Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Government dithers while shareholders hurt

Roger Sowry National Member of Parliament

25 September 2001

Government dithers while shareholders hurt

The Government's refusal to tackle the Air New Zealand situation is leaving thousands of kiwi mum and dad investors exposed to significant financial losses, National's Roger Sowry said today.

"In the past three months the value of Air New Zealand has fallen from $1.4 billion to $108 million, and it could fall to zero if the Government doesn't wake up from its current sleepwalk," Mr Sowry said today.

"That is dire news for shareholders, many of them ordinary New Zealanders with kids and mortgages. Singapore Airlines and Brierleys will survive, no matter what happens, but the impact of the Government's dithering on those smaller individual shareholders could be devastating.

"In the face of this major financial crisis the Government is continuing to trot out meaningless rhetoric. Instead of providing leadership they are sitting on the fence, arguing one minute that the due diligence process should continue, then the next minute in favour of statutory management.

"Surely even they can't be so naïve as to actually believe the sort of drivel they are spouting. The initial rescue package is now wildly out of touch with reality, with share prices having dropped to one third of what they were when that bailout was announced.

"The Government is confused, and is confusing the public over this whole sorry saga.

"Pressure either makes diamonds, or makes you crumble. Labour is crumbling under the pressure around Air New Zealand, and the sooner there's a change of Government the better" Roger Sowry said.

Ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On NZ’s Complicity In Western Sahara

If David Parker really wants to hone his crisis-managing chops on an international trade dispute that New Zealand has been making worse for years, he maybe should be turning his attention to the Western Sahara.

Some background: two NZ companies called Ravensdown and Ballance Agri-Nutrients appear to be the only independent firms in the world still willing to import phosphate from the disputed territory of the Western Sahara... More>>

 
 

Gordon Campbell: On Malaysia Exposing Our Dodgy Policies On China

Last week, we all owed a vote of thanks to Malaysian PM Mahathir Mohamad for breaking with protocol during his bilateral with Jacinda Ardern. Reportedly, Mahathir used the photo opportunity phase of the meeting to launch into matters of genuine substance. More>>

ALSO:

Withdrawls After Police Uniform Ban: Auckland Pride Remains Committed

The Auckland Pride Board remains committed to creating a space for our rainbow communities to feel safe celebrating their gender and sexual identity, despite some institutions pulling out from the Parade in recent days. More>>

ALSO:

South Korea: State Visit By Korean President Moon Jae-In

The President of the Republic of Korea Moon Jae-in will visit New Zealand from 2 to 4 December... “I am very much looking forward to welcoming President Moon to New Zealand,” said Jacinda Ardern. More>>

Health: Changes To Drinking Water Standards

David Clark said many of the changes he is making, which will take effect on 1 March 2019, are clarifications or corrections, “but there are two changes which will significantly improve the ability to test and respond to the presence of harmful bacteria such as E.coli”. More>>

ALSO:

IPCA: Police Detention "Unlawful But Reasonable"

The Independent Police Conduct Authority has found that while Police acted unlawfully in October 2017 when they detained a Queenstown man for a mental health assessment, their actions were reasonable in the circumstances. More>>

ALSO:

Joint Statement: Chile President's NZ Visit

At the invitation of the Right Honourable Jacinda Ardern, Prime Minister of New Zealand, His Excellency the President of the Republic of Chile, Sebastián Piñera, undertook a State Visit to New Zealand on 19 November 2018... More>>

ALSO:

Climate Change: Top Academics Call On Government To Take Action

One hundred and fifty academics and researchers from around Aotearoa, including Dame Anne Salmond, Emeriti Professors and several Fellows of the Royal Society, have signed a strongly-worded open letter to the Government demanding bold and urgent action to tackle climate change. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels