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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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  • TVNZ Outsourcing Pasifika and Maori Programmes
    I’ve always been a big fan of our state broadcaster and I’ve particularly liked their range of current events programmes. But after Friday’s announcement that TVNZ will be sacking up to 40 staff by contracting out the Pacific and Maori...
    Greens | 29-10
  • Labour urges iwi leaders to meet with National
    Labour’s Māori Caucus has called on iwi leaders and national Māori organisations to seek urgent meetings with the National Government to directly express their concerns about employment law changes which will harm Māori workers. In an open letter sent today...
    Labour | 29-10
  • ACC’s reputation needs fix, not glitz
    Restoring public trust and confidence in ACC will take a lot more than a new communications strategy or social media blitz, says Labour’s ACC spokesperson Iain Lees-Galloway. “Under National, ACC has come to be perceived as insensitive, difficult to deal...
    Labour | 29-10
  • Lessons to be learned from police investigation
    The outcome of the so-called Roast Busters case should not put victims off reporting sexual crimes, Labour’s Acting Deputy Leader Annette King says. “This case has been mishandled from the start. Within days of police initially saying no charges had...
    Labour | 29-10
  • Anti-worker legislation is anti-Pacifica
    The Minister for Pacific Peoples, Peseta Sam Lotu-Iiga, will go down in history as being part of a Government that harmed his own people through anti-worker legislation, says Labour’s Pacific Island Affairs spokesperson Su’a William Sio.  “Pacific people are among...
    Labour | 29-10
  • Five-year tax holiday for overseas tax dodgers
    National has just gifted a five-year tax holiday for foreign companies dodging their tax payments, says Revenue spokesperson David Clark. “Todd McClay has pretended he is doing something about overseas companies dodging their tax duties by joining an international initiative...
    Labour | 29-10
  • Traffic Jam Tax must be given the red light
    Auckland Council’s proposed Traffic Jam Tax could cost some households thousands of dollars a year just to use roads they had already paid for with their taxes and must be rejected, says Labour’s transport and Auckland Issues spokesperson Phil Twyford....
    Labour | 29-10
  • National has chance to show leadership on limos
    The National Party has the opportunity to show leadership by transitioning our vehicle fleet towards renewable electricity when a new contract to supply Government limousines for VIPs goes to tender next month, the Green Party said today. "This is a...
    Greens | 29-10
  • The Māori Party can’t have it both ways over labour laws
    The Māori Party has to fess up over its voting record on the Employment Relations Amendment Bill, says Labour’s Māori Caucus.  “It’s simply not good enough to oppose the bill at the same time  as they helped speed up its progress through...
    Labour | 29-10
  • Equal pay and the aged care sector
    Today the High Court upheld the historic ruling by the Employment Court that our Equal Pay Act could be used to consider work of equal value cases; the government has been telling the UN and ILO that it could for...
    Greens | 29-10
  • Court case perfect opportunity for Government to improve gender pay gap
    If the Government wants to halt New Zealand’s slump in international rankings on the gender pay gap it should act on the court finding that women deserve equal wages, Labour’s Women’s Affairs spokesperson Sue Moroney says. “The World Economic Forum’s...
    Labour | 28-10
  • All Auckland transport options should be considered
    All options for meeting Auckland's transport needs should be considered, including reprioritising the transport budget away from wasteful spending on motorways, the Green Party said today.Auckland mayor Len Brown is today releasing a transport report by the Independent Advisory Board,...
    Greens | 28-10
  • Another report highlights Govt failure on child poverty
    An international report measuring the impact of the Global Financial Crisis (GFC) on child poverty rates, showing children in New Zealand have done worse than children in other countries, is further proof the Government needs to urgently take additional steps...
    Greens | 28-10
  • Address and Reply Debate Part 55: Inequality and Disability
    I rise on behalf of the Green Party to talk about inequality and disability.The recent census showed that nearly one in four New Zealanders lives with a disability—up from one in five in the previous census. These figures include some...
    Greens | 28-10
  • Address and Reply Debate Part 55: Inequality and Disability
    I rise on behalf of the Green Party to talk about inequality and disability.The recent census showed that nearly one in four New Zealanders lives with a disability—up from one in five in the previous census. These figures include some...
    Greens | 28-10
  • Child poverty: No more wake-up calls
    A new report which shows the National Government has made no inroads whatsoever into child poverty should do more than just set alarm bells ringing, Labour’s Acting Deputy Leader Annette King says. “UNICEF’s  latest Innocenti Report Card highlights the fact...
    Labour | 28-10
  • Eugenie Sage speaks in the 2014 Address in Reply Debate
    I congratulate you, Assistant Speaker Mallard, as Assistant Speaker and look forward to your knowledge, your fairness, and your light touch in being a referee of proceedings in this House. I congratulate also the other Assistant Speaker, Lindsay Tisch; the...
    Greens | 28-10
  • James Shaw’s Maiden Speech
    Tena Koe, Mr Speaker. I would like to take this opportunity to speak a little of the past, the present and the future. The privilege to serve in this Parliament was given to me by all those who gave their...
    Greens | 28-10
  • Govt airs real views on public broadcasting
    An admission by the Government that it is happy to experiment with Pacific and Maori audiences shows just how weak its vision for public broadcasting in New Zealand is, Labour’s Broadcasting spokesperson Kris Faafoi says. “National today admitted it doesn’t...
    Labour | 28-10
  • Does Judith Collins have a get out of jail card?
    Former justice minister Judith Collins appears to have been gifted a get out of jail free card based on the Prime Minister’s answers in Parliament today, Labour’s Acting Deputy Leader Annette King says. “Judith Collins claimed in an Official Information...
    Labour | 28-10
  • Solid Energy decision delay sensible
    Today’s announcement by the Board of Solid Energy that it will delay making a final decision on re-entering the Pike River mine is a sensible move, Labour’s MP for  West Coast-Tasman Damien O’Connor says. “It has been clear for some...
    Labour | 28-10
  • New York Green Bank off to a $1B start
    New York Governor Andrew Cuomo announced late last week the New York Green Bank’s first NZD$1 billion tranche of green energy investments. The projects, which are difficult for the private sector to finance, are now possible by New York Green...
    Greens | 28-10
  • Bartlett case means Govt must act on equal pay
    The Court of Appeal victory for Lower Hutt caregiver, Kristine Bartlett demonstrates that both the Government and employers have been ignoring and not fully implementing equal pay law, the Green Party said today.The Court of Appeal today upheld earlier rulings...
    Greens | 27-10
  • Rotorua shift for Maori TV a bizarre move
    The bizarre idea to move Maori TV to Rotorua is either poor planning or possible political interference that adds to the perception of a service in crisis, says Labour MP for Tamaki Makaurau Peeni Henare. “Moving Maori TV to Rotorua...
    Labour | 27-10
  • GUEST BLOG: Blockade the Budget
    The ‘Independent’ Police Conduct Authority’s report into the policing of student protests in 2012 is a whitewash The report released by the Independent Police Conduct Authority into the policing of student protests in 2012 is a whitewash riddled with inaccuracies....
    The Daily Blog | 30-10
  • When National claim new anti worker laws provide ‘flexibility’ they mea...
    And so it comes to pass. The first law National ram through as part of their victory march are new anti worker laws they pretend will generate ‘flexibility’. The new law denigrate the unions ability to protect workers and provide...
    The Daily Blog | 30-10
  • City Transport: A Taxing Matter
    This week the prospect of paying tolls on Auckland motorways became a hot topic. (See Mathew Dearnaley:Motorway tolling could hit some hard, NZ Herald, 30 Oct 2014.) As we might expect, the kneejerk response has been quite negative. But, as with...
    The Daily Blog | 30-10
  • Open Letter to Amy Adams: Please Reopen The Review Into Sexual Violence Cou...
    Ms Amy Adams, Justice and Courts Minister, Right now in this country it seems that although rape is illegal, it is not being prevented by the agents who uphold the law. It almost feels like rape is only illegal on paper,...
    The Daily Blog | 30-10
  • MEDIA WATCH: Does ‘No-Surprises’ Also Apply To TVNZ News?
    When you stand back and look at NZ media outlets, most of them have at least one or two people who attempt to hold the government to account: John Campbell on TV3, Guyon Espiner and others at Radio NZ, David...
    The Daily Blog | 30-10
  • Things That Make You Go Hmmmmmmm
    Every so often in politics, a public figure comes out with something so absurd and so outlandish … that it really does just make you go “Hmmmmmmmmmm”. We’re accustomed to this from certain quarters – by mid point through the...
    The Daily Blog | 30-10
  • Poverty & inequality don’t need protest marches – they need a riot:...
    The global level of inequality continues to skyrocket… Number of billionaires doubled since financial crisis The number of billionaires has doubled since the start of the financial crisis, according to a major new report from anti-poverty campaigners. According to Oxfam,...
    The Daily Blog | 30-10
  • If Key knows who Rawshark is…
    I’m sorry, what? John Key ‘given Rawshark’s name’The Prime Minister believes he knows who hacked Whale Oil blogger Cameron Slater’s computer and produced the source material for Nicky Hager’s Dirty Politics, according to a new edition of a recently published...
    The Daily Blog | 30-10
  • Child Poverty stats in NZ
    Child Poverty stats in NZ...
    The Daily Blog | 30-10
  • Crimes Act + Police Investigation = WTF
    Just to frame the farce that is the Roastbuster’s investigation and conclusion – here are the parts of the Crime Act http://www.legislation.govt.nz/act/public/1961/0043/latest/whole.html#DLM329057  the Roastbusters are proven to have violated – that the police (and some suspects!) themselves acknowledge occurred: Crimes...
    The Daily Blog | 29-10
  • Publishing Journalists’ Home Addresses Is A Tactic Of The Right, Not The ...
    I think I’m starting to get rather annoyed with the conduct of some pro-MANA people over this ongoing Parliamentary Services crew complement issue. Yes, we get that there are legitimate issues to be raised with how some political reporters in...
    The Daily Blog | 29-10
  • Aucklanders caught between a tarseal-addicted government and a weak mayor
    Len Brown’s proposal for motorway tolls to reduce congestion and provide funding for better public transport is a weak response to a critical issue. The $12 billion dollar shortfall on transport funding he talks about is mainly for projected new...
    The Daily Blog | 29-10
  • A Very Weird Story: Deconstructing Darren Aronofsky’s Noah.
    NOAH is a curious movie. Conceived as a biblical epic, it’s target audience was originally the millions of Americans who regard the Bible as God’s inerrant word. With the sin-filled works of Hollywood forbidden to these true-believers, Christian movie-makers have developed...
    The Daily Blog | 29-10
  • You Can Get Away With Rape In New Zealand
    Jessie Hume with last years petition against rape     The police have sent a strong message today.  In fact they’ve been sending a strong message for a while; a message that our government supports. “You can literally get away...
    The Daily Blog | 29-10
  • Roast Buster case – no charges. In the immortal words of NWA…
    Roast Busters case: No prosecutions Police are to make an announcement this afternoon on Operation Clover, the investigation into the “Roast Busters” allegations. The Herald understands the victim has been told that the alleged offenders will not be prosecuted due...
    The Daily Blog | 29-10
  • Key’s flag change distraction to cost $26million!
    No. Way. Bid to change NZ flag to cost millions The cost of holding two referendums and consulting on a change of flag has been estimated to be just under $26 million. Look. We all appreciate that the sleepy hobbits...
    The Daily Blog | 29-10
  • Why NZ Herald’s Labour Party crocodile tears are so audacious
    The front page the NZ Herald would use if they thought they could get away with it No one can take the recent columns by NZ Herald seriously… John Armstrong: Shadow lingers on National John Roughan: Labour’s leadership vote matters...
    The Daily Blog | 28-10
  • The beginning of the end of Cameron Slater?
    Slater postings on man bizarre, court told A businessman has changed his appearance and had to install extra security at his home after Whale Oil blogger Cameron Slater posted his business and personal documents online, he says. Mr Slater has...
    The Daily Blog | 28-10
  • We are a milk power republic and Fonterra our unelected senate
    Wow. Just wow… Deputy mayor says he’ll be sacked South Taranaki deputy mayor Alex Ballantyne says he expects to be sacked because he has spoken out about the impact gasses coming from dumped Fonterra dairy products have had on his...
    The Daily Blog | 28-10
  • MEDIA WATCH: “…But *actually* this is about ethics in political-game jo...
    Yesterday, a piece of mine on the recent revelations about Hone Harawira employing several gentlemen either accused or convicted of sex offences was published on The Daily Blog. Predictably, given the fierce loyalty which Hone inspires in his party faithful and...
    The Daily Blog | 28-10
  • Privilege cheque
    There was no race problem in my childhood. Living in central Wellington I was well-insulated from what was going on not so far away. This was the 60s and 70s, where the teachers enjoyed free love in the staff room...
    The Daily Blog | 28-10
  • A brief word on Key’s claim that it will be raining carnage
    Isis will ‘rain carnage on the world’ – John Key Left unchecked Isis would “rain carnage on the world”, Prime Minister John Key says, but he has yet to make a decision on whether New Zealand troops will join a...
    The Daily Blog | 28-10
  • Meanwhile…
    ...
    The Daily Blog | 27-10
  • How does Andrew Little win Labour Leadership and unify the caucus?
    Audrey Young’s excellent column on how the Caucus vote  is shaping up shows how Andrew Little becomes the next leader of the Labour Party. She identifies the factions as the following… Andrew Little 6: Andrew Little, David Cunliffe, Iain Lees Galloway,...
    The Daily Blog | 27-10
  • GUEST BLOG: Joe Trinder – Right of response to Curwen
    You have asked that Hone Harawira deserves to explain what happened, how would he explain when his next door neighbour is an alleged sex offender. What explanation can Hone offer he wasn’t involved, Hone had no idea this offending was...
    The Daily Blog | 27-10
  • MEDIA WATCH: That Hella-Weird Feeling When You Defend Tova O’Brien
    Oh dear. Yesterday morning I blogged that Hone deserved a chance to explain what exactly had happened as applies his office’s Parliamentary Services crew complement – and, importantly, that we deserve to be able to judge him on the strength of...
    The Daily Blog | 27-10
  • Canadian Green MP warns against harsh anti-terror measures
    Canada’s Green Party has provided a welcome counterpoint to Prime Minister Harper’s call for tougher anti-terrorism laws in the wake of a soldier outside the Canadian Parliament. On October 22, while she was still locked in her parliamentary office, Green...
    The Daily Blog | 27-10
  • When is an asset sale not an asset sale? When it robs from the poor and ste...
    National have turned state housing on its head. At no time during the 2014 election did the Key Government even hint that they were going to privatise 30% of the Housing NZ stock of state homes. Not once. Key even...
    The Daily Blog | 27-10
  • Housing; broken promises, families in cars, and ideological idiocy (Part To...
    . . Continued from: Housing; broken promises, families in cars, and ideological idiocy (Part Rua) . Bill English comes clean on National’s intentions for HNZ privatisation . On 14 October, in a report on The Daily Blog, I wrote, In...
    The Daily Blog | 27-10
  • The Questions Have Been Asked – They Deserve An Answer
    A few days ago, allegations that had been percolating for some time about Hone Harawira employing three either accused or convicted sex offenders on his Parliamentary pay-roll came to light. (one imprisoned before working for MANA; one who found himself convicted and...
    The Daily Blog | 26-10
  • I have seen one future, and it is bleak
    . . Back in  March 2012, I wrote this story regarding a march to support striking workers at Ports of Auckland. It appears there was some prescience about some of my observations at the time… . | | 18 March...
    The Daily Blog | 26-10
  • US air strike war Key wants us in has killed a civilian a day so far
      The US air strike war that John Key wants us to join has killed a civilian a day so far. From the Washington Post... The United States launched its first airstrikes on militants in Syria on Sept. 23, and has continued...
    The Daily Blog | 26-10
  • The instant Jihad syndrome
    My favourite new term is ‘self-radicalised’ – it suggests the reasons for terrorism are totally divorced from the actions of the West. This need to suddenly ramp up terror laws because of lone wolf, self-radicalised Jihadists seems convenient and counter-productive....
    The Daily Blog | 25-10
  • We have nothing to fear from Ebola but fear itself
    I suspect most Americans perceive Ebola like this   I can’t work out if the fear being spread within the media about Ebola is deliberate or just ignorance. Yes Ebola is a terrible plague that kills a large percentage of...
    The Daily Blog | 25-10
  • GUEST BLOG: Anjum Rahman – “Meritocracy? I wish.”
    I’d like to start by linking to a post I had published at another site in support of Nanaia Mahuta for the Labour Party leadership election.  She has a reasonable chance, given that she already has the endorsement of Te...
    The Daily Blog | 25-10
  • Chocolate milk shortage and creepy Santa? Let’s talk about real news
    Child poverty is still a scarily serious problem in this country and house prices are soaring through the roof to the point where it is simply impossible for the average New Zealander to buy a home. There is also little...
    The Daily Blog | 25-10
  • It’s time to celebrate Kiwi schools and teachers
    Some would have you believe that New Zealand’s schools are in a state of collapse, that your children are not being educated well and that things are going to hell in a hand basket.  That there is no innovation, no...
    The Daily Blog | 25-10
  • Ideological Blitzkrieg – Privatization of state housing, more charter sch...
    Pundits in pundit land will tell you that this Government is boring, that Key is the great pragmatist and that it is his ability to create elegant solutions that keeps him the firm favourite in many Kiwi eyes. This ability...
    The Daily Blog | 24-10
  • Hegemony rules but resistance is fertile
    The Prime Minister is a puppet. Not just our current Prime Minister, but given the forces of multinational globalisation, the role of any head of state, is less as independent actor, and more as a puppet of international trends and...
    The Daily Blog | 24-10
  • An open Letter to Sir Bob Jones: demanding a ‘liveable wage’ is not “...
    How out of touch with reality is Sir Bob Jones? You know, that white dude who invested in privatised SOEs after the selling off of our assets in the eighties and made a ludicrous and disgusting amount of money and is...
    The Daily Blog | 24-10
  • My insecurity about the Security Council
    As I write this (on 24 October) it is international UN Day. Of course, you all knew that already, right? Well, the day celebrates the entry into force of the UN Charter in 1945. With the ratification of this founding...
    The Daily Blog | 24-10
  • GUEST BLOG: Catherine Delahunty – Back in That House
    Parliament opened this week and I still find it a very odd place. Most of the people are reasonably courteous and friendly, but the rituals are archaic and the rules around issues like the swearing in oath are oppressive and...
    The Daily Blog | 23-10
  • Marae Investigates No More
    TVNZ yesterday announced the closure of their Māori and Pacific programmes department. That means they’ve chosen to stop making Fresh, Tagata Pasifika, Waka Huia and Marae Investigates to let independent producers get their hands on these lucrative contracts. This is...
    The Daily Blog | 23-10
  • BLOGWATCH: An Un-Civil War in Labour, eh?
    Earlier today, my attention was directed to an entry that’s just recently appeared on the Slightly Left of Centre blog. It purports to contain the ‘inside word’ from a highly placed NZF source – which is funny, because I’m pretty sure...
    The Daily Blog | 23-10
  • Santanomics 101
    Santanomics could mean a number of things. It could be the study and practice of giving. Or it could mean the study and practice of rampant end-of-year commercialism. However, for me today it is the economics of erectingAuckland’s giant Santa...
    The Daily Blog | 23-10
  • SkyCity boss misleads public over workers lost shifts
    SkyCity CEO Nigel Morrison has defended the employment practices at his company in an “Opinion” piece entitled “Human Capital key to corporate success” in the NZ Herald on Thursday. A number of his claims are misleading, contain only partial truths...
    The Daily Blog | 23-10
  • Review: Perfect Place
    I went to a Perfect Place on Tuesday night, and what a delight it was. The marshmallows sweetly (and forcefully) handed out pre-show, set the tone for the next hour. Walking up the stairs at The Basement was a complete...
    The Daily Blog | 23-10
  • 5AA Australia – NZ on UN Security Council + Dirty Politics Lingers On
    5AA Australia: Selwyn Manning and Peter Godfrey deliver their weekly bulletin Across The Ditch. General round up of over night talkback issues: Thongs, Jandals and flip-flops… ISSUE 1: New Zealand has been successful in its campaign to become a non...
    The Daily Blog | 22-10
  • When I mean me, I mean my office & when I call whaleoil I mean not as m...
    This. Is. Ludicrous. Green Party co-leader Russel Norman put the first of what are likely to be many questions about Mr Key’s relationship with Slater, asking him how many times he had phoned or texted the blogger since 2008. “None...
    The Daily Blog | 22-10
  • A brief word on describing the Government as ‘boring and bland’
    The narrative being sown is that this Government will be a boring and bland third term. Boring and bland. Since the election, Key has announced he is privatising 30% of state houses without reinvesting any of that money back into housing society’s most...
    The Daily Blog | 22-10
  • Māori Language (Te Reo Māori) Bill
    Tutehounuku Korako, Chair of the Māori Affairs Committee, is inviting further public submissions on this bill. The closing date for submissions is Friday, 5 December 2014....
    Scoop politics | 31-10
  • ERA amendments a mixed bag
    The Employment Relations Amendment Act has the potential to put vulnerable workers in a more precarious position, says Equal Opportunities Commissioner, Dr Jackie Blue. However, the commissioner says the right for all to request flexible work hours is...
    Scoop politics | 31-10
  • Sensible Sentencing calls for appeal of judicial activivism
    The Sensible Sentencing Trust is appalled that Justice Jill Mallon has today refused to apply the Life without Parole (LWOP) provisions of the Three Strikes law as enacted by Parliament....
    Scoop politics | 31-10
  • Global Rally against ISIS – for Kobanê – for Humanity, Nov 1
    The New Zealand Kurdish Community will march in solidarity with Kurdistan as part of the “GLOBAL RALLY AGAINST ISIS – FOR KOBANÊ – FOR HUMANITY” on 1 November 2014, 2pm....
    Scoop politics | 31-10
  • Does ‘No-Surprises’ Also Apply To TVNZ News?
    When you stand back and look at NZ media outlets, most of them have at least one or two people who attempt to hold the government to account: John Campbell on TV3, Guyon Espiner and others at Radio NZ, David...
    Scoop politics | 31-10
  • Safer roads are better for everyone
    Recent pedestrian versus vehicle incidents highlight the real issues being addressed by delegates as the 2Walk and Cycle conference concludes....
    Scoop politics | 31-10
  • Law change creates more flexible labour market
    The Employment Relations Amendment Act, passed yesterday, will bring new flexibility to the labour market and will reduce the ability of unions to organise and to recruit....
    Scoop politics | 30-10
  • Bumper ANZ profits mean no excuse for insecure hours
    A big rise in profits at New Zealand's largest bank needs to be reflected in a better pay offer and more security around hours of work, the bank workers’ union said today....
    Scoop politics | 30-10
  • Count down to lowered alcohol limit
    With just a month to go until a new lower alcohol limit for adult drivers comes into effect, Police and road safety agencies are reminding drivers of the impending change....
    Scoop politics | 30-10
  • WorkSafe Supports Forestry Review Findings
    WorkSafe NZ says the Independent Forestry Safety Review has clearly identified the problems facing an industry in which ten workers were killed last year. “The Review’s analysis matches our own view and leaves no doubt about the need for comprehensive,...
    Scoop politics | 30-10
  • CTU welcomes forestry review recommendations
    The CTU is welcoming the today's release of the independent forestry safety review panel findings. "These recommendations must be implemented to ensure that everything possible is done to make forestry safer." CTU President, Helen Kelly said....
    Scoop politics | 30-10
  • Activists will confront animal abusers
    Today animal rights activists will confront a group of wealth advisers who want to build the biggest egg factory-farm in New Zealand....
    Scoop politics | 30-10
  • Turia: Women’s Refuge Conference 2014
    This is a milestone moment in my life. This will be my last official address as Co-leader of the Maori Party. On Saturday night at our Hui-a-Tau, I will be standing down from that role and enabling a new co-leader,...
    Scoop politics | 30-10
  • Rodeo Code of Welfare ‘Sick Joke’
    Animal advocacy organisation SAFE says the revised Code of Welfare for Rodeos just released is nothing but a sick joke. “Rodeo animals are goaded, tormented and forced to endure needless suffering and gross mistreatment, all for the sake of so-called...
    Scoop politics | 30-10
  • Conservative Party applauds binding referenda on flag
    The Conservative Party are congratulating the Government on the decision to hold two binding referendums to decide the fate of New Zealand’s flag – and believes it will pave the way for binding referenda to form part of New Zealand...
    Scoop politics | 30-10
  • Walk the Talk – Opposing violence against women
    Soroptimist International of Auckland have organised a walk on 22 November from Silo Park at the Wynyard Quarter through the Viaduct and back to Silo Park, to show their opposition to violence against women. This event hopes to raise awareness...
    Scoop politics | 30-10
  • Recommendations on the Design of Pecuniary Penalties
    The Law Commission has reviewed the use of pecuniary penalties as a regulatory tool. Pecuniary penalties are financial penalties that policymakers are increasingly opting to use in place of criminal sanctions in order to punish and deter misconduct in...
    Scoop politics | 30-10
  • Every worker will be affected by employment law changes
    Every worker will feel the effects of the government’s new employment laws and should join a union if they want to maintain and increase their wages and conditions, says New Zealand’s largest private sector union, the EPMU....
    Scoop politics | 30-10
  • Shameful attack on all workers
    The Government has passed the Employment Relations Amendment Act slashing the rights of all Kiwi workers. “These changes are shameful. New Zealand now has some of the worst employment protections in the OECD. It is embarrassing that a country which...
    Scoop politics | 30-10
  • Unnecessary law changes more to do with ideology
    The government’s employment law changes are simply ideological and are at odds with its approach in the related areas of health and safety and immigration law, FIRST Union said tonight....
    Scoop politics | 30-10
  • CTU Runanga calls on iwi leaders
    Maori workers are calling on iwi leaders to speak out against the employment law changes expected to go through today. “Iwi leaders have previously spoken out when workers in Aotearoa have been under attack, we believe they should do so...
    Scoop politics | 30-10
  • Educating children not the best solution to alcohol harm
    Alcohol Healthwatch says we need to look beyond educating children and young people to address deeply embedded attitudes and behaviours concerning alcohol....
    Scoop politics | 30-10
  • New code of welfare for rodeos released
    New standards to strengthen the animal welfare requirements for rodeos have been issued today by the Minister for Primary Industries, Nathan Guy....
    Scoop politics | 30-10
  • IPCA report riddle with inaccuracies, say students
    A report by the Independent Police Conduct Authority into the policing of student protests in 2012 is riddled with inaccuracies, say students who laid the original complaint with the IPCA....
    Scoop politics | 30-10
  • CT v The Queen – indecency convictions quashed
    This summary is provided to assist in the understanding of the Court’s judgment. It does not comprise part of the reasons for that judgment. The full judgment with reasons is the only authoritative document. The full text of the judgment...
    Scoop politics | 30-10
  • Rameka v The Queen – murder convictions quashed
    This summary is provided to assist in the understanding of the Court’s judgment. It does not comprise part of the reasons for that judgment. The full judgment with reasons is the only authoritative document. The full text of the judgment...
    Scoop politics | 30-10
  • Auckland Council Out of Control
    Responding to the NZ Herald article that some Auckland households will face a rates rise of up to 9.6 per cent next year, Taxpayers’ Union Executive Director Jordan Williams says: “Len Brown’s pledge to cap rates rises at 2.5 per...
    Scoop politics | 30-10
  • Stats NZ staff escalate action with ‘no more meetings’ rule
    Statistics NZ staff have voted to escalate their ongoing industrial action in an effort to get Stats NZ back to the bargaining table with a reasonable offer. The staff, who are members of the Public Service Association (PSA), have been...
    Scoop politics | 29-10
  • Rape Crisis calls for changes to criminal justice system
    Wellington Rape Crisis has added its voice to the public outcry following the announcement that there will be no charges in the teen rape gang case. Butterworth says the decision not to lay charges will not have been a surprise...
    Scoop politics | 29-10
  • Police action justified in Blockade the Budget demonstration
    Police actions in dealing with a demonstration in Central Auckland known as Blockade the Budget on 1 June 2012 were justified and appropriate, an Independent Police Conduct Authority report released today found....
    Scoop politics | 29-10
  • NZDF Joins with Australia to Commemorate WWI Centenary
    A contingent of New Zealand Defence Force (NZDF) personnel will join their Australian counterparts at Australia’s first major commemoration of the First World War centenary in Albany, Western Australia this weekend....
    Scoop politics | 29-10
  • Reserve Bank should reduce interest rate
    “The Reserve Bank should be reducing its policy interest rate, the OCR”, says CTU Economist Bill Rosenberg in response to the Bank’s announcement today that it is not increasing it....
    Scoop politics | 29-10
  • 2015 Stout Fellow will write about Māori & Criminal Justice
    Kim Workman, founder and advocate for the Robson Hanan Trust, which administers the Rethinking Crime and Punishment and Justspeak initiatives, has been awarded the 2015 John David Stout Fellowship at Victoria University....
    Scoop politics | 29-10
  • What John Key thought about ‘dirty politics’
    On September 20, John Key swept to victory to become one of New Zealand’s most successful and popular Prime Ministers. Rocked by scandal, the 2014 election campaign was one of the most brutal – and riveting – in recent history....
    Scoop politics | 29-10
  • Trade Deal Threatens Farmers and Food Businesses
    The secret Trans Pacific Partnership negotiations are a direct threat to food businesses and farmers, and a moratorium on the release of GE crops must be enshrined in law before the TPP is signed....
    Scoop politics | 29-10
  • CTU announces election of new Secretary
    The contested election for the position of CTU Secretary has been won by Sam Huggard. Sam officially takes office on Monday 1 December 2014. Sam has worked in the union movement and brings a wealth of experience and a commitment...
    Scoop politics | 29-10
  • Kim Workman awarded 2015 J.D. Stout Fellowship
    The Victoria University of Wellington 2015 J.D. Stout Fellowship, funded by the Stout Trust, has been awarded to justice reform advocate Kim Workman. Mr Workman (Ngati Kahungungu ki Wairarapa, Rangitaane) is well known for his work on criminal justice,...
    Scoop politics | 29-10
  • TPPA causing concern
    Concern over the secretive Trans-Pacific Partnership Agreement (TPPA) negotiations is being expressed in two public meetings over the next week; one at a presentation on 5th November by former councillor Robin Gwynn to the Napier City Council, the...
    Scoop politics | 29-10
  • Kiwis rally to demand justice for ‘Roast Buster’ survivors
    Over 1,500 kiwis have rallied to demand justice after the announcement of the NZ Police decision not to lay charges in the ‘Roast Busters’ saga....
    Scoop politics | 29-10
  • New employment law will hurt the most vulnerable NZers
    The Public Service Association (PSA) says changes to the Employment Relations Act, expected to be passed in Parliament tonight, will hurt vulnerable workers and their families more than anyone....
    Scoop politics | 29-10
  • Consultation to close on proposed place names
    The New Zealand Geographic Board (NZGB) Ngā Pou Taunaha o Aotearoa today advised that only one month remains before public consultation closes for 18 name proposals for geographic features and places around Te Ika ā Māui (the North Island)....
    Scoop politics | 29-10
  • Operation Clover – Statement from Police Commissioner
    I have taken a close interest in this investigation and I am confident police have conducted a thorough and professional enquiry in what has been a challenging and complex case. The Operation Clover team has ensured that victims have been...
    Scoop politics | 29-10
  • Better policy would have protected children from recession
    Child Poverty Action Group says an international report released by UNICEF today shows good policy can protect and improve child well-being, even during a recession....
    Scoop politics | 29-10
  • Outcome of Operation Clover investigation
    Police have completed a multi-agency investigation, Operation Clover, into the activities of a group calling themselves “The Roast Busters”. The 12 month enquiry focused on incidents involving allegations of sexual offending against a number of girls...
    Scoop politics | 29-10
  • False birth registration brings home detention
    A Whangarei woman who attempted to register the birth of a fictitious child to claim a sole parent benefit was sentenced to six months home detention in the Whangarei District Court today....
    Scoop politics | 29-10
  • Family of Robert Ellis demand a proper investigation
    The family of a New Zealander killed in Indonesia are growing increasingly concerned at the lack of information they’ve received, and the handling of the investigation into his murder....
    Scoop politics | 29-10
  • Minister of Health must account for aged care workers’ pay
    The New Zealand Federation of Business and Professional Women (BPW NZ) congratulates rest-home worker Kristine Bartlett on her landmark claim for equal pay from her employer and successfully pursuing this to the Court of Appeal....
    Scoop politics | 29-10
  • Labour leadership candidates in Invercargill
    The four candidates for Labour Leader – Andrew Little, Nanaia Mahuta, David Parker and Grant Robertson - will be in Invercargill on Friday evening for a Husting meeting with members, as part of fourteen Husting Meetings being held nationwide as...
    Scoop politics | 29-10
  • Public now needs to have its say over new tolls
    “I welcome the likes of new tolls and fuel taxes going out for public consultation after these matters have been talked about for 20 years. However the timing is not ideal as it comes on top of the likes of...
    Scoop politics | 29-10
  • Kiwis to fight back against TPPA ‘corporate trap’
    New Zealanders in at least sixteen different locations around the country are organising for an International Day of Action against the Trans-Pacific Partnership Agreement (TPPA) on 8 November, co-ordinated by It's Our Future NZ. This is part of an international...
    Scoop politics | 28-10
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