90 seconds at 9 am with BNZ: Hubbard's money go-round; Hotchin 'headed for bankruptcy'; Bigger Aussie boom?; Copper, cotton at record highs; Coffee at 13 yr high

Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including news that Allan Hubbard's Southury Corporation, which owned South Canterbury Finance, owes South Canterbury Finance NZ$103.9 million.

The NZHerald reports from Southbury's first receiver's report that interest is still accruing on the loan. This evidence adds to other details from receivers' reports and statutory managers' reports that Allan Hubbard had loaded debt on many of his assets and had lent money between the various vehicles in his empire to keep it afloat.

Aorangi lent money to Southbury, which in turn borrowed money from South Canterbury Finance, which in turn borrowed money from Aorangi. 

Meanwhile, Jenni McManus reports in Stuff that Mark Hotchin faces a NZ$5 million tax bill in March and potential bankruptcy under the terms of the freeze on his assets.

More details have also emerged of his spending habits and that he is supporting an ex-wife and his parents-in-law. He has A$250,000 in accounts in Australia and some British money in accounts. He also tried to bring across to Australia his NZ$200,000 Mercedes and a NZ$90,000 Porsche Cayenne. The judge refused.

Meanwhile, the Reserve Bank of Australia has suggested the Chinese-powered minerals boom in Australia, the biggest in a century, could get bigger yet. Spot iron ore and coal prices have risen further in recent weeks.

In Europe, Fitch has threatened to downgrade Greece's sovereign credit rating to junk, forcing the Euro lower.

Meanwhile, commodity prices continue to race higher as demand from China surges and investors look to put more of their money into hard assets, rather than fiat currencies that are being printed by desperate central banks in the Northern Hemisphere. Weather conditions are also not helping.

Copper prices hit a record high after China disclosed big new imports and a mine in Chile was closed. Coffee prices hit a 13 year high and cotton prices hit a record high.

The New Zealand dollar stood at 74.2 USc in morning trade.