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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 nowWith news that the largest US bank, Citigroup, may have to declare another US$15 billion in losses on sub prime mortgage losses. That's according to Merrill Lynch's banking analyst. Then the head of Dubai's main investment fund let slip that he expected Citigroup would need a lot more money from investors to shore up its balance sheet. This is from a bank that has already raised US$30 billion in cash. All this was enough to spook Wall St again, which fell more than 1% overnight.In other overseas news, a couple of contradictory moves by central banks that our own Reserve Bank of New Zealand will be watching closely.Firstly The Bank of Canada cut its official rate by a bigger than expected half a percentage point to 3.5%. It said its own economy is doing OK, but it now sees a much deeper slowdown in its bigger neighbor, America, than it had previously forecast. It also commented it saw this slowdown having a significant effect on the global economy.But yesterday closer to home we saw the Reserve Bank of Australia actually increase its official interest rate by a quarter of a percentage point to 7.25%. It is worried about inflation and the boost it's getting from commodity prices. Australia's official forecaster on agricultural and minerals forecast yesterday that total minerals and energy exports would rise 30% this year. That's up from 7% the previous year.However, the Reserve Bank of Australia's comments were seen as a bit more relaxed than previous comments and that drove the Australian dollar lower overnight. Our currency followed, no doubt not helped by the government's new block on foreign investment. Our Reserve Bank will announce its decision tomorrow and is expected to keep rates on hold.That was 90 seconds at 9 o'clock. I'm Bernard Hickey for interest.co.nz.