Empty promises on asset sales unconvincing 24 Nov 2011
- Inaugural Game Animal Council appointed News
- Air NZ says claims withdrawn as other airlines settle in Oz Business
- New law holds partners complicit in welfare fraud to account News
- Waitangi National Trust Board Amendment Bill News
- Students create their own league to find legends Living
- Funding for World War One Centenary News
- AMP Capital selling kiwi dollar in expectation of decline Business
- BNZ’s new CEO Healy expects benefit from expanding economy Business
- Genesis Energy soars on debut, other gen-taliers rise Business
- Tax conference to address simplification News
National’s latest empty promises on asset sales won’t convince voters, says Labour’s Finance spokesperson David Cunliffe.
“John Key’s assurance yesterday that he could enforce a 10 per cent cap on any one shareholder by law will not convince anyone, as it is transparently a last-minute fig leaf to try to dampen public opposition,” David Cunliffe said.
“Ownership caps cut across the legal rights of minority shareholders and do not in any event prevent the on-sale of shares to foreign buyers.
“Nor is there is any evidence to give credence to his assurance that 85 to 90 per cent of the assets will remain in Kiwi hands. He can’t convince Treasury and he can’t convince the rest of us,” David Cunliffe said.
“He is unable to say how he would ensure Kiwi ownership would be retained. The best he can do is say --- ‘I’ve spent my life studying investment banking’. That’s hardly reassuring.
“Kiwis have studied too, and they know the history of asset sales. Air New Zealand, rail, BNZ, Telecom, Contact --- all have ended up in foreign ownership and the consequences have been dire. In our last term in government, Labour had to repeatedly intervene to stop price-gouging and asset-stripping by foreign owners of what were once public assets.
“John Key says National would retain 51 per cent ownership in our assets --– until the next crisis at least --- but voters know that minority shareholders have significant power,” David Cunliffe said. “They could sue the Government if it refused to raise power prices to increase profits for private owners or groups of owners.
“We know from experience that privatisation of electricity companies means more expensive power. MED data shows that privately-owned Contact and Transpower have the most expensive electricity prices across 87 per cent of New Zealand.
“Is that the future we want --- a future where the electricity we use every day to power our industry and heat our homes is more expensive because foreign buyers want to squeeze all the profit they can out of our country? That’s what will happen if a National government is re-elected,” David Cunliffe said.
“Mr Key has made it abundantly clear that he will push ahead with asset sales despite the overwhelming case against the policy and overwhelming public opposition. Only a Labour-led government can prevent our future falling into foreign hands.”
(New Zealand Labour Party)
17 Apr 2014 News
New Zealand Government 15,000 fewer people dependent on benefits Social Development Minister Paula Bennett says the latest benefit ... more
16 Apr 2014 News
Science and Innovation Minister Steven Joyce and Food Safety Minister Nikki Kaye today announced that expressions of interest... more
17 Apr 2014 Business News
Article - BusinessDesk Air New Zealand says claims withdrawn as other airlines settle over cargo cartel, seeks costs April 17 ... more
17 Apr 2014 Business News
Genesis Energy soars on debut, leading fellow energy companies higher April 17 (BusinessDesk) – Shares in the partially... more
17 Apr 2014 Entertainment
The winner of the fourth annual Taite Music Prize 2013 is Lorde for her album ‘Pure Heroine’ released on Universal Music... more
15 Apr 2014 Lifestyle
New Zealand movie ‘3 Mile Limit’ has won Best Feature Film at both the North Hollywood and Charleston International Film... more
7 Apr 2014 Property
April 7 (BusinessDesk) – New Zealand property values increased at the slowest annual pace in six months in March as lower... more
28 Mar 2014 Migration
Citizens of Croatia aged between 18 and 30 will soon be eligible to apply for a New Zealand Working Holiday Visa, giving them the... more
16 Apr 2014 Travel & Tourism
Company linked to one of China’s richest women to spend $200 mln on Auckland hotel April 16 (BusinessDesk) – Fu... more
17 Apr 2014 Rugby
New Zealand No 10 is loving his sabbatical, including a trip to the Masters, however his only motive is to return fit and fresh for... more
17 Apr 2014 Sport
TOP SEEDS CONTINUE MARCH TO QUARTER FINALS AT SKYCITY NZ BADMINTON OPEN Top seeds dominated in this morning’s 3rd round... more
17 Apr 2014 Opinion
Reportedly, US drone operators refer to their kills as "bug splat” - mainly because when the carnage is viewed on their... more
16 Apr 2014 Opinion
With the death of Sir Owen Woodhouse, the founding father of the Accident Compensation Scheme, New Zealand has lost one of the... more
17 Apr 2014 Appointments
April 17 (BusinessDesk) – Bank of New Zealand, the local unit of Australia’s third-biggest mortgage lender, named the... more
15 Apr 2014 Recruitment
The average annual wage is expected to increase by $7,500 to around $62,200 a year by 2018 if New Zealand achieves its ... more