Bernard Hickey on Radio Live September 22

1. Some bad news for Timaru, Allan Hubbard and mum and dad investors in South Canterbury Finance. Standard and Poor's has placed South Canterbury Finance's (SCF) already reduced BB+ credit rating on a formal review for a possible downgrade of one or more notches within three months unless it can reissue its prospectus and show its shareholder Allan Hubbard can raise fresh funds. 2. Net permanent and long term migration to New Zealand rose to a five year high in the year to August 2009 as departures from New Zealand continued to drop away over the month. Economists are saying the boost in net migration, a shortage of quality housing stock and low building consent levels will drive house prices higher in coming months. 3. Rising house prices and interest rates combined in August to weaken home loan affordability to its worst level in 2009, the BNZ Home Loan Affordability measure shows. The apparent recovery in the housing market and higher long term interest rates are adding to pressure on affordability caused by virtually no income growth and rising unemployment, the monthly measure calculated by Interest.co.nz found. 4. Progressive Enterprises is to phase out its Foodtown and Woolworths brands during the next five years, replacing them with a "new generation" Countdown branding. Progressive managing director Peter Smith said the Countdown brand was chosen, rather than Foodtown or Woolworths, due to its popularity with customers and its geographical spread across the country. Foodtown was mostly restricted to Auckland, and Woolworths was basically the South Island and lower North Island, while Countdown stores were across the country, he said. The new Countdown branding would be applied as stores were refurbished and new stores were built.