News, sport and weather.
Main stories:
The New Zealand sharemarket has paused in the last few hours after three days of hectic activity: down on Monday, strong gains on Tuesday and Wednesday and then today, while the rest of the world’s market continued their recovery, the rally in New Zealand petered out. There was plenty of trading on the market: more than $58 million changed hands but the money dried up and the Barclays Index was down 5.45 points. Speakers: Alfons des Tombe (Sharebroker).
Today's movement on the New Zealand market follows a strong comeback on sharemarkets abroad. First in Tokyo, then London. Wall Street posted its second record rise in tow days and there was strong buying in Sydney as well.
Much of the blame for the chaos on the markets has been directed at the United States President Ronald Reagan and his reluctance to take action over America’s huge trade and budget deficits. But tonight, following strong pressure from congress, there’s a hint he may be prepared to relent and consider raising taxes.
20 Filipino seamen are free tonight after a court official turned down a Police request to keep them in custody longer than 24 hours. The men were detained as illegal immigrants yesterday after being sacked while on strike, and they’re to be out on the first plane home. Speakers: “Al” (Filipino Seaman), Padre Ted Cousins (Missions To Seamen), Roger Haines (Lawyer).
Other Stories:
Superannuitants believe they have a strong bargaining tool now that Members of Parliament have given themselves a big pension increase. MPs took just seven minutes last night to approve the increase which boosts their retirement payments by a third. Two reports. Speakers: Bob Hubbard (Superannuitants Federation President), Jim Bolger (Opposition Leader).
New Zealand’s High Commission in Fiji is to be scaled down. Foreign Affairs Minister Russell Marshall says New Zealand should look to make its relations with Fiji cooler and more distant. Speakers: Rod Gates (NZ High Commissioner to Fiji), Russell Marshall (Foreign Affairs Minister).
The Commission of Inquiry that is looking into ways of rebuilding the Pacific island of Nauru has begun its hearings in New Zealand. Speaker: Christopher Weeramantry (Commission Chairman).
United States/USSR arms talks and possible Superpower Summit.
Flooding in Northern Ireland and South East England.
$24 million of new Army military hardware went into action at Waiouru today.
Air New Zealand’s former Chief Executive Morrie Davis believes that Justice Mahon’s Erebus findings would have been overturned had it been possible to legally challenge them. Davis says the TVNZ docudrama “Erebus: the Aftermath” which finished last night was a misrepresentation and he is considering legal action. Speaker: Morrie Davis (Former Air NZ CEO).
A response from the producer of the series.
A British woman has turned 40p into $3 million in the lottery there.
Sport:
Six of the worlds top tennis players are promising New Zealanders exciting tennis in the International Challenge beginning in Auckland tonight. Speaker: Kelly Evernden (NZ).
All Blacks in Japan.
Commonwealth Ladies Golf Tournament in Christchurch.
A visiting American has been refused permission to view Michael Fay’s America’s Cup yacht. Speaker: Gary Jobson (San Diego Yacht Club Committee).
Top Half.
Includes an item about an Auckland psychologist talking about the effect of the sharemarket crash, which he believes is the best thing that could have happened to the money hungry masses. Speakers: Pierre Beautrais (Psychologist), Greg Lyne (Michael Clark Motors), Andy Firth.