Mighty River Power is buying back shares

Written By: - Date published: 11:32 am, October 10th, 2013 - 45 comments
Categories: business, privatisation - Tags:

Mighty-River-Power

It has just been announced that Mighty River Power is to stand in the market and buy back up to 2% of its company shares over the next 12 months.  Chair Joan Withers says this will happen as part of its capital management plans “reflecting the Board’s view that the purchase of its own shares is in the best interests of the Company and its shareholders”.

The buyback is said to be a “prudent use of capital”, will provide a return above MRP’s cost of capital and will be “value-enhancing” for its shareholders.  It is a shame that the Government did not see things this way and hold onto the shares.  As has been said many times this would have provided a return above the debt being paid back and would also have been value enhancing for all of us.

The purchase can happen from October 15 until October 14 next year. The shares bought back will not be cancelled.

The current price for MRP shares is $2.20.

The effect will be to at least maintain that price, and quite possibly there will be a surge in the price.  As at the time of writing the share price has jumped 5c to $2.25.

This announcement is coincidentally occurring at the same time that retail applications for Meridian shares are being accepted.  Retail offers close on October 18, 2013.  A deflated MRP share price would dampen the expected price that Meridian shares could demand.

Rod Oram has tweeted

MRP buys back shares – this is classic, desperate strategy of companies with excess profits, no growth opportunities and ailing share price

It also smacks of a desperate strategy to keep the privatisation process on track.

45 comments on “Mighty River Power is buying back shares”

  1. Rogue Trooper 1

    lolz, “lower than forecast capital expenditure FY2013…and the lower capital expenditure planned for FY2014″.hmmm

    • ghostwhowalksnz 1.1

      Thats so they can announce ” record profits”, once they are out from under the ‘yoke’ of State control.

      Its theatre of the absurd

      • Tom Gould 1.1.1

        Withers says they have a found a spare hundred million under the mattress? These Tories really are a bunch of amateurs. They are selling, then the are buying, while they are selling? And the power price goes up while demand is flat or falling? Bring on NZ Power.

  2. Ad 2

    They have also just got rid of all their major growth opportunities. This is a stale company.

    Perhaps the logical way to prop up their price is not to burn their own cash at it, but to require the Government’s own investors in EQC, ACC, and NZSuper to step in with higher shareholding.

    Maybe the market just said that renationalisation of MRP is necessary.

  3. Plan B 3

    they will be buying their own shares with debt. That is the most likely option.

    • mickysavage 3.1

      Silly me I thought the idea of the sale process was to pay down debt …

    • Colonial Viper 3.2

      In other words, they will supply debt sourced dividends to the National Government, while keeping that same debt off the National Government’s balance sheet.

      • Ant 3.2.1

        Pretty much, and they defer as much capital expenditure as they possibly can until after the election…

  4. tc 4

    How much debt did they add the the sector when Genesis borrowed to do a station swap with meridian ( get a Hydro station for a carbon burning one) which was turned into a one off govt dividend, as I recall.

    Also those adds claim meridian only generate from clean green renewable sources, does that include the carbon emitting one Herr Brownlee made them take from Genesis ?

  5. Paul Campbell 5

    Buying back shares raises the value of shares – but only the liquid 49% trading on the NZX the 51% still owned by the govt, because they’re not on the market they only have a nominal value – one that can’t be realised, unless the nats are planning on selling off the rest

    An obvious alternative to spending the money to buy back the shares would be to use the money to pay dividends – if they did then 51% of the dividends would go into the government’s coffers benefiting all of us rather than 100% going to the NZX rich crowd

    • RedBaronCV 5.1

      Exactly

    • Tamati 5.2

      As a result of this investment, the government will get about 52% of future dividends. It’s quasi-renationalisation on a very small scale.

      • Colonial Viper 5.2.1

        That’s a crying shame. The NZ taxpayer should have been receiving 100% of future dividends, not 52%.

        • Tamati 5.2.1.1

          But you’d prefer 52% over 51% right?

          Can’t you at least give the MRP board a tiny bit of credit? Maybe they are all DC’s mates from back in his management consultancy days?

        • fender 5.2.1.2

          +1 CV

          But then the 2% won’t get the other 48% worth of dividends to pay their power bills with, how unfair.

  6. Neil 6

    I find most of the comments pretty incomprehensible. Whether you like it or not, the future need for new power sources is not great in NZ. Therefore they have surplus capital which could be used as a dividend or reducing the number of shares on the market.
    What MRP(Not the government) has done is commonly used in the USA in particular. Reducing the number of shares increases the earnings per share.
    Better that than the dividends as they have in the past gone into the great unknown and spent badly by Labor governments.
    Using Rod Oram in this situation is like communists approving Stalin’s purges. Rod Oram is not a supporter of current government policy, however he is used by the left wing to justify their positions. As an investor, Rod Oram is the last person I would take any notice of.

    • karol 6.1

      I can see why you find most of the above comments incomprehensible, neil.

      Oram equated with approval of Stalinist purges? Now there’s a stretch.

      • lprent 6.1.1

        You’re charitable. Bearing in mind how mild that Oram is on his analysis, I suspect that this loon is of the redbaiter political fraternity. That is to say one who considers that Genghis Khan was a bit of a pinko because he concerned himself about roads across his military empire.

        “Neil” looks like a survivalist grade of human – homo erectus with a pretension of a having a rifle.

    • fender 6.2

      Good one Neil

      • Rogue Trooper 6.2.1

        as the page was ‘turning’ on this old notebook I wondered if That was where the link was leading. “gotta new motor?”

    • bad12 6.3

      And now for the Truth Neil, Mighty River power will from September to next September be in the market to buy back 2% of the company’s public shares,

      Mighty River WILL NOT be cancelling those shares, which simply makes all your blather about reducing the number of shares for a higher dividend yield a load of utter Bullshit,

      There can be only 2 logical explanations for the actions of Mighty River in buying back shares,(1), in an effort to get the share price back to the original retail price so investors can unload without being burned,(and taking that out on the National Party who sold them half a Lemon in the first place, OR,

      (2), Mr and Mrs Ma and Pa, the 2% who fell all over themselves to purchase this half a lemon,(in spite of being warned what Labour/Green planned for electricity pricing),have been slow to take the financial loss that was always on the cards for them,

      Such tardiness, in the vain hope of at least getting ‘their money back’ has resulted in the big players from off shore not being able to feast on what should have been a ‘panic sell’ by Mr and Mrs Ma and Pa and they have become impatient enough to pull on the chains in their well connected network so as to get the Mighty River shares moving at a timely rate onto their balance sheets,

      Hence Mighty River Powers buy in, and NON-cancellation of the 2% of shares they have announced as the initial ‘buy-back’, those shares aint going to reside at Mighty River for too long, little firms like Goldman Saches want their pound of flesh and the Mighty River buyback sure as hell from here looks likes the means by which they will get it…

    • Colonial Viper 6.4

      Whether you like it or not, the future need for new power sources is not great in NZ. Therefore they have surplus capital which could be used as a dividend or reducing the number of shares on the market.

      So please justify why this “surplus capital” didn’t go into the public purse, but is being spent on feeding private investors.

      Oh yeah. Tories helping out their bankster mates again. All part of the plan from the start, I suppose.

      Let’s just remember that investment banksters aren’t looking for “investments” they are looking for quick rorts to hit their quarterly bonus levels.

      What MRP(Not the government) has done is commonly used in the USA in particular. Reducing the number of shares increases the earnings per share.

      Did it ever occur to you that the financialisation games of the USA markets is not where we should be going?

      They are a “diminishing superpower” and not an example to follow.

    • Francis 6.5

      You neglected to add the third option, which is to give the surplus back to the consumers they have been excessively ripping off ever since electricity supply had been marketised back in the 1990s.

  7. bad12 7

    Sniff, sniff, i smell the stench of burning liquidity, who borrowed heavily, gambling that the Mighty River share-float would result in a share price 10-20% above the initial retail offering in the weeks and a few months after the sale,

    Kiwi-Power is coming, hopefully in the batch of Legislation the incoming Labour/Green Government will introduce to the Parliament in it’s first 100 days of office,

    Spending the profits on share buybacks which we all assume Bill from Dipton, the Minister of Finance, is happy with, is an act of sheer desperation, not necessarily on behalf of Mighty River, it’s share price having little to do with pofitablity,

    What this looks like to me is the profits, 51% of which are still owned by you and me being used in an effort to prop up the Mighty River share price so the 2% who fell all over each other to purchase our power company can attempt to bail out without losing their shirts,

    Come 2014-2015 and the advent of Kiwi-Power those Mighty River shares are going to have a market value of around a dollar, and those who borrowed heavily to buy in are all going to be spilling red ink all over the carpet…

  8. Nick 8

    “MRP buys back shares – this is classic, desperate strategy of companies with excess profits, no growth opportunities and ailing share price”

    Good that the government got 49% of it off its books then eh??

    • mickysavage 8.1

      What I would like to know is why did we pay millions of dollars to sell a company that was holding a spare hundred million in its coffers. This money should have been paid as a special dividend before the sale occurred.

      • tc 8.1.1

        Thats destined for all those new shareholders mickey, MRP was first for a reason.

        • Chooky 8.1.1.1

          @tc…funny money..I am confused also……shouldnt the spare hundred million dollars have gone back into the public purse for power rebates to those poor who can scarcely pay their power bills?…..or pay off national debt?…or go into investments into solar energy technology to make everyone’s power cheaper?

          …surely it wont be going into the coffers of Goldman Sachs and other big investors…John Key’s mates?

          ….am I stupid? …or is this a scandal?

          • Tamati 8.1.1.1.1

            It’s not unusual for companies to retain earnings. It’s cheaper and less risky than funding investments through debt or equity. Apple have several billion sitting in foreign bank accounts. Not really a scandal

            • Chooky 8.1.1.1.1.1

              @ Tamati( you have a nice Maori name…but is it real?)…Apple is not owned by the tax payer …it is not a state or public owned asset built up by the NZ taxpayers over many years….Apple is a private American software company

              “Not really a scandal” ….what is that supposed to mean?

              How are all the elderly and those on very low incomes or unemployed…. who have gone without power …been cold….because the prices are too high and have been increasing…. going to feel when they realise that that Mighty River Power has been charging them too much and has been sitting on $100 million of their hard earned money ?

              …..and John Key and Nact have now flogged their State Owned Asset off ( against the wishes of the vast Majority of NZers)…including all the money eeked out of their suffering( for paying for overpriced power)……to their rich share owning mates, their blind trust accounts and overseas investors with the predatory reputations of Goldman Sachs?

              I ask again….am I stupid?……. or is this a scandal?….are ordinary NZers ( who cant afford shares) being taken for Fools and to the cleaners?

              • Tamati

                I’m just saying that a company retaining earnings isn’t a scandal. Most companies do it to varying degrees, it’s cheaper and less risky than debt or equity funding. Solid energy should have done it a few years back!

              • Tamati

                Thanks, middle name. I have a nice Irish name too.

                • Chooky

                  I am not convinced..no matter what your name…how many Maori are going to be winners out of John Keys and Nact ‘s dealings ?

                  • Tamati

                    My point is that companies retaining earnings instead of paying dividends is in no way scandalous. Pretty simple really.

                    I guess Maori will be able to have their say on John Key in about 12 months time.

                    • Colonial Viper

                      More private sector troughing. Exactly why the Tories flogged off the public asset for cheap.

                    • Chooky

                      So it is the SCANDAL of Nact pigs (insult to pigs,sorry)… representing their private sector friends and troughing it at the expense of ordinary NZers public assets…which they have flogged off for cheap

                      ….thanks for clarifying that CV ( us Chooks have difficulty with funny money)

            • tricledrown 8.1.1.1.1.2

              Tahmatey thats the several billion they have avoided paying taxes in every country they operate in!

    • Chooky 8.2

      @ Nick…to the mug buyers?

    • felix 8.3

      The share price is nothing.

      The real value of the company is not in its share price or its dividend stream or its future growth potential or its customer base or its market share or its profit centres.

      The only real value is the ability to generate energy. The rest is meaningless.

  9. ScottGN 9

    I’m confused. Weren’t we being told just last week that the energy price rises we’ve had over the last year, in spite of increased supply, falling demand and low inflationary pressures were necessary because the energy companies needed the money to make capital investments? Now we learn that not only does MRP have wads of cash lying around but they can’t really see anything much in the future that they might need to spend it on.

  10. Mike S 10

    In my opinion this is possibly because of low participation in Meridian buy up so far. Potential investors are attracted because they see the MRP share price going up and that if the share price goes down, the company will buy up shares thus increasing the share price and dividend. Essentially it puts a floor if you like on the low end share price. Another example of rent seeking or subsidising or bail out by stealth or whatever else you want to call it.

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    No Right TurnBy Idiot/Savant
    1 week ago
  • Climate Change: Paying the price in California
    Last year, California burned. This year, to stop it happening again (or rather, to stop themselves from being found liable if it happens again), Pacific Gas and Electric is cutting power to half the state for a week:Schools are closed. Traffic lights down. Tunnels dark. Businesses unopened. Hospitals running on ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Let’s Hear It For Up-Close-And-Personal, Hard-Copy Democracy!
    The Best Way: Missing from the on-line voting debate is any reference to the voting system that produces turn-out figures ranging from 77 to 93 percent of registered voters. The voting system used to collect and count the votes cast in our parliamentary elections. The system that involves citizens making ...
    1 week ago
  • 10/10: World Day Against the Death Penalty
    Today, October 10, is the world day against the death penalty. Out of 195 UN member states, 84 still permit capital punishment. Today is the day we work to change that. This year's theme is children. Having a parent sentenced to death or executed causes long-term trauma and stigmatization which ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Talking Freer Lives: a Marxist gender-critical perspective from Australia
    Among the great new bunch of political friends we have been making recently is the excellent Australian-based Marxist gender-critical site, Freer Lives.  So we asked the comrade who set up that blog to write something for Redline on the blog, himself, his analysis of the rise of gender politics and ...
    RedlineBy Admin
    1 week ago
  • Government spin accepted by union leadership
    by Don Franks  The Auckland City Mission is struggling with a 40 percent increase in demand for food parcels this year. A total of 23,020 were needed by June. Last month Missioner Chris Farrelly told the Herald the “cupboards are bare” and without an emergency food drive, he can’t see ...
    RedlineBy Daphna
    1 week ago
  • Forbidden Thoughts
    by The Council of Disobedient Women   Massey Wellington Student Association had a sit-in today. Imagine a sit-in. On a campus. Against a women’s rights meeting. Did the ’60s really happen or did we fucking dream it? They gathered in the student square, an echo chamber. Sitting on soft pillows ...
    RedlineBy Daphna
    1 week ago
  • Much love to my loyal Ukrainian readership
    For some reasons, my post about the mystery message from inside the Downing Street bunker seemed to catch people's attention.  Quite a lot of hits from NZ (unsurprisingly) and the USA (a bit more puzzlingly, but hi there, USAians!!) and 76 views from the Ukraine.I've celebrated my Ukrainian readers in ...
    1 week ago
  • Another day of bonkers GNUmours (again, sorry)
    First, almost a score of Labour MPs seem to have sent a letter to the EU basically begging them to accept a deal - any deal - just so Britain can get the Heck on with Brexiting instead of being trapped in limbo:
    To avoid no deal, deliver on the ...
    1 week ago
  • Labour vs working class immigrants – again!
    by Phil Duncan In 2016 the National-led government suspended the Parent Visa Category, through which migrants were able to bring their parents into New Zealand.  Since then over 5,700 people have been in immigration limbo, stuck on the visa wait list. Labour is now bringing back the scheme.  Well, sort ...
    RedlineBy Admin
    1 week ago
  • Speak Up for Women press statement: on Massey University and Feminism 2020
    The following was released yesterday (Tues, October 8) by the women’s liberation organisation Speak Up for Women. On 23 September Speak Up For Women announced that we would be holding an event at the Massey University Theaterette in Wellington. The event is called Feminism 2020. The intention of the event ...
    RedlineBy Admin
    1 week ago
  • Farmers support dirty rivers
    The government is currently consulting on plans to improve freshwater quality. So naturally, farmers oppose it:South Taranaki farmers are preparing to fight proposed national freshwater changes that some fear will bankrupt them. The Government's proposed National Environment Standard on Freshwater Management, released in September, rated the Waingongoro River as one ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • No-one cares about local government
    Yesterday was the last day for (reliably) posting your vote away in local body elections. Turnouts are mostly much lower than the equivalent time last year (Palmerston North is down 2.3%), and so naturally people are pushing their online-voting snake oil again. Because the online census worked so well, lets ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • The political ghosts of eugenics may matter more than the genetic
    This essay, on the political legacy of the eugenics movement, by Kenan Malik was originally published in the Observer on 6 October 2019, under the headline ‘The spirit of eugenics is still with us, as immigrants know to their cost’. Birth control. Intelligence tests. Town planning. Immigration controls. It’s striking how ...
    RedlineBy Daphna
    1 week ago
  • “Surplus” again
    Another year, and the government has announced another enormous government "surplus". And just like last year, its nothing of the sort. When we have people homeless and sick and hungry, when we have schools and hospitals still falling down, when we have underpaid public servants and infrastucture unmaintained or unbuilt, ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Inside the Downing Street bunker
    James Forsyth at The Spectator (I know, I know) has tapped one of his contacts inside Number Ten for an insight into the Johnson administration's thinking and strategy.It is fascinating, unsettling and quite, quite mad.  Some key points:Negotiations have stalled and the Johnson administration are keen to blame the EU: ...
    1 week ago
  • Taking Control Of The Nation’s Story.
    Fatal Contact: With the arrival of captain James Cook in October 1769, the islands of what would become New Zealand ceased to be the preserve of Polynesian navigators and settlers and became a part of both the world’s map and the world’s history.THE MAORI NATIONALIST assault upon the historical meaning ...
    1 week ago
  • Are GNUs extinct?
    Another round of tactical talks about forming a Government of National Unity have come to nothing with the Liberal Democrats still refusing countenance putting Jeremy Corbyn into Downing Street:Opposition talks on Monday made little headway over when to try and vote down Boris Johnson's government and who might succeed him as ...
    1 week ago
  • Labour chickens out again
    When the government was elected, it promised to lead the way on electric vehicles, and specifically to make the government vehicle fleet emissions-free where-practicable by 2025.They lied:There are 15,473 vehicles in the government fleet and only 78 are electric. When the coalition Government came into power in late 2017, the ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Transgender extremism, violence at work against feminist meeting at British Labour Party conference
    by Nick Rogers The debate around the meaning of sex and gender made an appearance at this year’s British Labour Party conference in Brighton. Women’s Place UK – an organisation that questions the demand that biological males who self-identify as woman should have access to women’s spaces, to all-women shortlists, ...
    RedlineBy Admin
    1 week ago
  • Rebelling in Wellington
    Yesterday I went down to Wellington to participate in the Extinction Rebellion protest. Its part of the latest global wave of XR actions, with actions happening all over the world. Some of those protests are massively disruptive: in Canada, XR is blocking major bridges, stopping people from getting to work. ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • ‘The Workshop’ – Report: Talking about Poverty and Welfare Reform: A Guide to Strategies that ...
    The Workshop is a charitable trust for public good. The Workshop undertake research to find ways of communicating that will build support for the solutions that work to solve complex social and environmental problems. See their Report on Talking about Poverty and Welfare Reform below. ...
    Closing the GapBy Tracey Sharp
    1 week ago
  • Exclusive language
    What is language? We generally assume that it a facility unique to humans, allowing us to share what’s in and on our minds. We can tell of our plans, our past exploits, our knowledge. It also allows us to lie. And yet there are vast numbers of people we can’t ...
    SciBlogsBy Michael Corballis
    1 week ago
  • April 2018 – Submission to the NZ Govt Tax Working Group
    You can read our submission HERE ...
    Closing the GapBy Tracey Sharp
    1 week ago
  • 2018 – Submission to the NZ Government Tax Working Group
    Read our submission here ...
    Closing the GapBy Tracey Sharp
    1 week ago
  • Guardian: Poll shows DISASTER for Corbyn and the End of Times
    The Guardian - ever eager to forewarn of doom and disaster on the left - are leading with a new poll from Opinium, which puts the Conservatives 15% clear of Labour.Con 38% +2Lab 23% -1Lib Dem 15% -5Brexit 12% +1Green 4% +2This isn't good news, and it would be very ...
    2 weeks ago
  • How prostitution became the world’s most modern profession
    Being and Being Bought (Spinifex Press, 2013) by Kajsa Ekis Ekman  A synopsis and commentary of Chapters 1-2 by Daphna Whitmore Ekman, a Swedish journalist and critic, brings together a Marxist and feminist analysis of prostitution and surrogacy in this groundbreaking book She opens the discussion with a definition of ...
    RedlineBy Daphna
    2 weeks ago
  • Clever legal fellow on Scottish challenge to Brexit
    I make no claims to having much legal knowledge,  so I defer to those trained in this area.I am very much enjoying this twitter stream from m'learned friend in Edinburgh, deciphering the legal arguments around the Scottish court challenge to Boris Johnson, based on the charmingly obscure principle of Nobile ...
    2 weeks ago
  • An Open Letter From Closed Minds.
    Ivory Folly? The University of Auckland’s Vice-Chancellor, Professor Stuart McCutcheon, upheld the right of the radical nationalist group, Action Zealandia to exercise their freedom of speech – not matter how distasteful that speech might be. A wiser community of students and scholars would have nodded their agreement and moved on. ...
    2 weeks ago
  • Extinction Rebellion members want to “eat babies”
    If you are not convinced terrorist Organisation ‘Extinction Rebellion’ is very, very dangerous – watch this video at one of their recent meetings. Not only is this obviously mentally ill Woman begging the other terrorists to promote killing and “eating” babies and children, if you watch carefully other members nod ...
    An average kiwiBy admin@averagekiwi.com
    2 weeks ago

  • Proposals to curb environmental damage help our coasts and the oceans
    Government Ministers today welcomed the release of a marine environment report highlighting the four key issues affecting our oceans, estuaries and coastlines.  The release underlines the importance of government proposals to combat climate pollution, ensure clean freshwater, protect biodiversity, make land use more sustainable, and reduce waste and plastic.    Environment ...
    BeehiveBy beehive.govt.nz
    8 hours ago
  • New mental health facility for Waikato
    The Government has approved funding for a new acute mental health facility for Waikato which will provide better care and support to people with mental health and addiction issues. Prime Minister Jacinda Ardern and Health Minister Dr David Clark announced the $100 million project to replace the aging Henry Rongomau ...
    BeehiveBy beehive.govt.nz
    13 hours ago
  • 500 new te reo Māori champions in our classrooms
    The Government is making progress on its goal to integrate te reo Māori into education by 2025, with over 500 teachers and support staff already graduating from Te Ahu o te Reo Māori,  Associate Education Minister Kelvin Davis announced today. Kelvin Davis made the announcement at an awards ceremony in Waikanae today, for ...
    BeehiveBy beehive.govt.nz
    15 hours ago
  • Minister James Shaw welcomes 2018 Census first release
    Statistics Minister James Shaw has welcomed the first release of 2018 Census data. The first release of data today, 23 September, includes key data on population, regional growth, the number of homes and the size of different ethnic groups in New Zealand. Data from the 2018 Census will support the ...
    BeehiveBy beehive.govt.nz
    15 hours ago
  • Driving transparency, ethics and accountability in government use of algorithms
    Minister for Statistics James Shaw today announced a public consultation on a proposed algorithm charter for government agencies. The charter has been developed by the Government Chief Data Steward in response to growing calls for more transparency in government use of data. Computer algorithms – procedures or formulas for solving ...
    BeehiveBy beehive.govt.nz
    15 hours ago
  • New Zealand and the Netherlands working together on climate change
    Agriculture Minister Damien O’Connor, Climate Change Minister James Shaw and visiting Dutch Prime Minister Mark Rutte co-hosted a business roundtable in Auckland this morning focused on working together to address climate change.  “The Netherlands is an important partner for New Zealand. We share a strong agricultural history. Sustainable agribusiness and ...
    BeehiveBy beehive.govt.nz
    15 hours ago
  • Protecting fairness for workers and businesses
    The Government is taking action to build an inclusive economy where more of us receive our fair share at work and businesses can compete on great products and services, not undercutting wages and conditions, Immigration and Workplace Relations and Safety Minister Iain Lees-Galloway says. Two consultations launched today seek feedback ...
    BeehiveBy beehive.govt.nz
    16 hours ago
  • Indigenous Freshwater Fish Bill Passes
    The future for New Zealand’s threatened indigenous freshwater fish looks brighter with the passing of the Conservation (Indigenous Freshwater Fish) Amendment Bill in Parliament today said Minister of Conservation, Eugenie Sage. “Until now, our freshwater fish legislation has been 20 years out of date. We have lacked effective tools to ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Kiwis to take part in world’s biggest earthquake drill
    At 1.30pm tomorrow, hundreds of thousands of Kiwis will join about 65 million people around the globe in ShakeOut, the world’s biggest earthquake drill. The annual drill is to remind people of the right action to take during an earthquake which is to Drop, Cover, Hold, and to practise their ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Rising wages and low inflation supporting Kiwis
    Kiwis are benefiting from higher wage growth and low inflation under the Coalition Government. Stats NZ data out today shows the rise in the cost of living remains low, as annual Consumers Price Index (CPI) inflation fell to 1.5% in September from 1.7% in June. “The low inflation comes as ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • NZ economy strong amid global headwinds
    New Zealand’s economic strength and resilience has been recognised in a major update on the state of the global economy. The IMF’s latest World Economic Outlook released overnight shows a reduced global growth forecast over the next two years as issues like the US-China trade war and Brexit take hold. ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Keeping New Zealanders safer with better counter-terrorism laws
    Justice Minister Andrew Little has today introduced a new Bill to prevent terrorism and support the de-radicalisation of New Zealanders returning from overseas. The Terrorism Suppression (Control Orders) Bill gives the New Zealand Police the ability to apply to the High Court to impose control orders on New Zealanders who ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Improved succession and dispute resolution core of Ture Whenua changes
    A Bill that proposes targeted changes to simplify the processes for Māori land owners when engaging with the Māori Land Court has had its First Reading today. “The approach taken by the Government is to ensure that the protection of Māori land remains a priority as we seek to improve ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Speech to CTU Biennial Conference
    Let me first thank all the new unionists and members in the room. There is nothing more important to improving people’s working lives than people making the decision to care, to get on board and help, to take up the reins and get involved. Congratulations to you. You bring the ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Minister ensures continued Whenuapai flight operations
    Minister of Defence Ron Mark has signed a certificate exempting the activity of engine testing at Whenuapai Airbase from the Resource Management Act 1991. The Act gives the Minister of Defence the power to exempt activities for the purposes of national security.  The certificate will mean the recent Environment Court ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • NZ joins Coalition of Finance Ministers for Climate Action
    Finance Minister Grant Robertson has announced New Zealand will join the Coalition of Finance Ministers for Climate Action while attending APEC meetings in Chile. The objective of the 39 member Coalition is to share information and promote action to tackle climate change. It was formed in April this year, in ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • CTU speech – DPM
    Ladies and gentlemen, NZCTU President Richard Wagstaff, members of respective unions – thank you for the invitation to speak to you today. This might be preaching to the choir, but the importance of trade unions in New Zealand’s historical arch is difficult to understate. And it is my belief that ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Police Association Annual Conference
    "Let’s start by acknowledging that it has been a huge year. " Police Association Annual Conference James Cook Grand Chancellor Hotel Wellington Nau mai, haere mai. Tēnā koutou, tēnā koutou, ka nui te mihi, ki a koutou katoa. President of the Police Association, Chris Cahill; Members of the Association and ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • New Zealand announces a further P-3 deployment in support of UN sanctions
    Minister of Foreign Affairs Winston Peters and Minister of Defence Ron Mark have announced the New Zealand Government’s decision to again deploy a Royal New Zealand Air Force P-3K2 (P-3) maritime patrol aircraft to support the implementation of United Nations Security Council (UNSC) resolutions imposing sanctions against North Korea. New ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • New Zealand deeply concerned at developments in north-east Syria
    Foreign Affairs Minister Winston Peters says New Zealand continues to have serious concerns for peace and stability in north-east Syria. “Recent reports that hundreds of ISIS-affiliated families have fled from a camp are deeply concerning from a humanitarian and security perspective”, Mr Peters says. “While we acknowledge Turkey’s domestic security ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government on high alert for stink bugs
    Biosecurity Minister Damien O’Connor is warning travelling Kiwis to be vigilant as the high-season for the crop-eating brown marmorated stink bug (BMSB) is under way. “We’re on high alert to stop BMSB arriving in NZ. The high season runs until April 30 and we’ve strengthened our measures to stop stink ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Better protections for students in halls of residence
    The Government is moving swiftly to change the law to improve the welfare and pastoral care of students living in university halls of residence and other tertiary hostels. Cabinet has agreed to several changes, including creating a new mandatory Code of Practice that sets out the duty of pastoral care ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • New trapping guide for community and expert trappers alike
    The Minister for Conservation Eugenie Sage has launched a new comprehensive trapping guide for community trappers to help them protect our native birds, plants and other wildlife, at Zealandia in Wellington today. ‘A practical guide to trapping’, has been developed by the Department of Conservation (DOC), and was launched during ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Widening Access to Contraceptives Welcomed
    Associate Health Minister Julie Anne Genter welcomes PHARMAC’s move to improve access to long-acting reversible contraception (LARCs). PHARMAC has today announced it will fund the full cost of Mirena and Jaydess for anyone seeking long term contraception, lifting previous restrictions on access to Mirena. “I welcome women having greater choices ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Major upgrade for Taranaki Base Hospital
    The Government has approved the next stage of a major redevelopment of Taranaki Base Hospital, which will deliver new and improved facilities for patients. Health Minister Dr David Clark has announced details of a $300 million dollar project to build a new East Wing at the New Plymouth hospital. It ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Extra support for rural families
    Extra funding will allow Rural Support Trusts to help farming families, says Minister for Rural Communities and Agriculture Damien O’Connor. “I know that rural families are worried about some of the challenges facing them, including the ongoing uncertainty created by the Mycoplasma bovis outbreak. “Those concerns sit alongside ongoing worries ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Howard Leaque Beekeeper programme graduation
    Thank you for the opportunity to be here to present certificates to the 16 graduates who have completed a beekeeping course delivered by the Howard League.  Let us start by acknowledging Auckland Prison’s Deputy Prison Director Tom Sherlock, and Acting Assistant Regional Commissioner of Corrections Northern Region Scott Walker - ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Finance Minister to attend APEC meetings
    Finance Minister Grant Robertson leaves this weekend to attend the APEC Finance Ministers meeting in Santiago, Chile. Discussions between APEC Finance Ministers at the meeting will include the effects of the current global economic uncertainty, risks for APEC economies and sustainable development of the region. While at APEC Grant Robertson ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Pacific languages are a source of strength, they ground us and build confidence
    The Minister for Pacific Peoples Aupito William Sio says for Pacific people, language can be a source of strength. It can help ground us and give us confidence. When we speak them, our languages provide us with an immediate and intimate access to our identity and our story - and ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Major boost to support disabled people in sport and recreation
    The Coalition Government has announced an action plan to improve the wellbeing of disabled New Zealanders by addressing inequalities in play, active recreation and sport. The initiative includes training to develop a workforce that understands the needs of children and young people with a range of impairments, advocacy for fit ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • More prefab homes to be built as red tape cut
    The construction sector is being freed up to allow more homes to be built more quickly as the Government cuts through some of the red tape of the Building Act.  “Every New Zealander deserves a warm, dry, safe home and old inefficiencies in the Building Act make building slow and ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Further details of Prince of Wales and Duchess of Cornwall visit to New Zealand
    Prime Minister Jacinda Ardern has welcomed further details on the Prince of Wales and Duchess of Cornwall’s visit to New Zealand next month. Their Royal Highnesses will visit New Zealand from 17-23 November – their third joint visit to New Zealand and first in four years. They arrive in Auckland ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • O’Connor in Thailand to push for RCEP deal
    Minister of State for Trade and Export Growth and Minister of Agriculture, Damien O’Connor, heads to Thailand today to attend the final Regional Comprehensive Economic Partnership (RCEP) Ministerial meeting, as negotiations enter their final stages. “The RCEP Agreement would anchor New Zealand in a regional agreement that covers 16 countries, ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Young Pacific people can access earning and learning opportunities in Hawke’s Bay, Otago and South...
    Pacific young people living in the Hawke’s Bay, Southland and Otago regions will have access to support services that have proved successful in helping young people find new earning and learning opportunities. “Tupu Aotearoa is about changing Pacific young peoples’ lives. Our young people are talented, they are smart, they ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Protecting wellbeing – ACC HQSC Trauma Forum
    Introduction As the Minister for ACC I thank you all for the work that you do supporting New Zealanders in their literally most vulnerable moments. From those who hold people’s lives in their hands, to the people who research technique, technology and trends, your work is highly valued. A special ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • NZ economy in good shape – notes prepared for speeches in Christchurch
    Notes prepared for speeches in Christchurch – Wednesday 9 October 2019 Today’s topic, “trends and opportunities for the New Zealand economy,” is certainly one getting a great deal of commentary at the moment. Looking across the media landscape lately you’ll notice we aren’t the only ones having this discussion. There ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • World Mental Health Day a reminder of the importance of mental health work
    Minister of Health Dr David Clark and Associate Minister of Health Peeni Henare say this year’s World Mental Health Day theme is a reminder of why the Government’s work on mental health is so important. “This year the World Federation for Mental Health has made suicide prevention the main theme ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Cultural Ministers Meeting
    Associate Arts, Culture and Heritage Minister Carmel Sepuloni will represent the government at Australia’s Meeting of Cultural Ministers in Adelaide this week. “This year’s meeting is special because New Zealand is expected to become an International Member of the Meeting of Cultural Ministers at this Australian forum,” Carmel Sepuloni said. “The meeting is an opportunity to ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • 608 claims resolved by GCCRS in first year
    The Greater Christchurch Claims Resolution Service has resolved 608 insurance and EQC claims in its first year in operation, Minister Megan Woods has announced. The government service, which celebrates its first birthday today, provides a one stop shop to help Cantabrians still battling to get their homes repaired or rebuilt ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • NZ economy in good shape
    Today’s topic, “trends and opportunities for the New Zealand economy,” is certainly one getting a great deal of commentary at the moment. Looking across the media landscape lately you’ll notice we aren’t the only ones having this discussion. There has been an increasing amount of attention paid to the outlook ...
    BeehiveBy beehive.govt.nz
    1 week ago