TV1 News

People’s Bank – Lion Nathan/Montana Deal – Takeovers Code – Copter Crash – Sub Crash – Wind Farm

- PEOPLE’S BANK: A decision on the Deputy Prime Minister Jim Anderton’s pet project the People’s Bank was delayed again, but One News understands it will be given the green light. Prime Minister Helen Clark said Cabinet had not made a decision yet, but hopes to take a decision in the next few weeks. Miss Clark said the New Zealand Post People’s Bank proposal “has to have a good chance of success, which New Zealand Post are confident it has.”

- LION NATHAN/MONTANA DEAL: The country’s biggest brewer, Lion Nathan is now in control of the country’s largest wine maker, Montana, but the deal won’t be rubber stamped until tomorrow. But the way the deal went down has left a sour taste in many mouths. A waver granted by the stock exchange left small shareholders out of the loop.

- TAKEOVERS CODE: The Government says the new Takeovers Code, which will come into effect in July, will not allow deals like the Lion Nathan Montana deal.

- COPTER CRASH: The sixth helicopter crash in as many weeks today claimed the life of a 39-year-old pilot, when an aging helicopter crashed near Motueka while doing logging work.

- SUB CRASH: The US Navy has gone on the defensive today over the submarine crash with a Japanese fishing boat. Fresh accusations have come to light that crew on the submarine just watched as Japanese sailors struggled in the crucial few moments after the collision. The Coast Guard still searching for nine missing. The US Government says it will consider compensation when more is found out about how the crash occurred.

- WIND FARM: Electricity Company Trust Power is asking its customers for two dollars a week more from its customers to set up a wind farm. Sir Edmund Hillary is the first to agree to pay the extra two dollars a week.

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