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National Business Review

National Business Review

Warriors In Dispute Over $1 Ownership Change - Redundancies To Beat Labour Law Deadline - Not Everyone's Getting A Bargain - Opinion Poll - Being Rich Is Okay - Editorial - Labour Is Destroying Families


A $1 sleight-of-hand by Tainui to divert the Warriors rugby league club from possible liquidation sale has been uncovered. Literally hours before the High Court appointed a liquidator over MDC Investment Holdings - the Tainui-owned parent of the Warriors - a $6.27 million debenture was assigned to Tainui Group for $1. This was done without reference to, or the knowledge of, Graham Lowe and Malcolm Boyle, who own a third of the Warriors and have invoked a shareholders agreement to buy out Tainui, also for $1.


Think-ahead businesses have been rushing through changes, laying off staff and reshaping their operations before the higher costs and compliance rules of the Employment Contracts Act take effect in three weeks.


The double whammy of escalating costs of crude oil and the comatose dollar is cutting into retailers' bottom lines, with the country's biggest chain, The Warehouse, owning up to price hikes. More are expected in the run up to Christmas.


Three out of four New Zealanders say they would prefer a country where individual effort is rewarded even if that means greater wealth disparities. The NBR-Compaq poll shows 68% prefer rewarding individual effort to create wealth compared with 23% who prefer few differences in wealth.


Attorney General Margaret Wilson tells us "families are the basic foundation of our society" but she is sponsoring legislation that will harm them by debasing marriage and weakening the right to inherit. She justifies this on the grounds of "removing injustice and promoting fairness" - reflecting a section of the Labour Party that despises private wealth creation.

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