90 at 9, Friday February 22, 2008

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 the Serious Fraud Office is now investigating Blue Chip Investments. The SFO has set up a free call number for investors to ring with details.
19 companies associated with the Blue Chip property investment and management franchise system are in liquidation.
Meanwhile, the group's founder Mark Bryers gave his first interview since the collapse on television last night. In it, he pledged to offer compensation to investors of up to NZ$25 million and he acknowledged that the Blue Chip brand is "dead". You don't say. He also complained that Blue Chip's problems had been exaggerated and that many investors were still sitting on capital gains.
Meanwhile, more news overnight that Australia's Allco Finance Group is scrambling to rearrange its capital and debt structure ahead of a deadline next Friday to post its interim results. The Sydney Morning Herald is reporting that the directors are refusing to sign off the accounts and that Commonwealth Bank and a syndicate of banks are desperately trying to avoid Allco going into administration. They are owed $1.1 billion. Allco controls New Zealand's Strategic Finance, although Strategic has said it does not rely on Allco for any funding.
And finally more news of trouble in America's economy, where a key survey of manufacturing activity on the East coast was much worse than expected. The so-called Philly Fed survey showed the sector contracting. Wall St fell on the news.
That was 90 seconds at 9 o'clock. I'm Bernard Hickey for interest.co.nz

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