22 February 2011

KiwiRail has stopped all trains at 12.58 (time of earthquake) between Timaru and Picton, and on the West Coast. There are no injuries to staff or passengers.

TranzAlpine has been stopped at Greymouth and the return service has been cancelled. There are 231 passengers on board and we are sourcing alternative accommodation for them as the state of the road and track is unknown.

TranzCoastal has been stopped at Picton with approximately 163 passengers. Again the service to Christchurch has been cancelled until the state of the track can be confirmed. Arrangements are being made for these passengers as well.

TranzAlpine and TranzCoastal services will not be running tomorrow.

Interislander services across Cook Strait are still operating as normal, although we note that Civil Defence has asked people not to travel to Christchurch.

A coal train derailed at Heathcote with 7 wagons affected, but still upright. There were no injuries, and the train driver reported cracks in the Martindale Bridge, so the police could stop traffic.

KiwiRail chief executive Jim Quinn said initial track inspections had begun. Damage to track include:
• Buckles in the Addington area
• Buckles between Belfast and Rangiora
• A slip on the city side of the Lyttelton Tunnel.

“But the welfare of our staff and their families as well as our passengers and other customers is our first priority.”

ENDS

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Mighty River: 'Mum And Dad’ Investors Myth Busted

Green Party research, confirmed by Treasury, shows that half of the shares in Mighty River Power that National sold to retail investors went to just 13,000 people and that 10 percent of the retail shares went to just 400 wealthy people and organisations, Green Party Co-leader Dr Russel Norman said today.

The sale of Mighty River Power saw 113,000 retail investors, referred to as ‘mum and dad’ investors by the National Government, buy 26.9 percent of the company. Analysis by the Greens and Treasury shows that half of those shares were, in fact, purchased by fewer than 13,000 people who bought an average of nearly $35,000 worth of shares...

“The truth is that 98 percent of New Zealanders bought no shares at all. Half the retail shares went to just 0.3 percent of the population, and a tiny group of just 400 wealthy individuals and organisations got 10 percent of the retail shares. More>>