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

 


Buy-back desperate attempt to prop up MRP price

Buy-back desperate attempt to prop up MRP price

Mighty River Power’s $50 million share buyback is an act of absolute desperation and shows the total folly of the Government’s asset sales programme, says Labour’s SOEs spokesperson Clayton Cosgrove.

“The asset sales programme has been a shambles from start to finish. It is the act of a desperate board that is trying to prop up its falling share price, just five months after listing. Clearly the Board could see the writing on the wall and knew the share price would fall even further.

“This is market interference, pure and simple. The Government will be very happy with this act as the falling Mighty River Power share price is scaring prospective Meridian investors away.

“The entire float was a shambles and the Government got it wrong from the beginning. It was clear within a week that the listing price was far too high. National was plain greedy.

“John Key and Bill English have long touted that selling off our SOEs will ‘deepen capital markets’. Surely an SOE spending $50 million to rescue its own falling share price isn’t what they meant. If MRP hadn’t been sold off that money could have used for the benefit of all taxpayers.

“This asset sales programme was a failure from the beginning, this is yet another nail in the coffin of this debacle.

“This shambles shows how important it is that New Zealanders vote in the upcoming referendum and put the asset sales programme out of its misery,” says Clayton Cosgrove.

ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Werewolf Issue #49: Gordon Campbell Interviews Laila Harre

For 25 years, Labour and National have been in virtual agreement about the basics of economic policy, and differed mainly on how to go about managing its social consequences.

Such is the power of the economic orthodoxy that when opposition parties arise – say, in the shape of the Greens – their “credibility” is measured by the extent to which they give the appearance of learning and abiding by the ruling consensus.

The tension between the desire for change – and the inability of the current political framework to deliver it – creates openings for populists of all stripes. It is what has made the emergence of Internet Mana so interesting. More>>

 

Parliament Today:

Gordon Campbell: On National’s Electorate Deals

For all the talk yesterday from Prime Minister John Key about National being transparent about its electorate deals in Epsom and Ohariu, that transparency is entirely front-loaded. More>>

ALSO:

Greens: Oil Drilling Face-Off With Labour

The key policy points in the Green Party’s plan to protect our beaches from oil spills are to:
1. Prohibit deep sea oil drilling; 2. Implement compulsory shipping lanes for coastal shipping; 3. Build Maritime New Zealand’s oil spill response capability; and 4. Introduce a stronger legal framework so that when accidents do happen, the New Zealand taxpayer does not have to pay for the clean-up. More>>

ALSO:


Nick Smith v Fish & Game:

Minister Told Of FBI Investigation, Says INZ: Coleman Must Quit Or Be Sacked Over Dotcom Case - Harré

Immigration New Zealand has done the right thing in distancing itself from Jonathan Coleman’s claims that ministers were not aware of FBI involvement in Kim Dotcom’s residency application, says the Internet Party. More>>

ALSO:

Valedictory Season: Maori Party Founders Say Goodbye

Two major Maori MPs gave there farewell speeches to Parliament Thursday outlining their history, experiences, triumphs and regrets. More>>

ALSO:

Resignation Not Accepted: Transport Minister Breaches Aviation Security Rules

"Running late for a plane at Christchurch Airport, I without thought breached airport and airline security rules by entering the gate lounge through a door usually used for exit only..." More>>

ALSO:

TAIC Report: Urgent Recommendations After Melling Rail Accident

The Transport Accident Investigation Commission has made four urgent recommendations to KiwiRail following the accident two months ago (27 May) when a Matangi passenger train collided with a stop block at Melling Station, Lower Hutt. More>>

ALSO:

Red Tape: Local Regulations Go Under Microscope

The Government says it is accepting nearly all of the recommendations the Productivity Commission has made on ways to improve local regulations. More>>

ALSO:

Spending Questions: Claudette Hauiti To Step Aside At Election

National Party President Peter Goodfellow confirms that he has received notification from List MP Claudette Hauiti that she plans to step aside at the 20 September election. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news