Bernard Hickey details the key news overnight in 90 seconds at 9am, including news Hanover Finance investors will vote after 10.30am today on the debt for equity offer by Allied Farmers. They face a choice between receivership under Mark Hotchin or shares under Rob Alloway.
Experts polled by Radio Live are evenly split on the proposal. We will be live-blogging from the event. Here is my view on why the offer should be accepted. Shares in Allied have fallen ahead of the vote.
Meanwhile, Greece has announced major budget cuts overnight to reduce its budget deficit from 13% of GDP to 3% of GDP. This will be the story of 2010: withdrawal of monetary and fiscal stimulus and how the global economy will cope.
News overnight of better US factory output and higher wholesale inflation depressed markets.
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