The English are also selling their assets cheaply
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- Date published:
8:35 am, October 25th, 2013 - 23 comments
Categories: Privatisation -
Tags: meridian
There are many troubling things about the Meridian share float. Blowing $1.1 billion of our equity as well as the cost of selling the shares is just the start. But you have to wonder if the price is too cheap.
For instance why wasn’t the float cancelled? After all according to the offer document “[t]he Offer may also be withdrawn at any time before the allotment of Instalment Receipts in the absolute discretion of the Crown.” My reading of the document is that the allotment occurs in a couple of days time. Theoretically the Government should forgo the float and it it was thinking of the interests of the country it would do so. Expect however political interests to trump any such thoughts.
The prospectus indicates that the return on investment for the first 12 months will be over 10%. Get this, we are paying down debt with an interest rate of about 5% so that we can lose an income stream which in the first year will be twice that amount.
Over in the United Kingdom the tories are engaged in a similar process in selling a public asset for way less than it was estimated to be worth. Royal Mail has recently been privatised at an enterprise value of £4.1 billion. The trouble with this is that many Banks approached for a vaulation suggested that it is worth more than twice that amount.
JPMorgan told the Government earlier this year that it believed Royal Mail could be worth up to £10bn, including its debts, ahead of the postal operator’s privatisation.
Sky News has learnt that corporate financiers from the Wall Street banking giant presented a spectrum for Royal Mail’s value ranging from £7.75bn to £9.95bn – the top end of which was more than two-and-a-half times the price at which ministers ultimately sold shares in the company in the most important state asset sale for decades.
The Government sold shares in Royal Mail for 330p each earlier this month, valuing the company’s equity at £3.3bn.
Including its roughly £800m of net debt, the privatisation effectively attributed an enterprise value to the company of £4.1bn, above the average valuation of £3.6bn ascribed to it by the nearly two dozen firms which pitched to advise on the sell-off.
The Government has ridiculed these claims but the share price has soared from 330 p each earlier this month to around 530p a couple of days ago. At this price the group’s value is about £6.1bn including net debt.
Billy Hayes, General secretary of the Communications Workers Union has said:
On the opening day of the flotation Vince Cable wrote off the undervaluation as froth. A week later, we were told it was the fault of the CWU. We now have a prima facie case of a conspiracy against the UK taxpayer who were opposed to the sale and have now been robbed of billions. In any other walk of life this would be a sacking offence and we call on Vince Cable to resign. A full inquiry should be launched into the mis-handling of this unnecessary privatisation by Vince Cable. We would also like the matter to be referred to the public accounts committee to scrutinise how badly the taxpayer has been left out of pocket.
What will be interesting is the information relied on by Cabinet to set Meridian’s share price. I suspect that as in the UK the price was set low to make sure that the shares sold and to give a healthy return to investors. It may be that National has followed the UK example. Its obvious intent to make sure that the Genesis float succeeds is obviously a major consideration.
It is clear that in the United Kingdom and in New Zealand we have Governments intent on divesting collectively owned assets so that the wealthy can increase their wealth.
Shame on them.
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- Release: Working together on consistent support for veterans this Anzac DayOur two-tiered system for veterans’ support is out of step with our closest partners, and all parties in Parliament should work together to fix it, Labour veterans’ affairs spokesperson Greg O’Connor said. ...2 weeks ago
- Release: Penny drops – but what about Seymour and Peters?Stripping two Ministers of their portfolios just six months into the job shows Christopher Luxon’s management style is lacking, Labour Leader Chris Hipkins said. ...2 weeks ago
- Another ‘Stolen Generation’ enabled by court ruling on Waitangi Tribunal summonsTonight’s court decision to overturn the summons of the Children’s Minister has enabled the Crown to continue making decisions about Māori without evidence, says Te Pāti Māori spokesperson for Children, Mariameno Kapa-Kingi. “The judicial system has this evening told the nation that this government can do whatever they want when ...2 weeks ago
- Release: Budget blunder shows Nicola Willis could cut recovery fundingIt appears Nicola Willis is about to pull the rug out from under the feet of local communities still dealing with the aftermath of last year’s severe weather, and local councils relying on funding to build back from these disasters. ...2 weeks ago
- Further environmental mismanagement on the cardsThe Government’s resource management reforms will add to the heavy and ever-growing burden this Government is loading on to our environment. ...2 weeks ago
- Release: RMA changes will be a disaster for environmentThe Government is making short-sighted changes to the Resource Management Act (RMA) that will take away environmental protection in favour of short-term profits, Labour’s environment spokesperson Rachel Brooking said today. ...2 weeks ago
- Release: Labour supports urgent changes to emergency management systemLabour welcomes the release of the report into the North Island weather events and looks forward to working with the Government to ensure that New Zealand is as prepared as it can be for the next natural disaster. ...2 weeks ago
- Release: Labour calls for New Zealand to recognise PalestineThe Labour Party has called for the New Zealand Government to recognise Palestine, as a material step towards progressing the two-State solution needed to achieve a lasting peace in the region. ...2 weeks ago
- Release: Three strikes law political posturing of worst kindThe Government is bringing back a law that has little evidential backing just to look tough, Labour justice spokesperson Duncan Webb said. ...2 weeks ago
- Release: Government cuts unbelievably target child exploitation, violent extremism, ports and airpor...Some of our country’s most important work, stopping the sexual exploitation of children and violent extremism could go along with staff on the frontline at ports and airports. ...2 weeks ago
- Three strikes has failed before and will fail againResurrecting the archaic three-strikes legislation is an unwelcome return to a failed American-style approach to justice. ...2 weeks ago
- Release: Environmental protection vital, not ‘onerous’The Government’s Fast Track Approvals Bill will give projects such as new coal mines a ‘get out of jail free’ card to wreak havoc on the environment, Labour Leader Chris Hipkins said today. ...2 weeks ago
- Ferris – Three Strikes targets those ‘too brown to be white’The government's decision to reintroduce Three Strikes is a destructive and ineffective piece of law-making that will only exacerbate an inherently biased and racist criminal justice system, said Te Pāti Māori Justice Spokesperson, Tākuta Ferris, today. During the time Three Strikes was in place in Aotearoa, Māori and Pasifika received ...2 weeks ago
- Release: Govt cuts doctors and nurses in hiring freezeCuts to frontline hospital staff are not only a broken election promise, it shows the reckless tax cuts have well and truly hit the frontline of the health system, says Labour Health spokesperson Ayesha Verrall. ...3 weeks ago
- Fast-track submissions period must be extendedThe Green Party has joined the call for public submissions on the fast-track legislation to be extended after the Ombudsman forced the Government to release the list of organisations invited to apply just hours before submissions close. ...3 weeks ago
- Release: Progress on climate will be undone by GovtNew Zealand’s good work at reducing climate emissions for three years in a row will be undone by the National government’s lack of ambition and scrapping programmes that were making a difference, Labour Party climate spokesperson Megan Woods said today. ...3 weeks ago
- NZ – European Union ties more critical than ever
Your Excellency Ambassador Meredith, Members of the Diplomatic Corps and Ambassadors from European Union Member States, Ministerial colleagues, Members of Parliament, and other distinguished guests, Thank you everyone for joining us. Ladies and gentlemen - In diplomacy, we often speak of ‘close’ and ‘long-standing’ relations. ...14 hours ago - Therapeutic Products Act to be repealedThe Therapeutic Products Act (TPA) will be repealed this year so that a better regime can be put in place to provide New Zealanders safe and timely access to medicines, medical devices and health products, Associate Health Minister Casey Costello announced today. “The medicines and products we are talking about ...17 hours ago
- Decisions on Wellington City Council’s District PlanThe Minister Responsible for RMA Reform, Chris Bishop, today released his decision on twenty recommendations referred to him by the Wellington City Council relating to its Intensification Planning Instrument, after the Council rejected those recommendations of the Independent Hearings Panel and made alternative recommendations. “Wellington notified its District Plan on ...19 hours ago
- Rape Awareness Week: Government committed to action on sexual violenceRape Awareness Week (6-10 May) is an important opportunity to acknowledge the continued effort required by government and communities to ensure that all New Zealanders can live free from violence, say Ministers Karen Chhour and Louise Upston. “With 1 in 3 women and 1 in 8 men experiencing sexual violence ...20 hours ago
- Smarter lunch programme feeds more, costs lessAssociate Education Minister David Seymour has today announced that the Government will be delivering a more efficient Healthy School Lunches Programme, saving taxpayers approximately $107 million a year compared to how Labour funded it, by embracing innovation and commercial expertise. “We are delivering on our commitment to treat taxpayers’ money ...21 hours ago
- Report provides insights into marine recoveryNew research on the impacts of extreme weather on coastal marine habitats in Tairāwhiti and Hawke’s Bay will help fishery managers plan for and respond to any future events, Oceans and Fisheries Minister Shane Jones says. A report released today on research by Niwa on behalf of Fisheries New Zealand ...22 hours ago
- NZ to send political delegation to the PacificDeputy Prime Minister and Foreign Minister Winston Peters will lead a broad political delegation on a five-stop Pacific tour next week to strengthen New Zealand’s engagement with the region. The delegation will visit Solomon Islands, Papua New Guinea, Vanuatu, New Caledonia, and Tuvalu. “New Zealand has deep and ...23 hours ago
- Low gas production threatens energy securityThere has been a material decline in gas production according to figures released today by the Gas Industry Co. Figures released by the Gas Industry Company show that there was a 12.5 per cent reduction in gas production during 2023, and a 27.8 per cent reduction in gas production in the ...1 day ago
- Defence industry talent, commitment recognisedDefence Minister Judith Collins tonight announced the recipients of the Minister of Defence Awards of Excellence for Industry, saying they all contribute to New Zealanders’ security and wellbeing. “Congratulations to this year’s recipients, whose innovative products and services play a critical role in the delivery of New Zealand’s defence capabilities, ...2 days ago
- Speech to the Minister of Defence Awards of Excellence for IndustryWelcome to you all - it is a pleasure to be here this evening.I would like to start by thanking Greg Lowe, Chair of the New Zealand Defence Industry Advisory Council, for co-hosting this reception with me. This evening is about recognising businesses from across New Zealand and overseas who in ...2 days ago
- Speech to the Sixth Annual New Zealand Government Data SummitIt is a pleasure to be speaking to you as the Minister for Digitising Government. I would like to thank Akolade for the invitation to address this Summit, and to acknowledge the great effort you are making to grow New Zealand’s digital future. Today, we stand at the cusp of ...2 days ago
- Ceasefire agreement needed now: PetersNew Zealand is urging both Israel and Hamas to agree to an immediate ceasefire to avoid the further humanitarian catastrophe that military action in Rafah would unleash, Foreign Minister Winston Peters says. “The immense suffering in Gaza cannot be allowed to worsen further. Both sides have a responsibility to ...2 days ago
- Daily school attendance data now availableA new online data dashboard released today as part of the Government’s school attendance action plan makes more timely daily attendance data available to the public and parents, says Associate Education Minister David Seymour. The interactive dashboard will be updated once a week to show a national average of how ...2 days ago
- Ambassador to United States appointedForeign Minister Winston Peters has announced Rosemary Banks will be New Zealand’s next Ambassador to the United States of America. “Our relationship with the United States is crucial for New Zealand in strategic, security and economic terms,” Mr Peters says. “New Zealand and the United States have a ...2 days ago
- New permit proposed for recreational gold miningThe Government is considering creating a new tier of minerals permitting that will make it easier for hobby miners to prospect for gold. “New Zealand was built on gold, it’s in our DNA. Our gold deposits, particularly in regions such as Otago and the West Coast have always attracted fortune-hunters. ...2 days ago
- NZ and the UAE launch FTA negotiationsMinister for Trade Todd McClay today announced that New Zealand and the United Arab Emirates (UAE) will commence negotiations on a free trade agreement (FTA). Minister McClay met with his counterpart UAE Trade Minister Dr Thani bin Ahmed Al Zeyoudi in Dubai, where they announced the launch of negotiations on a ...2 days ago
- New Zealand Sign Language Week an opportunity for anyone to signNew Zealand Sign Language Week is an excellent opportunity for all Kiwis to give the language a go, Disabilities Issues Minister Louise Upston says. This week (May 6 to 12) is New Zealand Sign Language (NZSL) Week. The theme is “an Aotearoa where anyone can sign anywhere” and aims to ...3 days ago
- Next stop NASA for New Zealand studentsSix tertiary students have been selected to work on NASA projects in the US through a New Zealand Space Scholarship, Space Minister Judith Collins announced today. “This is a fantastic opportunity for these talented students. They will undertake internships at NASA’s Ames Research Center or its Jet Propulsion Laboratory (JPL), where ...3 days ago
- $1.9 billion investment to keep NZ safe from crimeNew Zealanders will be safer because of a $1.9 billion investment in more frontline Corrections officers, more support for offenders to turn away from crime, and more prison capacity, Corrections Minister Mark Mitchell says. “Our Government said we would crack down on crime. We promised to restore law and order, ...3 days ago
- OECD reinforces need to control spendingThe OECD’s latest report on New Zealand reinforces the importance of bringing Government spending under control, Finance Minister Nicola Willis says. The OECD conducts country surveys every two years to review its members’ economic policies. The 2024 New Zealand survey was presented in Wellington today by OECD Chief Economist Clare Lombardelli. ...3 days ago
- Agreement delivers Local Water Done Well for AucklandThe Government has delivered on its election promise to provide a financially sustainable model for Auckland under its Local Water Done Well plan. The plan, which has been unanimously endorsed by Auckland Council’s Governing Body, will see Aucklanders avoid the previously projected 25.8 per cent water rates increases while retaining ...4 days ago
- Gaza and the Pacific on the agenda with GermanyForeign Minister Winston Peters discussed the need for an immediate ceasefire in Gaza, and enhanced cooperation in the Pacific with German Foreign Minister Annalena Baerbock during her first official visit to New Zealand today. "New Zealand and Germany enjoy shared interests and values, including the rule of law, democracy, respect for the international system ...5 days ago
- Decision allows for housing growth in Western Bay of PlentyThe Minister Responsible for RMA Reform, Chris Bishop today released his decision on four recommendations referred to him by the Western Bay of Plenty District Council, opening the door to housing growth in the area. The Council’s Plan Change 92 allows more homes to be built in existing and new ...6 days ago
- Speech to New Zealand China CouncilThank you, John McKinnon and the New Zealand China Council for the invitation to speak to you today. Thank you too, all members of the China Council. Your effort has played an essential role in helping to build, shape, and grow a balanced and resilient relationship between our two ...6 days ago
- Modern insurance law will protect Kiwi householdsThe Government is modernising insurance law to better protect Kiwis and provide security in the event of a disaster, Commerce and Consumer Affairs Minister Andrew Bayly announced today. “These reforms are long overdue. New Zealand’s insurance law is complicated and dated, some of which is more than 100 years old. ...7 days ago
- Government recommits to equal payThe coalition Government is refreshing its approach to supporting pay equity claims as time-limited funding for the Pay Equity Taskforce comes to an end, Public Service Minister Nicola Willis says. “Three years ago, the then-government introduced changes to the Equal Pay Act to support pay equity bargaining. The changes were ...7 days ago
- Transforming how our children learn to readStructured literacy will change the way New Zealand children learn to read - improving achievement and setting students up for success, Education Minister Erica Stanford says. “Being able to read and write is a fundamental life skill that too many young people are missing out on. Recent data shows that ...7 days ago
- NZ not backing down in Canada dairy disputeTrade Minister Todd McClay says Canada’s refusal to comply in full with a CPTPP trade dispute ruling in our favour over dairy trade is cynical and New Zealand has no intention of backing down. Mr McClay said he has asked for urgent legal advice in respect of our ‘next move’ ...7 days ago
- Stronger oversight for our most vulnerable childrenThe rights of our children and young people will be enhanced by changes the coalition Government will make to strengthen oversight of the Oranga Tamariki system, including restoring a single Children’s Commissioner. “The Government is committed to delivering better public services that care for our most at-risk young people and ...7 days ago
- Streamlining Building Consent ChangesThe Government is making it easier for minor changes to be made to a building consent so building a home is easier and more affordable, Building and Construction Minister Chris Penk says. “The coalition Government is focused on making it easier and cheaper to build homes so we can ...1 week ago
- Minister acknowledges passing of Sir Robert Martin (KNZM)New Zealand lost a true legend when internationally renowned disability advocate Sir Robert Martin (KNZM) passed away at his home in Whanganui last night, Disabilities Issues Minister Louise Upston says. “Our Government’s thoughts are with his wife Lynda, family and community, those he has worked with, the disability community in ...1 week ago
- Speech to New Zealand Institute of International Affairs, Parliament – Annual Lecture: Challenges ...Good evening – Before discussing the challenges and opportunities facing New Zealand’s foreign policy, we’d like to first acknowledge the New Zealand Institute of International Affairs. You have contributed to debates about New Zealand foreign policy over a long period of time, and we thank you for hosting us. ...1 week ago
- Accelerating airport security linesFrom today, passengers travelling internationally from Auckland Airport will be able to keep laptops and liquids in their carry-on bags for security screening thanks to new technology, Transport Minister Simeon Brown says. “Creating a more efficient and seamless travel experience is important for holidaymakers and businesses, enabling faster movement through ...1 week ago
- Community hui to talk about kina barrensPeople with an interest in the health of Northland’s marine ecosystems are invited to a public meeting to discuss how to deal with kina barrens, Oceans and Fisheries Minister Shane Jones says. Mr Jones will lead the discussion, which will take place on Friday, 10 May, at Awanui Hotel in ...1 week ago
- Kiwi exporters win as NZ-EU FTA enters into forceKiwi exporters are $100 million better off today with the NZ EU FTA entering into force says Trade Minister Todd McClay. “This is all part of our plan to grow the economy. New Zealand's prosperity depends on international trade, making up 60 per cent of the country’s total economic activity. ...1 week ago
- Mining resurgence a welcome signThere are heartening signs that the extractive sector is once again becoming an attractive prospect for investors and a source of economic prosperity for New Zealand, Resources Minister Shane Jones says. “The beginnings of a resurgence in extractive industries are apparent in media reports of the sector in the past ...1 week ago
- Ō-Rākau Remembrance Bill passes first readingThe return of the historic Ō-Rākau battle site to the descendants of those who fought there moved one step closer today with the first reading of Te Pire mō Ō-Rākau, Te Pae o Maumahara / The Ō-Rākau Remembrance Bill. The Bill will entrust the 9.7-hectare battle site, five kilometres west ...1 week ago
- Government to boost public EV charging networkEnergy Minister Simeon Brown has announced 25 new high-speed EV charging hubs along key routes between major urban centres and outlined the Government’s plan to supercharge New Zealand’s EV infrastructure. The hubs will each have several chargers and be capable of charging at least four – and up to 10 ...1 week ago
- Residential Property Managers Bill to not progressThe coalition Government will not proceed with the previous Government’s plans to regulate residential property managers, Housing Minister Chris Bishop says. “I have written to the Chairperson of the Social Services and Community Committee to inform him that the Government does not intend to support the Residential Property Managers Bill ...1 week ago
- Independent review into disability support servicesThe Government has announced an independent review into the disability support system funded by the Ministry of Disabled People – Whaikaha. Disability Issues Minister Louise Upston says the review will look at what can be done to strengthen the long-term sustainability of Disability Support Services to provide disabled people and ...1 week ago
- 'Completely stupid' – ex-Tuvalu PM on Shane Jones' oil and gas comments
Enele Sopoaga - who still serves as an MP in Tuvalu - says the climate crisis is the "main enemy". ...2 hours ago - School lunch revamp: 'The biggest waiting list since 2018'Up to 10,000 more hungry children under five will become eligible for free lunches under the government's revised lunches in schools programme. ...2 hours ago
- Book of the Week: Ashleigh Young on an extinction event
“Show us the bird,” I found myself muttering at times while reading Hard by the Cloud House by Peter Walker, a deeply thoughtful, often hilarious, at times rambling – but somehow delightfully so – search for the story of a big bird. But not just any bird: the bird. This ...2 hours ago - A ‘sponge city’ may be your home in 2050
Source: The Conversation (Au and NZ) – By Jack Marley, Environment + Energy Editor, UK edition DPVUE .images/Shutterstock Your home was probably designed for a climate that no longer exists. As long as humanity continues to burn fossil fuel, padding the heat-trapping blanket of gases in Earth’s atmosphere, the ...2 hours ago - Tikanga is the first law of Aotearoa
A senior lawyer has filed a complaint about tikanga becoming a required law school module. Law lecturer Carwyn Jones explains what he’s getting wrong. “…the first law of Aotearoa, a law that served the needs of tangata whenua for a thousand years before the arrival of tauiwi.” – Ani Mikaere ...3 hours ago - ‘Your agency is taken away’: When endometriosis treatment changes without your consentIn 2019, an Auckland woman woke up from surgery to find that she had undergone a treatment she didn’t consent to. She tells Alex Casey about her experience. From her very first period at the age of 14, Laura experienced “debilitating” levels of pain that forced her to withdraw from ...3 hours ago
- How the Greens could be contendersOpinion: Could former co-leader James Shaw still make a difference to working with National? The post How the Greens could be contenders appeared first on Newsroom. ...3 hours ago
- The ‘war on drugs’ is really a ‘war on people who use drugs’ – and it doesn’t workOpinion: What if we got rid of our existing drug laws and replaced them with a new law that legalised and carefully regulated all psychoactive substances, from cannabis to MDMA, methamphetamine and LSD to magic mushrooms? And which also included legal drugs such as alcohol and nicotine. “Wow,” you might ...3 hours ago
- David Seymour – not the associate education minister you expectedAnalysis: David Seymour’s school lunches programme goes further than Labour’s The post David Seymour – not the associate education minister you expected appeared first on Newsroom. ...3 hours ago
- Wayne Brown’s port deal seeks to end five years of dramaSeeking a mandated shift for Port of Auckland before he was mayor, Wayne Brown has tried demanding huge returns and leasing operations The post Wayne Brown’s port deal seeks to end five years of drama appeared first on Newsroom. ...3 hours ago
- DoC set to cut permanent jobs on Chatham IslandsIn the gloom following director-general Al Morrison’s job cuts in 2013, the Department of Conservation restructured its operations arm. Eleven conservancy districts were whittled into six new “conservation delivery” regions, under which the Rēkohu/Wharekauri/Chatham Islands area, comprising 40 scattered islands more than 800km east of Christchurch, was tethered to the ...3 hours ago
- Levels of litigation rising with economic hardshipOne of th e country’s top litigation lawyers says New Zealand is seeing a lift in court action between companies. Chapman Tripp partner Justin Graham, who oversees a team of around 80 litigation specialists, says the courts are now so log-jammed that it’s taking over two years to get cases ...3 hours ago
- Newsroom daily quiz, Thursday 9 MayLoading…(function(i,s,o,g,r,a,m){var ql=document.querySelectorAll('A,DIV,A[data-quiz],DIV[data-quiz]'); if(ql){if(ql.length){for(var k=0;k<ql.length;k++){ql[k].id='quiz-embed-'+k;ql[k].href="javascript:var i=document.getElementById('quiz-embed-"+k+"');try{qz.startQuiz(i)}catch(e){i.start=1;i.style.cursor='wait';i.style.opacity='0.5'};void(0);"}}};i['QP']=r;i[r]=i[r]||function(){(i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o),m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m)})(window,document,'script','https://take.quiz-maker.com/3012/CDN/quiz-embed-v1.js','qp'); Got a good quiz question? Send Newsroom your questions. The post Newsroom daily quiz, Thursday 9 May appeared first on Newsroom. ...3 hours ago
- China challenges must be managed if opportunities are to be sustainedOpinion: A continuation of the previous Labour government’s ‘China-plus’ diversification strategy The post China challenges must be managed if opportunities are to be sustained appeared first on Newsroom. ...3 hours ago
- IRD chases decades-old student debt for woman who never went to universityWhen Clara Owen first received a debt notice from Inland Revenue in 2018 she wondered if it was a scam The post IRD chases decades-old student debt for woman who never went to university appeared first on Newsroom. ...3 hours ago
- Green shoots prunedComment: Concerns about the state of the economy are creeping up to the top of firms’ list of challenges. That’s evident in both surveys and the tone of our recent client discussions. Skimming the past few weeks of eco-news, it’s not hard to see why. – Retail card spending fell ...3 hours ago
- Daily crossword, Thursday 9 MayThe post Daily crossword, Thursday 9 May appeared first on Newsroom. ...3 hours ago
- Gas is good until 2050 and beyond, under Albanese gas strategySource: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra The Albanese government is talking up the crucial role of gas as a transition fuel “through to 2050 and beyond”. In a gas strategy to be released on Thursday, the government envisages the fuel’s ...7 hours ago
- Politics with Michelle Grattan: James Paterson on prospects for passage of the government’s deport...Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Next week the government will again next try to get its legislation through to deal with non-citizens who won’t cooperate with efforts to deport them. The bill, which the opposition and crossbench refused to rush ...12 hours ago
- NZCTU Launch Project To Set Out Alternative Vision For Aotearoa
A long-term project that will set out an alternative vision for Aotearoa that looks beyond the narrow confines of the policy straight jacket adopted by successive governments. ...14 hours ago - Yes, Australia’s big supermarkets have been price gouging. But fixing the problem won’t be easySource: The Conversation (Au and NZ) – By Bree Hurst, Associate Professor, Faculty of Business and Law, QUT, Queensland University of Technology TK Kurikawa/Shutterstock A much-awaited report into Coles and Woolworths has found what many customers have long believed – Australia’s big supermarkets engage in price gouging. What started ...14 hours ago
- The government wanted to avoid an inquiry into its deportation bill. Given the findings, it’s easy...Source: The Conversation (Au and NZ) – By Daniel Ghezelbash, Associate Professor and Deputy Director, Kaldor Centre for International Refugee Law, UNSW Law & Justice, UNSW Sydney The Albanese government wanted to avoid an inquiry into its migration amendment bill. The report, handed down yesterday by a senate committee that ...14 hours ago
- Senate report on lobbying passes the buck on improving transparency or legislationSource: The Conversation (Au and NZ) – By Joo-Cheong Tham, Professor, Melbourne Law School, The University of Melbourne Lobbying is at the heart of government. Who has access to and influence over key government officials shapes the decisions governments make – and how they make them. The ability to influence ...14 hours ago
- Ngāti Toa rallies against Fast Track Approvals BillIwi would not allow the government to degrade its whenua, moana or awa for the purpose of urban development, ministers were told. ...15 hours ago
- Free school lunches: Labour MP apologises over 'offensive' Hamas tweet to SeymourDuncan Webb had queried if the ACT leader did not like hummus because it is too close to Hamas. ...15 hours ago
- Australia’s Eurovision entry this year is the first to sing in First Nations language: meet Electr...Source: The Conversation (Au and NZ) – By Myfany Turpin, Associate Professor, Ethnomusicology, Linguistics and Ethnobiology, University of Sydney The act representing Australia at this year’s Eurovision contest has sadly not qualified for the grand final. Yet for Zaachariaha Fielding and Michael Ross, the duo that makes up Electric Fields, ...16 hours ago
- Labour claims win as govt commits to new free school lunches modelThe Labour Party is claiming a win for its campaign that the government commit to keeping and funding free school lunches. ...16 hours ago
- A definitive list of woke and non-woke foodsIn announcing changes to the school lunches programme, David Seymour said kids would no longer be served ‘woke’ foods. To clear up any confusion, The Spinoff has compiled a guide to the wokeness levels of some common food items. Apple = NOT WOKE Avocado = WOKE Avocado, smashed = EVEN ...17 hours ago
- Future of the planet more important than the Greens survival, former co-leader James Shaw saysFormer Green Party co-leader James Shaw calls out tribalism and hyper-partisanship - including in his own party. ...17 hours ago
- Fourth urgent inquiry by the Waitangi Tribunal, this time on Māori wardsThe Tribunal is conducting another urgent inquiry into plans to require councils to hold a binding referendum on Māori wards. ...18 hours ago
- NCSC Briefs IPAC Representatives On Response To Malicious Cyber ActivityThe Minister Responsible for GCSB and the Inspector-General of Intelligence and Security have been notified of this review, and have been provided a finalised Terms of Reference. ...18 hours ago
- How is China being taught at Australian universities? And why does this matter? Here’s what our re...Source: The Conversation (Au and NZ) – By Minglu Chen, Senior Lecturer, Government and International Relations, University of Sydney Robert Way/Shutterstock As the past few years have illustrated so clearly, the Australia-China relationship is complicated. As such, it is crucial for Australians to develop a more nuanced understanding of ...18 hours ago
- Saving the Mary River turtle: how the people of Tiaro rallied behind an iconic speciesSource: The Conversation (Au and NZ) – By Mariana Campbell, Research Lecturer, Conservation, Charles Darwin University Marilyn Connell Australian freshwater turtles are facing an alarming trend. Almost half of these species are listed as vulnerable, endangered or critically endangered. The Mary River turtle (Elusor macrurus) is one of Australia’s ...18 hours ago
- Why are algorithms called algorithms? A brief history of the Persian polymath you’ve likely never ...Source: The Conversation (Au and NZ) – By Debbie Passey, Digital Health Research Fellow, The University of Melbourne Algorithms have become integral to our lives. From social media apps to Netflix, algorithms learn your preferences and prioritise the content you are shown. Google Maps and artificial intelligence are nothing without ...18 hours ago
- Neuroaffirming care values the strengths and differences of autistic people, those with ADHD or othe...Source: The Conversation (Au and NZ) – By Josephine Barbaro, Associate Professor, Principal Research Fellow, Psychologist, La Trobe University Unsplash We’ve come a long way in terms of understanding that everyone thinks, interacts and experiences the world differently. In the past, autistic people, people with attention deficit hyperactive disorder ...18 hours ago
- ‘Reckless’ kina devaluation spells disaster for PNG, says NomanePNG Post-Courier Papua New Guinea’s deputy opposition leader James Nomane has accused the government of “reckless economic management” that has forced devaluation to manage loan repayments in foreign currency and placate the International Monetary Fund (IMF). Prime Minister James Marape “must stop lying to the people of Papua New Guinea”, ...18 hours ago
- Modernising Census – Stats NZFrom today, members of the public can have their say on what Aotearoa New Zealand’s census could look like in the future. ...18 hours ago
- ‘I do love a good funnysad novel’: Jane Arthur on her favourite booksWelcome to The Spinoff Bookseller Confessional, in which we get to know Aotearoa’s booksellers. This week: Jane Arthur, author of Brown Bird, and former bookseller at Good Books. The book I wish I’d written I have been working on not comparing myself to others. On accepting that what I can ...18 hours ago
- RMA Minister rejects Wellington council's bid to remove heritage protections from buildingsCouncil did not provide sufficient evidence to support its reasons for removing the 10 buildings from the Heritage schedule, Chris Bishop says. ...19 hours ago
- War for Wellington: Minister approves sweeping upzoning, rejects heritage changesThe final decision on the Wellington District Plan makes it official: High-density housing is legal across most of Wellington. Housing minister Chris Bishop has announced his decision on the Wellington District Plan, approving a series of amendments to radically upzone most of Wellington, allowing tens of thousands of new townhouses ...19 hours ago
- Bryce Edwards Analysis – Following the political moneyAnalysis by Dr Bryce Edwards – Democracy Project (https://democracyproject.nz) Political scientist, Dr Bryce Edwards. “Follow the money” is the classic directive to journalists trying to understand where power and influence lie in society. In terms of uncovering who influences various New Zealand political parties and governments, it therefore pays to ...20 hours ago
- Free school lunches: Year 7 students and above to shift to alternative modelA new interim delivery model will kick in next year to allow time for a full redesign of the scheme before any more money is dedicated. ...20 hours ago
- Rafah ‘last place of safety’ in Gaza, UN aid boss warnsRNZ News As Israel presses ahead with strikes in Rafah and seizing the Rafah crossing from Egypt, aid agencies are sounding the alarm of a “catastrophic humanitarian situation”. Rafah was “significant” because it was the only part in Gaza that had not been terribly damaged by the conflict, United Nations ...20 hours ago
- Foreign Affairs minister to lead Pacific delegationThe Foreign Affairs minister is heading on a five-stop Pacific tour, which he says will strengthen New Zealand's engagement in the region. ...20 hours ago
- Why we’re fighting to save Te Huia, the Hamilton-Auckland trainWith funding set to be scrapped for the Hamilton-Auckland commuter train, Te Huia enthusiast Georgie Dansey argues for it to be thrown a lifeline. It’s 5.45am and the chain of my crappy old bike falls off slugging up the one hill in Hamilton. I contemplate yeeting the bike into the ...20 hours ago
- Greens Call On Government To Keep Same-day Election Enrolment And VotingOn Radio New Zealand this morning, the Justice Minister stated the Government was considering ending election day enrolments. ...20 hours ago
- Many people are feeling ecological grief. How can we help those whose work puts them at risk?Source: The Conversation (Au and NZ) – By Anna Cooke, Honorary Fellow, School of the Environment, The University of Queensland We feel ecological grief when we lose places, species or ecosystems we value and love. These losses are a growing threat to mental health and wellbeing globally. We all see ...21 hours ago
- Revitalizing Toronto’s downtown core after COVID-19 greatly benefits the city and the regionSource: The Conversation (Au and NZ) – By Shauna Brail, Associate Professor, Institute for Management & Innovation, University of Toronto A shift to hybrid and remote work continues to affect worker presence in Toronto’s downtown. (Shutterstock) Downtown Toronto, the core of Canada’s largest city, continues to reel from the lingering ...21 hours ago
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Reruns of the standard international crony capitalist playbook. No concern for making even more workers unemployed during a Great Recession, no concern for extracting even more from society and from the environment when there is so little remaining to give.
It’s like the elite class retreat into a Versailles stronghold brain funk and cannot get it into their heads re: self interest, properly understood.
At the end of the day, no one is better off with mass economic and civil deterioration. No one is better off in a society where the infrastructure is falling apart and basic functions of a civilised nation (like the mail) are constantly degraded.
When peoples’ belief in the civil religion of infinite progress is shaken, very interesting and unpredictable things will occur.
But that is the point Tat Loo.
Self-interest properly understood is that the capitalists’ whole world is centred on their private accumulation. Their morality is circumscribed by private profit.
Each capitalist pursues his/her self-interest at the expense of every other capitalist.
There is no collective capitalist self-interest in the survival of ‘civil’ society let alone civilisation beyond the next quarter.
The only class with a universal interest (not the sum of individual self-interest) in a public or common future is the working class that collectively produces social wealth.
The interesting thing that will happen is when that collective class interest takes the form of a socialist ideology and penetrates the deep recesses of the bourgeois ideology.
When that happens and the collective wealth producers expropriate the private wealth accumulators, the ennui and cynicism will be buried in the rush for superlatives.
a supper laxative.
lol
even the herald today has an editorial pointing out that this whole asset-sale drive..
..is not being done for reasons that come within a bulls’ roar of economic-sanity..
..but is purely being driven by ideology..
..and i will add what the herald left out..
..that these randite-scum doing this to our country/future/people..
..are traitors..of the worst sort..
..through and through..
..’the economically-literate right’…
..yeah..right..
..phillip ure..
+1….very suspicious….who is going to make a killingin the long term?….follow the money….Nact politicians’ ‘blind trusts’?…overseas banks like Goldman Sachs?…cronyist capitalist friends?
….all NZers should be GIVEN shares in their own companies or the Key /English Nact programme of NZers State Asset Sales should be rescinded
It is traitorous and pure transfer of wealth, thieft…..what is happening
Hi Chooky
“It is traitorous and pure transfer of wealth, thieft…..what is happening”
+ 1,000,000% right!
Economic treason needs to be added to the Crimes Act.
Hi SpaceMonkey
Yes the only way to stop the likes of Shonkey and his GoldinSacks mates looting the Country, however it’s a bit late now- all those wannabe rich like Shonkey types vote for him to protect their rentier profits.
NAct are thinking of that. They define it as joining a union.
+1 PU..
There is none so blind as those that will not see……
To be fair, there was a cap put on place though so that many high-end investors didn’t recieve their shares in favour of family investors. To be equally fair the other way, a lot of those family investors then sold them to make a quick £300-400.
But, the asset sale in Britain was done somewhat better. Employees were given shares for free and so on.
So, you complain that MRP was sold at an overvalue and Mom and Dads have been diddled. With Meridian, the complaint is that they’ve been sold too cheaply and the vendor has been diddled. You really are in a no-lose situation.
Just points to the inadequacy of the thinking behind the National Government’s asset sales programme. They overshoot, they undershoot, but they cannot get it right.
I am not sure that I have ever said that MRP was sold for too much although the process has left some mom and dad investors out of pocket.
KiwiPower tho will give a Government on behalf of the people the muscle necessary to regain much of the shareholding and control of the companies involved in the production of electricity,
Mighty River Power’s slide in value continues, last night trading as low as $2.15 a share and only recovering this morning to $2.17,
Given that slide and the market listing price of the next company up on the block i think we can expect the market to settle at a price for both companies somewhere in the realm of $1.70 over the short period,
However, given the advent of the next Labour/Green Government introducing Legislation to the House,(hopefully within the first 100 days of office), which will enable KiwiPower to set by regulation the price of wholesale electricity i would fully expect the share price, considering the low offer which will be forthcoming for the 3rd sale having further diluted the market value of the current 2 companies already marketed, will upon that Legislation becoming Law have the market settle upon an average share price across the 3 of somewhere in the realm of 70 cents a share,
Considering such a price alongside the ability of ACC and the Cullen Super-fund,(given an incoming Labour/Green Governments ability and inclination to restart contributions of a sizable amount into the latter), there is much to be said and even more to be gained from having the Finance Minister direct both those funds to have a mass of buy orders in for all 3 of those assets at that price,
In essence the market value of a share in any one of these companies in the medium term is no more than the cost of a roll of toilet paper…
Just as an add-on with regards the Cullen Super-fund, given that KiwiPower will in effect allow the next Government to somewhat dictate what the market price of the shares in all of the sold off electricity companies will be it can be then seen where even borrowing to allow contributions to this fund will produce a significantly robust return so as to justify such borrowing…
On asset sales –
Bill Rosenberg presentation to trade unions – very good of course. Very informative. Good charts. Good stats and figures. Concise summary.
union.org.nz/sites/union.org.nz/files/Privatisation%20presentation_0.ppt
From report ‘Take Back the Track’ on the Second Roger Award in 2000 by Murray Horton (CAFCA) who was a railway worker himself from 1976 to 1991. (Shows how these right wing subversives used the Labour Party as a front to advance their own plots and to confuse trusting workers as to the real impact and intent of their machinations.)
http://www.converge.org.nz/watchdog/97/1.htm
Several commentators drew attention to the irony of calling the campaign “Save Rail”. I was a Railways worker and union official, in the early 1980s, when Richard Prebble, as Opposition rail spokesperson, barnstormed the country on just such a campaign. He headed a march of several thousand Railways workers through central Christchurch; the then union put tens of thousands of dollars into Labour’s 1984 election campaign funds.
As Minister of Railways in the Labour government, Prebble promptly decimated the Railways (and the union disaffiliated from the Labour Party). “Save Rail” is a phrase that leaves a very bitter taste in the mouths of tens of thousands of former Railways workers.
Prebble saved rail all right – he saved it for the transnationals and NZ Big Business asset strippers and profiteers who bought it for a song under the next Government and proceeded to reduce it to the anaemic creature that it is today.
A blog on a documentary that went missing and caused angst and sacking for those involved ‘For the Public Good’. http://dimpost.wordpress.com/2011/03/07/bleg-2/
on sale of public assets.
I went to see Prebble and Lange at a Save the Rail rally in Auckland. Lange made a great speech about big rigs crowding the family Honda Civic off the road. I don’t think he believed a word he said. I think history has been far too kind to him.
mo
I think that his mo was to make interesting sweeping statements – caught peoples’ interest but really was a reagan-type populist figure.
I’m a bit green on some computer stuff and if someone else is also – to get Bill Rosenberg’s report in my comment above, highlight link and copy go into google and paste into header line on page and then the box to open the file will open for you to use.
It’s no good making a 10% return (taxable) if the price drops by 15%.
“Dumb and Mad” investors, indeed.