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

 


BUDGET:Power company proceeds reach Kiwirail, irrigation

BUDGET Power company sell-off proceeds reach Kiwirail, irrigation schemes

May 15 (BusinessDesk) - The government has sprinkled the proceeds of its $4.7 billion assets sales programme across projects ranging from housing developments to irrigation schemes and an increased bailout for state-owned Kiwirail.

Some $1 billion of the money, held by the Future Investment Fund, has been allocated in the 2014 budget, including $67 million for a new Grey Base Hospital on the West Coast and $172 million earmarked for upgrading and building schools.

Unprofitable Kiwirail is the single biggest recipient, getting $198 million for its turnaround plan while $75 million is set aside as a Christchurch housing contingency. The government is also allocating $40 million to Crown Irrigation to invest in irrigation schemes and Housing New Zealand's Hobsonville Land Company, which has a residential development north of Auckland, gets $31 million.

Gross proceeds from the sale of shares in MightyRiverPower, Meridian Energy, Air New Zealand and Genesis Energy came in below the original estimate of $5 billion to $7 billion, partly reflecting the decision not to sell the financially troubled coal miner Solid Energy.

The allocation announced today brings the total to about $3 billion over three budgets and leaves $1.68 billion in the fund.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Oil: 2017 Block Offer Petroleum Tender Launched

New Zealand is well-placed to take advantage of the economic benefits of oil and gas exploration, Energy and Resources Minister Judith Collins announced today at the launch of the 2017 Block Offer petroleum tender. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news