Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Clear Merger Will Test Commerce Commission

Clear Merger Will Test Commerce Commission

Friday 16 Nov 2001 Stephen Franks Press Releases -- Commerce

The Government's Australianisation of our Commerce Act could discredit the Commerce Commission if it approves the merger of Telstra Saturn with Clear, said ACT's Commerce Spokesman Stephen Franks.

"The Act is now supposed to block mergers which "substantially lessen competition". Any ordinary plain reading of the words would have them applying to this takeover.

"Labour's election rhetoric implied that Minister Swain and his helper David Cunliffe MP would stop precisely this kind of deal.

"They didn't really want that to happen. Last month they rushed through a Bill to validate applying the old New Zealand law to 10 of the first 11 approvals since their law change, instead of new Australian test.

"And in two early decisions under the new law the Commerce Commission has done what ACT predicted, that is persuade itself that the new words don't really mean what they say to lay people, and that the reasoning of the old New Zealand dominance test is still relevant.

"So Mr Swain's political slogans mean the Commission now has to turn verbal cartwheels to avoid applying the new law impractically.

"Meanwhile re-election of John Howard in Australia means the law Mr Swain has just copied will be changed to give Australia decisions more like our previous law.

"The upshot is that our law will look confusingly like Australia's but mean something else.

"It's tough as a despised little brother trying to curry favour by copying big brother when he only tells you afterwards when he has made a big mistake," Stephen Franks said.

For more information visit ACT online at http://www.act.org.nz or contact the ACT Parliamentary Office at act@parliament.govt.nz.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Ground Rules: Government Moves To Protect Best Growing Land

“Continuing to grow food in the volumes and quality we have come to expect depends on the availability of land and the quality of the soil. Once productive land is built on, we can’t use it for food production, which is why we need to act now.” More>>

ALSO:

Royal Society: Calls For Overhaul Of Gene-Technology Regulations

An expert panel considering the implications of new technologies that allow much more controlled and precise ‘editing’ of genes, has concluded it’s time for an overhaul of the regulations and that there’s an urgent need for wide discussion and debate about gene editing... More>>

ALSO:

Retail: Card Spending Dips In July

Seasonally-adjusted electronic card spending dipped in July by 0.1 percent after being flat in June, according to Stats NZ. Economists had expected a 0.5 percent lift, according to the median in a Bloomberg poll. More>>

ALSO:

Product Stewardship: Govt Takes More Action To Reduce Waste

The Government is proposing a new way to deal with environmentally harmful products before they become waste, including plastic packing and bottles, as part of a wider plan to reduce the amount of rubbish ending up in landfills. More>>

ALSO:

Earnings Update: Fonterra Sees Up To $675m Loss On Writedowns

“While the Co-op’s FY19 underlying earnings range is within the current guidance of 10-15 cents per share, when you take into consideration these likely write-downs, we expect to make a reported loss of $590-675 million this year, which is a 37 to 42 cent loss per share." More>>

ALSO: