Welcome to interest.co.nz's morning briefing of what's news here and around the world. Everything you need to start the day in 90 seconds at 9'oclock.... Starting now
Firstly, with news that Money Managers supremo Doug Somers-Edgar is selling his stakes in his financial planning business and a range of related businesses to current CEO Alasdair Scott and a couple of associates.
That's according to the Sunday Star Times. It says franchisees of the Money Managers group are telling clients it will reduce the marketing of savings products from related parties such as Orange Insurance, Orange Finance, Heritage Trustee and Dominion Funds. All these related parties are ultimately 100% owned by Doug Somers Edgar.
It seems franchisees at Money Managers are frustrated with stalled growth at the group and are agitating for change.
Elsewhere, there is talk that troubled monoline bond insurer Ambac may be able to raise 3 billion US dollars to rebuild its balance sheet and possibly preserve its precious AAA credit rating. That pleased Wall St, which is worried Banks will have to take a big new round of losses on bonds they hold if the insurers lose that AAA rating.
Meanwhile closer to home, consumer confidence fell to an 18 month low in a survey by Roy Morgan. All the measures got worse, including the proportion who said they were personally better off now, the proportion who said they'd be better off in a year's time and the proportion who said the economy would improve.
That's what happens when interest rates rise, inflation rises and house prices fall, although it has to be said employment is holding up well.
That was 90 seconds at 9 o'clock. I'm Bernard Hickey for interest.co.nz. Tune in after midday for a look at what's happening housing affordability and the future of shared equity mortgages.
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