RePress

National selling assets returning 18.5% on average

noreply@blogger.com (Mico Santos) — Wed, 08 Feb 2012 04:19:00 +0000

The National Party is planning to sell state-owned assets (SOEs) making an average total shareholder return of 18.5% over the last five years, the Green Party said today.

The astonishing figure was revealed by Minister for State-Owned Enterprises, Tony Ryall, in Questions for Oral Answer in the House today. Total shareholder return measures performance from an investor perspective and includes the combined return from dividends and growth in the value of the company.

"The National Government told Parliament that Genesis, Meridian, Mighty River Power, and Solid Energy returned 18.5 percent per annum over the last five years," said Green Party Co-leader Dr Russel Norman.

"When the Government's average cost of borrowing is close to four percent, it's clear that we'll be much better off retaining the assets than selling them to private owners.

"It's not smart economics to sell assets that earn four times more than the cost of capital tied up in them."

Mr Ryall immediately downplayed the total shareholder return figure saying it was unreliable due to one-off revaluations.

"The Government is pointing to one-off revaluations to undermine Treasury's advice that they are selling high-yielding assets," Dr Norman said.

"Treasury regards total shareholder returns as one of the key measures of a company's performance. Figures averaged over five years smooth the impact of one-off events like the revaluation of assets.

"What the Treasury figures don't show is that Genesis, Meridian, Mighty River Power, and Solid Energy have recently invested heavily in new plant and equipment, so future dividend payments and capital growth are likely to be even higher than the 18.5 percent of the last five years.

"This is not a good time to sell our highest performing SOEs.

The Green Party outlined their different plan for our energy SOEs in the run-up to the election.

"We would retain our energy SOEs and the huge returns that they are making," Dr Norman said.

"We would, however, refocus them towards booming export markets in renewable energy creating tens of thousands of new jobs here at home.

"It's not smart economics to sell cash cows overseas, like our energy companies, and lose the best chance we have to create new, clean technology jobs here at home."

McCully condemns escalating violence in Syria

noreply@blogger.com (Mico Santos) — Tue, 07 Feb 2012 21:12:00 +0000

Foreign Minister Murray McCully has condemned the escalating violence in Syria and described the killing of 50 citizens in Homs by regime forces yesterday as “reprehensible.”

Mr McCully called for renewed attempts to secure agreement on a UN Security Council resolution on Syria.

“New Zealand is dismayed by the escalating violence in Syria," Mr McCully said.

"The situation appears to have worsened since the failure of the Security Council discussions last week. The killing of 50 Syrian citizens by regime forces yesterday in a bombardment of the western city of Homs deserves the strongest condemnation.

“We again urge Security Council members to work together to find a way to address the Syrian crisis,” said Mr McCully.

Unknown NZ Soldier Laid to Rest

noreply@blogger.com (Mico Santos) — Mon, 06 Feb 2012 06:53:00 +0000

A ceremony to rebury the remains of a New Zealand soldier was held at Messines Ridge British Cemetery near Ieper, Belgium on Friday 3 February.

The ceremony was attended by the Minister of Defence, Dr Jonathan Coleman, the Chief of Defence Force, Lieutenant General Rhys Jones, the Secretary of Defence, John McKinnon, the New Zealand Ambassador (Belgium), Vangelis Vitalis, and the Head of Defence Staff, New Zealand High Commission Brigadier Antony (Lofty) Hayward.

The Mayor of Mesen, Sandy Evrard, and representatives from Belgian military, Flemish Foreign Affairs, the Commonwealth War Graves Commission and the Royal British Legion also attended the ceremony.

"The service was a poignant time to reflect on service and sacrifice. After lying in a foreign field for 95 years he is now with his mates buried with the honour and dignity befitting a soldier that fought for our country,” said Dr Coleman.

The remains of the soldier were discovered in July last year alongside a NZ Rifle Brigade hat badge, associated personal material and the remains of a uniform. After analysis they were officially accepted as the remains of a New Zealand soldier, although his identity is unknown.

Messines was the scene of very intense fighting by New Zealand Division (including the New Zealand Rifle Brigade) over the period 7-14 June 1917. During this battle around 700 New Zealand soldiers were killed in action in one day alone.

Within the cemetery stands the Messines Ridge New Zealand Memorial which commemorates over 800 soldiers of the New Zealand Expeditionary Force who died in or near Messines in 1917 and 1918 and who have no known grave. The majority of these soldiers are listed as New Zealand Rifle Brigade personnel.

The Defence Minister, Dr Coleman, has been in Europe meeting with United Kingdom Defence officials before attending the ISAF Defence Ministers meeting at NATO headquarters.

It also allowed the Minister to attend the reburial a short distance away in Flanders

Chrisco fined $175,000 for misleading customers about cancellations

noreply@blogger.com (Mico Santos) — Wed, 01 Feb 2012 08:00:00 +0000

Christmas hamper company Chrisco Hampers Limited was fined $175,000 in the Manukau District Court today after pleading guilty to breaching the Fair Trading Act by misleading customers about their cancellation rights under the Layby Sales Act.

Chrisco is a well-known company that supplies food hampers and other products on layby to its customers for Christmas, with payments spread over the year. The Layby Sales Act sets out customers’ rights for these types of purchases. The Act gives customers the right to cancel at any time until the last payment and governs what a seller can charge a customer when they cancel.

Between 2008 and 2010, Chrisco operated a cancellation policy where customers were charged 20% of payments already made if they cancelled up to 90 days prior to the final payment date. If they cancelled within 90 days of the final payment date, that fee was increased to 50% of payments already made.

Following an investigation by the Commission, Chrisco pleaded guilty to 10 charges under the Fair Trading Act. The breaches related to customers being mislead about what they could be charged if they cancelled at a particular time, how they could cancel, and in some instances, at what point in time they could cancel.

“Chrisco’s cancellation policy meant that the company recovered more than it should have under the Layby Sales Act, so customers were overcharged. As the fee was worked out as a percentage of payments already made, some customers ended up being charged hundreds of dollars. In a few cases the fee was as much as $800,” said Graham Gill, Commerce Commission Competition Manager.

As a result of the Commission’s investigation, Chrisco reviewed and amended its cancellation policy to be 20% of payments made with a cap of $250. It also retrospectively refunded approximately 750 customers a total of $141,735 using the amended cancellation policy.

“We are pleased that customers who were overcharged have been refunded. However, it is difficult to measure the extent of harm caused by Chrisco’s conduct. In addition to those customers who cancelled and were charged fees, there were customers who may have been put off cancelling when faced with the prospect of a large fee,” said Mr Gill.

“During the investigation Chrisco advised us that it did not have a formal compliance programme in relation to the Fair Trading Act. This was despite the Commission raising concerns with the company about various practices including its cancellation policies. Customers expect that large companies will have proper and lawful practices in place,” said Mr Gill.

Chrisco also pleaded guilty to charges relating to its Toys and Gifts Catalogue and its ‘Headstart Plan’. The Toys and Gifts catalogue stated that customers could not cancel their contract after a certain date. This clearly breached the Layby Sales Act which allows cancellation at any time up to the last payment.

Chrisco’s ‘Headstart plan’ automatically enrols customers into a new Chrisco plan when they have finished making payments for their previous plan, unless the customer ticks a box to opt out of the scheme. Chrisco marketed the plan as fully refundable up to the time an order was actually made. However, it wasn’t clear to customers that if they didn’t make their order by a certain time, Chrisco would choose a plan for them. Once that happened, cancellation fees would apply.

Government must act to protect Maui's dolphin

noreply@blogger.com (Mico Santos) — Wed, 01 Feb 2012 07:58:00 +0000

The Green Party is calling for a moratorium on set-net fishing off the coast of Taranaki following the death of a highly endangered Maui's dolphin that got trapped in a net.

"We need to take all steps necessary to protect and save this critically endangered dolphin," said Green Party ocean's spokesperson Gareth Hughes.

"This death occurred in an area not protected by a set-net ban. If the Government is serious about protecting the Maui's dolphin, then the current restrictions need to be reviewed.

"The Primary Productions Minister should look at extending set-net bans and putting in place a moratorium on all set-nets until that is done.

"Set-netting was only allowed in this area because officials thought Maui's dolphins didn't travel there. However, this Maui's dolphin death proves this assumption wrong."

Maui's dolphin is New Zealand's rarest dolphin and is listed internationally as critically endangered. It is estimated there are only 111 individuals left, which means there is a high risk of it becoming extinct in the near future.

"The Government needs to take action to protect our precious species, not oversee their extinction," said Mr Hughes.

"Incidents like these, along with risky seal lion by-catch rule changes, put our highly endangered indigenous species at risk.

"These incidents are also a threat to our valuable, clean, green, sustainable fisheries brand.

"Customers will sidestep our fish if it becomes known that highly endangered species are part of their by-catch."

Government proposals reduce rights in SOEs

noreply@blogger.com (Mico Santos) — Wed, 01 Feb 2012 07:57:00 +0000

The best way for Maori to retain established legal rights in state owned energy companies is to keep them in public ownership, Green Party Co-leader Metiria Turei said today.

The Government has released a consultation document to Maori that sets out three options in relation to Treaty of Waitangi provisions under the new mixed ownership model, all of which diminish or remove current rights under the State Owned Enterprises Act.

"The asset sales are lose-lose. All New Zealanders lose the asset and their clean energy and profit potential and Maori lose existing Treaty rights," said Green Party Co leader Metiria Turei.

"The only winners in these sales will be the large and primarily foreign-owned investors who will buy the assets.

"The only way to protect the rights of all New Zealanders in relation to the assets is to keep them one hundred percent in public ownership.

"The current law sets out a well-established obligation for SOEs to act in accordance with the Treaty. Just because some shareholdings may change does not mean that right should be dumped.

"Section 9 of the State Owned Enterprises Act led to one of the most important cases of Treaty law in New Zealand.

"To say the clause is symbolic and can be dumped ignores the very real legal rights section 9 has conveyed and can continue to convey if other cases are taken.

"The Government's proposal that only their 51 percent shareholding be covered by a Treaty obligation diminishes the current law and creates a legal nonsense.

"How can 51 percent of a company have to act in accordance with the Treaty and the other 49 percent not?

"The options to write a new clause or have no clause remove current rights for no good reason. The companies will still be majority owned by the Government and therefore should act in full, not part, accordance with the current law.

"This issue highlights the problems and complexity associated with these unpopular asset sales and is further reason why they should be stopped."

Filled jobs remain steady

noreply@blogger.com (Mico Santos) — Mon, 30 Jan 2012 21:54:00 +0000

The national employment indicator shows that the number of filled jobs held by wage and salary earners remained relatively flat in October 2011, Statistics New Zealand said today.

The number of seasonally adjusted filled jobs in October 2011 was down 0.2 percent compared with September 2011.

Annually, the number of seasonally adjusted filled jobs was up 0.9 percent in October 2011 compared with October 2010.

“Since the significant increase in August 2011, we have seen two months of little change in the number of filled jobs,” industry and labour statistics manager Diane Ramsay said.

“However, the annual increase shows that there are more jobs filled than there were in October 2010.”

The national employment indicator is an experimental series that covers filled jobs held by people being paid a wage or salary during the month. It provides an early indication of change in the number of filled jobs at the national level. The focus should be on changes and movements between months, rather than

the level of filled jobs.

The indicator complements other labour market statistics produced by Statistics NZ, including the Quarterly Employment Survey and the Household Labour Force Survey.

Reserve Bank Governor not seeking another term

noreply@blogger.com (Mico Santos) — Mon, 30 Jan 2012 07:16:00 +0000

Reserve Bank Governor Alan Bollard today announced he will not be seeking another term as Governor when his current term ends on 25 September this year.

Appointed in September 2002, Dr Bollard is in his second five-year term.

Dr Bollard said that he will be fully focused in his remaining eight months on the serious economic and financial challenges facing New Zealand.

“As I noted last week, the Bank is ready to respond to ongoing developments overseas, especially in Europe, the US and China, as well as domestically, particularly the Canterbury earthquakes. In addition, the Bank’s expanded prudential regulatory responsibilities mean we will continue to introduce new prudential requirements this year, especially in the insurance and non-bank sectors.”

The Chair of the Reserve Bank Board, Dr Arthur Grimes, said the Board will search in New Zealand and abroad to identify a successor to Dr Bollard. The Governor is appointed by the Minister of Finance on the recommendation of the Board.

Joint Statement: Prime Minister Key, Prime Minister Gillard

noreply@blogger.com (Mico Santos) — Mon, 30 Jan 2012 07:13:00 +0000

Prime Ministers Julia Gillard and John Key met for the annual Australia-New Zealand Leaders’ meeting in Melbourne on 29 January. Their meeting was followed by the second Joint Meeting of Australian and New Zealand Cabinet Ministers.

The Prime Ministers re-affirmed their strong commitment to the closest possible relations between Australia and New Zealand, including through an annual Leaders’ meeting. They agreed to conduct further joint meetings of Cabinet Ministers on a regular basis and at least once in the term of each government.

Towards 30 Years of Closer Economic Relations

2013 marks the 30th anniversary of the Closer Economic Relations (CER) agreement. CER and the Single Economic Market (SEM) agenda have brought down barriers to trade, reduced costs for business, encouraged investment and created jobs and economic growth for both Australia and New Zealand.

The Prime Ministers agreed the Productivity Commissions of each country would conduct a joint scoping study [details attached] to identify options for further reforms which might boost productivity, increase competitiveness and drive deeper economic integration. The Commissions will report by 1 December 2012 for consideration by Leaders in 2013.

Stronger Defence and National Security Cooperation

The Prime Ministers welcomed the outcome of the Review of the Australia-New Zealand Defence Relationship, which has been launched today by Defence Ministers. The review outlines a new defence relationship framework that will make it easier for Australia and New Zealand to work together in our region and cooperate on capability development and procurement.

The Prime Ministers announced further steps to deepen cooperation on national security and emergency management cooperation. They agreed:

· to strengthen cooperation against the shared and growing challenge of cyber security through a regular Australia New Zealand Cyber Dialogue;

· that New Zealand would move from observer status to membership of the National Counter-Terrorism Committee, to ensure the closest possible coordination on counter-terrorism policy;

· that New Zealand would move from observer status to membership of the National Emergency Management Committee, in recognition of the strong collaboration between the two countries on disaster management.

The Prime Ministers agreed to continue to work closely together in the lead-up to the Centenary of the ANZAC landings in 2015, and other important WWI centennial commemorations.

Criminal History Sharing

The Prime Ministers agreed to enhance the reciprocal sharing of criminal history information for employment vetting purposes and plan an initial six month trial with Queensland to test how consistent and systematic requests for criminal history checks for employment purposes can be facilitated between Australia and New Zealand. They also directed officials to accelerate the work under way on reciprocal information sharing to support border control and law enforcement, consistent with free movement of people across the Tasman.

Continuing Trans-Tasman Cooperation

Following their agreement in June to establish a joint Australia New Zealand Therapeutic Products Agency (ANZTPA), the Prime Ministers were pleased with progress towards the phased introduction of ANZTPA, and welcomed the inaugural meeting of the ANZTPA Ministerial Council, which will oversee the implementation of ANZTPA.

The Prime Ministers also welcomed progress in streamlining trans-Tasman travel, especially through the SmartGate trial. They welcomed lowering of age eligibility for Smartgate from 18 to 16.

The Prime Ministers underlined their commitment to strong tobacco control measures and undertook to cooperate closely in their efforts to reduce tobacco use domestically. New Zealand will closely follow progress in implementation of Australia’s plain packaging legislation and the countries will look to ensure that no branded tobacco is able to be re-exported from New Zealand to Australia.

In the run up to the site selection decision, the Prime Ministers agreed to continue to promote vigorously the merits of the joint Australia-New Zealand bid to host the Square Kilometre Array (SKA). The SKA will be the most powerful radio telescope ever built and will revolutionise our understanding of the universe.

Climate Change

The Prime Ministers re-affirmed their commitment to pricing carbon as the most environmentally effective and economically efficient way to reduce greenhouse gas emissions. They welcomed work towards linking the Australian and New Zealand emissions trading schemes, including agreement by Climate Change Ministers in December to Terms of Reference which will guide the work of the Australia New Zealand Carbon Pricing Officials Group.

2015 Cricket World Cup

Prime Minister Gillard congratulated New Zealand on its successful hosting of the 2011 Rugby World Cup. Recognising both countries’ passion for sport, the Prime Ministers looked forward to Australia and New Zealand co-hosting the ICC Cricket World Cup in 2015 and welcomed the opportunities this would present for both countries.

Regional and Global Issues

The Prime Ministers confirmed their commitment to see an end to all whaling in the Southern Ocean, welcoming New Zealand’s intervention in Australia’s international legal case against whaling in the Southern Ocean.

Recalling the strong outcomes of the first meeting of the expanded East Asia Summit (EAS) in Bali in November, the Prime Ministers reiterated the importance of enhanced regional cooperation through the EAS, APEC and the Pacific Islands Forum (PIF).

Prime Minister Gillard congratulated Prime Minister Key on New Zealand’s successful hosting of the PIF and committed to support New Zealand in its year as Forum chair. The two Prime Ministers reinforced their commitment to work closely together in the Pacific, particularly on progress towards the Millennium Development Goals, and welcomed agreement to a joint funding arrangement for education assistance to Nauru. The Prime Ministers agreed to expand cooperation on their respective seasonal worker programs in the region.

The Prime Ministers agreed on the importance of strengthening the region's response to the shared challenge of irregular migration. Recognising the efforts of regional partners and international organisations to examine opportunities to better cooperate under the auspices of the Bali Process, Australia and New Zealand agreed to consult on targeted refugee resettlement, within respective quotas, to enhance the region's response to irregular migration. Both countries will engage with the UNHCR to ensure that this approach complements global priorities.

The Prime Ministers agreed to further strengthen maritime surveillance efforts in the Pacific, with a focus on fisheries surveillance, and to work closely together and in partnership with Pacific Island countries to coordinate efforts.

The Prime Ministers welcomed the close cooperation between Australia and New Zealand in supporting Pacific Island countries to respond to and recover from natural disasters, most recently in relation to the 2011 drought in Tuvalu and current flooding in Fiji.

The Prime Ministers welcomed the close cooperation between Australia and New Zealand, together with the Solomon Islands and regional partners, in the Regional Assistance Mission in the Solomon Islands (RAMSI). Both leaders noted RAMSI’s progress on transition, building on the strong leadership and commitment of the Solomon Islands Government to ensure lasting benefits for the people of the Solomon Islands.

Prime Ministers noted also their close ties with Papua New Guinea and PNG’s importance as a neighbour and regional partner. They looked forward to the smooth conduct of elections in PNG and Timor Leste in coming months.

Both countries remained concerned about the continuing deterioration in Fiji’s political and economic situation and its impact on Fiji’s people, and agreed to maintain close consultation on developments, including with other international partners. They reaffirmed the need for Fiji to return to democracy and the rule of law as soon as possible.

The Prime Ministers reaffirmed both countries’ commitment to free and open trade in the face of global economic uncertainty. They called for protectionism to be resisted. The Prime Ministers said all countries must work together to secure global recovery and restore job growth. European Union countries must fully implement commitments to stabilise economies at risk, prevent contagion and, in the medium-term, reduce debt levels and implement necessary structural reforms. The Prime Ministers remained strongly committed to the goal of eliminating tariffs and other barriers to regional trade and investment, including through negotiation of the Trans‑Pacific Partnership.

Strengthening economic relations between Australia and New Zealand

Impacts and Benefits of Further Economic Integration of the Australian and New Zealand Economies - Joint Scoping Study by the Productivity Commissions of Australia and New Zealand

Purpose of the study:

The Governments of Australia and New Zealand are firmly committed to strong economic relations between Australia and New Zealand, including boosting productivity through reducing the regulatory burden on business, increasing competition and encouraging closer economic cooperation, and to strengthening those relations further. The two countries have a long history of working together through the Australia New Zealand Closer Economic Relations Trade Agreement which first came into effect on 1 January 1983 and has involved successive rounds of integration of the Australia and New Zealand economies. This has been highly beneficial to both countries.

At their annual leaders meeting, the Prime Ministers of Australia and New Zealand agreed that, to promote further reform and economic integration, the Productivity Commissions of each country would conduct a joint study on the options for further reforms that would enhance increased economic integration and improve economic outcomes. The Commissions’ final report should be completed by 1 December 2012 in order to inform the next meeting of leaders, expected to take place in early 2013.

With 2013 marking 30 years of the operation of the Closer Economic Relations Trade Agreement, the Commissions’ report will help advise the Australian and New Zealand Governments on next steps in economic integration.

The report should identify specific areas for further potential reform, the ways in which they might be best achieved, the likely impacts of potential reforms, any significant transition and adjustment costs that could be incurred and the time scale over which impacts are likely to accrue.

Scope of report

The Commissions’ report to leaders should provide analysis on:

· potential areas of further economic reform and integration, including identification of the areas of reform where benefits are likely to be most significant, with particular focus on critical issues for business like investment and productivity;

· the economic impacts and benefits of reform;

· any significant transition and adjustment costs that could be incurred;

· identification of reform where joint net benefits are highest;

· the means by which they might be best actioned; and

· the likely time paths over which benefits are expected to accrue.

Methodology

The Commissions should provide an explanation of the methodology and assumptions used in its analysis. The Commissions should also provide guidance concerning the sensitivity of results to the assumptions used and bring to leaders’ attention any limitations or weaknesses in approaches to reform evaluation.

Consultation and timing

In the course of preparing the report, the Commissions should consult and hold public hearings as appropriate. While these consultations would inform the Commissions’ assessment, responsibility for the final report would rest with the two Productivity Commissions.

The Commissions should produce both a draft and a final report. The Commissions’ final report should be submitted to leaders, through the Treasurer of Australia and the Minister of Finance of New Zealand, by 1 December 2012. The reports will be published.

NZ has capacity to weather shocks

noreply@blogger.com (Mico Santos) — Fri, 27 Jan 2012 06:44:00 +0000

The European sovereign debt crisis and Canterbury earthquakes were two bad jolts to the New Zealand economy in 2011, but the economy and financial system have the capacity to weather such shocks, Reserve Bank Governor Alan Bollard said today.

In a speech to the Canterbury Employers’ Chamber of Commerce in Christchurch, Dr Bollard said both events had important economic implications and had created uncertainty. While a clearer picture of the future is gradually emerging, we are moving from ‘unknown unknowns’ to ‘known unknowns’, he said (http://www.rbnz.govt.nz/speeches/4659119.html).

Nonetheless, the effects of both shocks could continue to rumble on for some time.

“New Zealand’s geographical isolation is no protection from economic events abroad. If major world economies have a significant economic problem, then that is going to affect us too, as New Zealand has seen in our export commodity prices, currency, and funding our foreign debt,” Dr Bollard said.

While New Zealand’s financial institutions depend on global credit markets, including Europe, for funding, there are buffers in place to ensure our banking system has adequate liquidity and capital, and the Reserve Bank has appropriate tools, more so than in the 2008 Global Financial Crisis.

Dr Bollard said ‘unknowns’ also remain in quantifying the effects of the Canterbury earthquakes. However, the domestic economy had proven relatively resilient to the challenge posed by the quakes, he said.

“New Zealand is well-placed in that insurance will fund the majority of the costs of the Canterbury earthquakes, and most of this funding comes from large offshore reinsurers. New Zealand is unusual in its degree of insurance and re-insurance. In other parts of the world, such as Japan, government, businesses and households have borne a much greater share of disaster costs.

“The challenge for all of us, policy-makers and business people alike, in 2012 will be to deal with these ‘known unknowns’, to get on with economic activity and to help Christchurch and New Zealand grow,” Dr Bollard said.

Crafar decision short-sighted

noreply@blogger.com (Mico Santos) — Fri, 27 Jan 2012 03:14:00 +0000

The Government's decision to allow foreign ownership of the Crafar farms is not in New Zealand's interest," said the Green Party today.

"As food prices rise globally, selling off our productive land − such as the Crafar farms − to overseas bidders is economic folly," said Green Party Agriculture spokesperson Steffan Browning.

Mr Browning was responding to the Government's decision today to allow the sale of the 16 Crafar farms to a subsidiary of the Chinese company Shanghai Pengxin.

"Foreign ownership of the Crafar farms means that the profits will flow overseas, adding further to our current account deficit. In the 12 months to September 2011, $15.2 billion flowed out of New Zealand to overseas owners of New Zealand companies and debt," said Mr Browning.

"The sale of the Crafar farms to Shanghai Pengxin contributes to the foreign land grab New Zealand is experiencing.

"One of the dreams of sharemilkers is to save enough money to buy some land and become a dairy farmer. But that dream is fast disappearing as the price of land is driven up, in part, by overseas corporations buying up land.

The Green Party has a policy to ensure that New Zealand land remains in New Zealand ownership. Green Party Co-leader Russel Norman introduced a Member's Bill in 2010 which rules out overseas ownership of farmland over 5 hectares.

"This simple measure would take some of the pressure off rural land prices, making it easier for New Zealand families to buy a farm, and will also help our current account deficit, as more profits will stay in New Zealand," said Mr Browning.

"The decision to allow foreign ownership of the Crafar farms is short-sighted. When it comes to our productive farmland, we must keep it kiwi."

OCR unchanged at 2.5 percent

noreply@blogger.com (Mico Santos) — Wed, 25 Jan 2012 23:45:00 +0000

The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 2.5 percent.

Reserve Bank Governor Alan Bollard said: “Since the time of the December Statement, financial market sentiment has improved slightly, with increased liquidity in European financial markets. However, the global economy remains fragile and risks to the outlook remain.

“World prices for New Zealand’s export commodities have remained elevated but the recent appreciation of the New Zealand dollar is reducing exporters’ returns. The European debt crisis has also increased the cost of international funding, which will likely pressure funding costs for New Zealand banks over the coming year.

“In the domestic economy we continue to see modest growth. Over recent months there have been signs of a limited recovery in household spending and the housing market. Further ahead, repairs and reconstruction in Canterbury will also provide a significant boost for an extended period, though there may be further delays resulting from the aftershocks.

“Reassuringly, inflation pressures have remained well contained. Inflation has declined and now sits below 2 percent.

“Given ongoing uncertainty around global conditions and the moderate pace of domestic demand, it remains prudent to keep the OCR on hold at 2.5 percent.”

Central govt.'s cosy deal with SkyCity bad for Auckland

noreply@blogger.com (Mico Santos) — Wed, 25 Jan 2012 03:53:00 +0000

The National Government's cosy negotiations with SkyCity — which will increase the number of pokie machines at its Auckland casino in exchange for a convention centre — is another example of central government interference with Auckland affairs, the Green Party said today.

"The Government is trading off the well-being of Aucklanders for a new convention centre," said gambling and Auckland spokesperson Denise Roche.

"Aucklanders should be the ones deciding whether they want more pokies, not Steven Joyce.

"Every time Auckland communities have been asked about pokie machines, they have said 'no thanks'. Most legacy councils had sinking lid policies or policies to cap the number of pokie machines in their communities."

The Green Party have joined growing opposition to the Government's proposed deal with SkyCity to expand their gambling operations in Auckland.

"Instead of making secret deals to increase gambling in Auckland, the Government can instead be implementing practical measures to reduce gambling harm," said Ms Roche.

"Pokies can be made safer with pre-commit cards and player tracking, but we need a change in the central government legislation to do that.

"When gambling harm is reduced, so is crime and the significant cost of crime. The Government's not thinking of the broader economic and social implications for society."

Ms Roche also sees the National Government's back alley dealing with SkyCity as another example of central government interference in matters of Auckland governance.

"The National Government is becoming increasingly at odds with Auckland's aspirations to govern itself," Ms Roche said.

Record week at Auckland Airport driven by high travel demand

noreply@blogger.com (Mico Santos) — Mon, 23 Jan 2012 01:09:00 +0000

Auckland Airport today announced that the week ending 8th January 2012 saw the highest demand for international travel ever experienced at New Zealand’s largest airport.

General manager aeronautical operations, Judy Nicholl, said, “There were over 170,000 international arrivals or departures during the week. This is more than any other recorded week, even the peak periods experienced during the final stages of the RWC 2011.”

“This result indicates that despite some challenging economic conditions, more people than ever are willing and able to travel internationally to and from New Zealand.”

Auckland Airport also acknowledged the work of its many airport partners in ensuring that the very high numbers of travellers during this peak season are processed smoothly and efficiently and that their first and last impressions of New Zealand are positive.

“Many different organisations are involved in the successful running of a major international airport, including border agencies, airlines, retailers, food & beverage suppliers, Police, ground-handlers, cleaners, and taxi-drivers. Everyone at the airport has an important role in growing New Zealand’s reputation as a great place to visit”, said Ms Nicholl.

Canterbury international guest nights drive November fall

noreply@blogger.com (Mico Santos) — Wed, 18 Jan 2012 03:10:00 +0000

Guest nights for international visitors fell 3.3 percent in November 2011 compared with November 2010, Statistics New Zealand said today. This decrease was mainly caused by a large fall in Canterbury.

Domestic guest nights were unchanged, resulting in a 1.5 percent overall fall in total guest nights.

"Our international visitors stayed mainly in the North Island, where guest nights were up 7.1 percent, while its domestic guest nights were down 1.9 percent," industry and labour statistics manager Louise Holmes- Oliver said.

"However in the South Island, international visitors were down 14 percent, while its domestic visitors were up 3.6 percent."

In total, North Island guest nights rose 1.7 percent in November 2011 compared with November 2010.

This rise was led by an 8.6 percent increase in the Wellington region. Auckland fell 1.8 percent, the first monthly decrease in 16 months (compared with the same month a year earlier).

South Island guest nights were down 5.9 percent overall, driven by a 20 percent fall in Canterbury, following earthquakes that began in September 2010. The fall in Canterbury was partly offset by an 8.6 percent rise in the Otago region.

The Accommodation Survey records guests staying in hotels, motels, backpacker accommodation, and holiday parks in New Zealand each month. The survey does not include visitors staying on cruise ships and in private dwellings.

Ross Sea should be declared a Marine Protected Area

noreply@blogger.com (Mico Santos) — Wed, 11 Jan 2012 01:30:00 +0000

The Jung Woo 2 is the third ship to come to grief in the Ross Sea in little over a year and should serve as a wakeup call for the Government to close off the Ross Sea as a Marine Protected Area, the Green Party said today.

"In little over a year three fishing vessels - the Jung Woo 2, along with the Sparta and Number 1 In Sung which sink with 22 lives lost - have come to grief in the Ross Sea," Green Party Oceans spokesperson Gareth Hughes says.

"I am glad the injured crew have been rescued and the Sparta has arrived safe in New Zealand. However, I would not like them to continue fishing in the Ross Sea.

"This pristine environment must not be put at risk by old, single-hulled unsuitable fishing boats like these, that race to catch as much as they can despite the weather in the 'Olympic' style fishery.

"New Zealand is the largest fishing nation taking toothfish, yet we know very little about this top predator fish and it and its environment must be protected.

"Continuing the fishery in this dangerous environment further risks our green credentials given international supermarkets such as Safeways are boycotting New Zealand-caught toothfish.

"The Ross Sea, described as the "Last Ocean" by 500 international marine scientists campaigning for its future, must become a marine protected area.

"Boats like the Jung Woo 2 and the Sparta should have no place in these waters.

"With international negotiations determining the fate of the Ross Sea and other Antarctic waters occurring now, New Zealand can and must protect this pristine environment, unique marine life, and our valuable clean, green brand," Mr Hughes said.

Air New Zealand congratulated for top award

noreply@blogger.com (Mico Santos) — Tue, 10 Jan 2012 07:41:00 +0000

Prime Minister and Tourism Minister John Key has congratulated Air New Zealand on again being named Airline of the Year by ‘Air Transport World’ magazine.

“Air New Zealand was named Airline of the Year in January 2010, and to gain this honour twice in three years is an outstanding achievement,” says Mr Key.

“The award is for Air New Zealand’s industry-leading innovation and motivation of its staff, which has resulted in exceptional performance in many areas, such as customer service, operational safety, and financial performance.

“The award is an acknowledgement of the hard work the airline’s staff and management have put into the company.

“Air New Zealand is a vital part of our tourism infrastructure. Often, the first experience incoming visitors have of New Zealand is with the national carrier, and those first impressions count.

“Like all New Zealanders, I am very proud of Air New Zealand, and I congratulate the airline and its staff on this achievement.

“I am sure all staff and management at Air New Zealand will be proud of this well-deserved honour,” says Mr Key.

Govt offers condolences after tragic balloon crash

noreply@blogger.com (Mico Santos) — Sat, 07 Jan 2012 05:00:00 +0000

Transport Minister Gerry Brownlee has expressed his condolences on behalf of the Government to the families and loved ones of the 11 people who lost their lives in a hot air ballooning tragedy near Carterton in the Wairarapa this morning.

“We are deeply sorry to learn of this tragic accident and our hearts go out to those who are now mourning the loss of life,” Mr Brownlee said.

“The accident will be thoroughly investigated by the Transport Accident Investigation Commission, the Civil Aviation Authority and Police on behalf of the Coroner.”

The Commission has opened its inquiry, with the first two of up to four investigators due at the scene before midday.

Mr Brownlee said rules for the commercial operation of hot air balloons were part of a recently completed review into adventure tourism in New Zealand.

“Experts will be looking to learn any lessons from the investigations which have begun today which can help improve safety for others in the future,” Mr Brownlee said.

New Civil Aviation Rule Part 115, which includes the commercial operation of hot air balloons, is available on the Civil Aviation Authority website at: www.caa.govt.nz/rules/nprms_closed.htm

OCR unchanged at 2.5 percent

noreply@blogger.com (Mico Santos) — Wed, 07 Dec 2011 21:13:00 +0000

The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 2.5 percent.

Reserve Bank Governor Alan Bollard said: “As foreshadowed in the September Statement, global conditions have deteriorated. Continuing difficulties related to sovereign and bank debt in a growing number of European economies have resulted in high levels of volatility in financial markets. There has also been a softening in international economic activity, including in the Asia-Pacific region.

“Global developments are having some negative impact on New Zealand, though to date it has been limited. Business confidence has declined and investment spending is likely to remain weak for some time. In addition, tightness in international markets means funding costs for New Zealand banks will increase to some degree over the coming year.

“There remains a high degree of uncertainty around the global outlook and, as discussed in the scenario in this Statement, there is a risk that conditions weaken further.

“Domestically, economic activity continues to expand, though at a modest pace. Although off their peaks, export commodity prices remain elevated. In addition, the depreciation of the New Zealand dollar provides some support for the tradable sector of the economy. Over time, repairs and reconstruction in Canterbury will also provide a significant boost to demand for an extended period.

“Annual headline inflation is estimated to have returned within the Bank’s 1 to 3 percent target band in the December quarter. Underlying inflation continues to sit close to 2 percent. In addition, wage and price setting pressures have remained contained.

“Given the current unusual degree of uncertainty around global conditions and the moderate pace of domestic demand, it remains prudent for now to keep the OCR on hold at 2.5 percent.”

NZ Elections 2011 Results

noreply@blogger.com (Mico Santos) — Sat, 26 Nov 2011 21:46:00 +0000


This shows the provisional electorate and list candidates for each political party according to preliminary results on election night. A further list will be published when the official results are declared (expected to be available on this website after 2pm on Saturday 10 December 2011).

ACT New Zealand

BANKS, John	Epsom Electorate

Green Party

BROWNING, Steffan	List Seat
CLENDON, David	List Seat
DELAHUNTY, Catherine	List Seat
GENTER, Julie Anne	List Seat
GRAHAM, Kennedy	List Seat
HAGUE, Kevin	List Seat
HUGHES, Gareth	List Seat
LOGIE, Jan	List Seat
NORMAN, Russel	List Seat
ROCHE, Denise	List Seat
SAGE, Eugenie Meryl	List Seat
TUREI, Metiria	List Seat
WALKER, Holly	List Seat

Labour Party

ARDERN, Jacinda	List Seat
CHAUVEL, Charles	List Seat
CLARK, David	Dunedin North Electorate
COSGROVE, Clayton	List Seat
CUNLIFFE, David	New Lynn Electorate
CURRAN, Clare	Dunedin South Electorate
DALZIEL, Lianne	Christchurch East Electorate
DYSON, Ruth	Port Hills Electorate
FAAFOI, Kris	Mana Electorate
FENTON, Darien	List Seat
GOFF, Phil	Mt Roskill Electorate
HIPKINS, Chris	Rimutaka Electorate
HOROMIA, Parekura	Ikaroa-Rāwhiti Electorate
HUO, Raymond	List Seat
JONES, Shane	List Seat
KING, Annette	Rongotai Electorate
LEES-GALLOWAY, Iain	Palmerston North Electorate
LITTLE, Andrew	List Seat
MACKEY, Moana	List Seat
MAHUTA, Nanaia	Hauraki-Waikato Electorate
MALLARD, Trevor	Hutt South Electorate
MORONEY, Sue	List Seat
O'CONNOR, Damien	West Coast-Tasman Electorate
PARKER, David	List Seat
PRASAD, Rajen	List Seat
ROBERTSON, Grant	Wellington Central Electorate
ROBERTSON, Ross	Manukau East Electorate
SHEARER, David	Mt Albert Electorate
SIO, Sua William	Māngere Electorate
STREET, Maryan	List Seat
TIRIKATENE, Rino	Te Tai Tonga Electorate
TWYFORD, Phil	Te Atatū Electorate
WALL, Louisa	Manurewa Electorate
WOODS, Megan	Wigram Electorate

Mana

HARAWIRA, Hone Pani Tamati Waka Nene	Te Tai Tokerau Electorate

Māori Party

FLAVELL, Te Ururoa James	Waiariki Electorate
SHARPLES, Pita	Tāmaki Makaurau Electorate
TURIA, Tariana	Te Tai Hauāuru Electorate

National Party

ADAMS, Amy	Selwyn Electorate
ARDERN, Shane	Taranaki-King Country Electorate
AUCHINVOLE, Chris	List Seat
BAKSHI, Kanwaljit Singh	List Seat
BARRY, Maggie	North Shore Electorate
BENNETT, David	Hamilton East Electorate
BENNETT, Paula	Waitakere Electorate
BLUE, Jackie	List Seat
BORROWS, Chester	Whanganui Electorate
BRIDGES, Simon	Tauranga Electorate
BROWNLEE, Gerry	Ilam Electorate
CALDER, Cam	List Seat
CARTER, David	List Seat
COLEMAN, Jonathan	Northcote Electorate
COLLINS, Judith	Papakura Electorate
DEAN, Jacqui	Waitaki Electorate
ENGLISH, Bill	Clutha-Southland Electorate
FINLAYSON, Christopher	List Seat
FOSS, Craig	Tukituki Electorate
GILMORE, Aaron	List Seat
GOLDSMITH, Paul	List Seat
GOODHEW, Jo	Rangitata Electorate
GROSER, Tim	List Seat
GUY, Nathan	Ōtaki Electorate
HAYES, John	Wairarapa Electorate
HEATLEY, Phil	Whangarei Electorate
HENARE, Tau	List Seat
HUTCHISON, Paul	Hunua Electorate
JOYCE, Steven	List Seat
KAYE, Nikki	Auckland Central Electorate
KEY, John	Helensville Electorate
KING, Colin	Kaikōura Electorate
LEE, Melissa	List Seat
LOTU-IIGA, Peseta Sam	Maungakiekie Electorate
MCCLAY, Todd	Rotorua Electorate
MCCULLY, Murray	East Coast Bays Electorate
MACINDOE, Tim	Hamilton West Electorate
MCKELVIE, Ian	Rangitīkei Electorate
MITCHELL, Mark	Rodney Electorate
NGARO, Alfred	List Seat
O'CONNOR, Simon	Tāmaki Electorate
PARATA, Hekia	List Seat
ROSS, Jami-Lee	Botany Electorate
ROY, Eric	Invercargill Electorate
RYALL, Tony	Bay of Plenty Electorate
SABIN, Mike	Northland Electorate
SHANKS, Katrina	List Seat
SIMPSON, Scott	Coromandel Electorate
SMITH, Lockwood	List Seat
SMITH, Nick	Nelson Electorate
TISCH, Lindsay	Waikato Electorate
TOLLEY, Anne	East Coast Electorate
TREMAIN, Chris	Napier Electorate
UPSTON, Louise	Taupō Electorate
WAGNER, Nicky	List Seat
WILKINSON, Kate	Waimakariri Electorate
WILLIAMSON, Maurice	Pakuranga Electorate
WOODHOUSE, Michael	List Seat
YANG, Jian	List Seat
YOUNG, Jonathan	New Plymouth Electorate

New Zealand First Party

HORAN, Brendan	List Seat
MARTIN, Tracey	List Seat
O'ROURKE, Denis	List Seat
PETERS, Winston	List Seat
PROSSER, Richard	List Seat
STEWART, Barbara	List Seat
TAYLOR, Asenati	List Seat
WILLIAMS, Andrew	List Seat

United Future

DUNNE, Peter	Ōhariu Electorate

This based on New Zealand Electoral Commission

NZ PEN appalled at book seizure in Wellington

noreply@blogger.com (Mico Santos) — Sat, 26 Nov 2011 19:04:00 +0000

The NZ PEN Centre was disturbed to learn of the seizure of Bloody Mama from a Wellington bookshop earlier this week.

The book was banned in 1971 by the Indecent Publications Tribunal which was formed in 1963 and replaced by the Office of Film and Literature Classification thirty years later. However the Department of Internal Affairs is still bound by the Tribunal’s now outdated censorship rulings and have taken what PEN considers to be inappropriate action in the case of Bloody Mama.

“It is time the DIA reviewed the decisions made by the Tribunal” said PEN President Tony Simpson.

“Books that were banned forty years ago are considered quite acceptable now. Freedom of expression and freedom of access to information are required in the UN Declaration of Human Rights and it is unacceptable that government officials are today seizing books. This is not the sort of practice we would expect in New Zealand .”

The NZ PEN Centre calls for the return of the book and a review of the Indecent Publications list to bring it into line with acceptable practices for the 21st Century.

Election 2011 live

noreply@blogger.com (Mico Santos) — Sat, 26 Nov 2011 06:45:00 +0000

Watch TV ONE's Election night special as the result unfolds.CLICK HERE

Vodafone fined almost $82K for misleading mobile phone $1 a day customers

noreply@blogger.com (Mico Santos) — Mon, 21 Nov 2011 08:44:00 +0000

Vodafone New Zealand Limited was fined $81,900 in the Auckland District Court today after being found guilty of breaching the Fair Trading Act in relation to its $1 a day mobile phone internet data charges.

In sentencing, Judge Kiernan said that although Vodafone’s behaviour wasn’t reckless, it was at the higher level of carelessness and inadvertence given that they were one of the market leaders in providing mobile phone internet services at the time.

Between July and November 2008, Vodafone introduced and promoted a new casual data rate of $1 a day ($1 a day charge) with the maximum allowance of 10MB (megabytes) of data per day, for its mobile phone internet service. The Vodafone website said, “If you use less than $1 worth of data in a day, we’ll only charge for what you used.”

However, Vodafone failed to give customers any information about how the $1 a day charge was calculated. They also failed to inform customers that they would incur the full charge of $1 if they used as little as 204.8KB (approximately 2%) of the 10MB allowance. This lack of information led some customers to form a mistaken belief about how the $1 a day charge was calculated. For example, some customers believed that the charge was proportional to the amount of data that they used below 10MB, meaning that if they used 1MB, they expected to pay 0.10 cents and if they used 5MB, they expected to pay 0.50 cents.

“At the time, accessing the internet on your mobile phone was a relatively new service within the telecommunications arena,” said Commerce Commission Competition Manager Stuart Wallace. “Even so, providers need to be certain that their marketing and promotions do not mislead consumers, who often have no way of easily verifying the claims being made.”

“Representations made about price are especially important to consumers.”

The $1 a day charge was Vodafone’s second casual data pricing regime following Vodafone Live! Pre-pay users make up the majority of Vodafone’s 2.4 million customers. The $1 a day pricing regime affected both Pre-pay customers and all those customers who did not have an On Account data plan.

This was the second of six cases to reach Court that involves the Commerce Commission and Vodafone. Each of the cases relates to alleged misleading mobile broadband or mobile phone promotions by Vodafone between 2006 and 2009. Vodafone pleaded guilty to the first charge, which related to the Vodafone Live! mobile phone internet service, and was fined over $400,000. Vodafone is defending the remaining charges.

Turbulent global markets continue to affect NZ

noreply@blogger.com (Mico Santos) — Thu, 10 Nov 2011 00:42:00 +0000

Risks to New Zealand’s economy and financial system have increased in recent months, Reserve Bank Governor Alan Bollard said today, when releasing the Bank’s November 2011 Financial Stability Report (http://www.rbnz.govt.nz/finstab/fsreport/)

“Despite progress in reshaping regulatory frameworks, financial systems in many countries remain under stress due to an overhang of private and public debt. Markets have been particularly concerned about the sovereign debt situation in Greece, and the potential for contagion to other European countries. This has made access to offshore debt markets more challenging for New Zealand’s banks.

“In New Zealand, households and businesses have been containing debt, which has helped to reduce the country’s overall external imbalance. However, these efforts have been offset, in part, by rising levels of public debt.

“Further, many households and farmers remain highly leveraged, which leaves them vulnerable to a sharp slowdown in global growth.”

Deputy Governor Grant Spencer said the New Zealand banking system is better placed to weather the current market turbulence than at the outbreak of the financial crisis in 2008.

“The banks have increased their capital and liquidity buffers over the past few years. They now have a stronger retail deposit base and their wholesale funding is at longer terms, making the banks less vulnerable to disruptions in offshore markets.

“Given the current market tensions, however, the Reserve Bank has decided to defer by six months its planned further increase in the core funding ratio (CFR) which was to have occurred in July 2012. It is now intended that the CFR will increase from 70 percent to 75 percent on 1 January 2013, giving the banks more latitude in managing their funding programmes.

“We have continued to progress a number of regulatory policy initiatives. We are currently consulting with the banks on the new Basel III capital regime, with an expectation that capital requirements will be increased to match the new international standards. We have also been in discussion with the banks on pre-positioning their systems for Open Bank Resolution.

“In the insurance sector, the Bank has issued new solvency standards for insurers and is currently processing applications under the new licensing regime,” Mr Spencer said.

Valet parking at Wellington Airport to continue

noreply@blogger.com (Mico Santos) — Fri, 04 Nov 2011 05:55:00 +0000

Wellington Airport wishes to assure all airport users that a valet parking service will continue to operate and will be available to passengers travelling on all airlines.

The Airport and Air New Zealand have been in lengthy discussions regarding their licence to operate a valet parking service.

Wellington Airport proposed an access charge based on the number of parks actually being used by Air New Zealand’s valet operation. Currently the airline pays for 27 car parks, but parks up to 300 cars in and around an aircraft hangar.

The change proposed was subsequently reviewed by the Commerce Commission at Air NZ’s request, and the principle was supported.

Air New Zealand has chosen not to discuss the alternative arrangements that have been put forward by Wellington Airport, including options to maintain the Koru Valet product in the same location at the same cost to the passenger.

Other valet operators are interested in providing a service at Wellington airport and existing valet customers can be assured that an equivalent service will continue to operate.