Empty promises on asset sales unconvincing 24 Nov 2011
- UK petition to Debenhams urges: Drop D&G News
- MARKET CLOSE: NZ shares fall; ANZ, Spark drop, FSF rebounds Business
- Disability support services data released News
- Chinese rail workers must be paid minimum wage News
- Air NZ's Houston link paves way for United Airlines tie-up Business
- Hancock NZ chief McCallum upbeat on outlook for timber Business
- Translations boost Enduring Power of Attorney campaign News
- Tidemand breaks sub-minute barrier Living
- Project to future-proof our biosecurity system News
- Melbourne job fair this weekend 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)
14 Apr 2015 Education
Education Minister Hekia Parata and Associate Education Minister Nikki Kaye say next month’s Budget will provide $244 million... more
14 Apr 2015 Business News
April 14 (BusinessDesk) - A sharp slowdown in China would hurt commodity exporting countries like New Zealand and Australia and... more
13 Apr 2015 Business News
Cubic Defence NZ targets corporate along with military and security customers April 10 (BusinessDesk) - High-tech exporter... more
13 Apr 2015 ANZAC
Thousands of Australians, New Zealanders and Britons will gather in London on 25 April 2015 to mark the Centenary of the ANZAC... more
14 Apr 2015 Property
April 14 (BusinessDesk) - New Zealand residential property prices rose in March, led by Auckland where housing supply isn't meeting... more
1 Apr 2015 Property
NZ property values rise at fastest pace in 9 months in March: QV April 1 (BusinessDesk) - New Zealand residential property... more
2 Mar 2015 Migration
Prime Minister John Key says he is not aware of any suspected war criminals from the former Yugoslavia in New Zealand. The claim that... more
17 Mar 2015 Travel & Tourism
Associate Transport Minister Craig Foss is welcoming a move by the rental vehicle industry to establish a Code of Best Practice to... more
6 Mar 2015 Travel & Tourism
Sustainable workforce solutions were at the centre of discussions between Government Ministers and tourism industry representatives... more
13 Apr 2015 Sport
The Black Sticks Men have won the 2015 Sultan Azlan Shah Cup in thrilling style with a 3-1 shoot-out victory over Australia. The... more
13 Apr 2015 Sport
Two New Zealand brothers helped the Oxford University rowers win over their Cambridge counterparts in the annual boat race on London's... more
14 Apr 2015 Opinion
Houston, there is clearly a problem with (a) the plunge in pass rates for University Entrance qualifications, which has been ... more
9 Apr 2015 Opinion
Gordon Campbell on a union victory in the fast food industry Good to have a reminder of why trade unions are still essential... more
14 Apr 2015 Appointments
April 14 (BusinessDesk) - Smiths City Group, the Christchurch-based retail chain, named Roy Campbell as chief executive, replacing... more
26 Mar 2015 Recruitment
Workplace Relations and Safety Minister Michael Woodhouse today announced a package of measures to strengthen enforcement of minimum... more
20 Mar 2015 Recruitment
RESEND: Warehouse says 63% of permanent staff now on 'career retailer wage' (Fixes fourth paragraph to show Warehouse is... more