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The Independent, May 24

The Independent, May 24

Front page:

- business confidence plummets, according to Canty Manufacturers, with biggest drop in confidence since the survey began in November 93

- tale of woe about an elderly investor who is being heavily taxed because his investments in Holland are not covered by the IRD's approved "grey list", thus requiring him to pay capital gains tax on unrealised increases in the value of his Dutch portfolio

- Cullen acknowledges need to change key elements of the Employment Relations Bill

Inside pages:

- naughty BNZ economist Tony Alexander tells tourism operators in Queenstown that the lower dollar will be a boost for exporters, and that the much-vaunted brain drain of a net 20,000 last year is less than in earlier times

- tiny Chinese pay-TV operator Gold TV threatens to sue Sky TV over its move into ethnic programming

- lack of elderly occupants threatens growth in retirement homes industry

- Clear Communications says it wants to scrap the Kiwi Share in favour of an industry regulator

- wine prices on the rise and exports likely to be way down this year after a "horrific" Marlborough harvest. Sauvignon blanc grapes down by a third on last year.

- column by Roger Douglas says his recent trip to Russia reminded him of what NZ was like when he entered Parliament in the early 1970's "The tragedy of Russia is that it does not have a civil service capable of implementing its reform programme. The tragedy of New Zealand is that we do."

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