Video

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 nowFirstly, the news from credit crunch just gets uglier every morning. Now Credit Suisse has revealed overnight that "pricing errors" on bonds by a "few traders" in its structured credit trading division had forced it take US$2.85 billion of write downs. The revelation came just a week after it reported 2007 results, which may now have to be restated. Two days ago the Qatar government said it was buying shares in Credit Suisse, which now joins UBS as a Swiss bank forced to ask for sovereign fund help after massive losses in structured credit products such as collatoralised debt obligations and mortgage-backed bonds.Closer to home, the New Zealand dollar crept over 80 US cents in early morning trade before subsiding just below the key level by mid-morning. It was following the Australian dollar, which leapt over 92 US cents on fresh talk of a big Australian rate hike on March 4. On Tuesday the Reserve Bank of Australia issued its minutes from the last meeting showing it seriously considered a 50 basis point earlier this month. They were that worried about inflation. It also comes after signs that iron ore prices are likely to rise 65%. Commodity prices are surging again. The oil price closed in on 99 US dollars a barrel overnight.Meanwhile China's inflation rate hit an 11 year high of 7.1%. Our Reserve Bank Governor Alan Bollard, who is due to make a rates decision two days after the Australians, has said he is watching Asia and Australia closely for signs of inflation. There's plenty to see.That was 90 seconds at 9 o'clock. I'm Bernard Hickey for interest.co.nz