web analytics

The English are also selling their assets cheaply

Written By: - Date published: 8:35 am, October 25th, 2013 - 23 comments
Categories: Privatisation - Tags:

asset_sales_protest

There are many troubling things about the Meridian share float.  Blowing $1.1 billion of our equity as well as the cost of selling the shares is just the start.  But you have to wonder if the price is too cheap.

For instance why wasn’t the float cancelled?  After all according to the offer document “[t]he Offer may also be withdrawn at any time before the allotment of Instalment Receipts in the absolute discretion of the Crown.”  My reading of the document is that the allotment occurs in a couple of days time.  Theoretically the Government should forgo the float and it it was thinking of the interests of the country it would do so.  Expect however political interests to trump any such thoughts.

The prospectus indicates that the return on investment for the first 12 months will be over 10%.  Get this, we are paying down debt with an interest rate of about 5% so that we can lose an income stream which in the first year will be twice that amount.

Over in the United Kingdom the tories are engaged in a similar process in selling a public asset for way less than it was estimated to be worth.  Royal Mail has recently been privatised at an enterprise value of £4.1 billion.  The trouble with this is that many Banks approached for a vaulation suggested that it is worth more than twice that amount.

According to Sky News:

JPMorgan told the Government earlier this year that it believed Royal Mail could be worth up to £10bn, including its debts, ahead of the postal operator’s privatisation.

Sky News has learnt that corporate financiers from the Wall Street banking giant presented a spectrum for Royal Mail’s value ranging from £7.75bn to £9.95bn – the top end of which was more than two-and-a-half times the price at which ministers ultimately sold shares in the company in the most important state asset sale for decades.

The Government sold shares in Royal Mail for 330p each earlier this month, valuing the company’s equity at £3.3bn.

Including its roughly £800m of net debt, the privatisation effectively attributed an enterprise value to the company of £4.1bn, above the average valuation of £3.6bn ascribed to it by the nearly two dozen firms which pitched to advise on the sell-off.

The Government has ridiculed these claims but the share price has soared from 330 p each earlier this month to around 530p a couple of days ago.  At this price the group’s value is about £6.1bn including net debt.

Billy Hayes, General secretary of the Communications Workers Union has said:

On the opening day of the flotation Vince Cable wrote off the undervaluation as froth. A week later, we were told it was the fault of the CWU. We now have a prima facie case of a conspiracy against the UK taxpayer who were opposed to the sale and have now been robbed of billions. In any other walk of life this would be a sacking offence and we call on Vince Cable to resign. A full inquiry should be launched into the mis-handling of this unnecessary privatisation by Vince Cable. We would also like the matter to be referred to the public accounts committee to scrutinise how badly the taxpayer has been left out of pocket.

What will be interesting is the information relied on by Cabinet to set Meridian’s share price.  I suspect that as in the UK the price was set low to make sure that the shares sold and to give a healthy return to investors.  It may be that National has followed the UK example.  Its obvious intent to make sure that the Genesis float succeeds is obviously a major consideration.

It is clear that in the United Kingdom and in New Zealand we have Governments intent on divesting collectively owned assets so that the wealthy can increase their wealth.

Shame on them.

23 comments on “The English are also selling their assets cheaply”

  1. Tat Loo 1

    Reruns of the standard international crony capitalist playbook. No concern for making even more workers unemployed during a Great Recession, no concern for extracting even more from society and from the environment when there is so little remaining to give.

    It’s like the elite class retreat into a Versailles stronghold brain funk and cannot get it into their heads re: self interest, properly understood.

    At the end of the day, no one is better off with mass economic and civil deterioration. No one is better off in a society where the infrastructure is falling apart and basic functions of a civilised nation (like the mail) are constantly degraded.

    When peoples’ belief in the civil religion of infinite progress is shaken, very interesting and unpredictable things will occur.

    • But that is the point Tat Loo.
      Self-interest properly understood is that the capitalists’ whole world is centred on their private accumulation. Their morality is circumscribed by private profit.
      Each capitalist pursues his/her self-interest at the expense of every other capitalist.
      There is no collective capitalist self-interest in the survival of ‘civil’ society let alone civilisation beyond the next quarter.
      The only class with a universal interest (not the sum of individual self-interest) in a public or common future is the working class that collectively produces social wealth.
      The interesting thing that will happen is when that collective class interest takes the form of a socialist ideology and penetrates the deep recesses of the bourgeois ideology.
      When that happens and the collective wealth producers expropriate the private wealth accumulators, the ennui and cynicism will be buried in the rush for superlatives.

  2. even the herald today has an editorial pointing out that this whole asset-sale drive..

    ..is not being done for reasons that come within a bulls’ roar of economic-sanity..

    ..but is purely being driven by ideology..

    ..and i will add what the herald left out..

    ..that these randite-scum doing this to our country/future/people..

    ..are traitors..of the worst sort..

    ..through and through..

    ..’the economically-literate right’…

    ..yeah..right..

    ..phillip ure..

    • Chooky 2.1

      +1….very suspicious….who is going to make a killingin the long term?….follow the money….Nact politicians’ ‘blind trusts’?…overseas banks like Goldman Sachs?…cronyist capitalist friends?

      ….all NZers should be GIVEN shares in their own companies or the Key /English Nact programme of NZers State Asset Sales should be rescinded

      It is traitorous and pure transfer of wealth, thieft…..what is happening

      • johnm 2.1.1

        Hi Chooky
        “It is traitorous and pure transfer of wealth, thieft…..what is happening”
        + 1,000,000% right!

      • SpaceMonkey 2.1.2

        Economic treason needs to be added to the Crimes Act.

        • johnm 2.1.2.1

          Hi SpaceMonkey
          Yes the only way to stop the likes of Shonkey and his GoldinSacks mates looting the Country, however it’s a bit late now- all those wannabe rich like Shonkey types vote for him to protect their rentier profits.

        • Murray Olsen 2.1.2.2

          NAct are thinking of that. They define it as joining a union.

    • thatguynz 2.2

      +1 PU..

    • Dumrse 2.3

      There is none so blind as those that will not see……

  3. Disraeli Gladstone 3

    To be fair, there was a cap put on place though so that many high-end investors didn’t recieve their shares in favour of family investors. To be equally fair the other way, a lot of those family investors then sold them to make a quick £300-400.

    But, the asset sale in Britain was done somewhat better. Employees were given shares for free and so on.

  4. The Gormless Fool formerly known as Oleolebiscuitbarrell 4

    So, you complain that MRP was sold at an overvalue and Mom and Dads have been diddled. With Meridian, the complaint is that they’ve been sold too cheaply and the vendor has been diddled. You really are in a no-lose situation.

    • Tat Loo 4.1

      Just points to the inadequacy of the thinking behind the National Government’s asset sales programme. They overshoot, they undershoot, but they cannot get it right.

    • mickysavage 4.2

      I am not sure that I have ever said that MRP was sold for too much although the process has left some mom and dad investors out of pocket.

  5. bad12 5

    KiwiPower tho will give a Government on behalf of the people the muscle necessary to regain much of the shareholding and control of the companies involved in the production of electricity,

    Mighty River Power’s slide in value continues, last night trading as low as $2.15 a share and only recovering this morning to $2.17,

    Given that slide and the market listing price of the next company up on the block i think we can expect the market to settle at a price for both companies somewhere in the realm of $1.70 over the short period,

    However, given the advent of the next Labour/Green Government introducing Legislation to the House,(hopefully within the first 100 days of office), which will enable KiwiPower to set by regulation the price of wholesale electricity i would fully expect the share price, considering the low offer which will be forthcoming for the 3rd sale having further diluted the market value of the current 2 companies already marketed, will upon that Legislation becoming Law have the market settle upon an average share price across the 3 of somewhere in the realm of 70 cents a share,

    Considering such a price alongside the ability of ACC and the Cullen Super-fund,(given an incoming Labour/Green Governments ability and inclination to restart contributions of a sizable amount into the latter), there is much to be said and even more to be gained from having the Finance Minister direct both those funds to have a mass of buy orders in for all 3 of those assets at that price,

    In essence the market value of a share in any one of these companies in the medium term is no more than the cost of a roll of toilet paper…

    • bad12 5.1

      Just as an add-on with regards the Cullen Super-fund, given that KiwiPower will in effect allow the next Government to somewhat dictate what the market price of the shares in all of the sold off electricity companies will be it can be then seen where even borrowing to allow contributions to this fund will produce a significantly robust return so as to justify such borrowing…

  6. greywarbler 6

    On asset sales –
    Bill Rosenberg presentation to trade unions – very good of course. Very informative. Good charts. Good stats and figures. Concise summary.
    union.org.nz/sites/union.org.nz/files/Privatisation%20presentation_0.ppt‎

    From report ‘Take Back the Track’ on the Second Roger Award in 2000 by Murray Horton (CAFCA) who was a railway worker himself from 1976 to 1991. (Shows how these right wing subversives used the Labour Party as a front to advance their own plots and to confuse trusting workers as to the real impact and intent of their machinations.)

    http://www.converge.org.nz/watchdog/97/1.htm
    Several commentators drew attention to the irony of calling the campaign “Save Rail”. I was a Railways worker and union official, in the early 1980s, when Richard Prebble, as Opposition rail spokesperson, barnstormed the country on just such a campaign. He headed a march of several thousand Railways workers through central Christchurch; the then union put tens of thousands of dollars into Labour’s 1984 election campaign funds.
    As Minister of Railways in the Labour government, Prebble promptly decimated the Railways (and the union disaffiliated from the Labour Party). “Save Rail” is a phrase that leaves a very bitter taste in the mouths of tens of thousands of former Railways workers.
    Prebble saved rail all right – he saved it for the transnationals and NZ Big Business asset strippers and profiteers who bought it for a song under the next Government and proceeded to reduce it to the anaemic creature that it is today.

    A blog on a documentary that went missing and caused angst and sacking for those involved ‘For the Public Good’. http://dimpost.wordpress.com/2011/03/07/bleg-2/
    on sale of public assets.

    • Murray Olsen 6.1

      I went to see Prebble and Lange at a Save the Rail rally in Auckland. Lange made a great speech about big rigs crowding the family Honda Civic off the road. I don’t think he believed a word he said. I think history has been far too kind to him.

      • greywarbler 6.1.1

        mo
        I think that his mo was to make interesting sweeping statements – caught peoples’ interest but really was a reagan-type populist figure.

  7. greywarbler 7

    I’m a bit green on some computer stuff and if someone else is also – to get Bill Rosenberg’s report in my comment above, highlight link and copy go into google and paste into header line on page and then the box to open the file will open for you to use.

  8. Rich 8

    It’s no good making a 10% return (taxable) if the price drops by 15%.

    “Dumb and Mad” investors, indeed.

Recent Comments

Recent Posts

  • Christchurch trial new defense against fleeing drivers
    Darroch Ball, Spokesperson for Law and Order New Zealand First welcomes the deployment of an Eagle Police helicopter in Christchurch in what is a step towards fulfilling its long-standing goal to increase the use of police helicopters for the front line, particularly in addressing the scourge of fleeing drivers. Christchurch leads ...
    24 hours ago
  • Week That Was: A Government of progress
    It may have been the first sitting week of 2020, but our Government is already in full-swing - managing a strong economy, investing in infrastructure, and working to break the cycle of homelessness. Read below for all that, and more... ...
    4 days ago
  • Winston Peters calls Opposition “lemon suckers” during debate on gang numbers
    In a heated debate in Parliament, National's Deputy Leader Paula Bennett claimed that “nearly 1600 patched gang members have been added” since the Coalition Government took power. To illustrate her point, she altered a chart used by Prime Minister Jacinda Ardern to show her government’s progress in housing to instead ...
    4 days ago
  • Speech by the Rt Hon Winston Peters at Parliament’s Opening 2020 ‘We all Need Insurance’
    Speech by the Rt Hon Winston Peters at Parliament’s Opening 2020 "We all need insurance" This year New Zealanders are going to have a clear choice to make That choice is between: Optimism versus pessimism; More progress versus back to the future; Investment versus divestment; Unity versus division. New Zealand ...
    6 days ago
  • 8 ways the Big New Zealand Upgrade will change New Zealand
    The Government has announced the biggest investment in New Zealand’s infrastructure in a generation with the New Zealand Upgrade Programme. ...
    1 week ago
  • Shane Jones slams Auckland Airport’s board over runway closures
    Infrastructure Minister Shane Jones has slammed the Board of Auckland Airport following the airport's runway closing twice within two weeks due to maintenance. Around 2,000 passengers were affected by last week’s runway closures, according to 1NEWS. Another maintenance closure on January 24 saw two international flights and three domestic flights ...
    1 week ago
  • Public media business case a practical step
    Jenny Marcroft, Spokesperson for Broadcasting New Zealand First supports the commissioning of a business case to assess the viability of a new public media entity. “A strong media environment is critical for a healthy democracy. New Zealand First is a strong supporter of a diverse, independent media,” New Zealand First broadcasting spokesperson ...
    2 weeks ago
  • Week That Was: Waitangi
    This week, the focus was on Waitangi - a great opportunity to reflect on who we are, and who we want to be as a nation. ...
    2 weeks ago
  • West Coast tech firms and iwi get Provincial Growth Fund cash boost
    Pounamou and technology industries in the West Coast region are set to receive more than $2 million in Provincial Growth Fund (PGF) funding. This was announced by the Under-Secretary for Regional Economic Development Fletcher Tabuteau during Waitangi Day commemorations in Hokitika. He said $800,000 would be given to Development West ...
    2 weeks ago
  • Unemployment down, wage growth up proof of strong labour market
    Clayton Mitchell MP, New Zealand First spokesperson for Labour and Industrial Relations Unemployment and wage growth numbers released by Stats NZ today demonstrate a labour market in good shape with unemployment falling to 4.0%, the underutilisation rate falling to an 11 year low, and wage growth at a 10-year high ...
    2 weeks ago
  • New Zealand First welcomes official opening of Te Rau Aroha Museum
    Hon. Ron Mark, New Zealand First Spokesperson for Defence New Zealand First Spokesperson for Defence Ron Mark, welcomes the official opening of Te Rau Aroha, a new museum at Waitangi Treaty Grounds as part of our Coalition Agreement. “It is a great honour to be part of an effective Government ...
    2 weeks ago
  • Speech: Opening of Waitangi Museum Te Rau Aroha
    Rt. Hon. Winston Peters, Deputy Prime Minister Good morning, Let us start with important acknowledgements. First, this special day, in remembrance of the 28th Maori Battalion, is also to honour all those men and women who have risked their lives in the service of our country. Second, special guest Robert ...
    2 weeks ago
  • Winston Peters: “New Zealand will look to build on relationship with the UK”
    Foreign Minister Winston Peters says New Zealand will look to build on its relationship with the United Kingdom and recommit to the European Union, after the country officially left the continental union recently. The Minister said New Zealand already cooperates closely with Britain on defence and security issues and has ...
    2 weeks ago

  • Another step towards restoring rights for screen production workers
    All New Zealanders need to have their voices heard at work to ensure we have an inclusive and productive economy. Today we introduce a Bill to do this for workers in the New Zealand screen industry, Workplace Relations and Safety Minister Iain Lees-Galloway says. “The Screen Industry Workers Bill will ...
    BeehiveBy beehive.govt.nz
    30 mins ago
  • Enhanced Taskforce Green for Southland and South Otago
    The Government has announced further help for the Southland and Otago regions to speed up recovery efforts from the floods.  “I’ve approved Enhanced Taskforce Green (ETFG), making $500,000 available to help with the clean-up in Fiordland, Southland, and the Clutha district in Otago,” Minister for Social Development Carmel Sepuloni said.  ...
    BeehiveBy beehive.govt.nz
    2 hours ago
  • Employers and Industry take the lead to connect students to vocational education
    Following the announcement that more than 340 schools will be funded to run events promoting vocational education, the Government has announced it will fund a further 257 events to be run by employers and industry. “These industry-run events will allow more than 30,000 students to connect with more than 2,000 ...
    BeehiveBy beehive.govt.nz
    3 hours ago
  • Rental reforms a step closer with the introduction of the Residential Tenancies Amendment Bill
    Today the Government is making progress on a fairer and more secure rental market for renters and landlords with the introduction of the Residential Tenancies Amendment Bill in Parliament.  “This Bill includes a series of reforms to improve the wellbeing of the 609,700 households that live in rented homes, and ...
    BeehiveBy beehive.govt.nz
    21 hours ago
  • Biosecurity Minister announces world first eradication of pea weevil
    A Government programme to wipe out pea weevil has achieved a world first, with Biosecurity Minister Damien O’Connor today announcing the successful eradication of the noxious pest from Wairarapa. This means the nearly four-year ban on pea plants and pea straw was lifted today. Commercial and home gardeners can again grow ...
    BeehiveBy beehive.govt.nz
    21 hours ago
  • Temporary Accommodation Service activated for Southland flooding
    Southland residents hit by flooding caused by heavy rainfall can now access help finding temporary accommodation with the Government activating the Temporary Accommodation Service, Minister of Civil Defence Peeni Henare announced today. “The Temporary Accommodation Service (TAS) has been activated by the Ministry of Business, Innovation and Employment to help ...
    BeehiveBy beehive.govt.nz
    23 hours ago
  • Bridges: Over-hyped and under-delivered
    “Is that it?” That’s Finance Minister Grant Robertson’s response to Simon Bridges’ much-hyped economic speech today. “Simon Bridges just gave the most over-hyped and under-delivered speech that I can remember during my time in politics,” Grant Robertson said. “It’s not surprising. Simon Bridges literally said on the radio this morning ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Police to trial eye in the sky in Christchurch
    A trial deployment of the Police Eagle helicopter in Christchurch will test whether the aircraft would make a significant difference to crime prevention and community safety. “The Bell 429 helicopter will be based in Christchurch for five weeks, from 17 February to 20 March,” said Police Minister Stuart Nash. “The ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Momentum of trade talks continues with visits to promote Pacific and Middle East links
    The Government has kept up the pace of its work to promote New Zealand’s trade interests and diversify our export markets, with visits to Fiji and the United Arab Emirates (UAE) by Trade and Export Growth Minister David Parker. Building momentum to bring the PACER Plus trade and development agreement ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Coalition Govt’s investment in Customs nets record drugs haul: 3 tonnes stopped at borders in 2019
    The Coalition Government’s investment in a strong border and disrupting transnational organised crime produced record results for stopping drugs in 2019, says Minister of Customs Jenny Salesa. The illegal drugs were seized at the New Zealand border by Customs, and overseas by Customs’ international border partners before the drugs could ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Separated scenic cycleway starts
    Transport Minister Phil Twyford today kicked off construction of a separated cycleway alongside Tamaki Drive. A two-way separated cycleway will be built along the northern side of Tamaki Drive, between the Quay Street Cycleway extension and Ngapipi Road. There will be a separate walking path alongside. Phil Twyford said giving ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Earthquake-Prone Building loan scheme: eligibility criteria announced
    Owner-occupiers of unit and apartments living in earthquake-prone buildings will have certainty about the financial support they’ll be eligible for with the release of criteria for an upcoming assistance scheme, Minister for Building and Construction Jenny Salesa says. The Residential Earthquake-Prone Building Financial Assistance Scheme will help unit owners facing ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Travel restrictions to remain in place as coronavirus precaution
    Temporary restrictions on travel from China will remain in place as a precautionary measure to protect against the spread of the COVID-19 coronavirus. The restrictions which prevent foreign nationals travelling from, or transiting through, mainland China from entering New Zealand have been extended for a further 8 days. This position ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Over $1 million to help Tairāwhiti youth into employment
    Employment Minister Willie Jackson announced today that Tairāwhiti rangatahi will benefit from an investment made by the Government’s He Poutama Rangatahi (HPR) scheme. The funding will go to the Tautua Village, Kauneke programme and the Matapuna Supported Employment Programme which will fund 120 rangatahi over two years. “Both programmes work ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • School attendance has to improve
    All parents and caregivers need to ensure that their children go to school unless they are sick, Associate Education Minister Tracey Martin said today. “The school attendance results for 2019 show, across the board, a drop in the number of students going to school regularly,” the Minister says. “Apart from ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Crown and Moriori sign a Deed of Settlement
    A Deed of Settlement agreeing redress for historical Treaty claims has been signed by the Crown and Moriori at Kōpinga Marae on Rēkohu (Chatham Islands) today, Minister for Treaty of Waitangi Negotiations Andrew Little has announced. Moriori have a tradition of peace that extends back over 600 years. This settlement ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Waikato Expressway driving towards completion
    Transport Minister Phil Twyford today with Māori King Tuheitia Pōtatau Te Wherowhero VII officially opened the country’s newest road, the $384 million Huntly section of the Waikato Expressway. The 15km four-lane highway with side and central safety barriers takes State Highway 1 east of Huntly town, across lowlands and streams ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • 3400 New Zealanders treated in first year of new hepatitis C treatment
    The rapid uptake of life-saving new hepatitis C medicine Maviret since it was funded by PHARMAC a year ago means the elimination of the deadly disease from this country is a realistic goal, Health Minister David Clark says. Hepatitis C is a blood-borne virus which attacks the liver, proving fatal ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Kaupapa Māori approach for homelessness
      Kaupapa Māori will underpin the Government’s new plan to deal with homelessness announced by the Prime Minister in Auckland this morning. “Māori are massively overrepresented among people experiencing homelessness, so, to achieve different outcomes for Māori, we have to do things very differently,” says the Minister of Māori Development ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Government steps up action to prevent homelessness
    1000 new transitional housing places delivered by end of year to reduce demand for emergency motel accommodation. Introduce 25% of income payment, after 7 days, for those in emergency motel accommodation to bring in line with other forms of accommodation support. Over $70m extra to programmes that prevents those at ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Important step for new financial conduct regime
    Clear requirements for ensuring customers are treated fairly by banks, insurers and other financial service providers are included in new financial conduct legislation that passed its first reading today. “The recent reviews, by the Financial Markets Authority (FMA) and Reserve Bank of New Zealand, into the conduct of banks and ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Applications invited for $7 million Regional Culture and Heritage Fund
    Applications are now open for the fifth round of the Regional Culture and Heritage Fund Associate Minister for Arts, Culture and Heritage Grant Robertson announced today.   “I am delighted to open this year’s fund which has some $7 million available to support performing arts venues, galleries, museums and whare ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Law Commission appointment celebrates Māori and women
    The Minister of Māori Development, Hon Nanaia Mahuta today congratulated Associate Professor Amokura Kawharu on her appointment as the next President of the Law Commission.  “Amokura Kawharu will be a standout in her new role, leading in an innovative and forward looking approach to the law reform process. She will ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Associate Professor Amokura Kawharu Appointed Law Commission President
    Auckland University legal academic Amokura Kawharu has been appointed as the next President of the Law Commission, Justice Minister Andrew Little announced today.    Associate Professor Kawharu will take up her new appointment on 11 May 2020.   “I would like to congratulate Associate Professor Kawharu on her appointment,” Andrew ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Minister of Employment launches Youth Ready Employer Programme
    A programme for employers to help them engage effectively with younger employees was launched today by Minister of Employment, Willie Jackson. The Youth Ready Employer Programme contains a range of on-line templates that employers can easily access to help with employing and retaining young people in their businesses. The programme ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Budget 2020 date announced
    Budget 2020 will be delivered on Thursday 14 May, Finance Minister Grant Robertson announced today. “This year’s Budget will continue the Coalition Government’s focus on tackling the long-term challenges facing New Zealand while also preparing the economy for the future. “Those challenges and opportunities cannot be resolved in one budget, ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Prime Minister’s tribute to former Prime Minister Mike Moore
    I move, That this House place on record its appreciation and thanks for the devoted and distinguished service to New Zealand by the late Rt Hon Michael Kenneth Moore, member of the Order of New Zealand, a member of Her Majesty's Most Honourable Privy Council, an Honorary Member of the ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Agriculture Minister declares adverse event in Northland
    Agriculture Minister Damien O’Connor has today classified the drought conditions in Northland as an adverse event for the primary sector, unlocking $80,000 in Government support. “This is recognition that the extreme and prolonged nature of this dry spell is taking its toll on our farmers and growers and additional support ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • Police disrupt methamphetamine trade
    The Minister of Police says an operation to smash a trans national drug smuggling ring today will make a significant impact on the methamphetamine trade fuelling harm in our communities. Police have announced 10 arrests and the seizure of up to five million dollars’ worth of illicit drugs after an ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Crown accounts in good shape to counter global challenges
    The Government’s books are in a strong position to withstand global headwinds, with the accounts in surplus and expenses close to forecast, Finance Minister Grant Robertson says. The Treasury today released the Crown accounts for the six months to December. The operating balance before gains and losses (OBEGAL) was above ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Racing Safety Development Fund open for applications
    Race courses can improve safety with this year’s second round of funding from the Racing Safety Development Fund. Minister for Racing Winston Peters has announced the second funding round of 2019/20 is open with $347,875 available for distribution. “The racing industry is integral to the economic and social fabric of ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Government to fund Aids research
    The Government is committing $300,000 to fund research to update behavioural information to make sure HIV and STI prevention services are targeted appropriately in New Zealand. Prime Minister Jacinda Ardern and Finance Minister Grant Robertson made the announcement at today’s Big Gay Out in Auckland. “There is much talk about ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Work to begin on a possible new public media entity
    The Minister of Broadcasting, Communications and Digital Media has announced work will begin on a business case to assess the viability of forming a new public media entity.   “The Government must ensure New Zealanders have a strong independent public media service for decades to come, which means ensuring public ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Government support for communities impacted by flooding
      Minister of Civil Defence Hon Peeni Henare announced today that the Government will contribute $100,000 to the Southland regional Mayoral Relief Fund, to support communities impacted by the recent flooding in Southland.  Mr Henare says this week’s flooding has caused significant disruption to communities in the lower South Island.  ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • New grants for seismic strengthening of heritage buildings
    Heritage buildings throughout New Zealand will benefit from the $1.1 million in Heritage EQUIP funding grants announced today. “These grants for seismic strengthening projects help private building owners get the advice they need to start building work or to get the work completed,” Grant Robertson says. “Timaru’s Grosvenor Hotel has ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Next level results for game development industry
    A new survey has found New Zealand’s game development sector has grown beyond expectations and is on track to becoming a billion dollar industry in 2025, Economic Development Minister Phil Twyford says. “New Zealand’s interactive media sector grew by 42 per cent in last financial year to $203.4 million, according ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • More than 70 marae online through PGF
    Te Tii, the lower marae at Waitangi, is among more than 70 marae now connected to broadband internet thanks to the Provincial Growth Fund’s marae connectivity scheme, Regional Economic Development Minister Shane Jones said today. In February 2019, the Provincial Growth Fund (PGF) allocated $21 million to connect rural towns ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • PGF supports West Coast connectivity
    The West Coast has had a funding injection of over $1.2 million from the Provincial Growth Fund, Under Secretary for Regional Economic Development Fletcher Tabuteau announced at Waitangi Day commemorations in Hokitika today.  The PGF projects announced are:  $800,000 to Development West Coast for a Grey District Regional Digital Hub ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Agriculture Minister declares adverse event in Southland
    Agriculture Minister Damien O’Connor has declared an adverse event for the Southland and Otago regions, unlocking Government support for farmers and growers. “Widespread flooding has resulted in severe disruption, with many people evacuated from their homes and many farms being affected by flood waters. It’s putting pressure on our farmers, ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • PM announces public funeral service for Mike Moore
    Prime Minister Jacinda Ardern has announced a funeral service for former Labour Prime Minister the Rt Hon Mike Moore, ONZ, AO. A public service will be held on Friday 14 February at 2pm at Dilworth School senior campus, 2 Erin Street, Epsom, Auckland. “The service will be a celebration of ...
    BeehiveBy beehive.govt.nz
    2 weeks ago