Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with ASB, including the vote on ING’s offer to buy back two frozen funds being due to close at 5pm today. Finance Minister Peter Dunne agrees with those wanting ING and ANZ to drop an indemnity clause from the offer, Stuff reports. Meanwhile, ING’s frozen funds action group plans to fight on even if the offer is approved, Stuff reports.
Meanwhile, America’s biggest small business lender CITis on the verge of bankruptcy, Bloomberg reports. It has 1 million customers and nearly US billion in loans. It’s also the world’s third biggest aircraft leaser. The green shoots in America are tentative at best.
In China the Rio Tinto affair is going from bad to worse with allegations that the detained Rio Tinto exec bribed a Chinese official in iron ore talks, Reuters reports. Australia depends on its minerals trade with China and Australia is our largest trading partner.
Meanwhile in Australia, National Australia Bank may need to raise capital cope with A.9bln of losses on toxic bonds, AAP reports.