National Superannuation – Tranz Rail – Fletcher Energy Sold – Tourist Sub
- NATIONAL SUPERANNUATION: The Government is counting on public support to win over other parties on the national superannuation fund plan they announced today. The Greens and New Zealand First have both said they are considering the scheme. The scheme would guarantee national superannuation for over 65s that is not means tested. The Alliance and Labour stood united on the scheme. The plan is geared to meet the huge demand anticipated when baby boomers reach retirement age. National Finance Spokesman Bill English says the scheme relies on running a budget surplus. NZ First and Greens are considering it. If the Government doesn’t get support to enact the scheme, they will make it an election issue next election. Cullen says the Government will start building up the superannuation fund whether or not it gets support from other parties.
- TRANZ RAIL: Tranz Rail wants to dump it’s passenger services and concentrate on freight. They say passenger services are not making enough money.
- FLETCHER ENERGY SOLD: Fletcher challenge is selling its energy division to Shell and Apache for $4.6 billion. The sale is worth 11.22c a share for shareholders. Challenge stations remain part of Fletcher Challenge for now. Fletcher energy’s share price has been soaring all year. The New Zealand dollar rose sharply after the announcement, before settling down.
- TOURIST SUB: A New Zealand tourist
operator has bought a submarine and plans to make it Milford
sound tourist attraction by the end of next month. The sub
can go as deep as 300m – deep enough to explore the very
bottom of the Fiord.