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Atlas drops the ball again

Written By: - Date published: 5:48 am, July 1st, 2009 - 104 comments
Categories: economy, employment - Tags:

Why does this myth that the private sector is better persist in this country? At every turn, the bosses show themselves to be a bunch of greedy, short-sighted half-wits.

Take Line 7. Outsourced their production to China. Built their business model on the assumption that the NZD would stay high. Didn’t hedge. NZD, predictably, falls.  Business model stuffed. Owner has a cry on National Radio: ‘who could have known the value of a commodity currency would fall in a global recession!’ 120 Kiwis out of a job (on top of the ones who were actually making the clothes before the outsourcing).

The genius boss who pocketed the profits for 20 years and stuffed it all up stays rich. Of course.

What kind of morons can’t even hedge against the inevitability that the NZD won’t keep buying 80 cents US forever? Our capitalist class, that’s who. This latest moronic failure is just another in the long, inglorious history of the trumped up fools who think they, not the workers, create the wealth in this country.

All they’re good at is rent-seeking. ‘Oh, don’t make us pay for our carbon emissions, get the taxpayer to cover us’, ‘give us a tax-cut or we offshore’, ‘help, we can’t even hedge’, ‘set us up a private public partnership – profits to the privates, risk to the public’, ‘how’s about some juicy contracts?’, ‘did someone say corporate welfare?’. Losers. 

We’re meant to turn over delivery of more vital public services to this lot of incompetents? Bollocks to that. Wouldn’t trust them to run a cake-stall. Shouldn’t let them near our health, education, and infrastructure.

104 comments on “Atlas drops the ball again”

  1. tsmithfield 1

    Its easy to criticize them for not hedging. However, we don’t know the specific circumstances. They may very well have wanted to hedge. However, that often requires bank security to cover potential movements in the exchange rate going forward. They may have simply run out of room on their bank facilities and may have been unable to hedge at the time.

    • Zetetic 1.1

      The boss said on Morning Report that they hadn’t hedged against the dollar falling from 70 cents to 50 cents

      • craig 1.1.1

        How can you even support hedging – isn’t it just capitalist bullshit?

        What does trading currency actually produce? How does it help starving children? What’s the point of sitting on a dead planet with some forex trades?

        I say good on him for not feeding the profits of those rick prick capitalist traders.

  2. Tim Ellis 2

    What kind of morons can’t even hedge against the inevitability that the NZD won’t keep buying 80 cents US forever? Our capitalist class, that’s who. This latest moronic failure is just another in the long, inglorious history of the trumped up fools who think they, not the workers, create the wealth in this country.

    When have you ever risked your own capital and started and run a business, zetetic?

    For every businessman who makes a mistake and loses their own capital, there are many more who create jobs for workers. Are there any employers you do like, or does your tirade and rant extend to all employers?

    • So Bored 2.1

      It grieves me greatly to agree with Tim. If you are going to criticise the capitalist ethic Zet you cant expect to also take the benefits.

      What is happening is the nature of the beast, for as long as we adhere to the capitalist model we will always see workers getting less than what they regard as their fair share and owners justifying it on taking risk etc. Neither are wrong. The system itself is inherently flawed and insecure.

      More importantly capitalism is past its use by date (as are alternatives such as Marxism) with regard to resource and environmental exploitation,. The concepts of progress and “growth” need a radical reappraisal before our materialistic project kills us all.

      I suspect that most of you in “blogsphere” wont like that appraisal. The concept of sitting on a pile of cash on a dead planet holds very little appeal.

      • craig 2.1.1

        It’s fine dissing capitalism – democracy is equally flawed.

        But you have to come up with a better idea before we ditch it…

        • So Bored 2.1.1.1

          Dissing capitalism???? Thats not all, read again. If you care to read a little you might discover that capitalism, feudalism, imperialism (a whole pile of isms) did not just get thought up overnight then get implemented. They evolved…..some de evolved and died…..capitalism is just more recent, and yet to die…who knows it may not.

          What I said was that our current modus operandi needs radical reappraisal, a recognition that there is a problem before formulating an answer. Its a bit trite of you to demand “a better idea” when you cant even conceive the truck thats about to flatten you.

          • craig 2.1.1.1.1

            “What I said was that our current modus operandi needs radical reappraisal, a recognition that there is a problem before formulating an answer.”

            I just agreed with you?

            Capitalism isn’t perfect, in fact it’s not even great. However I believe it’s better than every other ism people have come up with so far.

            “Its a bit trite of you to demand “a better idea’ when you cant even conceive the truck thats about to flatten you.”

            Have you not heard of the best of bad choices? That was my comparison with democracy, which is also horribly flawed…

            Capitalism will remain to most people the best of bad choices until someone comes up with a better idea.

      • Zetetic 2.1.2

        “If you are going to criticise the capitalist ethic Zet you cant expect to also take the benefits.”

        Yes I can. Your logic means nothing could ever be criticised ever.

        ‘If you are going to criticise the emission of greenhouse gases Zet you cant expect to also take the benefits.’

        How about – keep the good and get rid of the bad.

        • craig 2.1.2.1

          Ah no that’s called hypocrisy – like me saying “prostitution is bad” before going and fucking an escort.

          If you think greenhouse gases are bad you can pay to make up your share.

    • Zetetic 2.2

      Yeah I have. And if I hadn’t so what?

      Have you ever been an All Blacks halfback? No… then don’t criticise!

      Have you ever been a woman? No… then don’t have an opinion on abortion!

      Attacking the other side’s right to even have an opinion is the ultimate sign of defeat Ellis

      • craig 2.2.1

        “Yeah I have. And if I hadn’t so what? ”

        So are all your employees rich yet?

        Or are you just a half-witted capital class moron/loser like the rest of them?

    • Sparo 2.3

      Hi Tim,

      For every businessman who makes a mistake and loses their own capital

      Likely this overlooks business folks’ reliance on supposed expertise.. in money matters this usually relates to bankers (hedgies are the follow-through as it were).

      My recall is that less than two years has elapsed since enzed bank client newsletters/advisories were ‘out of commodities’ – you might care check that out though I’m pretty sure on the recall.

      Even if undirected business folks DO pick up the negatives.. which could well explain this fellow’s decision.. you’d agree the context is all-important.

      I’ll add a rider re banks commodity dealings.. Futures Modernisation Act(US) 2000 was a designer deal for players to ramp specific commodity (and related) trading.

      Of course, not clothing…

  3. vto 3

    are you still a student zit? that was a completely overblown polemic rant with no substance and exhibiting a total lack of experience and knowledge in the subject.

    “greedy, short-sighted half-wits.”

    “morons”

    “trumped up fools ”

    ” Losers.”

    “this lot of incompetents”

    You zit, are a fuckwit. Fuck off.

    • Andrew 3.1

      Couldnt agree more. Zet, you are a complete and utter fucktard and the bile that spewes from you mouth is at best repulsive. I enjoy reading The Standard, but you my friend are seriously letting the side down.

      prent, ditch this looser before he turns more people off the site.

      [lprent: I rather enjoy his posts. They definitely come from a different angle to my own. A lot of the time I’d disagree with the posts, but that isn’t uncommon, I don’t think that I’d agree with almost any contributor here more than 50%.

      In this particular post I’d have to agree with him. The currency has been hellishly volatile over the last 20 years or so. During that period it has been NZD1 getting US 45c to 85c . I’ve run businesses with that exchange risk factor in exporting to the US. I’d expect that any businessman would cover themselves either through hedging or business model. It is a predictable risk for any competent business person to handle. In this case Line 7 punted a bet and lost. Pity the employees, not the risk-taker. ]

    • Zetetic 3.2

      vto. I put those words in specifically because I knew you wouldn’t be able to handle it. I want you to get excited, angry, worked up. That’s the only way you’ll think. The only way you’ll be challenged to come and fight for what you believe in or change what you believe in.

      I note you gave no defence of NZ capitalism. So I guess we know where your head is.

      • The Baron 3.2.1

        Here is a defense of NZ capitalism, Zetty, you moron:

        – None of those people would have ever had a job without the management of line 7, who stumped up the capital and effort to build the brand and the enterprise.
        – Reward comes with risk. A tradegy that the business has gone down, but that is the nature of the beast.
        – What is the alternative? Worker ownership? Socialism? Any other tried and failed experiments of the 20th century?
        – Capitalist class? There is no such thing – only those that do, and those that don’t.
        – Oh yes, what a pack of morons for not hedging. Jesus christ man, do you even know what hedging is?

        You’re a bitter, hate filled hack, Zetty. It appears that as soon as someone starts a business, and therefore starts paying business taxes and employing people, you line them up for your ill-informed bile.

        So, pray tell, which businesses or business people DO you like, Zetty? Prove me wrong that you aren’t just an outdated, marxist class warrior, about 50 years behind the times.

        • Zetetic 3.2.1.1

          The only things the capitalist class is meant to provide to the capitalist economic system is capital and competent management and allocation of capital. Fact is, there’s such a level of incompetence and short-sighted greed that they fail on the second part far too often. So, all they’re giving is the capital. They’ve only got the capital because of the nature of the system is to concentrate capital in the hands of the few. They don’t magically create capital. In other economic systems, capital can be held and allocated communally, rather than via capitalists.

          • The Baron 3.2.1.1.1

            Answer the question, and prove that you aren’t a stupid uninformed HACK, Zetty.

            Tell us a businessman who you admire, who lives up to your outdated and frankly bizarre ideals.

            Otherwise, we will just assume you’re a biased, hate filled little prick, who loves to heap criticism on those that actually try and make a difference rather than just have a whinge.

            • Zetetic 3.2.1.1.1.1

              Buffett. Has a good head and isn’t exploitative. Hasn’t used his skills just to live the rich life himself. Lives very modestly and always has. Has run his businesses on the principle of treating workers well. Has never paid a dividend. One of the few to call the long-term decline of the US economy when everyone else was mistaking a housing bubble for utopia.

              Buffett would have hedged. Wouldn’t have run with the money and left 120 people out of a job.

            • Tim Ellis 3.2.1.1.1.2

              Buffett’s company reported a loss of $11.5 billion last year, Zetetic. Perhaps you should come up with a nice state-owned organisation to prove your case.

              How about the NZ Super Fund? Oh, that’s right, it made whopping losses this year too.

              How about ACC? Nope, big losses there.

            • Zetetic 3.2.1.1.1.3

              Nearly every major financial institution made losses last year. Credit crunch, global recession. Remember?

              Making a small (by his standards) loss once in a while doesn’t make you a bad businessperson. Especially when all around you other companies are going to the wall through incompetence. If you can be relatively unaffected, it shows you’ve got skills.

              Likewise the NZ Super Fund. Beats the market consistently. Even when the market crashed, its losses were much smaller. Because Adrian Orr has a competent team. Not a bunch of egoists.

            • Tim Ellis 3.2.1.1.1.4

              Berkshire Hathaway lost 30% of its value last year, Zetetic. That isn’t minor, by any standard.

              It’s funny how you blame the financial recession for the drop in values for companies that you like, but blame stupidity for the losses of companies you want to use to score political points.

        • Ag 3.2.1.2

          There aren’t really any good New Zealand businesspeople. I guess it’s our national shame that they are all so thick and useless. If only they had the good grace to hide their incompetence by shutting up.

          • The Baron 3.2.1.2.1

            Wow, are you one of those people that branded national’s campaign as “NZ Sucks”? What on earth is this then?

            So what would make them awesome, by your standards Ag?

          • Sparo 3.2.1.2.2

            But still they get to the ‘top’ – according to the guy who made CFO for M/S and was rewarded with a big pitch on RNZ’s morning show, nine2noon or something.. a coupla years back

            Of course, if you’re into win7 or whatever the latest OS version is and have heard how no discounts apply for kiwis buying it (geeez $1800 to beat Vista !) when Aussis rate huge discounts and – tip: certain apps like cameras or phones etc) come with it installed – you likely won’t hold another candle for the management no matter where they are from..

            lively thread, zet, and hey I’m only this far into it..

      • vto 3.2.2

        “vto. I put those words in specifically because I knew you wouldn’t be able to handle it. I want you to get excited, angry, worked up. That’s the only way you’ll think. The only way you’ll be challenged to come and fight for what you believe in or change what you believe in.”

        You just proved again your lack of time on the planet. Get some years under the belt.

        That’s the only way I’ll think? What I believe in? Those assumptions expose your own thinking. or rather, lack of. See, your lack of experience dooms you to rely on the few things that you have read in a book. Bit shallow isn’t it.

        common traits run through your threads. they are weak.

  4. craig 4

    There wouldn’t have been 120 people to lose their jobs if he hadn’t started it in the first place!

    Nothing’s permanent – surely it’s much better that those jobs were created for a while than if he’d stayed at home playing playstation and they weren’t?

    People who start businesses typically work far longer hours than bureaucrats who clock out at 5pm every day. And most of them fail.

    I’d suggest you start up a business if it’s so easy – and rather than keeping your profits you can distribute them to your workers (who won’t be working crazy hours or risking their house / marriage / sanity), and the world will be a better place.

    • Zetetic 4.1

      “I’d suggest you start up a business if it’s so easy and rather than keeping your profits you can distribute them to your workers (who won’t be working crazy hours or risking their house / marriage / sanity), and the world will be a better place.”

      yeah. It’s called a collective. It was successful. cheers.

      craig. doing something right for a while doesn’t give you immunity from criticusm when you stuff up royally.

      • craig 4.1.1

        “It was successful. cheers.”

        Well what happened to it if it was so successful?

        No one’s saying Line 7 shouldn’t be criticised. But using them as an example to criticise all private business owners is ridiculous.

  5. indiana 5

    Z, did you support the government when they gave Emirates Team NZ a whole wad of cash when they lost the America’s cup? I raised this over at Red Alert and Trevor kindly replied that it was an economic decision – however I haven’t seen the payback from that investment or “business” decision.

    To my knowledge there hasn’t been a flurry of tourist here from seeing our boat in Europe and I am not aware of super yacht orders that cannot be filled due to demand. Also, if Line 7 are bad in their business decisions, do you support people like Mac Pac who shut down their operation in NZ and took their brand to Asia? Would you have preferred they did that? Jobs still would have been lost, but it was a good capitalist decision.

    • Zetetic 5.1

      As Benjamin Nathan said “that’s not our cup. That’s the rich man’s cup”

  6. Ron 6

    Despite his overblown rhetoric, Zetetic’s point remains valid. Private providers are no more (and very often less) qualified to deliver services than government.

    • craig 6.1

      Except private providers take the losses themselves, whereas the taxpayer takes the losses when the government fucks up.

      • Tim Ellis 6.1.1

        Ron, that is an interesting point.

        Private providers provide pretty much all primary healthcare services in New Zealand already. Private providers already provide much of New Zealand’s infrastructure.

        • DeeDub 6.1.1.1

          That’s right, Tim. Which is why our A&E departments are overflowing with sick people who can’t afford to see their GPs, and also why a raft of primary health issues, especially amongst people on low incomes, living in sub-standard housing, are not dealt with until they become manifestly more serious and life threatening.

          Tell me how that model is ‘working’?

          • Swampy 6.1.1.1.1

            You mean like in the UK where public provision can’t keep up with demand?

            You mean like our hospitals are overflowing because the public health system can’t provide for their needs, well in fact that is no different really, it has not got anything to do with being either public or private.

      • Zetetic 6.1.2

        Except that they try to avoid carrying the losses and pass them on to the public all the time.

        If there was a motto of the bosses it would be:

        privatise the profits, socalise the losses, and seek rents.

        • craig 6.1.2.1

          “Except that they try to avoid carrying the losses and pass them on to the public all the time.”

          That’s not a problem with capitalism – it’s a problem with the deal that our government is writing up.

  7. sausage fingers 7

    Zetetic,

    As you are clearly such a genius, why don’t you start a business? Then you could make a real difference to people’s lives by offering them employment and products or services that they would value. That might be more productive than whining on a blog about how stupid everyone else is.

    • Clarke 7.1

      Which I presume is what you’ve done, Sausage, given that you’re so keen to point the bone. Tell me, how many staff do you currently employ?

      • craig 7.1.1

        Why should he have done it? He’s not the one calling people who start their own businesses losers…

        • Clarke 7.1.1.1

          He’s calling a bloke who ran his own business into the ground through bad management decisions a loser – which would appear to be objectively correct. Why would Zetetic need to start a company in order to criticize obvious management errors?

          • craig 7.1.1.1.1

            It was “Losers” – plural.

            And he was referring to “our capitalist class”.

            Zetetic needs to start a company so he can realise that business owners are not “morons”.

            • Zetetic 7.1.1.1.1.1

              craig. I’m not calling people who start their own business losers because of that. I’m calling the ones who seek rents and stuff up then expect the government to save them losers.

              Unfortunately, they seem to be representative of the class. It’s hard to identify a single industry where their primary lobbying goal isn’t rent-seeking and who don’t come crying to the government for cash when they stuff up only to demand tax cuts when things are going right.

            • craig 7.1.1.1.1.2

              People have a right to complain. I don’t see how this is any different to farmers who want handouts when there are floods or droughts.

              We just shouldn’t give them anything.

            • Zetetic 7.1.1.1.1.3

              The problem is that hardworking Kiwis’ livelihoods are in the hands of people who make such simple mistakes yet wrap themselves up in this aura of the modern Atlas.

            • The Baron 7.1.1.1.1.4

              Oh yes, “hardworking kiwis” – as if the owners of these businesses aren’t hard workers too.

              The only one who is creating “us and them” is you, Zetty, with your outdated mindset of victimisation.

      • sausage fingers 7.1.2

        Only one right now but, at my peak, five.

  8. Clarke 8

    Yeah, well Zetetic does seem to have the rhetoric turned up to 11 this morning. However the point is valid.

    Tim Ellis – according to the CEO when interviewed on TVNZ last night, the reason he didn’t hedge as because the forward cover was “too expensive” – i.e. he put short-term margins ahead of risk mitigation. He lost the bet, and it cost him the company, which by any reasonable standard is a failure of corporate governance.

    The first objective of business is to stay in business, and at this he’s clearly a failure. I would suggest that he lacked any relevant forex experience and didn’t bother going and hiring any. It’s difficult to see this as anything other than the poor management that Zetetic is criticizing.

  9. Tim Ellis 9

    Clarke, I don’t know much about Line 7, so thank you for those points.

    What zetetic is trying to show is that Line 7 is an example of why private enterprises are bad, and therefore, why public enterprises are good.

    It is a preposterous argument. There are good and bad managers in the public and private sectors.

    I don’t personally have an ideological problem with private sector involvement in anything.

    • Zetetic 9.1

      No. I’m saying too much private management is bad. Therefore the argument that privatising offers gains from better management is a crock. And where does it come from? More rent-seeking behaviour. Look at this health privatisation plan. It’s just a gift to private providers under the guise that they are more efficient.

      You have an ideological presumption that the private sector will do better. My opposition to that is based on practice, not theory.

  10. Zetetic, most business owners are not greedy half-wits. Line 7 was a successful business for many years. It fell on hard times in the midst of a global recession and at a time when the NZ currency is one of the most unstable in the world. Many smart, decent people are losing money or going out of business.

    Do you have experience in running a business? Have you had to deal with employees, GST, customers, marketing, suppliers, accounts and banks? You have no idea how hard it is to run a business.

    May I suggest you lay off the abuse until you know what you’re talking about?

    • Clarke 10.1

      It fell on hard times in the midst of a global recession and at a time when the NZ currency is one of the most unstable in the world.

      God that made me laugh.

      Line 7 fell over because the managing director decided not to hedge his currency risk, because – by his own admission – it was too expensive. This was rather like deciding to walk across a tightrope ten stories up, but to forgo a safety net because it’s too expensive.

      And here’s news – the NZ dollar has traded in a wide range since the day it was floated. If he was unaware of the long-standing volatility of the NZD then he was clearly living in a fantasy land. A more prudent approach would have been to insure against adverse consequences by hedging, particularly when the consequences were the failure of the business.

      He’s only a victim of his own bad management. He didn’t “fall on hard times” at all.

  11. djp 11

    This just in, businessmen are fallible!

    Who would have known

  12. craig 12

    By the way I assume the owners of something like Eves Pantry would also fall under your definition of “capitalist class”?

    I’d suggest you probably could trust them to run a cake stall…

  13. Craig Glen Eden 13

    While the rant was over done I think the first point is true the private sector is not better than the public sector or the other way round.Firstly let me say, I have been a public servant, I have been a union official now I own my own company and have started this from scratch, as apposed to buying a business that is already up and rocking.The little self employed guy/girl or company owner does carry the risk and stress, its not easy but hey, some do well a lot fail. Their are basic services like Health/Education/ other social services that the private sector are not good with.If you look at health it is a mess in the USA. Why because the profit motive of private companies Insurers and Surgeons is to great per procedure. The end result has seen millions of people without health care.This model has also been used by other self interested greedy people who call them selves Drug companies.

    I have to agree with So Bored its time we start doing things differently but this whole private is better than public thing is crap and capitalism is not working.

    Why is it that the likes of the Weldons of this world are so keen to get their hands on the Tax payers assets? I believe its not because they can deliver the service or product any better its just because they can rape it with a short term profit grab. Who misses out the Tax payer. Time for a change people, I will get back to you all when I have worked out the model to replace the existing. No holding your breath now!

  14. StephenR 14

    Their are basic services like Health/Education/ other social services that the private sector are not good with.

    Which would explain why there is no demand for such services in NZ, right? Perhaps the question is could they provide such service to everybody regardless of income.

    The US health system is a mess for a myriad of reasons, not because it’s simple ‘a free market’, which it certainly aint.

  15. Maynard J 15

    This mythos of the amazing person who takes a risk to employ people irks me, as it is implied they are inherently superior to everyone else. Businesses have limited liability, so there is a limit to the sacrifice that these people are taking, although I agree it is not insignificant at all. I respect these people – I am fairly certain that I will not start up a business and employ people. That is not where my skills lie and I would be a liability to those who I employed if I was to do so.

    Am I therefore inferior?

    People have very different skills. There are people who are invaluable to companies of all sizes, without initially financing them.

    I (unlike zetetic) am not criticising them at all – I am merely pointing out that they should not be elevated to some superior status. Business is always, at some level, a collaborative exercise – it may not have happened without the founders, but it sure will not work without those who work for and support it (how bloody collectivist of I).

    Let us just keep sight of that.

    • tsmithfield 15.1

      I don’t think business owners are superior Maynard.

      However, the nature of business involves risk-taking. We hedged at around US 70 last year, which was at very high levels. Seemed like a good decision at the time. However, the currency kept on going up, and we lost money on it.

      The problem is that business is not conducted in hindsight. We make the best decisions we can with the information available at the time. Sometimes we get it wrong.

      In the case that Line 7 faced, they may well have assumed a risk that the currency might fall by 10% or so, and therefore were prepared to accept the risk and focus their resources to other important areas. As it happened, the currency fell like a stone, probably a lot further than they would have expected.

      Sometimes shit happens and there is not a lot you can do about it.

      • Maynard J 15.1.1

        The nature of everything involves risk taking. Getting a job is a risk, so is every financial decision you make. I am glad you do not think business owners are superior, I get that attitude from people though.

        The simple but logical extension of that is greater risk = hero. Clearly not so!

        I am not interested in the specifics of line seven, I was just spouting some collectivist wisdom 🙂

        “Sometimes shit happens and there is not a lot you can do about it.”

        That is something we all agree on. I think it is the application of that to specific instances of shit happening which causes grief.

  16. I’m certainly not suggesting Zetetic can’t criticise others, Nor do I think businesspeople should be immune from criticism. I happen to disagree strongly with the substance of Zetetic’s argument, but that’s another matter.

    What I don’t like is the abuse. There’s no reason to call the guy a half-wit.

    • Zetetic 16.1

      He didn’t hedge against the dollar dropping from record highs. That was such an important risk that not doing it sunk a 40 year old company.

      He’s not exactly Einstein

      • djp 16.1.1

        Everybody is Einstein in hindsight

        How much did you make from shorting the kiwi then?

        • Zetetic 16.1.1.1

          I called the interest rate crash. Made $1000 this last year by locking in term deposit rates at their peak. If I had wanted to I could have applied that foresight on where things were heading one step further to currency because it was obvious the currency would drop until things started to get better, when it would recover. But I’ll leave the currency speculation to Key (who expected it to drop into the 40s… oops) and businesses who need to hedge to ensure their survival.

          • The Baron 16.1.1.1.1

            I expect you won’t want to risk being a hypocrite by keeping that “rent” that you made off your capital, then Zetty.

            About $9 each for each of the laid off workers. Come on, put your money where your mouth is.

            Bet you don’t, because you’ll probably whine along that you’re “working class” too, despite the fact that you’ve evidently got a couple of K sitting in the bank. Well la-de-dah you are a genius, aren’t you.

            Lets add egotist to hypocritical, hatefilled, and being a HACK.

            • Zetetic 16.1.1.1.1.1

              I’ve already given more than that to food banks and environmental groups this year. I’m not anti-interest either. Clearly a price on money is needed for the flow of capital to work in a capitalist society. I’m anti rent-seeking and fools who want to be seen as heroes.

              There’s nothing wrong with using your skills and using them in a way that’s beneficial to the wider community (as opposed to just enriching yourself). There’s something wrong with claiming to have skills, stuffing up and taking others down with you.

          • Jasper 16.1.1.1.2

            My business owning exporting uncle hedged 25 million last year at 81c. He ignored John “wouldn’t know a tick from a dick” Key when he “saw the kiwi dropping to 45c” and just hedged another 25 million at 65c

            However, Keys comment caused a fair few exporters to rush out and hedge… at 54c. They must be suffering now.

            At Zetitic. I called the FX rate last year also at the same time as uncle. 14 month term to get it through to this financial year and made a lovely $9500 realised gain.

            • Zetetic 16.1.1.1.2.1

              Well done. Hope you use the money for the good of those around you and your community.

            • Jasper 16.1.1.1.2.2

              Apart from paying my CGT on the gain?

              The only thing I spend my money on and in are kiwi owned businesses.
              Which generally cuts out about 80% of businesses operating in NZ by virtue of being Australian owned (yes, I know that palaver of hiring kiwis, but the profits don’t go back to the community. Just underpaid staff wages)
              Thank heavens for 100% Electric and LV Martin Your genuine Kiwi Stores.

  17. So Bored 17

    Zet,

    The argument above for or against capitalism somewhat hollow, its a bit like an atheist turning up at a Christian service and declaring the non existence of God….nobody will believe him, and he cant prove it. Conversely nobody can prove the existence of God to the atheist. Everybody then gets very doctrinal and agitated, and declares the other a heretic or fool. Its called absolutist thought, plenty of it from both sides above.

    An alternative…I propose healthy scepticism and doubt, admission tht truth is neither absolute or exclusive. That could bugger this type of blog.

    • Zetetic 17.1

      So Bored. Come close and I’ll tell you a secret (don’t tell vto, it would be bad for his blood pressure).

      The point of this post and the other anti-capitalist ones I’ve written is to provoke conflict. Make people decide which side they stand on and think about what that means.

      Ultimately, politics is about power. Whether you have the power to do what you think is right or the others have the power over you to do what they think is right. That’s why this post goes right for the jugular. Attacks the myth of the heroic capitalist. Because it’s the only way to get the fundamental conflict in the open. Just pussy-footing around the edge ignores that conflict and leaves their core beliefs unchallenged.

      • So Bored 17.1.1

        Zet,

        Thats where we differ and agree…I have some doubt over your tactics, and to a large degree belong in your camp (with some healthy scepticism)….cant argue that you draw the barbs, whether you blunt them is another issue. Keep it up, its a nice cutting edge.

      • Tim Ellis 17.1.2

        Zetetic, what you’re really saying is that you’re a troll, and you will justify any outlandish claim that isn’t based facts accordingly. It really is very infantile.

        • Zetetic 17.1.2.1

          Tim. What isn’t based on the facts? Don’t throw childish accusations around. It makes you look like a tool and you’re one of the smarter ones.

      • vto 17.1.3

        “Come close and I’ll tell you a secret (don’t tell vto, it would be bad for his blood pressure). The point of this post and the other anti-capitalist ones I’ve written is to provoke conflict. Make people decide which side they stand on and think about what that means.”

        Do you think that is not obvious? Hae it ever crossed your mind that is perhaps my own m.o. at times? You expose your ignorance yet again.

        The problem you have is that your sentences 1 and 2 do nothing for your aim in sentence 3. Duh.

        Out

  18. tsmithfield 18

    Predicting currency movements is not at all easy.

    Yesterday we hedged against the Aussie for 100k at .8015. The BNZ currency dealer recommended that we didn’t take too much because the Aussie was moving up. However, it has dropped back down again today. In hindsight I would have been better to take 200k. Shit I am a bad business man.

    • Zetetic 18.1

      You don’t have to be perfect. Not seeing that the NZD was going to drop in a global recession and building your business model around a high dollar, then not hedging with the result your business collapses. That’s not just a minor cockup.

      • insider 18.1.1

        Of course you are all ignoring that the person who said it was FX rates may have a self interest to blame the rates. It could be that there are other more fundamental issues with the business and its management, and the exchange rate is a convenient scapegoat.

        I seem to recall him also mentioning lower sales, high rents, non payment for goods and failure to control costs. I suspect those have been more influential than $ volatility and a failure to hedge.

      • tsmithfield 18.1.2

        I do have some sympathy for them though.

        I was actually looking at taking a position on the US myself last year when it was around .80. My banker advised against it because he said it could well go higher, so it was risky even at that. As it turned out, I would have made a packet if I had followed my instinct. So, playing the foreign currency is not that easy.

        From a business perspective, in my company last year we would have loved to have taken a substantial hedging position on the US. However, all our hedging facilities were committed to the Aussie from where we were bringing in a lot of equipment at the time.

        Sometimes in business there are things you would love to do, but for various reasons, can’t.

        I don’t know the specifics of Line 7. However, I suspect that foreign currency wasn’t their only problem. They may well have already been having problems, and pushing their bank facilities to the margins. They may have simply been unable to hedge, even though they wanted to.

  19. coolas 19

    I like to hear some solutions to the problem of currency fluctuations.
    The Chinese have suggested a trading currency – International Dollar? What about pegging again, giving surety and gutting speculation?

  20. infused 20

    Sooner The Standard dump you as a contributor, the better.

    [lprent: I drop commentators rather than contributors almost every time. Read the policy especially this bit under banning

    Abusing the sysop or post writers on their own site. This is viewed as self-evident stupidity, and should be added as a category to the Darwin Awards.

    To date I haven’t heard another contributor having a go at Z on the back-channels, and I rather enjoy his posts – they’re ummmm ‘aggressive’. ]

    • Tim Ellis 20.1

      To be fair, LP, Zetetic does use very colourful and aggressive language, which is fair enough in debate, I suppose, but it in parliamentary terms, it is likely to lead to disorder.

      I don’t have a problem with that, but you might consider given the leeway Z has with his posts, that their aggressive is intended to provoke strong reactions (as he’s admitted here), that when strong reactions are received, you might give some extra leeway to those comments.

      Personally I think Zetetic should be able to write what he wants. People can choose whether to engage with him or not, but if they do, a bit more liberty in the comments might be appropriate.

      • lprent 20.1.1

        We have (as we always do) a look at the post and what people are responding to when moderating. There is considerable leeway given during posts like this. That is why I’ve only moderated on two comments despite the venting going on.

        One was someone directly asking me a question as a moderator.

        The other was stating that we (the contributors) should do something. Normally that has a VERY high probability of getting an instant banning. In this post it got a mild warning pointing out the relevant section of policy.

        The policies are designed to stop uncontrolled flamewars, threadjacking, etc in posts to the detriment of other readers. They aren’t applicable when the contributor deliberately sets out to cause a bit of a flamewar with their use of language. Then a more relaxed policy tends to be used.

        The intent (as always) is to promote dialogue amongst people who often have to agree to disagree. There are no hard and fast rules. It is a matter of judgement for the moderator who sees something and responds first. The variation tends to reduce lawyering and promote self-moderation (which we heartily approve of).

  21. Relic 21

    This piece has really just turned over a rock, exposing all you aspirational capitalists wriggling away. Unfortunately for you lot, the club of true capitalists will only ever be small due to the monopolistic nature of the beast, spurred on the by the tendency of the rate of profit to fall which requires ever more desperate measures. No amount of public sycophancy will see you admitted.

    • Tim Ellis 21.1

      Relic, New Zealanders are primarily employed by small and medium sized companies. For the main part, they aren’t working for monopolistic employers. The barriers to entry to starting your own business are small. New Zealand has consistently rated as one of the easiest countries in the world to start a business.

      Which makes the claim of onompoly rent-takers by the “capitalist class” very weak, in my view.

      • Relic 21.1.1

        The fact is the small enterprise and sole operator people generally have finance captial standing on their throats in one form or another, so they too are indeed exploited workers, but most would not admit such. I am my own boss would be the expected utterance. ‘Ten thousand lawn mowing rounds’ is not the answer for this country.

      • Zaphod Beeblebrox 21.1.2

        Isn’t that what Weldon wants- monopoly rent takers owning our public services?

        By the way, you are right about the risk takers- they are what give us an economic future, if they didn’t take risks our GDP would plummet.

        Small enterprises stand to lose big time if our public services are sold. All the venture capital would directed toward the buy out of these monopolies- as they are a lazy way of certain profitability. Try telling your bank that your business is more desrving of funds than a monopoly rent seeker.

  22. infused 22

    Your loss pent.

  23. Relic (aptly named) – the Cold War’s been over almost 20 years. Your team lost, mainly because having everything controlled by the state leads to basket-case economies.

    Capitalism (provided its excesses are moderated) works. We’re in a recession, and some businesses will fail, but the recession will end. If people didn’t take risks there would be no business failures. There would also be no innovation and you’d still be using a typewriter to communicate.

    • Maynard J 23.1

      Maybe you should be called relic – you have not gotten over the cold war either. It does not even need to be mentioned for you to start crowing your ‘victory’. You must be the most boring man at the pub.

      The internet was invented by state-funded universities. Do you think true inspiration stops when financed by the state? Any evidence, or will you spout ideology?

      • Swampy 23.1.1

        The internet has prospered as a commercial entity, not a wholly public one. When it was a creature of universities there was hardly anything happening on it.

  24. Maynard J, I happen to think there’s a role for the state in fostering innovation. What I should have said was “much less” innovation, rather than “no innovation”.

    Silicon Valley’s a good example of innovation fostered mostly by the private sector.

    I’m not an idealogue, and sit largely in the centre politically. I think capitalism works, so long as it’s subject to some state regulation. People who rage against bosses and capitalists are living in the past, hence my reference to the Cold War. I’m sorry you think that’s boring.

    • Pascal's bookie 24.1

      “I’m not an idealogue…”

      Just wondering, do you speak with an accent? 😉

    • Maynard J 24.2

      “I’m sorry you think that’s boring.”

      Referring it to the cold war, indeed. It is a new battle my friend, and has nothing to do with the conflict of past – that was a struggle for hegemony.

      Tell me, what do you do these days if you want to critique capitalism while at the same time not be branded a Cold Warrior by Scott Yorke? Or must I accept capitalism as my master now and hereafter?

      Why, if not for ideology, do you think the successes of Silicon Valley could not have been achieved with state funding?

  25. George Darroch 25

    They dropped focus on their core market, high value sailing clothes, in favour of a larger and potentially more profitable one in fashion. Unfortunately their products dated quite quickly as demand changed in the last decade. They suffered. If they were a sailing company I’d say they’d still be around today. The currency issues certainly didn’t help.

    I’d also like to see more stability in the NZ dollar, but the kind of regulation needed to ensure that is off the table for Labour.

  26. “Just wondering, do you speak with an accent?”

    Who doesn’t?

    • Pascal's bookie 26.1

      I just find it strange when people claim that they are just ‘in the centre’, not ‘having an ideology’.

      As if the centre doesn’t move around, quite wildly, and as if their own opinions are of course just pragmatic and moral exercises in common sense. Not like those ideologues who find their opinions in the sock drawer or something.

      No biggie. It’s just something that always strikes me as strange.

      • Zetetic 26.1.1

        Stay out of my sock drawer, PB.

        • Zetetic 26.1.1.1

          nah jokes. I got all my opinions in a little book called ‘The Leftie’s guide to everything’. Whenever I have a question I just look up the ideologically valid answer and then I write it down. Easier than thinking about it.

  27. Maynard J: you said “Why, if not for ideology, do you think the successes of Silicon Valley could not have been achieved with state funding?”

    I don’t think those successes could have been. The State is generally risk-averse with its spending and generally doesn’t like investing in high risk business activity. Which pretty much sums up Silicon Valley – much activity there involves enormous commercial risk but potentially enormous rewards. Some people end up losing their shirt, and others make a bundle.

    The moment the State began to invest significantly in software and ICT innovation people would be writing letters to the editor of every newspaper complaining about how many hip operations could have been performed using the money.

    I’ll accept I’m never going to convince you of the potential benefits of capitalism. I’m not a crusader for capitalism and acknowledge that it has flaws that need to be moderated. Call that ideology if you want to. I still think I’m a moderate.

    • Maynard J 27.1

      “The moment the State began to invest significantly in software and ICT innovation people would be writing letters to the editor of every newspaper complaining about how many hip operations could have been performed using the money. ”

      There is no disputing that point!

      I see the benefits of capitalism, and the pitfalls. The idealist in me wonders if there is a way to reap the benefits while mitigating the risks – but that’s not really likely is it?

  28. “The idealist in me wonders if there is a way to reap the benefits while mitigating the risks but that’s not really likely is it?”

    Probably not. But feel free to put your thinking hat on and come up with something.

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    SciBlogsBy Siouxsie Wiles
    7 days ago
  • Lock Down: Day 1
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    Frankly SpeakingBy Frank Macskasy
    7 days ago
  • A Compelling Recollection.
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    7 days ago
  • The Warehouse – where everyone gets a virus
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    Frankly SpeakingBy Frank Macskasy
    7 days ago
  • Aggressive action to address climate change could save the world $145 trillion
    This is a re-post from Yale Climate Connections A respected research group, Project Drawdown, finds that deploying solutions consistent with meeting the Paris climate targets would cost tens of trillions of dollars globally. But crucially, those outlays would also yield long-term savings many times larger than the up-front costs. The new 2020 Drawdown ...
    1 week ago
  • After the Pandemic
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    SciBlogsBy Robert Hickson
    1 week ago
  • Coronavirus – Cuba shows the way
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    RedlineBy Admin
    1 week ago
  • Using privacy law to prevent the death penalty
    In 2018, El Shafee Elsheikh and Alexanda Kotey - two British citizens who had purportedly been stripped of their citizenship by the British government - were captured while fighting for Isis in Syria. The British government then conspired to hand them over to the US, and agreed to provide evidence ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • It’s Time For Disaster Socialism.
    Transformers: The disaster of the Great Depression was transformed into a new and fairer society by the democratic socialism of the First Labour Government. The disaster of the Covid-19 Pandemic offers a similar transformative possibility to the Labour-NZ First-Green Government. Seize the time, Jacinda! You will never have a better ...
    1 week ago
  • Skeptical Science New Research for Week #12, 2020
    Tamper with The System? Well, we already are. But there's a difference between accidentally trickling sand into a precision gearbox versus formulating a plan to alter it on the fly with improvements in mind. One action is more or less innocently unscrupulous, the other amenable to earning an easy ...
    1 week ago
  • Avoidable hospitalisations: Helping our health system get through COVID-19
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    1 week ago
  • Raise the Bar: 10 questions to ask your employer proposing redundancy
    Kia ora my name is Chloe Ann-King* and I am the founder of Raise the Bar, a campaign and non-profit that gives free legal aid, advocacy and tautoko to hospitality workers in Aotearoa. Right now all over our country hospo workers are being fired at will, having shifts cut or being ...
    PosseBy chloeanneking
    1 week ago
  • An equitable way to support business
    The Herald reports that the government is planning to lend billions of dollars to large businesses to keep them operating during the pandemic. As with mortgage relief, this is necessary: we need companies to stay in business, to reduce the economic damage and help things get restarted again when this ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Hard News: Together Alone
    We're about to do something unprecedented as a nation. We hope that by taking this extraordinary action before a single life in New Zealand has been lost to the deadly novel virus we will save tens of thousands of lives. Our  lives. We'll do it together, in households, in isolation ...
    1 week ago
  • Why timing is everything: ‘A time to refrain from embracing’ starts today
    “There is a time for everything,    and a season for every activity under the heavens.”So writes the author of Ecclesiastes, a book in the Old Testament that’s counted as a ‘wisdom’ book and written as if by an unnamed king of Jerusalem. But who would have thought there would be a time ...
    PunditBy Tim Watkin
    1 week ago
  • Dealing with the Covid-19 Tsunami.
    I was surprised when the prime minister described the Economic Response to Covid-19 package as the ‘largest peacetime government spend in New Zealand's history’. Reflecting – checking through history – I realised that the term ‘spend’ was crucial and the package had no income tax cuts. Even so, it has ...
    PunditBy Brian Easton
    1 week ago
  • What about renters?
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    No Right TurnBy Idiot/Savant
    1 week ago
  • Living within our means.
    Years ago the Argentine sociologist Carlos Weisman wrote a book titled “Living within our Means.” It was a critique of Argentine society that focused on the paradoxical question of why, in a land of plenty, there was so much economic instability, inequality, corruption and political turmoil. His conclusion was basically ...
    KiwipoliticoBy Pablo
    1 week ago
  • Transparency and the pandemic
    Parliament will be leading by example and adjourning tomorrow after a special sitting to consider an epidemic notice and state of emergency. Day-to-day oversight of the government will be delegated to a select committee. But that's not the only overight mechanism. The OIA will still be law, and (so far) ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • ‘Overjoyed’: a leading health expert on New Zealand’s coronavirus shutdown, and the challengin...
    Michael Baker, University of Otago Overjoyed. That’s not a word epidemiologists normally use, but that’s how I felt after hearing Prime Minister Jacinda Ardern’s announcement about New Zealand’s COVID-19 shutdown of everything except essential services for at least four weeks from midnight on Wednesday. More than anything, I just ...
    SciBlogsBy Public Health Expert
    1 week ago
  • One way to solve the housing crisis
    How much homelessness is caused by house hoarding? We're about to find out. The pandemic has destroyed tourism, which means that house hoarders who put their hoarded properties up as short-term tourist rentals are now offering them on the ordinary rental market:Property investors are pulling properties from Airbnb to offer ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • The pros and cons of planting trees to address global warming
    This is a re-post from Yale Climate Connections by Bruce Lieberman It seems like such a simple, straightforward, empowering idea: plant trees – a lot of trees – all over the world, and watch the planet’s temperature fall. Who doesn’t love a tree or two, even far more – the right ...
    1 week ago
  • Not a grand coalition, but a government of national salvation
    According to Newshub, Simon Bridges is open to joining a “grand coalition” with Labour as we hunker down to go into a month long lockdown. The idea is sound. Before now, the role of the opposition was to scrutinise and oppose. In the context of what almost amounts to a ...
    PunditBy Liam Hehir
    1 week ago
  • Raise the Bar: hospitality workers & wage subsidy entitlements
    Kia ora my name is Chloe Ann-King* and I am the founder of Raise the Bar, a campaign and non-profit that gives free legal aid, advocacy and tautoko to hospitality workers in Aotearoa. Right now all over our country hospo workers are being fired at will, having shifts cut or ...
    PosseBy chloeanneking
    2 weeks ago
  • Lifting our game against COVID-19
    We need to be lifting our game against COVID-19. You and I need to help those working to prevent the spread of COVID-19 while they’re trying to lift the testing and treatment efforts. We don’t want to be playing this game running backwards. Best to play it solidly forward, from ...
    SciBlogsBy Grant Jacobs
    2 weeks ago
  • The maths and ethics of minimising COVID-19 deaths in NZ
    Prof Tony Blakely, Prof Michael Baker, and Prof Nick Wilson The NZ Government must do more to clearly articulate its COVID-19 strategy: eradication or ‘flattening the curve’ mitigation. But to do so means understanding the maths and ethics of both these strategies. In this blog, we adapt our work for ...
    SciBlogsBy Public Health Expert
    2 weeks ago

  • Butchers now allowed to process pork
    Changes have been made to allow butchers to process pork, only for supply to supermarkets or other processors or retailers that are open, Agriculture Minister Damien O’Connor has announced. “We carefully weighed the risk of allowing butchers to open their shops for retail customers, but the risk of spreading COVID-19 ...
    BeehiveBy beehive.govt.nz
    12 hours ago
  • Essential workers leave scheme established
    Essential workers who take leave from work to comply with public health guidance are being supported with a leave scheme to ensure they will continue to receive income, say the Minister of Workplace Relations and Safety Iain Lees-Galloway and Minister for Social Development, Carmel Sepuloni. A number of essential businesses ...
    BeehiveBy beehive.govt.nz
    14 hours ago
  • Govt WhatsApp helps share COVID-19 information
    A Government WhatsApp channel has been launched to help make information more easily accessible and shareable in the fight against COVID-19. Govt.NZ, which is free to use on any mobile device, will carry information and news for the public, businesses, healthcare providers, not for profits and local government. It can ...
    BeehiveBy beehive.govt.nz
    14 hours ago
  • Managed departure plan for stranded foreign nationals enables safe, orderly exit
    The Government has announced a plan to enable the safe, orderly exit of tens of thousands of stranded foreign nationals from New Zealand during the current COVID-19 Alert Level 4 restrictions, Deputy Prime Minister and Foreign Minister Winston Peters has said. “When we moved into lockdown a week ago, the ...
    BeehiveBy beehive.govt.nz
    15 hours ago
  • Government delivers COVID-19 support to GPs and Pharmacies
    Health Minister Dr David Clark says the Government is delivering on its commitment to support general practice doctors and nurses, and pharmacies on the front-line of our fight against COVID-19. "For us to overcome COVID-19, we need community health services such as general practice and community pharmacy to step up ...
    BeehiveBy beehive.govt.nz
    15 hours ago
  • Susan Thomas the new Chief High Court Judge
    Justice Susan Thomas has been appointed Chief High Court Judge, Attorney-General David Parker announced today.  She replaces Justice Geoffrey Venning who has resigned from the position.   David Parker paid tribute to Justice Venning, who he said had stewarded the High Court very capably over the last five years.   “On behalf ...
    BeehiveBy beehive.govt.nz
    18 hours ago
  • Business Finance Guarantee – applications open
    Businesses can start applying to their banks for loans under the Business Finance Guarantee Scheme set up to support the New Zealand economy during the COVID-19 pandemic. “We’re moving quickly to protect New Zealand businesses, jobs and the economy during this unprecedented global economic shock,” Finance Minister Grant Robertson said. ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Work starts on ways to fast-track consents to boost recovery from Covid-19 downturn
    Work is underway looking at measures to speed up consents for development and infrastructure projects during the recovery from COVID 19, to provide jobs and stimulate our economy.  Environment Minister David Parker said the COVID-19 pandemic is a serious global crisis that will have a wide ranging and lasting impact ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Advance payments to support contractors
    Advance payments will be made to transport construction industry contractors to retain the workforce and ensure it is ready to quickly gear up to build projects which will be vital to New Zealand’s COVID-19 economic recovery, Transport Minister Phil Twyford announced today. He said keeping the workforce required to build ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government seeks infrastructure projects
    The Government has tasked a group of industry leaders to seek out infrastructure projects that are ready to start as soon as the construction industry returns to normal to reduce the economic impact of the COVID-19 pandemic, Economic Development Minister Phil Twyford and Infrastructure Minister Shane Jones say. The Infrastructure ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Health system scaled up to prepare for COVID-19
    Work to scale up the health system in preparation for COVID-19 was today outlined by Health Minister David Clark, as he reported back to the new Epidemic Response Committee. “We are well placed to contain the spread of COVID-19. We have taken early and decisive action at our borders, and ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Essential media COVID-19 guidelines refined
    The Government is refining its COVID-19 essential business guidance to include the distribution of news publications for communities which are hard to reach. The Minister of Broadcasting, Communications and Digital Media, Kris Faafoi, said the move was in recognition of the importance for New Zealanders who might be harder to ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Supermarkets able to open on Easter Sunday
    The Government is ensuring supermarkets can open on Easter Sunday so we can buy groceries, but stay closed on Good Friday allowing workers to take a break. This provides a balanced approach and ensures we avoid large queues that two days closure may cause. “Supermarkets will be able to open ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • New Zealand defence personnel conclude mission at Taji
    Following the successful conclusion of the Building Partner Capacity (BPC) mission at Taji, New Zealand defence personnel are returning to New Zealand from Iraq, in accordance with the Cabinet decision made in June 2019, Foreign Affairs Minister Winston Peters and Defence Minister Ron Mark announced today. “New Zealand is very ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • State of National Emergency extended
    The State of National Emergency to help stop the spread of COVID-19 has been extended for a further seven days, Minister of Civil Defence Peeni Henare said. The initial declaration on March 25 lasted seven days and can be extended as many times as necessary. “Since we went into isolation ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Strong Govt books support ‘go hard, go early’ response
    New Zealand’s ability to go hard and go early in the fight against COVID-19 has been underpinned by strong Government finances and the growing economy heading into this global pandemic, Finance Minister Grant Robertson says. The Treasury today released the Crown financial statements for the eight months to the end ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Christchurch Hospital Hagley ICU to open to support COVID-19 response
    Health Minister Dr David Clark says 36 new intensive care beds at Christchurch Hospital’s new Hagley building are being fast tracked so they are available for treatment of COVID-19 patients.   The Ministry of Health is working with contractor CPB and Canterbury DHB to enable access to the hospital’s ICU, ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government supports Air NZ freight flights
    The Government has fast-tracked up to $1 million to help Air New Zealand move urgent freight to and from New Zealand, with the first flight to Shanghai leaving tonight, Transport Minister Phil Twyford announced today. Phil Twyford says it’s crucial that trade in vital goods such as medical supplies and ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Tariff concessions on COVID-19 related products
    New Zealand will temporarily remove tariffs on all medical and hygiene imports needed for the COVID-19 response. Trade and Export Growth Minister David Parker and Commerce and Consumer Affairs Minister Kris Faafoi said today that the New Zealand Customs Service will apply tariff concessions to all diagnostic reagents and testing ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Clarification of modification to wage subsidy scheme
    Minister of Finance Grant Robertson has clarified that the changes to the wage subsidy scheme announced yesterday mean that employers should be passing on the full subsidy to workers, except in the case where the person’s normal income is less than the level of the subsidy. “We still want employers ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Face masks flowing to DHBs
    Medical face masks from the national reserve supply are now being distributed to District Health Boards, while at the same time local production is being ramped up. Yesterday more than 640,000 masks were sent to DHBS – that is an immediate two week supply, with more to follow in coming ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • COVID-19: Further steps to protect New Zealanders’ jobs
    The Government has made modifications to the wage subsidy scheme to ensure people don’t lose their jobs during the national lockdown. These changes will soften the impact of COVID-19 on workers, families and businesses, and position them to exit the lockdown and look to recovery, Finance Minister Grant Robertson says. ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Tax relief for Mycoplasma Bovis farmers
    Farmers whose herds were culled in response to the outbreak of Mycoplasma bovis will be able to minimise the tax treatment of their income in some circumstances. Revenue Minister Stuart Nash says Cabinet has agreed to change the law. It means farmers may be eligible to spread their income over ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • $27 million for NGOs and community groups to continue providing essential services
    A $27 million dollar package, effective immediately, is being provided to social sector services and community groups to ensure they can continue to provide essential support to communities as we stay at home as a nation to stop the spread of COVID-19, Minister for Social Development Carmel Sepuloni announced. “At ...
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    1 week ago
  • Statement on guilty plea of March 15 terrorist
    “The guilty plea today will provide some relief to the many people whose lives were shattered by what happened on March 15,” Prime Minister Jacinda Ardern said. “These guilty pleas and conviction bring accountability for what happened and also save the families who lost loved ones, those who were injured, ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • COVID-19 updates
    The Prime Minister is holding daily press conferences to update New Zealanders on the Government's response to COVID-19. Links to videos and transcripts of these updates below. These transcripts also include All of Government press conferences led by Director Ministry of Health's Director-General of Health Dr Ashley Bloomfield. 25 March: Live update from the Prime ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Police numbers break through 10,000 mark
    Frontline Police numbers have broken through the 10,000 mark for the first time in history as officers step forward to keep the community safe during the COVID19 lockdown. “Two Police graduations in Auckland and Wellington in the past week have been conducted in unprecedented circumstances,” Police Minister Stuart Nash said. ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Urgent tax measures for economic recovery
    Urgent legislation has been passed to support the package of economic and social measures needed to recover from the impact of the coronavirus outbreak. “The COVID-19 Response (Taxation and Social Assistance Urgent Measures) Bill will cushion New Zealanders from the worst economic impacts of the COVID-19 outbreak,” said Revenue Minister ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Further support for farmers and growers as drought persists
    From tomorrow, Government support for farmers and growers affected by drought will be expanded and extended across the country, with access to Rural Assistance Payments (RAPS) available throughout the North Island, parts of the South Island and the Chatham Islands, Social Development Minister Carmel Sepuloni announced. “These challenging conditions have ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • COVID-19: Temporary changes to Education Act
    Parliament has passed amendments to legislation that give the Secretary of Education stronger powers to act in the fight to limit the spread of COVID-19, Education Minister Chris Hipkins said today. “They are part of a suite of changes passed under the COVID-19 Response (Urgent Management Measures) Legislation Bill,” Chris ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Canada, Australia, Chile, Brunei and Myanmar join NZ and Singapore in committing to keeping supply a...
    Canada, Australia, Chile, Brunei and Myanmar have joined forces with New Zealand and Singapore by committing to keep supply chains open and remove any existing trade restrictive measures on essential goods, especially medical supplies, in the face of the Covid-19 crisis.  Trade and Export Growth Minister David Parker today welcomed ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • COVID-19: Rent increase freeze and more protection for tenants
    Immediate freeze on rent increases Tenancies will not be terminated during the lock-down period, unless the parties agree, or in limited circumstances Tenants who had previously given notice can stay in their if they need to stay in the tenancy during the lock-down period Tenants will still be able to ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Working together to protect businesses and workers
    As New Zealand unites to lock-down in the fight against COVID-19, the Finance Minister is urging all businesses and workers to stay connected over the next four weeks. “We understand the extreme pressure many businesses are under right now. I know most business owners think of their workers as family ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • State of National Emergency declared to fight COVID-19
    A State of National Emergency has been declared across the country as the Government pulls out all the stops to curtail the spread of COVID-19. “Today we put in place our country’s second ever State of National Emergency as we fight a global pandemic, save New Zealanders’ lives and prevent ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Prime Minister’s statement on State of National Emergency and Epidemic Notice
    Mr Speaker I wish to make a Ministerial Statement under Standing Order 347 in relation to the recent declaration of a State of National Emergency. Having considered the advice of the Director Civil Defence Emergency Management, the Minister of Civil Defence declared a State of National Emergency for the whole of ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Deadline for domestic travel extended
    People needing to travel on domestic flights, trains and Cook Strait ferries to get home before the country moves into level 4 lock-down tomorrow night will be able to continue using the passenger services until midnight on Friday, Transport Minister Phil Twyford said today. Domestic passenger services, particularly ferries, have ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Mortgage holiday and business finance support schemes to cushion COVID impacts
    The Government, retail banks and the Reserve Bank are today announcing a major financial support package for home owners and businesses affected by the economic impacts of COVID-19. The package will include a six month principal and interest payment holiday for mortgage holders and SME customers whose incomes have been ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government working to keep air freight moving
    Minister of Transport Phil Twyford has today announced details of the Government’s support package to keep key air freight moving and ensure New Zealanders retain access to essential goods during the four-week level 4 lockdown. “The Government is working with airlines and air freight operators to ensure New Zealand’s key ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • New Zealand moves to COVID-19 Alert Level 3, then Level 4 in 48 hours
    New Zealand moved up to COVID-19 Alert Level 3 – Restrict New Zealand to move up to COVID-19 Alert Level 4 – Eliminate, in 48 hours Two-staged approach to give people and businesses time to prepare  Level 3, from tomorrow Non-essential businesses must close All events and gatherings must be ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Prime Minister: COVID-19 Alert Level increased
    Good afternoon  The Cabinet met this morning to discuss our next actions in the fight against COVID-19.  Like the rest of the world, we are facing the potential for devastating impacts from this virus. But, through decisive action, and through working together, do we have a small window to get ...
    BeehiveBy beehive.govt.nz
    2 weeks ago