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.

Recent Comments

Recent Posts

  • EV road user charges bill passes
    Transport Minister Simeon Brown has welcomed the passing of legislation to move light electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) into the road user charges system from 1 April.  “It was always intended that EVs and PHEVs would be exempt from road user charges until they reached two ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Bill targets illegal, unregulated fishing in international waters
    New Zealand is strengthening its ability to combat illegal fishing outside its domestic waters and beef up regulation for its own commercial fishers in international waters through a Bill which had its first reading in Parliament today. The Fisheries (International Fishing and Other Matters) Amendment Bill 2023 sets out stronger ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Reserve Bank appointments
    Economists Carl Hansen and Professor Prasanna Gai have been appointed to the Reserve Bank Monetary Policy Committee, Finance Minister Nicola Willis announced today. The Monetary Policy Committee (MPC) is the independent decision-making body that sets the Official Cash Rate which determines interest rates.  Carl Hansen, the executive director of Capital ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Stronger protections for apartment owners
    Apartment owners and buyers will soon have greater protections as further changes to the law on unit titles come into effect, Housing Minister Chris Bishop says. “The Unit Titles (Strengthening Body Corporate Governance and Other Matters) Amendment Act had already introduced some changes in December 2022 and May 2023, and ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Travel focused on traditional partners and Middle East
    Foreign Minister Winston Peters will travel to Egypt and Europe from this weekend.    “This travel will focus on a range of New Zealand’s traditional diplomatic and security partnerships while enabling broad engagement on the urgent situation in Gaza,” Mr Peters says.   Mr Peters will attend the NATO Foreign ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Keep safe on our roads this Easter
    Transport Minister Simeon Brown is encouraging all road users to stay safe, plan their journeys ahead of time, and be patient with other drivers while travelling around this Easter long weekend. “Road safety is a responsibility we all share, and with increased traffic on our roads expected this Easter we ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Cost of living support for over 1.4 million Kiwis
    About 1.4 million New Zealanders will receive cost of living relief through increased government assistance from April 1 909,000 pensioners get a boost to Superannuation, including 5000 veterans 371,000 working-age beneficiaries will get higher payments 45,000 students will see an increase in their allowance Over a quarter of New Zealanders ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Tenancy reviews for social housing restart
    Ensuring social housing is being provided to those with the greatest needs is front of mind as the Government restarts social housing tenancy reviews, Associate Housing Minister Tama Potaka says. “Our relentless focus on building a strong economy is to ensure we can deliver better public services such as social ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Kermadec Ocean Sanctuary plan halted
    The Kermadec Ocean Sanctuary will not go ahead, with Cabinet deciding to stop work on the proposed reserve and remove the Bill that would have established it from Parliament’s order paper. “The Kermadec Ocean Sanctuary Bill would have created a 620,000 sq km economic no-go zone,” Oceans and Fisheries Minister ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Cutting all that dam red tape
    Dam safety regulations are being amended so that smaller dams won’t be subject to excessive compliance costs, Minister for Building and Construction Chris Penk says. “The coalition Government is focused on reducing costs and removing unnecessary red tape so we can get the economy back on track.  “Dam safety regulations ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Drought support extended to parts of North Island
    The coalition Government is expanding the medium-scale adverse event classification to parts of the North Island as dry weather conditions persist, Agriculture Minister Todd McClay announced today. “I have made the decision to expand the medium-scale adverse event classification already in place for parts of the South Island to also cover the ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Passage of major tax bill welcomed
    The passing of legislation giving effect to coalition Government tax commitments has been welcomed by Finance Minister Nicola Willis.  “The Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill will help place New Zealand on a more secure economic footing, improve outcomes for New Zealanders, and make our tax system ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Lifting economy through science, tertiary sectors
    Science, Innovation and Technology Minister Judith Collins and Tertiary Education and Skills Minister Penny Simmonds today announced plans to transform our science and university sectors to boost the economy. Two advisory groups, chaired by Professor Sir Peter Gluckman, will advise the Government on how these sectors can play a greater ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government announces Budget priorities
    The Budget will deliver urgently-needed tax relief to hard-working New Zealanders while putting the government’s finances back on a sustainable track, Finance Minister Nicola Willis says.  The Finance Minister made the comments at the release of the Budget Policy Statement setting out the Government’s Budget objectives. “The coalition Government intends ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government to consider accommodation solution
    The coalition Government will look at options to address a zoning issue that limits how much financial support Queenstown residents can get for accommodation. Cabinet has agreed on a response to the Petitions Committee, which had recommended the geographic information MSD uses to determine how much accommodation supplement can be ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government approves extension to Royal Commission of Inquiry into Abuse in Care
    Cabinet has agreed to a short extension to the final reporting timeframe for the Royal Commission into Abuse in Care from 28 March 2024 to 26 June 2024, Internal Affairs Minister Brooke van Velden says.                                         “The Royal Commission wrote to me on 16 February 2024, requesting that I consider an ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • $18m boost for Kiwis travelling to health treatment
    The coalition Government is delivering an $18 million boost to New Zealanders needing to travel for specialist health treatment, Health Minister Dr Shane Reti says.   “These changes are long overdue – the National Travel Assistance (NTA) scheme saw its last increase to mileage and accommodation rates way back in 2009.  ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • PM’s Prizes for Space to showcase sector’s talent
    The Government is recognising the innovative and rising talent in New Zealand’s growing space sector, with the Prime Minister and Space Minister Judith Collins announcing the new Prime Minister’s Prizes for Space today. “New Zealand has a growing reputation as a high-value partner for space missions and research. I am ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Concerns conveyed to China over cyber activity
    Foreign Minister Winston Peters has confirmed New Zealand’s concerns about cyber activity have been conveyed directly to the Chinese Government.     “The Prime Minister and Minister Collins have expressed concerns today about malicious cyber activity, attributed to groups sponsored by the Chinese Government, targeting democratic institutions in both New ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Independent Reviewers appointed for School Property Inquiry
    Independent Reviewers appointed for School Property Inquiry Education Minister Erica Stanford today announced the appointment of three independent reviewers to lead the Ministerial Inquiry into the Ministry of Education’s School Property Function.  The Inquiry will be led by former Minister of Foreign Affairs Murray McCully. “There is a clear need ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Brynderwyns open for Easter
    State Highway 1 across the Brynderwyns will be open for Easter weekend, with work currently underway to ensure the resilience of this critical route being paused for Easter Weekend to allow holiday makers to travel north, Transport Minister Simeon Brown says. “Today I visited the Brynderwyn Hills construction site, where ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Speech to the Infrastructure Funding & Financing Conference
    Introduction Good morning to you all, and thanks for having me bright and early today. I am absolutely delighted to be the Minister for Infrastructure alongside the Minister of Housing and Resource Management Reform. I know the Prime Minister sees the three roles as closely connected and he wants me ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Parliamentary network breached by the PRC
    New Zealand stands with the United Kingdom in its condemnation of People’s Republic of China (PRC) state-backed malicious cyber activity impacting its Electoral Commission and targeting Members of the UK Parliament. “The use of cyber-enabled espionage operations to interfere with democratic institutions and processes anywhere is unacceptable,” Minister Responsible for ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • NZ to provide support for Solomon Islands election
    Foreign Minister Winston Peters and Defence Minister Judith Collins today announced New Zealand will provide logistics support for the upcoming Solomon Islands election. “We’re sending a team of New Zealand Defence Force personnel and two NH90 helicopters to provide logistics support for the election on 17 April, at the request ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • NZ-EU FTA gains Royal Assent for 1 May entry to force
    The European Union Free Trade Agreement Legislation Amendment Bill received Royal Assent today, completing the process for New Zealand’s ratification of its free trade agreement with the European Union.    “I am pleased to announce that today, in a small ceremony at the Beehive, New Zealand notified the European Union ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • COVID-19 inquiry attracts 11,000 submissions
    Public consultation on the terms of reference for the Royal Commission into COVID-19 Lessons has concluded, Internal Affairs Minister Hon Brooke van Velden says.  “I have been advised that there were over 11,000 submissions made through the Royal Commission’s online consultation portal.” Expanding the scope of the Royal Commission of ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Families to receive up to $75 a week help with ECE fees
    Hardworking families are set to benefit from a new credit to help them meet their early childcare education (ECE) costs, Finance Minister Nicola Willis says. From 1 July, parents and caregivers of young children will be supported to manage the rising cost of living with a partial reimbursement of their ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Unlocking a sustainable, low-emissions future
    A specialised Independent Technical Advisory Group (ITAG) tasked with preparing and publishing independent non-binding advice on the design of a "green" (sustainable finance) taxonomy rulebook is being established, Climate Change Minister Simon Watts says.  “Comprising experts and market participants, the ITAG's primary goal is to deliver comprehensive recommendations to the ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Chief of Army thanked for his service
    Defence Minister Judith Collins has thanked the Chief of Army, Major General John Boswell, DSD, for his service as he leaves the Army after 40 years. “I would like to thank Major General Boswell for his contribution to the Army and the wider New Zealand Defence Force, undertaking many different ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Minister to meet Australian counterparts and Manufacturing Industry Leaders
    25 March 2024 Minister to meet Australian counterparts and Manufacturing Industry Leaders Small Business, Manufacturing, Commerce and Consumer Affairs Minister Andrew Bayly will travel to Australia for a series of bi-lateral meetings and manufacturing visits. During the visit, Minister Bayly will meet with his Australian counterparts, Senator Tim Ayres, Ed ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Government commits nearly $3 million for period products in schools
    Government commits almost $3 million for period products in schools The Coalition Government has committed $2.9 million to ensure intermediate and secondary schools continue providing period products to those who need them, Minister of Education Erica Stanford announced today. “This is an issue of dignity and ensuring young women don’t ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Speech – Making it easier to build.
    Good morning, it’s great to be here.   First, I would like to acknowledge the New Zealand Institute of Building Surveyors and thank you for the opportunity to be here this morning.  I would like to use this opportunity to outline the Government’s ambitious plan and what we hope to ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Pacific youth to shine from boost to Polyfest
    Minister for Pacific Peoples Dr Shane Reti has announced the Government’s commitment to the Auckland Secondary Schools Māori and Pacific Islands Cultural Festival, more commonly known as Polyfest. “The Ministry for Pacific Peoples is a longtime supporter of Polyfest and, as it celebrates 49 years in 2024, I’m proud to ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • 2024 Ngarimu VC and 28th (Māori) Battalion Memorial Scholarships announced
    ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Speech to Breast Cancer Foundation – Insights Conference
    Before moving onto the substance of today’s address, I want to recognise the very significant and ongoing contribution the Breast Cancer Foundation makes to support the lives of New Zealand women and their families living with breast cancer. I very much enjoy working with you. I also want to recognise ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Kiwi research soars to International Space Station
    New Zealand has notched up a first with the launch of University of Canterbury research to the International Space Station, Science, Innovation and Technology and Space Minister Judith Collins says. The hardware, developed by Dr Sarah Kessans, is designed to operate autonomously in orbit, allowing scientists on Earth to study ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Speech to the New Zealand Planning Institute
    Introduction Thank you for inviting me to speak with you today and I’m sorry I can’t be there in person. Yesterday I started in Wellington for Breakfast TV, spoke to a property conference in Auckland, and finished the day speaking to local government in Christchurch, so it would have been ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Support for Northland emergency response centre
    The Coalition Government is contributing more than $1 million to support the establishment of an emergency multi-agency coordination centre in Northland. Emergency Management and Recovery Minister Mark Mitchell announced the contribution today during a visit of the Whangārei site where the facility will be constructed.  “Northland has faced a number ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Celebrating 20 years of Whakaata Māori
    New Zealanders have enjoyed a broader range of voices telling the story of Aotearoa thanks to the creation of Whakaata Māori 20 years ago, says Māori Development Minister Tama Potaka. The minister spoke at a celebration marking the national indigenous media organisation’s 20th anniversary at their studio in Auckland on ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Some commercial fishery catch limits increased
    Commercial catch limits for some fisheries have been increased following a review showing stocks are healthy and abundant, Ocean and Fisheries Minister Shane Jones says. The changes, along with some other catch limit changes and management settings, begin coming into effect from 1 April 2024. "Regular biannual reviews of fish ...
    BeehiveBy beehive.govt.nz
    1 week ago

Page generated in The Standard by Wordpress at 2024-03-29T10:26:22+00:00