What you need to know on Friday morning, August 1
- NZX50 up 9.437 points (0.18 per cent) to 5167.989
- NZ dollar at US84.91 cents, A91.32c, 87.33yen, 50.31p, 63.34€c
- Brent crude oil at US$105.86 a barrel (down US65c)
- Spot gold at US$1284.40 an ounce
What's on today
- No items scheduled
Stocks to watch
- Xero: The market darling announced its latest cashflow figures late yesterday afternoon, showing a net outflow of $17.3 million for the June quarter compared with $11.8m for the March quarter. Receipts from customers increased by 81 per cent year-on-year but staff costs rose 88 per cent. Other operating costs rose 103 per cent and payments for software development were up 85 per cent.
Top international news
- Argentina defaulted for the second time in 12 years after last-ditch talks with what it called "vulture" creditors failed, though debt insurance prices on Thursday suggested investors believed a deal could eventually be reached.
After a long legal battle with hedge funds that rejected Argentina's debt restructuring following a 2002 default, Latin America's third-biggest economy failed to strike a deal in time to meet a midnight payment deadline.
The immediate focus was on whether a group of big banks and funds overseen by the International Swaps and Derivatives Association would declare the situation a "credit event".
Any such ruling would set off a series of insurance payments and give most of Argentina's current bondholders the right to demand their money back immediately. The deadline is August 4, according to analysts.
Something else for your morning
- When's a 90-day work trial not a 90-day work trial? When you've previously employed the worker, a Wellington cafe has found out. The worker took his case to the Employment Relations Authority after he was fired without warning. The ERA ruled an eight-hour shift he completed on an earlier trial day meant he was previously employed at the company, and so could not be placed on a trial period.