 9: G20 softens bank bonus action; TranzRail sees massive losses; China-US trade tensions deepen

Click here for this morning's video. Bernard Hickey details the key news over the weekend in 90 seconds at 9am in association with ASB, including news that the G20 meeting of world leaders finished over the weekend in Pittsburgh with agreement to push for rules on bank bonuses that would defer payments and force executives to think more about the long term. But the cap hoped for by Europe was not agreed to and the G20 did not agree rules on tighter capital requirements, Bloomberg reported. Meanwhile TranzRail is forecasting a loss in 2010/11 of over NZ$300 million. Minister Stephen Joyce disclosed yesterday he had asked for a business case and  indicated the government did not want to pour more money into a loss-making TranzRail, TVNZ reported. Meanwile in Germany, Chancellor Angela Merkel has won national elections and is likely to go into a coalition with pro-reform parties, which may boost the euro, Bloomberg reported. Finally, China has announced anti-dumping inquiries about US chicken feet  exports to China, ramping up trade tensions across the Pacific, the FT.com reported.