Bernard Hickey details the key news overnight in 90 seconds at 9am, including news Dubai faces its December 14 deadline to repay its US$5.25 billion Nakheel Sukuk, Bloomberg reported. This is an Islamic bond at the centre of Dubai's debt crisis. No one is really sure whether Dubai can repay it and calm down global markets.
Meanwhile, in New Zealand, the Treasury is due to release its Budget Economic and Fiscal Update tomorrow for the 2010 Budget, Brian Fallow at NZHerald reports. This will set the scene for how tough Bill English's budget has to be. Also, Revenue Minister Peter Dunne has released his income splitting proposal, which would reduce the tax paid by families with children. National has agreed to support this to a first reading. The Tax Working Group however has not focused on income splitting.
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