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Who wants some Genesis shares?

Written By: - Date published: 7:20 am, November 21st, 2013 - 120 comments
Categories: privatisation - Tags:

So, Mum and Dad Kiwi, you listened to the multi-million dollar ad campaigns and the years of propaganda from National, and you bought shares in one of their asset sales. How are you doing so far?

Don’t listen to English, who claims you haven’t lost anything unless you’ve cashed up – that’s the same as saying your house or your Kiwisaver isn’t worth anything until you sell or draw down, and it’s not how English accounts for the value of shares on the government’s books.

Let’s look at your losses.

Mighty River:

You bought at: $2.50 per share
Average retail purchase: $8,220 (3,288 shares)
Dividends received: 7.2 cents per share, $236 for average retail shareholder
Change in share value: -40 cents per share, $1,315 for average retail shareholder
Net loss: $1,084 for average retail shareholder, $5 each day since listing

Meridian:

You bought at: $1 per installment receipt
Average retail purchase: $16,000 (can’t find exact)
Dividends received: $0
Change in share value: 0 cents
Net loss: $0, $0 each day since listing

Air New Zealand:

You bought at: $1.65
Average retail purchase: Nobody knows
Dividends received: $0
Change in share value: -8.5 cents per share, $510 per $10,000 of shares
Net loss: -$510 per $10,000 of shares, -$510 each day since listing

So, who wants to buy some shares in Genesis?

120 comments on “Who wants some Genesis shares?”

  1. amirite 1

    Mum and Dad Richwhite can’t get enough of them. They want moar! Because they know who’ll pay for the losses.
    Mum and Dad True Kiwi are just struggling to survive till the next paycheck and watching helplessly as the country is being sold cheaply to the 1%.

  2. chris73 2

    I’m quite pleased so far, because the dividends I’ve received thus far is more then what I’d receive from the bank in interest so I’m better off

    and I follow Warren Buffets rules on investing which include running from air lines as fast as you can not that you can compare Air NZ to power companies of course (but then you already knew that)

    [chris73… ummm, so you’re saying that you’ve bought Mighty River shares and you feel it’s gone well?

    You say you got more in dividends than you would have from interest in the bank… would you have lost some of your principal investment if you had put the money in the bank? No. You have with MRP.

    Honestly, you cannot just ignore the change in the value of your shares. That’s insane. It’s not how the government or any company or any sane household accounts for their non-cash financial assets. What do you do? Just write off the cash you put into buying the shares and count any money you get when you sell them as a windfall? JH]

    • Lanthanide 2.1

      “You say you got more in dividends than you would have from interest in the bank… would you have lost some of your principal investment if you had put the money in the bank? No. You have with MRP.”

      Not really. You only lose your principal investment if you sell the shares.

      • Lightly 2.1.1

        No, that’s moronic. Cash isn’t the only store of money, it’s just the most liquid.

        How much is your house worth? Nothing? That’s what you must believe its worth if you don’t account for the value of your non-cash assets and changes in those values.

        • Lanthanide 2.1.1.1

          My house might be worth nothing but I still own it.

          You only lose the investment in your house if you sell it (or it’s destroyed in some manner, I guess).

        • Francis 2.1.1.2

          My house provides a roof over my head. Why should I give a crap what some real estate agent promises to give me for it?

          I value having a roof over my head far more than a couple of ones and zeros on some massive server in Australia.

          The sooner people start viewing their homes as places to live in rather than a dollar value, the better…

      • toad 2.1.2

        I’m sure the people with properties in red-zoned Christchurch areas really appreciate that argument [/sarcasm]

    • Draco T Bastard 2.2

      chris73 is correct, he gets the benefit of being a parasite on the rest of us for the rest of his life. A pretty good deal for him as he now gets an income from not having to work.

    • chris73 2.3

      Well yes I can because I havent sold any shares and I won’t be selling any shares in the future so the price of shares is of little interest to me

      Would I like them to go up, sure, but I ain’t bovvered that they’re not

      I know you want to push the line that this is bad for investors and I commend you for that but that truth of the matter is I’m getting more in dividends then I would be with the money in the bank

      • One Anonymous Knucklehead 2.3.1

        The “investors” were those who paid to build these utilities. You people are parasites. How does your “investment” add value to the company? Will it increase the number of customers? Or the water in the dams?

        Pfft.

        • BM 2.3.1.1

          It frees up money which then can be used in other important projects such as highway construction.

          • Draco T Bastard 2.3.1.1.1

            Actually, no it doesn’t. It actually removes money from the government to do those things because it no longer has the ongoing income to do them.

      • rhinocrates 2.3.2

        So chris73, how many elderly women have swooned over your penis lately? You like to tell us how much they admire it.

  3. tricledrown 3

    C73 when the fed slows its printing press you loose even morre.
    Cut off your pinokeynose to spite your face.
    It goes to show how shallow the
    Hollow men are.
    C73 you are a victim of your own ignorance can’t recognise fact from reality get some help before you loose anymore money haven’t you heard the stockmarket is a casino gamblaholics anonamous.
    Next you will be telling us the money you lost at the casino is a good investment because the National party said so.

  4. Peter 4

    OK, so who can rap this all up in and 10 second TV1 sound bite that brings in the swing voters not the converted?

    • Tat Loo (CV) 4.1

      “National’s asset sales: a bad deal for NZ, a bad deal for you, a bad deal from John Key.”

  5. wyndham 5

    On top of all that, didn’t Mum and Dad Kiwi own the assets in the first place ? Before they were ‘sold’ back to themselves ?

    Asset sales will go down in NZ history as one one the biggest political confidence tricks ever perpetrated upon a gullible public. From a snake oil trickster without moral principle.

  6. T 6

    Based on the numbers above, the average investor in MRP made a 2.9% return on their investment from the dividend. That is around the same as the current term deposit rate. Those investors would make the $1000 loss only if they chose to exit.

    MRP has declared an increased dividend for the past three years, and there is no reason to expect that this will change, so those investors are likely to keep getting a return on their invested funds at a rate higher than in the bank.

    If they were in it for a capital gain, then , I agree they will get stung. But I have been led to believe that capital gains are evil, right?

    • Tat Loo (CV) 6.1

      “MRP has declared an increased dividend for the past three years, and there is no reason to expect that this will change”

      Never heard of NZ Power, silly billy.

      Anyhow, why do you think that returns similar to a “term deposit rate” are satisfactory, when term deposits have a much lower risk profile than share investing? Same return for more risk…is that your investment philosophy?

      • T 6.1.1

        In regards to term deposits, that 3% figure based on a TD is a proxy to represent opportunity cost – the minimum forgone opportunity by having funds tied up in one particular use. I make no comment on the risk/return equation, what I am saying is that currently the investment is not losing money compared to a given alternative use.

        In in regard to the dividends I guess you are right. If that the case and NZ Power stops dividends, the majority shareholder is really going to lose some income when the dividends stop coming…. oh wait…

        • Tat Loo (CV) 6.1.1.1

          So you refuse to comment on the increased risk profile. I presume your politics prefers the Govt extracting lower taxes…so why do you have a problem with the government extracting less profit from the private sector?

        • you_fool 6.1.1.2

          “In in regard to the dividends I guess you are right. If that the case and NZ Power stops dividends, the majority shareholder is really going to lose some income when the dividends stop coming…. oh wait…”

          Of course that majority shareholder will supplement that lost income from another source, and kiwi mum and dads will have lower costs, which will supplement their loss in income, assuming of course the minority shareholders are all kiwi mum and dad’s, like John Key said they would be….

          Sounds cost neutral to me!

    • Naturesong 6.2

      You know they are borrowing to pay those dividends right?

    • Lightly 6.3

      you’re ignoring the loss in the value of the shares.

      Let’s put it in terms you can understand:

      Joe Stoner spends a $1000 buying some plants from his mate. He sells some weed for $29 – a 2.9% return on his investment. Unfortunately, a blight destroys 16% of his plants, so he could only onsell the plants he has left for $840.

      Joe started with $1,000. He now has $840 of plants and $29 cash left. He is down $131.

      At least, that’s the logcal way to look at it.

      The way you want to look at it is: Joe’s $1,000 of wealth disappears into thin air when he buys the plants, the plants have no value (until you sell them) and any cash he makes from selling weed is the only thing he needs to worry about – not the fact that he’s lost 16% of his investment.

      • T 6.3.1

        Correct, I am ignoring the loss in value of the shares.

        Your analogy is a bit wrong here because the $1000 investment is going into a commodity, where the value is the commodity itself, and can only generate a return if sold. The dak istelf cannot generate a return any other way.

        But if Joe brought a tractor to help him tend to his dak, then the tractor can generate an income on its own (he lends it to his neighbour for a fee). He could sell the tractor (to make a capital gain), but his stoner mate crashed it into a tree and its now a bit bent and only worth half of what he paid. But that doesn’t affect its utility – he can still generate a return off it even though it has a greatly reduced market vale.

        • Naturesong 6.3.1.1

          In your analagy the stoner mate crashing it into the tree would represent the company value being harvested by reducing maintenance, or stripping assets whicle still demanding the same rental on a reduced service?

          The reduced value of the tractor when you tried to sell it would be the your local farmers (the “market”) knowing that you skimped on maintenance / drove your tractor into ditches occasionally etc …?

          Also, it’s now second hand, and they’re not going to want to pay sticker price.

          Neither of these are good analogies

          • infused 6.3.1.1.1

            Love how you guys twit everything. Bit like CV. Wonders why no one bothers replying to him.

            This post is stupid and shows how retarded some people are on this site.

        • Lightly 6.3.1.2

          when you sit down to work out your household accounts (even if you don’t do that, let’s pretend you do), what do you book the value of your shares at?

          The issue price? Maybe just ‘?’?

          Does the same rule of not accounting for changes in share value apply if they go up?

          How can you make rational decisions on the allocation of your investments if you don’t accurately account for the value of those investments?

          • you_fool 6.3.1.2.1

            Don’t worry, you only not count the value of shares if they went down, if the value had risen then we would be being told how much everyone had made from the purchase of the shares.

            The biggest swindle is the lie that buying the shares at the opening price was a good deal, it is shown to be the worst deal (except for Meridian, since you got a discount and the share price hasn’t changed). Basically anyone who brought MRP or Air NZ shares at opening price is a sucker.

            Basic market play 101 – buy low sell high.

  7. Tat Loo (CV) 7

    Commission. You lose another $40 or so buying/selling to the ticket clipping broker. Someone add that in to the losses please…

  8. rich the other 8

    Proof the NAT’S weren’t looking after their mates after all.

    • Tat Loo (CV) 8.1

      Well actually, who made hundreds of millions from the deals.

      Yes that’s right, the parasitic investment banking and financial markets fraternity.

      • rich the other 8.1.1

        More likely NZ citizens are the biggest winners, it seems they have been well paid for the minority stake that they have sold in these assets.

        • framu 8.1.1.1

          We have shares that have rapidly devalued, cost blowouts (which have mostly gone offshore), windfall contracts for finance industry players, patheticly low up take by the mythical “mum and dad investor”, ongoing and deepening negative impacts from the reduced dividend stream, an abandonment of public oversight on the remaining 51% and a financial result way down on the hype

          its not a success for the govt and its not a success (yet) for those who bought shares

          if thats your idea of success then theres really not much more hope for you

        • Naturesong 8.1.1.2

          And all they’ve given up is the ability to plan and build infrastructure to meet the country’s power needs over the long term.

          They are utilities which are critical to the economic wellbeing of New Zealand.
          The national government has lost every single argument they have put forward in support their position.

          All that’s left now is to make sure they pay for their hubris at the ballot box, and then try to minimise the damage.

      • fappity 8.1.2

        A bit like Westpac who the Nats and Labour have used as the governments bank of choice for IRD payments etc ?

        Who will labour choose when they get in to do this work for them ?

        • framu 8.1.2.1

          thats some PR gold for labour – i doubt many people would be that upset if the govt stopped using an aussie bank to do their business

          it has “proud NZ” stamped all over it and the govt contract would likely produce the extra capital kiwibank needs

          its cost neutral and achieves two good aims

          note: i may have the capital raising thing wrong – happy to be corrected there

          • King Kong 8.1.2.1.1

            Kiwibank can’t handle the business.

            I am pretty sure this has been looked at before and Kiwibank weren’t up to it.

            • framu 8.1.2.1.1.1

              to be honest – i dont know.

              so happy to be corrected. Anyone out there know for sure?

              • Naturesong

                As far as I can tell from the reporting, as they started to define the scope for the tender they realised it was going to turn into an absolute monster. It’s still stuck with MBIE
                No tender document has yet been released

                And yes, in it’s current state, kiwibank is unlikely to have the capacity to handle the volume and complexity. But, thats just a guess. I’m not in the industry.

                edit I see alwyn has the article

        • alwyn 8.1.2.2

          It won’t be Kiwibank, that’s for sure. They are on record that they could not handle the scale of the operation and that the only banks who could are the four big Aussie owned banks.
          http://www.stuff.co.nz/business/industries/8825146/Kiwibank-not-after-Govt-business
          Oh well

    • Lightly 8.2

      the lawyers and brokers and ad men and Rio Tinto have made $250m off this so far.

  9. ianmac 9

    To me it is like losing equity on my house. Losing equity on shares seems similar.

    • Naturesong 9.1

      Except you no longer have control over whether or not you can repair your house should it sustain damage.

      Want to build an addition?
      Sorry, can’t do that anymore, rent return is now the most important thing, not whether it is a secure, safe and warm house.

      • you_fool 9.1.1

        The do have a say in it, it is just a say that is proportional to the amount they own, and they need to take everybody’s opinion into account if they do want to make changes, and can’t unduly upset anyone by making the changes, and even if they want it is possible the people that are in charge of making the changes will not want to and will do something else anyway

    • you_fool 9.2

      Actually it is a good analogy, but it is a rental investment not your primary residence. Go ask an accountant how they would value it, though any good financial advice would be to not sell because it would make you worse off, so the people arguing for ignoring the value of the shares are right to an extent, they have made a loss, but for the moment they can live with that if the income stays at least as much as it currently is, if it drops for any reason then it may be time to cut losses.

  10. The Gormless Fool formerly known as Oleolebiscuitbarrell 10

    But I thought they were flogging off valuable assets to their rich mates.

    This makes it sound like they were hoodwinking mum and dads by selling them shit at an undervalue.

    Good assets or bad?

    Wealthy foreigners or poor duped mums and dads?

    • framu 10.1

      1) this has already been answered
      2) mums and dads werent the main purchasers
      3) the people who worked on the process made a killing
      4) energy producing assets are widely recognised as things that will become of increasing strategic importance

      yes the shares decreased in value – but if you have enough resources to buy a lot both on the initial sale and into the future and hold on to them your probably going to do rather well from the deal

      • The Gormless Fool formerly known as Oleolebiscuitbarrell 10.1.1

        You better tell James. He thinks people have been ripped off.

        • framu 10.1.1.1

          you should actually read

          • The Gormless Fool formerly known as Oleolebiscuitbarrell 10.1.1.1.1

            I am just trying to get your story straight for you.

            Is this what it is now: National sold the shares so that investment bankers would get rich through the sales process and ripped off New Zealand mum and dad investors in order to do so. As a consequence, the government got more for the assets than they were worth.

            • framu 10.1.1.1.1.1

              why? theres no need for you to get my story straight for me as ive already made my position pretty damn clear across a number of comments.

              So stop putting words in my mouth and do some bloody reading

              ——————-
              We have shares that have rapidly devalued, cost blowouts (which have mostly gone offshore), windfall contracts for finance industry players, patheticly low up take by the mythical “mum and dad investor”, ongoing and deepening negative impacts from the reduced dividend stream, an abandonment of public oversight on the remaining 51% and a financial result way down on the hype

              its not a success for the govt and its not a success (yet) for those who bought shares
              ———————

              Like i said – you should acutally read

              • The Gormless Fool formerly known as Oleolebiscuitbarrell

                I will read your comments carefully when you learn to punctuate properly.

                We have shares that have rapidly devalued

                So the government sold its shares just in time. Mint.

                patheticly [sic] low up take by the mythical “mum and dad investor”

                The point of James’ post is that mums and dads have been ripped off. Not a problem, you reckon? Or is James concerned that institutional investors have been ripped off? Good luck with that meme.

                ongoing and deepening negative impacts from the reduced dividend stream

                But, the opposition’s plan for these assets is that they generate no return at all. Did I miss your criticism of that? Or are the deep negative impacts of the reduced dividend stream somehow not a problem in that scenario?

                an abandonment of public oversight on the remaining 51%

                What on earth are you on about?

                a financial result way down on the hype

                And what, exactly, would you have been saying if they shares had risen in value after sale? That the crown had been ripped off? The assets sold cheap to the government’s rich mates at an undervalue? Unfortunately for you that’s a better story than the one you’re trying to sell now.

                • framu

                  “I am just trying to get your story straight for you.”

                  “The point of James’ post”

                  exactly which story are you on about?

                  your going on and on about MY story in one comment then going on and on about JAMES’ story in the next

                  which is it?!

                  Your point by point bit only shows that you have comprehension issues – vast comprehension issues. You cant seem to remember whos saying what, what something refers to or even if two things are related.

                  EG – “a financial result way down on the hype” – i would have thought that seeing as ive already mentioned share value that im talking about the amounts generated by the sale are nowhere close to what the govt claimed they would raise.

                  so the shares were sold at too high a price and even then they still didnt live up to the hype. What a spectacular friken success!
                  From that aspect alone its a tragic failure. And yes, if the share price had gone up that would also be an indication of failure because the whole thing is driven by ideology and not sound economic rationale. Two opposite things can still both be shit

                  my whole point is that when you add ALL the items i mentioned together its not a success, not even a tiny little bit
                  And frankly i will punctuate badly all i damn well please. Your not my mum and last time i checked no one has to listen to the grammar pedants

                  • BM

                    Face it, you got destroyed.

                    • framu

                      considering ol barrel has failed to answer a single point ive made i dont quite see that

                      could you explain just how i got destroyed?

                      go on, im waiting

                  • The Gormless Fool formerly known as Oleolebiscuitbarrell

                    You mean: “you’re not my mum.”

                    • framu

                      you mean “i dont have anything else to nit pick over”

                      its telling that your failing to address anything ive put to you and your focusing on an apostrophe instead

                      well done! qaulity effort!

                      OOhh lOOk – pooR puncTuationz! -

    • Tat Loo (CV) 10.2

      Key’s investment banking mates already made a shit load. And when you go to sell your money losing shares they’ll make off the commission too. See how the parasitic financial sector works?

      • King Kong 10.2.1

        Just like those guys who peddle alternative healing techniques that don’t work to vulnerable people in real pain.

        Actually your choice of political ideology fits perfectly with your job.

        [lprent: Ok that is pure diversion that has nothing to do with the topic or the comment you are responding to. Looking through your comments today I can see just one that is vaguely on topic. All of the others seem to have been put in purely as a derail.

        Enough with the warnings. Banned permanently. ]

        • framu 10.2.1.1

          i would say that those peddlers are roundly despised across the board. Its not a left right thing

          so not that good an analogy perhaps?

          • King Kong 10.2.1.1.1

            I think you may have missed the fact that this is what Tat does as a profession and still has the lack of self awareness to call bankers parasites.

            • framu 10.2.1.1.1.1

              quite possibly – i have no idea what tat does

              • Naturesong

                Chiropractor, hardly “alternative” healing. It’s not homeopathy – apologies to those that believe homeopathy actually works (placebo effect as far as I can see)

                Chiropractors have helped me in the past, and one I used to see in Sydney was a particularly gifted healer.

                These days I see an osteopath, as I’ve met a few chiropractors who really weren’t up to scratch.

                • framu

                  thanks nature – i suspected a case of definition shift might have been in play

                  see – i was thinking of homeopathy when the term alternative healing was used

                • Colonial Viper

                  Naturesong :)

                  Rack, stack, crack, I’m a beef stamper extraordinaire :D

  11. King Kong 11

    Did you know that if you had bought Microsoft shares when they listed in May 1986 and looked at their value on October 1, 5 months later, you would have been horrified to find that the stock price was down 18% and of course would have written the float off as an abject failure.

    In comparison to Mighty River, if you had bought $8220 of stock you would have lost about $1480 with Microsoft.

    What I am trying to establish is the absolute dick headishness of picking an arbitrary date on which to announce the float of a company as a success or failure.

    The only people affected by the dip in price is those who entered with an investment strategy of short term speculation and I thought you chaps hated those guys.

    These companies have pretty sound fundamentals and barring the Greens fucking up the market with their school boy plans, they will do pretty well.

    I personally have just scooped up a load of MRP at the low. Cracking buy with 7-9% dividend.

    Lets talk about share prices after the election next year when the chance of Green fuckwits at the helm has been put to bed for another 3 years.

    • framu 11.1

      the measure of success or failure isnt about the share price in isolation though is it. So while your point about arbitrary dates is correct in and of itself, its woefully simplistic and narrow when looking at the entire scheme and its good or bad effects

      We have shares that have rapidly devalued, cost blowouts (which have mostly gone offshore), windfall contracts for finance industry players, patheticly low up take by the mythical “mum and dad investor”, ongoing and deepening negative impacts from the reduced dividend stream, an abandonment of public oversight on the remaining 51% and a financial result way down on the hype

      do you call that success? – for anyone?

    • Naturesong 11.2

      Because a volitile tech company trying to create a new market for itself is the same as a utility which gets monopoly rents?

      I don’t think you should give advice on the share market. You clearly have no idea what your talking about.

      Your rise in share value is predicated on power companies being able to fleece the NZ public.

      It’s not a winner politically. Unless you truly belive that the only way to succeed is on the backs of other peoples misery

      The true cost of selling infrastructure that is essential to the economic wellbeing of NZ is not the revenue stream, but the destruction of the ability to plan long term domestic energy policy.

      • King Kong 11.2.1

        Do you know how I know you are a financial illiterate?

        What about if there is an increase in demand? You know, from things like population and economic growth.

        Now that is a scenario that doesn’t fit your left wing fatalism.

        • Naturesong 11.2.1.1

          Do you know how I know you are a financial illiterate?

          From someone that thinks a startup tech company is the same as power company?

          Pivate companies, in seeking to make the most efficient use of supply will delay the construction of power generation, and when they do, will seek to create the cheapest power generation.

          So look for brownouts when demand increases to maximum capacity.

          And when they wish to build new generation, watch them lobby for coal fired plants.

          You really have no idea.

          Left or Right wing.
          I’d settle for a government that wasn’t corrupt and incompetent.
          That used science and evidence in creating policy.
          That governed for the betterment of New Zealand people as a whole, not just a small section.

          Btw, I think the shares were sold under value. But some of the companies worth was destroyed when they were placed on the share market; namely, they used to be accountable to a democratically elected body, so good governance should be of prime concern (though you wouldn’t know it having watched English, Ryall and Key run Solid Energy into the ground)

  12. infused 12

    Maybe, if retards were after short term gains.

    • framu 12.1

      how much do you want to bet that thats exactly what a lot of the new to the share market mum and dad investors (of which there werent that many) thought exactly that?

      considering that getting these new to the share market types to buy was the big sell and one of the main reasons used to justify the sale the share price argument does carry some weight (even though its a dumb position to take when buying shares)

      • infused 12.1.1

        Oh bullshit. Don’t be so nieve.

        • framu 12.1.1.1

          whats bullshit

          1) would you agree that there are some people out there who are staggeringly underinformed on not just financial matters, but the share market specifically?

          2) are you saying that attracting people who had never invested in the share market wasnt one the arguments put forward by national to argue for the sale?

          both of my statements are pretty benign, so quit being being all bitchy about it. Maybe explain yourself instead of chucking one line insults out there

    • Lightly 12.2

      looks like they’re getting short and long term losses.

    • Tracey 12.3

      The people who can get in pre-opening sale orders do make good short term gains if the price spikes immediately after opening. Of course these customers have tens of thousands of shares and much lower brokerage to pay. But average shareholders such as “mum and dad” dont have the opportunity or the lower fees.

  13. Tracey 13

    In my experience people who can only afford a few thousand dollars worth of shares tend to hang onto them for a few years. The brokerage fee means it takes a while for any gain to surpass outlay.

    The people who would already have made money might have bought HUGE lots in the first one and had sells in at opening (which most mums and dads cant achieve) and when the price MRP spiked briefly on day one, they sell them down and take the quick profit.

    I agree that by buying shares you have already lost the use of the money, so provided the shares do actually rise above our original purchase price in due course you have lost nothing but time and the further use of your money.

    As an aside has the government stated where the proceeds for each sale went, to cover their mandate for paying down debt and increasing school and hospital funding?

  14. dv 14

    Contact has returned about 5-6% pa over 13 years

    About bank rate average.

  15. wtl 15

    Of course the change in the Government’s books following the MRP and Meridian sales is also pretty dire:

    MRP was independently valued by Macquarie at $3.74B in 2011. The estimated valuation in the year ending June 2012 was $3.91B. The shares were sold at a $2.50, at the mid-low end of indicative range of $2.35-$2.80. The sale of 49% raised $1.72 billion, which is $200M less than the $1.9B they should have sold for given the valuation.

    Meridian was valued at Macquarie at $6.53B in 2011, with the estimate valuation in June 2012 being $6.58B. The shares were sold at $1.50, at the very bottom of the indicative price of $1.50 to $1.80, raising only $1.88B which is a $1.34B less than the $3.22B expected given the valuation. This was even after the government provided investors with interest-free loans to purchase the shares.

    Note that the amounts are BEFORE sale costs are subtracted, and when these are accounted for it looks even worse.

    • Balanced View 15.1

      …and the valuations were BEFORE the oppositions NZ Power policy was announced. So very difficult to say what impact the share offer had.
      Of course all of this is arbitrary, any reduction in value is not really relevant in any argument the opposition are making.

  16. Rich 16

    Also, 1.5% brokerage commission. And dividends are taxable, with capital losses not available for offset (because capital gains aren’t taxable, if you make any).

    • dv 16.1

      Rich
      (because capital gains aren’t taxable, if you make any).

      Partly wrong.
      Gains and losses are taxable if you trade.

  17. TightyRighty 17

    Can’t wait for the inevitable post combining john keys mates got rich when the share price goes up. This post just demonstrates the economic illiteracy of commentators on the left.

    • Arfamo 17.1

      Can’t wait for the inevitable post combining john keys mates got rich when the share price goes up.

      Speaking of illiteracy, what does that actually mean?

    • framu 17.2

      cant wait for you to actually make an argument

      go on – prove just how economically literate you actually are for a change, instead of slinging poo from the cheap seats

      • TightyRighty 17.2.1

        I make plenty of arguments. see below. the mobile version of this site truly sucks however. old version was way better.

        Still waiting for you to talk some sense rather than regurgitating the poo thrown at you by more intelligent people.

        • One Anonymous Knucklehead 17.2.1.1

          Your assertions of the Left’s economic “illiteracy” (sic), aside from the obvious, make me wonder if you live in New Zealand.

          I can recall how the fifth Labour government was the sky falling on your head and everything, but not everyone lives on Planet TightyRighty.

        • framu 17.2.1.2

          “Still waiting for you to talk some sense”

          seems like im repeating myself

          ———————

          the measure of success or failure isnt about the share price in isolation though is it. So its woefully simplistic and narrow when looking at the entire scheme and its good or bad effects

          We have shares that have rapidly devalued, cost blowouts (which have mostly gone offshore), windfall contracts for finance industry players, patheticly low up take by the mythical “mum and dad investor”, ongoing and deepening negative impacts from the reduced dividend stream, an abandonment of public oversight on the remaining 51% and a financial result way down on the hype

          do you call that success? – for anyone?

          ———————

          does that make enough sense for you? Is it in a format you can understand?

          ooh – your trying to discredit my intelligence. Sure i dont know everything, and im happy to point out the topics where im aware im not fully up to speed. But you mate, make some real clangers so i wouldnt be going around trying to assume some smarter than thou pedastool (yes the misspelling is deliberate)

  18. Tim 18

    As soon as I saw this post, I thought if I delve into it – I could expect the presence of the trolls – sure enough ……
    Actually, I want my 4 – point something or other millionth part of my existing ownership back because I didn’t give my duly elected representative to sell them on my behalf.
    They simply made assumptions, and took them.
    I expect them to be moaning like hell (squealing like pigs being stuffed) either in 2014, but if not 2017. OR maybe as soon as an opposition (you know, that thing that supposedly protects any democracy) sorts its shit out.
    Really what it boils down to though is just how hard a ruling junta wants fall.
    Right now I’m thinking they have the brashness and ego of a Mussolini. Worked out just fine and dandy for him and the missus aye!
    But yea but nah

  19. TightyRighty 19

    Framu, the lowing sound emanating from you reminds of a cow. Hence I get your nickname.

    If ma and pa decided to invest in the stock exchange, and their shares go down, their book value is lower. But that is how the market perceives the value of the shares. Likewise if the market perceives them to be undervalued and starts purchasing them, the value value of the shares increases. The government beat the market in the share valuation at that point in time. Clever government.

    Basically, if you can’t afford to lose, you don’t invest. I don’t like fixed assett companies, so I didn’t invest. But I did just throw $30k into another company that yesterday dropped .81% in value. I’m not crying about it, I bought the shares as I expect them to appreciate in value. Small losses on a day don’t matter. Anyone who bought shares expecting a guaranteed return is an idiot.

    Though I suspect the book value of the mighty river shares when you factor in the present value of the bonus shares is quite different to what James managed to calculate. Intentional or illiterate. Probably a bit of both

    • TightyRighty 19.1

      the end of the second paragraph should read

      “small losses on a day don’t matter, it’s the long term that counts if you aren’t actively trading on a day to day basis. It’s a gamble however, anyone who bought shares expecting a guaranteed return is an idiot, it’s always a gamble.”

      • framu 19.1.1

        but did you notice that im talking about the whole picture and not just the share value in isolation?

        So yeah – try again

  20. Treetop 20

    Who’d want some Genesis shares?

  21. Ad 21

    My wife and I spent a while humming and harrrring about whether to buy and what to buy of the floats, with amongst others a nationalist filter.

    In the end we didn’t . What we did was change banks to Kiwibank, and got an offset mortgage in which the savings keep building but they are offset against the mortgage. The deal is we pay no mortgage interest, and we don’t get much interest either.

    We worked out in short that even with spare savings, our savings money worked hardest when it paid off our mortgage faster.

    Won’t work for all circumstances, but it worked for ours, and we get to enjoy the schednfreude.

  22. Old Tony 22

    You people are sooooo confused. How can it be a fire sale to the 1% when the shares are now worth less than floated? The Government has done fine by the 99% by getting more for the shares than they are worth.

    Are you not impressed by this given you despise the 1% so much? Should you not be celebrating?

    • McFlock 22.1

      Pyrrhic victory, at best.

    • One Anonymous Knucklehead 22.2

      The Left hates the 1% so much they always get wealthier under Labour governments. Yes they do, which just goes to show that Old Tony may be long in the tooth but, in keeping with the ongoing intellectual degradation of the Right, he’s short on the facts.

      The Left’s goal of a lower GINI benefits everyone, even those who are so poor they can only measure their wealth in money.

  23. National Party MP 23

    OK Here is my cock sucking fucking wanking cums stain CV for some cum satin wankin FuCKING JOb.

    What you want me to do for your company.

    Yeah sure I can do that.

    Wank on your face

    Sweet.

    Kick you in the head?

    No problem

    Drink your Piss?

    Sweet?

    Punch you until you give me your money then lock you at your work and leave?

    COOL

    Can do?

    Your a cock sucker for even reading this CV so suck my cock.

    Best skill sets,

    wanking.

    5 years of wank study under a wanker

    2 years waking behind a door.

    INterests listning to cock suckin Politicans suck my cock and wwacking on their head.

    Music.

    Fuck off you cock

    Wages wanted shit loads. I will just write a number down each week and you pay it and say sorry for not een paying it yet.

    [lprent: Don't know who this is or how it got through first time moderation. But there are quite a number of reply comments on it. As karol says leave it as an example of what usually doesn't make it through first time moderation. In the meantime I'll auto-spam the author (whoever you are). ]

  24. Ian 24

    I like a good bet and am now the proud owner of a very small part of Mighty River Power and Meridian energy. I am totally unconcerned about the current share price of both companies as I’m a long term investor and I am fully aware of the negative influence of the Labour /Green movement and how their scaremongering is pushing down the share price. When John Key Gets elected for his 3 rd term as the prime minister of NZ,those shares will jump by at least 20 % . But seriously ,I like the fact that both companies produce sustainable,renewable energy and actually owning part of a hydro and geothermal electricity company makes me feel so green.

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    Labour | 26-08
  • How much tax does John Key pay compared to a minimum wage worker?? – Mint...
    MANA Movement Economic Justice spokesperson John Minto is calling for a radical overhaul of New Zealand’s taxation system with calculations showing that a minimum wage worker pays a ten times higher tax rate than the Prime Minister. o Minimum wage...
    Mana | 25-08
  • Labour’s culture of science and innovation
    Labour will create a culture of science and innovation in New Zealand that will be the envy of the world, says Labour’s Innovation, Research and Development spokesperson Megan Woods. “Labour believes that good science lies at the heart of a...
    Labour | 25-08
  • Improving life for our new New Zealanders
    New Zealand’s international standing as a community that encourages and fosters all cultures will be bolstered under a Labour Government with an upgrade of the present Office of Ethnic Affairs to a Ministry. Releasing Labour’s Ethnic Affairs policy, spokesperson Phil...
    Labour | 25-08
  • South Auckland housing crisis
    National’s HomeStart package is nothing more than a political stunt designed to beguile South Auckland voters, said Labour’s Pacific Affairs spokesperson Su’a William Sio. “Few working Pasifika and Maori workers in South Auckland will be able to buy their own...
    Labour | 25-08
  • Home buyer subsidy discredited in Oz
    Treasury advised against National’s policy of ramping up home buyer subsidies after it was discredited in Australia because it pushed house prices even higher, Labour’s Housing spokesperson Phil Twyford says. “Documents released under the OIA (attached) show Treasury advised the...
    Labour | 25-08
  • Nursing hours explain turnover and high-stress culture
    A staff survey supports concerns nursing staff at Dunedin Hospital are under increasing pressure and that the emergency department is in a critical state, says Labour’s Associate Health Spokesperson David Clark.  “An ED nursing survey at Dunedin found that 80...
    Labour | 24-08
  • Underhand tactics prove case for axing donations
    Revelations that schools are using underhand tactics to coerce donations from cash-strapped parents further highlights the need for Labour's plan to increase funding so they aren't dependent on contributions from parents, Labour's Education spokesperson Chris Hipkins says. “By law New...
    Labour | 24-08
  • National applies band-aid to housing crisis
    The Government’s flagship housing announcement is a band-aid approach that will push up prices rather than solve the housing crisis, says Labour Leader David Cunliffe. “House sales to first home buyers have collapsed as a direct result of the Government’s...
    Labour | 24-08
  • Climate change focus on the now for the future
    A Labour Governmentwill put in place a comprehensive climate change strategy focusing on bothmitigation and adaptation, establish an independent Climate Commission andimplement carbon budgeting, says Labour Climate Change spokesperson MoanaMackey."This is about future-proofing our economy. Making the transition to alow-carbon...
    Labour | 24-08
  • Labour’s 21st century transport pledge
    The next Labour-led Government will create a 21st century transport system for New Zealand that promotes the most efficient and sustainable combination of transport options, says Labour’s Transport spokesperson Phil Twyford. “Labour will rebalance the Government's transport spending away from...
    Labour | 23-08
  • Housing under National: the facts
    1.       House prices in Auckland Council valuations indicate Auckland house prices have gone up by one-third over the last three years. (Auckland Council) The average Auckland house price has gone up by nearly $225,000 since 2008, up over $75,000 in...
    Labour | 23-08
  • Labour irons out low income tax issue
    The increasing casualisation of work has led to many New Zealand families being disadvantaged through the tax they pay, Labour Leader David Cunliffe says. "Many low paid workers are having to work two or three jobs to make ends meet...
    Labour | 22-08
  • Cornered Government comes out swinging
    The National Government is so desperate to keep its dead-in-the-water expert teachers policy alive, it has refused to rule out forcing schools to participate through legislation, Labour’s Education spokesperson Chris Hipkins says. “John Key today attacked the Educational Institute for...
    Labour | 22-08
  • Pacific people continue to go backwards under National
    A report from Victoria University highlights the fact that Pacific people are continuing to go backwards under a National Government, said Labour’s Pacific Affairs spokesperson Su’a William Sio.  “The report shows the largest inequality increases were in smoking, obesity, tertiary...
    Labour | 22-08
  • Wellington transport plan needs to keep moving
    The failure of the Transport Agency to properly look at alternatives to the Basin Reserve flyover is not a good reason for further delays to improving transport in Wellington, Labour MPs Grant Robertson and Annette King say. “The Board of...
    Labour | 22-08
  • Labour’s focus on inequality, kids and better job prospects
    Tackling child poverty and removing barriers to people working part time to enhance their prospects of moving into a fulltime job are highlights of Labour’s Social Development policy. Releasing the policy today, spokesperson Sue Moroney said while part-time work was...
    Labour | 21-08
  • Political staff should give answers under oath
    The Inspector General of Security and Intelligence should use her full statutory powers to question witnesses under oath about the leak of SIS information, says Labour MP Phil Goff. “Leakage of confidential information from the SIS for political purposes is...
    Labour | 21-08
  • High dollar, hands-off Govt sends workers to dole queue
    The loss of up to 100 jobs at Croxley stationery in Auckland is devastating news for their families and the local Avondale community, Labour’s Employment, Skills and Training spokesperson Grant Robertson says. “The company’s inability to compete in international markets...
    Labour | 21-08
  • National’s flagship education policy dead in the water
    National’s plan to create executive principals and expert teachers is effectively dead in the water with news that 93 percent of primary teachers have no confidence in the scheme, Labour’s Education spokesperson Chris Hipkins says. “The fact that teachers are...
    Labour | 21-08
  • Dunedin will be a knowledge and innovation centre under Labour
    Dunedin will become a knowledge and innovation centre under a Labour Government that will back local businesses, support technology initiatives and fund dynamic regional projects, Labour Leader David Cunliffe says. “Nowhere has the National Government’s short-sightedness been more apparently than...
    Labour | 21-08
  • Inquiry into SIS disclosures the right decision
    Labour MP Phil Goff says the Inspector-General of Intelligence and Security has done the right thing by launching an inquiry into the disclosure of SIS documents about a meeting between himself and the agency’s former director-general. “This inquiry is necessary...
    Labour | 20-08
  • Labour – supporting and valuing carers and the cared for
    Placing real value on our elderly and the people who care for them will be a priority for a Labour Government, Labour Leader David Cunliffe says. Releasing Labour’s Senior Citizens policy today David Cunliffe promised that a Labour Government would...
    Labour | 20-08
  • By Hoki! It’s Labour’s fisheries policy
    A Labour Government will protect the iconic Kiwi tradition of fishing by improving access to the coast, protecting the rights of recreational fishers and reviewing snapper restrictions, Labour’s Fisheries spokesperson Damien O’Connor says. “Catching a fish from the rocks, beach...
    Labour | 20-08
  • Mighty River – Mighty Profits – Mighty hard to swallow
    Mighty River Power’s profit increase of 84 per cent is simply outrageous, says Labour’s Energy spokesperson David Shearer. “Demand for electricity is flat or declining yet the company has made enormous profits. It is the latest power company to celebrate...
    Labour | 19-08
  • Collins’ actions were wrong, not unwise
    John Key’s moral compass remains off-kilter as he cannot bring himself to declare Judith Collins’ actions outright wrong, not simply ‘unwise’, said Labour MP Grant Robertson. “Under pressure John Key is finally shifting his stance but his failure to condemn...
    Labour | 19-08
  • The Press Leaders Debate – proof a newspaper can kill the internet
    No more beersies for you Mr Key. Seriously – was the Prime Minister drunk during this debate? I am so sickened by what passed as a Leaders debate, I will make this review short and vicious. Everyone involved in putting...
    The Daily Blog | 02-09
  • Voting starts tomorrow!
    On the telly, in the papers, on the Net, billboards on almost every street corner – it’s hard to miss the fact that there’s an election coming up. Everyone’s trying to win your vote on Election Day, September 20, (this...
    The Daily Blog | 02-09
  • Collins inquiry a whitewash before it has even started
    The farce whitewash that Key is trying to push through here for the inquiry into Judith Collins role in a hit on the SFO should enrage any NZer, regardless of how they vote. Whaleoil won’t be forced to appear, it’s...
    The Daily Blog | 02-09
  • Press Leaders Debate – Round 2 – 7pm tonight
    This debate is live in a Town Hall, Key has done well at these in the past, but since the hate politics exposed in Dirty Politics, expect real fury directed at Key. My guess is that Key will attempt to use whatever he...
    The Daily Blog | 02-09
  • MANA hit speed wobbles – why Annette Sykes will win Waiariki
    MANA are my favourites. But of late, their transition from crawling to sprinting has hit some speed wobbles. Hone’s and Pam’s aggressive attitude towards the media recently is very understandable in light of how connected many of the media were to...
    The Daily Blog | 02-09
  • Soz Cam – PaknSave boycott of whaleoil continues – time to start a boyc...
    Cam is so carcinogenic now, not even his mates in the Tobacco Industry are talking to him any longer. I suspect only the Israeli Defence Force propaganda department are paying for content on whaleoil now. Cam says that PaknSave have dropped their problems...
    The Daily Blog | 02-09
  • The Rock Fuels NZ Roastbuster Rape Culture
    This is making me feel pretty uncomfortable. Here we have an instance of Jono and Ben posing like “exposed celebrities”. But do you know what I’m seeing? I’m seeing two dudes who basically “roasted” a woman online (exposed pictures of...
    The Daily Blog | 02-09
  • GUEST BLOG: Kate Davis – Why beneficiaries need advocacy
    There are times when I am wrong. I was wrong recently when someone suggested to me that AAAP should be eligible for government funding to continues its advocacy work. That was before. Before dealing with advocacy on a weekly basis...
    The Daily Blog | 01-09
  • TheDailyBlog September Political Poll Has Been Kicked Off
    The Daily Blog’s August poll has concluded and the September poll has been kicked off, asking readers: What party will you likely vote for at this year’s General Election? You will see this month’s poll in the right-hand sidebar of...
    The Daily Blog | 01-09
  • GUEST BLOG: Kelly Ellis – Jamie Whyte, leave that poor seal alone!
    Worse than showing mere lip service to Rainbow inclusion, ACT leader Jamie Whyte showed stunning arrogance when appeared at a candidates debate on rainbow issues hosted by the Auckland University Students’ Association last Thursday. The stunning hypocrisy was evident as...
    The Daily Blog | 01-09
  • Right wing can’t help but use scum
    Some people have been shocked that the traditional right wing party in New Zealand politics is so deeply embedded with scum like the blogger Whale Oil. We need not be so surprised. It takes a certain type to support the...
    The Daily Blog | 01-09
  • EXCLUSIVE: National’s Ohariu candidate admits contact by Simon Lusk
    . . Wellington, NZ, 31  August – At a meet-the-candidates public meeting in the Rongotai Electorate, National’s Ohariu candidate, Brett Hudson, confirmed that he had been approached by “a mate”, who passed on a message from  National Party operative, Simon...
    The Daily Blog | 01-09
  • Coalition for Better Broadcasting – Auckland Broadcasting Debate 2014
    Coalition for Better Broadcasting – Auckland Broadcasting Debate 2014...
    The Daily Blog | 01-09
  • Petition for Governor General of New Zealand to Investigate all the allegat...
      Now we see the inquiry will be a whitewash, that is secret, won’t be consulted with the Opposition, will have limited scope and will ignore Nicky Hager’s book, we must demand the Governor General step in and demand an...
    The Daily Blog | 01-09
  • Ashburton, 1 September 2014
    I NEVER WENT BACK to Aramoana after the killing. I had been a frequent visitor to the tiny seaside village back in the late 1970s and throughout the 80s. Its tall cliffs and broad beaches providing a colourful backdrop to...
    The Daily Blog | 01-09
  • Checkmate in 1 move – how could Slater have known what was in OIA request...
    And now we get down to the final few moves before checkmate. If the following investigation is right, how could Slater and Collins have known what was in the Secret Intelligence Service Official Information Act request that hadn’t been released...
    The Daily Blog | 01-09
  • The Edge Posts Naked Photos Of Jennifer Lawrence Without Consent
    Today the Edge website – owned by Media Works – published fully naked photographs of Jennifer Lawrence without her consent. It is not OK to publish naked media of any woman without her consent, full stop. It is absolutely disgusting...
    The Daily Blog | 01-09
  • Bomber, Laila and Maggie – a highlight from Auckland Broadcasting Debate ...
    Bomber, Laila and Maggie – a highlight from Auckland Broadcasting Debate 2014...
    The Daily Blog | 01-09
  • Jeremy Wells’ Mike Hosking rant on Radio Hauraki: Today, how good was I i...
    Jeremy Wells’ Mike Hosking on Radio Hauraki...
    The Daily Blog | 31-08
  • Maggie Barry slags Laila Harre & blogger, audience erupt
    The Coalition for Better Broadcasting held their public meeting in Auckland last night and it became a fiery shouting match when Maggie Barry decided to slag Laila Harre and me off. 250 people packed into the Pioneer Hall off High...
    The Daily Blog | 31-08
  • It has to be a full independent public inquiry and Key MUST front
      You know things are bad when images like this start appearing in the media.  It isn’t a ‘left wing conspiracy’ to point out the over whelming evidence of what is clearly a right wing conspiracy! If it looks like a conspiracy, sounds like a conspiracy...
    The Daily Blog | 31-08
  • Political Party social media stats – National playing Dirty Politics on s...
    Interesting data from friend of the blog, Marty Stewart, on social media likes and it shows an interesting question that post Dirty Politics should probably get asked…   …it’s interesting that Key has so many personal followers.  One wonders if...
    The Daily Blog | 31-08
  • The depth of the National rot and the compliance of our news media
    I’m so tired. Aren’t you? I don’t want to read the news anymore. It’s awful and I feel ashamed of it. We live in a country that people all over the world would give an arm, a leg; their life...
    The Daily Blog | 31-08
  • Conservative Party candidate links smacking ban with suicide, sexually tran...
    If Chemtrails, faked moon landings and climate change denial weren’t enough, welcome to your new Minister for Spanking,  Edward Saafi... The anti-smacking law is to blame for youth suicide, youth prostitution and even sexually-transmitted infections, a leading Conservative party candidate...
    The Daily Blog | 31-08
  • A brief word on the canonisation of Matthew Hooton
    Before we all start the canonisation of Matthew Hooton, let’s consider some home truths here shall we? While the Wellington Ruminator Blog, the blog who was previously mates with Judith Collins, now seems to have a crush on Matthew Hooton… …I...
    The Daily Blog | 31-08
  • A brief word on undercover cops in bars
    Dunedin police booze operation labelled ‘creepy’ Undercover police officers drank in Dunedin bars as part of an operation targeting liquor licensing offences. While police said the inaugural operation was a success — with most bars found compliant — the Hospitality...
    The Daily Blog | 31-08
  • Judith Collins press conference
    Judith Collins press conference...
    The Daily Blog | 31-08
  • GUEST BLOG: Angry Lawyer – Collins, Odgers, Williams and legal ethics
    We deserve better lawyers than Judith Collins Three of the worst offenders exposed in Dirty Politics are lawyers: Judith Collins, Cathy Odgers, and Jordan Williams. What Nicky Hager exposed them doing would be out of line for anyone, but from...
    The Daily Blog | 31-08
  • GUEST BLOG: Pat O’Dea – Necessary Defence
    Increasingly climate change is becoming the main fracture line between political parties. Where political parties stand on climate change defines political parties and movements like no other issue. The Mana Movement like the Maori Party it sprang from, came out...
    The Daily Blog | 31-08
  • Why it is all over for John Key
    Image: Melanie D I’ve been confident that National will lose this election and that our focus should be on what a progressive Government needs to establish as its agenda in the first 100 days. Past that point, the establishment pushes back...
    The Daily Blog | 31-08
  • A brief word to everyone who voted National in 2011
    I received this interesting email from a National Party supporter today… …let me say this to anyone who voted National last election – you should be ashamed by what has been revealed and what your vote ended up enabling but...
    The Daily Blog | 31-08
  • EXCLUSIVE: Déjà Vu All Over Again: John Ansell confirms his participation...
      THE MAN BEHIND the Iwi-Kiwi billboards that very nearly won the 2005 election for Don Brash and the National Party has confirmed his involvement in businessman John Third’s and former Act MP Owen Jennings’ campaign to drive down the...
    The Daily Blog | 31-08
  • Public Broadcasting Auckland debate 6.30pm tonight now with Colin Craig &am...
    The Coalition for Better Broadcasting debate on public broadcasting happens tonight at 6.30pm in Auckland at the Pioneer Women’s Hall, High Street, Auckland City.  In the light of Dirty Politics and the manipulation of the media, public broadcasting is more important for...
    The Daily Blog | 30-08
  • Winners & Losers in Collins sacking plus what’s the latest on Slater...
      Make no mistake, there was no way this was a resignation, it’s a face saving way out for Collins, she was sacked.  My understanding is that National internal polls are haemorrhaging and that the powers that be within National...
    The Daily Blog | 30-08
  • Third party propaganda attacks incoming Labour-led government
    . . Further to a report by Daily Blogger, Chris Trotter, on receiving information regarding planned attack-billboards, the following billboard is highly visible to traffic on the southbound lane of the Wellington motorway, just prior to the Murphy St turn-off....
    The Daily Blog | 30-08
  • Labour wins the Internet
    I’m sure I’m not the only one who tried to vote online for the leaders debate and couldn’t because the website was down. The next option was the txt vote, 75c a pop of course. So I’m not surprised that...
    The Daily Blog | 30-08
  • GUEST BLOG: Anjum Rahman – Rotherham and the need to challenge willful bl...
    I haven’t been following the events in Rotterham too closely.  I’ve read about the basic issues and the culture of silence that stopped action been taken even after complaints were made.  That culture of silence is incredibly familiar, and described...
    The Daily Blog | 30-08
  • Review: Hairspray
      Oh Hairspray! What fun! Somehow I managed to miss the movie when it came out, I had no idea really what it was about though I felt it had a vague relation to High School Musical. In retrospect, that...
    The Daily Blog | 30-08
  • Mounting global pressure against Timor-Leste’s ‘death sentence’ media...
    East Timor’s José Belo … courageous fight against ‘unconstitutional’ media law.Image: © Ted McDonnell 2014 CAFÉ PACIFIC and the Pacific Media Centre Online posted challenges to the controversial ‘press law’ nine months ago when it emerged how dangerous this draft...
    The Daily Blog | 30-08
  • GUEST BLOG: Curwen Rolinson – Spies, Lies and When Campaigns Are Fried
    Like most of the rest of the nation’s political classes, I was eagerly affixed to TV One from 12:30 on Saturday afternoon to witness the downfall of Judith Collins.Whenever we witness the crumbling of a titan of the political landscape...
    The Daily Blog | 30-08
  • BREAKING: Whaleoil crushes Crusher
    Judith ends up shooting herself A new email has been released suggesting that Collins was attempting to undermine the head of Serious Fraud Office with the help of far right hate speech merchant Cameron Slater. Unbelievable!   She has been forced...
    The Daily Blog | 30-08
  • BREAKING: Rumours Judith Collins gone at lunchtime
    Brook Sabin first of the mark with rumours Judith Collins is about to resign – PM announcing a statement at 12.30pm… …Paddy follows… …Vance confirms..   …if Collins is gone by lunchtime, it will be because the PM understands the...
    The Daily Blog | 29-08
  • BREAKING: UPDATE on DIRT ALERT!
    Thanks to the information passed to Chris Trotter by “Idiot/Savant” from No Right Turn it is now possible to identify at least some of the persons involved in this latest example of attack politics. What follows is Chris’s response to Idiot/Savant’s timely assistance: Well done...
    The Daily Blog | 29-08
  • Comparing burning puppets, hip hop lyrics and drunk student chants to black...
    Watching the mainstream media try and obscure Cunliffe’s surprise win in the leaders debate  is a reminder the Press Gallery is in depressed shock. The current spin line from the Wellington bubble media in the wake of Dirty Politics is that...
    The Daily Blog | 29-08
  • Why has it all gone quiet on Charter Schools?
    They’re one of ACT’s flagship policies and the National Party have been gung ho in supporting them. So how come we’re not hearing Hekia Parata, Jamie Whyte, Catherine Isaac, et al singing from the rafters about what a resounding success charter...
    The Daily Blog | 29-08
  • Moment of Truth – September 15th – Auckland Town Hall
    Moment of Truth – September 15th – Auckland Town Hall...
    The Daily Blog | 29-08
  • EXCLUSIVE: Dirt Alert! Are the Greens and Labour about to become the target...
    WE’VE SEEN IT ALL BEFORE. In 2005 pamphlets began appearing all over New Zealand attacking Labour and the Greens. For a couple of days both the parties targeted and the news media were flummoxed. Who was behind such an obviously...
    The Daily Blog | 29-08
  • The Donghua Liu Affair: the Press Council’s decision
    . . 1. Prologue . The Donghua Liu Affair hit  the headlines on 18 June, with allegations that David Cunliffe wrote a letter in 2003,  on  behalf of  business migrant, Donghua Liu. Four days later, on Sunday 22 June, the...
    The Daily Blog | 29-08
  • The difference between Cunliffe & Key in the debate
    It was with much interest that I watched the leaders debate on Thursday night.  I watched with an open mind, always happy to have my opinion changed.  Maybe John Key is all the wonderful things that many say about him,...
    The Daily Blog | 29-08
  • GUEST BLOG: Denis Tegg – When Did We Agree To Our Data Being Shared with ...
    New shocking evidence has emerged from Edward Snowden’s trove of documents about a program called ICREACH under which data collected by the GCSB is shared with 23 US spy agencies. Under new sharing agreements which appear to have commenced immediately after...
    The Daily Blog | 28-08
  • Independent Epsom Candidates ‘One Strike’ Crime Policy
    Best wishes to all of those who live in Epsom, Mount Eden, New Market, Remuera and of course the rest of New Zealand....
    Scoop politics | 02-09
  • Large majorities of NZ First voters would prefer Labour deal
    67% of those who voted for New Zealand First at the 2011 general election would prefer Labour to lead a coalition government if one is needed after September 20’s general election....
    Scoop politics | 02-09
  • Jointly owned urban development agency for Christchurch
    “Given the strategic importance of the Canterbury rebuild, it is logical that the transition from emergency governance arrangements is overseen by the Prime Minister’s office, but to maintain momentum in the city centre an expert development agency...
    Scoop politics | 02-09
  • Collins inquiry at best a Band-Aid, a permanent fix needed
    Collins inquiry at best a Band-Aid, a permanent fix is needed The Public Service Association (PSA) says the inquiry into Judith Collins’ behaviour must be accompanied by a process to restore the lost trust between Ministers and public servants if...
    Scoop politics | 02-09
  • Association welcomes new Chief Executive
    “The New Zealand Police Association is pleased to announce the appointment of Heather Verry to Chief Executive. Heather picks up the mantle from Chris Pentecost, who recently retired from this position,” Police Association President Greg O’Connor said...
    Scoop politics | 02-09
  • Young Voters Want Politicians to Grow Up
    Young voters want answers to the questions that directly affect them – but it seems as much as anything, they want politicians to grow up....
    Scoop politics | 02-09
  • Climate Voter election debate to get big audience
    Auckland, 2 September 2014 - Tickets to tomorrow night’s first-ever Climate Voter election debate have sold out but an online audience will also get to see the event live....
    Scoop politics | 02-09
  • The Edge show disregard for consent
    The Edge has shown complete disregard for consent, for women’s bodies and in doing so has contributed to the wider issue of rape culture in New Zealand says specialist sexual violence prevention organisation, Sexual Abuse Prevention Network. Yesterday,...
    Scoop politics | 02-09
  • The Rock is Fuelling New Zealand’s Roastbuster Rape Culture
    The Rock are still displaying without-consent images of Jennifer Lawrence and other celebrities online. They are making fun of this without-consent action, saying that she was "asking for it", etc. They appear to be supporting this kind of...
    Scoop politics | 02-09
  • HRLA Condemns Murder of Filipino Human Rights lawyer
    Attorney Rodolfo R. Felicio, a member of the National Union of Peoples Lawyers , was gunned down while working on a land dispute in Rizal, east of Manila. Two caretakers of the disputed land were also injured in the attack....
    Scoop politics | 02-09
  • SFO lays charges for procurement fraud
    Two individuals have been charged in the Auckland District Court today with Crimes Act charges laid by the Serious Fraud Office for alleged fraud against Mighty River Power Limited relating to procurement for the Company’s Southdown power station....
    Scoop politics | 02-09
  • Commitment to lifting wages good for New Zealand
    The Service and Food Workers Union has applauded the Green Party workers’ policy announced today....
    Scoop politics | 02-09
  • Sykes: There’s Only One Poll That Counts
    “One of the oldest sayings in politics is that there is only one poll that counts – the one on Election Day – and that’s the one that I am focusing on” remarked the MANA Movement candidate for Waiariki, Annette...
    Scoop politics | 02-09
  • Winston Peters Shown up by the Civilian Party
    Even the satirical 'Civilian Party' has now offered the Taxpayers’ Union more credible figures for the ' Bribe-O-Meter ' than Winston Peters’ New Zealand First. The Taxpayers’ Union Bribe-O-Meter now includes, National, Labour, the Greens,...
    Scoop politics | 02-09
  • Further criminal investigation into CTV Building collapse
    Police has today confirmed it will be advancing the criminal investigation into the collapse of the CTV building in February 2011....
    Scoop politics | 02-09
  • Greens policy to restore link between effort and reward
    The Green Party’s new workers policy articulates an alternative to wage repression and job insecurity based on restoring the link between effort and reward, according to FIRST Union. The core tenets of the policy include implementing an $18 minimum...
    Scoop politics | 02-09
  • Greens workers policy supported by union movement
    The CTU is supporting the Green Party’s policy launched today focused on improving life for working New Zealanders. “This policy shows the Greens commitment to collective bargaining as the best and fairest way to improve workers terms and conditions. It...
    Scoop politics | 02-09
  • Research Scholarships for Cannabis Treatments
    Medical cannabis research will be boosted by $140 million if the Aotearoa Legalise Cannabis Party is elected on September 20. Pediatric epilepsy treatment will be one of the main priorities for the research scholarships....
    Scoop politics | 01-09
  • Ngai Te Rangi Change to Tribal Elections
    Ngai Te Rangi has begun a postal vote of beneficiaries to change the way representatives are elected to the two Ngai Te Rangi tribal organisations....
    Scoop politics | 01-09
  • Greens’ commitment to pay equity welcomed by workers
    The Public Service Association (PSA) says the 58,000 workers they represent will benefit from the announcement by the Green Party of a commitment to pay equity and to a living wage for core public servants and contractors....
    Scoop politics | 01-09
  • Real People Powering Real Policy
    New Zealanders from all walks of life have helped the Internet Party create a full platform of strong, progressive and realistic policies that will create a better future for everyone, says leader Laila Harré....
    Scoop politics | 01-09
  • University of Canterbury to help with forestry safety
    The University of Canterbury is to launch a new research project to make sure New Zealand’s new forestry roads are safe and are established with minimal environmental impact....
    Scoop politics | 01-09
  • Time to get serious about ending homelessness!
    New Zealand needs a comprehensive set of policies that address the housing and support needs of homeless people as well as significantly increasing the supply of affordable, good quality houses and flats....
    Scoop politics | 01-09
  • Hundreds to join domestic, sexual violence march
    Several social service providers from across New Zealand have come together to call for an end to the epidemic level of domestic and sexual violence in New Zealand....
    Scoop politics | 01-09
  • Students helped with debt repayments
    New Zealand students now living in Australia are being reminded not to ignore their student loan debt as Inland Revenue expands its latest tool to help with repayments....
    Scoop politics | 01-09
  • Launch of GenderNeutral.co.nz website
    GenderNeutral.co.nz are excited to announce the launch of their new website, GenderNeutral.co.nz ....
    Scoop politics | 01-09
  • Factory farming debaters to look chicken in the eye
    MPs participating in a panel discussion about factory farming will come face-to-face with a real live hen, rescued from the claws of the intensive farming industry. Hettie the Hen will demonstrate to the MPs what little space is afforded to...
    Scoop politics | 01-09
  • Leadership stands strong behind Internet MANA relationship
    “There is now, and always will be, a range of views about many issues within our movement and members are free to express them, but Georgina’s views on Kim Dotcom are not shared by the MANA Movement leadership or the...
    Scoop politics | 01-09
  • Personal Statement by Matthew Hooton
    Personal Statement by Matthew Hooton 1 September 2014 For Immediate Release “This morning I made comments on Radio New Zealand’s Nine to Noon programme about an attempt by staff in the Prime Minister’s Office to interfere in the appointment...
    Scoop politics | 01-09
  • The Worm turns down for John Key
    John Key struggled to coax The Worm above the line in Thursday’s Leaders Debate, according to Roy Morgan’s Reactor, the original Worm. John Key struggled to coax The Worm above the line in Thursday’s Leaders Debate, according to Roy Morgan’s...
    Scoop politics | 01-09
  • The Edge Posts Naked Photos Without Consent
    The Edge website, owned by Media Works have published fully naked photographs of Jennifer Lawrence without her consent....
    Scoop politics | 01-09
  • Statement from the Governor-General on Ashburton Shootings
    The Governor-General, Lt Gen The Rt Hon Sir Jerry Mateparae, has expressed his deep shock following the shooting of three people in Ashburton today....
    Scoop politics | 01-09
  • Update on IGIS inquiry into release of NZSIS information
    In recognition of the public interest, the Inspector-General of Intelligence and Security, Cheryl Gwyn, took the unusual step of providing an update during the course of an inquiry and confirmed today that she would be summoning a number of individuals...
    Scoop politics | 01-09
  • An Open Government Plan developed in secrecy
    The State Services Commission sent NZ’s Open Government Action Plan to the international Open Government Partnership (OGP) Secretariat on 31 July. The countries involved in the OGP since its inception - from the UK and US to Indonesia and Brazil...
    Scoop politics | 01-09
  • KiwiRail; another year older and deeper in debt
    That is a lot of money and there are lessons that need to be learnt before we pour in another $1 billion....
    Scoop politics | 01-09
  • Fonterra China Deal Demands Safe Supply Chain
    The future success of Fonterra’s deal to sell infant formula in China [1] requires all milk it uses be safe and for Fonterra to secure its supply chain from contamination by GE DNA and pesticide residues. There is now significant...
    Scoop politics | 01-09
  • HRC praises Auckland mum for speaking out
    Race Relations Commissioner Dame Susan Devoy has praised an Auckland mother of four who went public after humiliating treatment by staff at The Warehouse....
    Scoop politics | 01-09
  • Southern DHB refers disputed issue to Serious Fraud Office
    Following advice from forensic investigation firm Beattie Varley Limited, Southern District Health Board has referred the expenditure at the centre of its long running dispute with South Link Health to the Serious Fraud Office. The parties have been...
    Scoop politics | 01-09
  • The Letter 1 September 2014
    Last night’s TVNZ Colmar Brunton poll puts the left and right 60 MPs each. United and the Maori Party say they will go with the side that gets to 61 MPs. ACT just needs just 1.3% or 28 thousand Party...
    Scoop politics | 01-09
  • Shopping Giveaway Harmless Fun For Kids
    Family First NZ is rubbishing claims by critics including Gareth Morgan that the New World ‘Little Shop’ promotion is harmful for kids, and says that kids should be allowed to be kids. “Children love acting like their parents and pretending...
    Scoop politics | 01-09
  • Red Cross launches employment service for former refugees
    New Zealand Red Cross is encouraging employers to give refugees a fresh startwith the launch of Pathways to Employment, a nationwide work assistance service....
    Scoop politics | 01-09
  • EDS welcomes Labour’s Conservation Policy
    The Environmental Defence Society has welcomed Labour’s Conservation Policy including the key objective of halting the current pattern of indigenous biodiversity decline within ten years....
    Scoop politics | 01-09
  • Poverty is falling and income inequality is not rising
    “A Roy Morgan poll shows that the issue people are most concerned about is income inequality. This just goes to show how the persistent repetition of a lie bewilders the public. Income inequality is not in fact rising. And the...
    Scoop politics | 01-09
  • Rotary NZ responding to Fiji water and sanitation issues
    Clean water and sanitation are vital to health. In Fiji Rotary New Zealand have been targeting 22 communities that are experiencing severe hardship mainly because they don’t have access to clean water for their drinking, cleaning and cooking needs....
    Scoop politics | 01-09
  • Work & Income shooting a Tragedy
    Kay Brereton speaking on behalf of the National Beneficiary Advocacy Consultancy group says; “Two people shot and another wounded, this is a tragedy and our deepest sympathy goes out to the family and whanau of the victims, as well as...
    Scoop politics | 01-09
  • 1080 Poison Deer Repellent not Effective – Farmers
    Four deer have been found dead within a farmer's bush block, after an aerial 1080 poison drop applied with deer repellent. The drop was part of a 30,000 hectare drop across the Northern Pureora Forest Park....
    Scoop politics | 01-09
  • Employment Charter will strengthen migrants’ rights
    Establishing an Employment Charter for construction companies is a critical step to strengthening the rights of migrant workers that are fast becoming the face of the Christchurch rebuild, according to an alliance of union groups. The charter has...
    Scoop politics | 01-09
  • Global March For Elephants and Rhino
    It’s a trans-national business that funds terrorist organisations, fuels conflict in Africa, and poses environmental, development and security challenges. The illegal wildlife trade is also a lucrative business, generating an estimated USD$20 billion...
    Scoop politics | 01-09
  • New series of videos aimed at disengaged youth
    From the people who brought you 'NZ Idle' (NZ's favourite web series about an artist on the dole) comes a new series about election time: Choice Lolz....
    Scoop politics | 01-09
  • Picket Of Leaders Christchurch Debate
    KEEP OUR ASSETS PICKET OF LEADERS CHRISTCHURCH DEBATE TUESDAY SEPTEMBER 2nd, 6 p.m. ST MARGARETS COLLEGE, SHREWSBURY STREET, MERIVALE...
    Scoop politics | 01-09
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