Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including news the Euro and New Zealand dollars firmed somewhat overnight on renewed hopes the Greek parliament will successfully vote on an austerity package that will stave off a Greek default for now.
Also, French President Nicholas Sarkozy said French banks had agreed to roll over 70% of their Greek debt. See more here at Bloomberg.
However, the civil strife inside Greece continues. Communist workers stormed the Acropolis overnight and unfurled banners calling for: "People(s) never surrender. Organise counterattack" See more here at The Guardian
Meanwhile, US consumer spending was flat in June and weaker than expected, indicating the world's largest economy is still struggling to recovery. See more here at Bloomberg.
US stocks, however, were slightly stronger after three days of losses as capital requirements for banks were not as onerous for shareholders as some feared. See more here at Bloomberg.
Closer to home, Dunedin manufacturing exporter Scott Technology announced a capital raising to diversify and expand operations, including manufacturing, in China. This is another result of our high currency on manufacturing exporters. See more here at Stuff.
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3 Comments
Jeepers, 7.7% rate rise in Dunedin for 2011/12 yr. That's higher than CHch...?
http://www.odt.co.nz/news/dunedin/166706/lone-dissenting-vote-77-rates-rise-adopted
But it's ok, because the Mayor is mindful of the impact on ratepayers.
That stupid stadium is hardly ever going to be full.
Dave Cull is just as financially illiterate as the former Mayor. The current council have been captured by the empire builders within the DCC. We will have over 20% combined rates rises in Dunedin for last year, this year and next year. The bloated DCC were asked to cut spending and could only come up with $800,000 savings! We are borrowing money to fund the interest on loans. But don't worry, the stadium will bring economic salvation to the South. The PR spin has been unrelenting and a lot of people believe it.
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