90 seconds at 9am: Greece passes first test; PGC backs South Canterbury; Huljich drama

Bernard Hickey details the key news overnight in 90 seconds at 9am in association with the BNZ, including news that Greece has successfully sold its first government bonds since it announced plans earlier this week to slash its budget deficit.

There was good demand for 5 billion euros worth of bonds, partly because it offered a relatively high interest rate of 6.35%. This was 300 basis points over the prevailing interest rate.

Meanwhile Pyne Gould Corp’s George Kerr has told The Press PGC’s Torchlight Fund is likely to renew its NZ million loan to South Canterbury Finance due in May.

Also in New Zealand, former Reserve Bank Governor Don Brash has taken over as Chief Executive and Chief Investment Officer for Huljich Funds Management after its CEO Peter Huljich resigned in the wake of controversy over how its funds reported its performance results.

The Securities Commission and the Auctuaries Office are still investigating the funds and fellow fund manager Gareth Morgan has repeated his calls for the funds to be broken up and handed back to default providers, the NZ Herald reported.