Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 


NZX Asked to Inquire Into Chorus Financial Viability

COALITION FOR FAIR INTERNET PRICING

MEDIA RELEASE

9.00 AM MONDAY 16 SEPTEMBER 2013

NZX Asked to Inquire Into Chorus Financial Viability

The Coalition for Fair Internet Pricing has asked the NZX to inquire into Chorus Ltd following conflicting statements about its financial viability by its chief executive, Mark Ratcliffe, and the prime Minister, John Key.

“We are concerned there may be information circulating in Wellington about the financial viability of Chorus Ltd under the Commerce Commission’s draft determination for the price of copper broadband that is not available to its shareholders or to the broader market,” said the coalition’s spokeswoman, Sue Chetwin, also chief executive of Consumer NZ.

On Thursday, the coalition launched its campaign against the Government’s proposed $600 million copper tax – the economic effect of the Government over-ruling the draft determination, according to a report by top economists Covec.

In response to the campaign launch, Mr Key told TVNZ Breakfast on Friday: “If the Commerce Commission ruling stands there is a chance Chorus will go broke.”

Media were unable on Friday to establish the information on which Mr Key based his comments.

On TV3’s The Nation over the weekend, Mr Ratcliffe would not endorse Mr Key’s comments but said there were “some really challenging scenarios” if the draft Commerce Commission recommendation was accepted.

While denying it had lobbied the government, Mr Ratcliffe said his company had “present[ed] a range of our views” on copper to ministers and officials.

This morning, again on TVNZ Breakfast, Mr Key would not repeat his suggestion Chorus could go broke but said the draft Commerce Commission recommendation would put “pressure” on Chorus.

Ms Chetwin said shareholders and the broader market needed the information on which Mr Key and Mr Ratcliffe were basing their comments to be made publicly available for independent analysis.

“The NZX is the appropriate authority to seek this information in the first instance,” she said.

She noted that Chorus made a net profit of $171 million last year, paid $95 million in dividends to its shareholders and its shares closed only marginally down at $2.88 on Friday.

“This does not look like a company the market thinks has a chance of going broke, or that is facing challenging scenarios, or that might come under financial pressure,” she said.

The Coalition for Fair Internet Pricing was founded by Consumer NZ, InternetNZ, and the Telecommunication Users Association of New Zealand (TUANZ) and is supported by CallPlus and Slingshot, the Federation of Maori Authorities, Greypower, Hautaki Trust, KiwiBlog, KLR Holdings, National Urban Maori Authorities, New Zealand Union of Students’ Associations, Orcon, Rural Women, Te Huarahi Tika Trust and the Unite Union. 

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Digital Evolution: Scoop Independent News Launches "Operation Chrysalis"

From today Scoop is beginning a process of public consultation with the political, business and civil society groups it has served for the past 15 and a half years.

"It is hoped that in time - with new leadership and increased community engagement - the chrysalis will incubate a new kind of Scoop, one which can sustainably continue Scoop's Mission 'to be an agent of positive change'", says Scoop Founder, Editor and Publisher Alastair Thompson.

"As big publishing shrivels, public participation in contributing and spreading news has grown. Scoop has evolved with this wave by providing an independent platform, committed to upholding democracy, providing a voice to all, and providing the public easy access to information about decisions which affect them." More>>

 

Parliament Adjourns:

Greens: CAA Airport Door Report Conflicts With Brownlee’s Claims

The heavily redacted report into the incident shows conflicting versions of events as told by Gerry Brownlee and the Christchurch airport security staff. The report disputes Brownlee’s claim that he was allowed through, and states that he instead pushed his way through. More>>

ALSO:

TAIC: Final Report On Grounding Of MV Rena

Factors that directly contributed to the grounding included the crew:
- not following standard good practice for planning and executing the voyage
- not following standard good practice for navigation watchkeeping
- not following standard good practice when taking over control of the ship. More>>

ALSO:

Gordon Campbell:
On The Pakistan Schoolchildren Killings

The slaughter of the children in Pakistan is incomprehensibly awful. On the side, it has thrown a spotlight onto something that’s become a pop cultural meme. Fans of the Homeland TV series will be well aware of the collusion between sections of the Pakistan military/security establishment on one hand and sections of the Taliban of the other… More>>

ALSO:

Werewolf Satire:
The Politician’s Song

am a perfect picture of the modern politic-i-an:
I don’t precisely have a plan so much as an ambition;
‘Say what will sound most pleasant to the public’ is my main dictum:
And when in doubt attack someone who already is a victim More>>

ALSO:

Flight: Review Into Phillip Smith’s Escape Submitted To Government

The review follows an earlier operational review by the Department of Corrections and interim measures put in place by the Department shortly after prisoner Smith’s escape, and will inform the Government Inquiry currently underway. More>>

ALSO:

Intelligence: Inspector-General Accepts Apology For Leak Of Report

The Inspector-General of Intelligence and Security, Cheryl Gwyn, has accepted an unreserved apology from Hon Phil Goff MP for disclosing some of the contents of her recent Report into the Release of Information by the NZSIS in July and August 2011 to media prior to its publication. The Inspector-General will not take the matter any further. More>>

ALSO:

Drink: Alcohol Advertising Report Released

The report of the Ministerial Forum on Alcohol Advertising and Sponsorship has been released today, with Ministers noting that further work will be required on the feasibility and impact of the proposals. More>>

ALSO:

Other Report:

Leaked Cabinet Papers: Treasury Calls For Health Cuts

Leaked Cabinet papers that show that Government has been advised to cut the health budget by around $200 million is ringing alarm bells throughout the nursing and midwifery community. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news