Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including news from the NZHerald that Mark Hotchin is apprently looking for NZ$7,000 a week to survive, not the NZ$1,000 a week allowed under the terms of the Securities Commission's freeze on his assets.
The NZ Herald reports he needs the weekly allowance to pay for his living costs on the Gold Coast, including rent, living costs, a hire car and private school fees.
See more here in this piece about Hotchin's head on a modern pike.
Meanwhile, rain over the last three days has soaked parched pastures and lawns in Northland, Auckland, Waikato and Taranaki.
Federated Farmers said it may not reverse the damage of the drought in November and December, but it helps going into the main part of summer. See more here via Stuff.
However, there was more financial market turmoil in Europe overnight.
Moody's slashed the credit rating on Irish banks Anglo Irish and Nationwide to junk status and there was talk that France's AAA sovereign credit rating may be cut.
The euro fell to two week lows and the New Zealand dollar was the best performing currency on international markets.
Commodity prices rose on hopes for a US economic recovery, helping to boost commodity linked currencies such as the New Zealand dollar.
Chinese and Asian stocks fell on fears about military conflict on the Korean peninsular after South Korean forces staged a live firing drill. North Korea had threatened to retaliate, but chose not to overnight.
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16 Comments
Well Mr Hotchin (seeing as I am not a friend of his I wont call him by his first name.....) can just go and find a cheaper place to live. Didnt someone offer their shearers quarters the other day? That would do. And as for the private school fees - its the holidays. There is no school!
I think a dose of reality would go down mighty well about now.
One more bit of news. May Wang is being ditched by Natural Dairy. She has dropped here appeal over bankruptcy. Now surplus to requirements.
http://www.stuff.co.nz/business/4478809/Natural-Dairy-to-press-on-witho…
cheers
Bernard
"Canterbury's earthquake will cost between $2.75 billion and $3.5b in Earthquake Commission (EQC) claims, the commission says..............
EQC's initial cost estimate of $1b to $2b in late September was based solely on the size and location of the earthquake, and was made prior to all the claims being lodged with EQC," Simpson said. "Under that modelling, EQC was expecting just over 100,000 claims."
However, the number of claims was "far higher". It was hoped all assessments would be made "by the end of March".
The commission was liable for the first $1.5b of claims. Its reinsurance would cover the costs between $1.5b and $4b" stuff.co.
Somebody else pays the extra 2 to 3 billion....bloody good show....raises two questions....how does the EQC get the 2 billion into NZ$ without porking the rate!.....and what will the new premium be that the EQC is asked to pay by reinsurance companies!...oooooh that's gonna hurt.
Given that complete balls up of the process to date with the EQC, 2.75 to 3.5Billion is a massive under estimate I think just becuase they have only seen half the houses and it is a complete shambles. At end of it I think 5 billion will be more on the mark.
The hurt will be strong
Mr McKay said.
"Whilst we still do not know the full extent of all leaky homes claims, there is unlikely to be any immediate impact on rates," he said......stuff.co
Which is quite different from saying rates will not rise to pay for the rebuilding etc and......and let's not forget the fact all those lawyers will want to replace their aging German autos!
Face facts ratepayers of Auckland and other rotter regions....you are being prepared for a good roasting over the flames for years and bloody years......the lawyers and building supply companies and building firms and architects and oh jeez heaps of people.....will love you all...Harrrrrrhahah
"We'll all pay for leaky homes eventually".........actually what he intended saying was...."Those paying taxes and rates will be stiffed for the billions to repair and rebuild the garbage put together by pretty much the same people, using material supplied by the same companies but this time with the added burden of shifting a billion or two into the lawyers retirement funds.
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