capitalism

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discrimination (83)

Loss of wealth? No, a redistribution of wealth

Written By: James Henderson - Date published: 8:50 am, April 23rd, 2013 - 29 comments

Eddie explored yesterday who stands to lose from falling asset values in electricity companies resulting from lower power prices. The answer: the Crown and foreign investors. Now, JBWere has estimated those book value losses at up tp $1.4b for Contact and Trustpower, meaning $4b all up. But, despite the cries from the Right, that doesn’t mean wealth is being lost, it’s moving.

MRP share offer suspended til tomorrow

Written By: karol - Date published: 5:19 pm, April 22nd, 2013 - 36 comments

The government announced about an hour ago, that it has suspended the share offer for Mighty River Power until tomorrow, while it devises a supplementary disclosure in the light of the Labour-Green NZ Power policy.

Nats still at panic-stations over NZ Power

Written By: Zetetic - Date published: 8:29 am, April 22nd, 2013 - 16 comments

Can there be a greater sign of the threat that National sees in NZ Power than the fact they have put out 5 press releases condemning it in 4 days? I bet Key spends his Monday media round attacking it too. National knows they’re on to a hiding – they’re defending excessive profits over lower power prices for people. But they’re ideological bound to reject the solution.

Whose interests are the Nats working for?

Written By: Eddie - Date published: 7:30 am, April 22nd, 2013 - 82 comments

Why are National and the Right pitching a fit at the prospect of the Crown and foreign institutions losing superprofits when that’s the price of households and businesses getting lower power prices? Real businesses are looking forward to paying less for power but National says ‘stuff them, we’re looking out for the Crown’s stealth tax and Origin Energy’s profits’.

The “socialist” vs capitalist PR war: NZ Power

Written By: karol - Date published: 8:19 am, April 21st, 2013 - 123 comments

The Key government and its allies are playing the “red scare” gambit, the Greens get to the heart of the reason for NZ Power, Parker goes Third Way, while Bernard Hickey and Matt McCarten weigh in to support the (alleged) “socialist” NZ Power policy. Bomber Bradbury adds some words of caution. [updated title]

Rentiers on notice

Written By: James Henderson - Date published: 9:06 am, April 20th, 2013 - 36 comments

The Green/Labour NZ Power announcement is a clear warning to the owners of electricity companies that their days of rentier profits are coming to an end. Joyce cries for the declining value of their shares but that fall tells us that the market thinks Labour and the Greens will govern, NZ Power will work, and it will knock hundreds of millions off power bills.

Reaction to NZ power

Written By: Anthony R0bins - Date published: 7:09 am, April 20th, 2013 - 98 comments

The Labour / Green electricity proposals picked up very significant support from Vector CEO Simon Mackenzie. Other analysts and commentators have weighed in with support, while some of the reaction from the business community has been (like the Nats) bordering on the unhinged.

Poverty Watch – Special edition on fuel poverty

Written By: Anthony R0bins - Date published: 7:06 am, April 20th, 2013 - 6 comments

Given the drama surrounding the Labour / Green electricity policy it seems appropriate for this week’s Poverty Watch to explore the topic of fuel poverty in NZ. It’s a killer, and it’s long past time that something was done.

Do the lights ever go out on Planet Key?

Written By: karol - Date published: 8:19 pm, April 19th, 2013 - 33 comments

John Key says that the Labour-Green Power policy is “barking mad” and will take people back to the power cuts of the 1970s. Another John Key brainfade, or just being “clueless”? I look at power cuts and fuel poverty since the 1990s.

The buck stops with the directors: Pike River

Written By: karol - Date published: 11:00 am, April 19th, 2013 - 9 comments

Pike River found guilty of breaches of health and safety, leading to the death of of 29 miners. The CTU is calling for law changes to make company directors responsible for their company’s negligence. And the NZ MSM coverage of the catastrophe immediately after it happened?

NZ Power and the next step

Written By: IrishBill - Date published: 7:43 pm, April 18th, 2013 - 54 comments

The NZ Power policy is the most significant break from the neoliberal political consensus we’ve seen for a long time.

Which is why it’s likely to draw a lot of fire from the elite. Let make sure there’s a lot of push back.

Telecom’s little dictator

Written By: Zetetic - Date published: 10:08 am, April 16th, 2013 - 23 comments

Telecom’s $1.3 million a year CEO has announced a pay freeze. Says workers who don’t like it should quit. The rich fuck’s already sacked a thousand workers, now he thinks he can dictate the terms of employment contracts. I’ve got news for you, arsehole. Employment contracts are bargains between worker and employer, not diktats from rich dickheads.

Networks of influence

Written By: karol - Date published: 8:45 am, April 14th, 2013 - 57 comments

John Key is into networking and schmoozing with the wealthy & influential. He’s given special attention to the entertainment industries, GCSB, intellectual property & commerce. He crossed paths with Warner’s people the year before the Hobbit dispute, but never played golf with Dotcom.

Attention Mum and Dad investors

Written By: Anthony R0bins - Date published: 9:58 am, April 10th, 2013 - 91 comments

Labour’s Clayton Cosgrove reveals that when selling Mighty River Power shares, brokers will get twice the commission for selling to a foreign buyer. This will send ownership overseas and drive up prices for Kiwis.

True Blue Worker Hate

Written By: Helen Kelly - Date published: 9:40 am, April 9th, 2013 - 37 comments

Any day now the Government will announce more changes to the Employment Relations Act. These changes will drive down wages and undermine the conditions of all workers. They will also remove the small amount of protection most cleaners and hospitality workers get when the business they are working for loses a contract to another contractor. […]

Youth rates – good and bad employers

Written By: Anthony R0bins - Date published: 11:28 am, April 7th, 2013 - 32 comments

The Nats’ youth rate wages (“for when the ‘minimum’ wage just isn’t low enough”) come in to effect next month. Some of the big youth employers are making their intentions known. You may wish to vote with your wallet.

Kiwis at centre of money maze: Hager

Written By: karol - Date published: 8:03 am, April 7th, 2013 - 107 comments

Today a Nicky Hager article puts Kiwis are at the centre of the global money maze exposed by the International Consortium of Investigative Journalists. He traces developments after Wine Box, the involvement of lawyers (including one ACT-aligned blogger), and some BNZ & ANZ staff… and more.

Investigative journalism is not dead

Written By: karol - Date published: 8:46 am, April 6th, 2013 - 21 comments

Congratulations to Duncan Campbell, Nicky Hager, et al involved in the International Consortium of Investigative Journalists for doing such a great job on the Gobal Offshore Money Maze. The maze includes NZ & Aussie. The investigation used sophisticated digital technologies.

More pay for them; bigger bills for us

Written By: karol - Date published: 1:09 pm, April 4th, 2013 - 24 comments

Ryall has announced that Might River Power top brass will be receiving massive pay rises, in relation to the sale of the powercos. The directors have multiple positions, and questions have been raise about the past of one or two of them. They benefit; we pay.

The CV of a Spy Boss

Written By: karol - Date published: 5:14 pm, April 3rd, 2013 - 89 comments

Key & Rennie say Ian Fletcher was the most suitable candidate to head the GCSB? His CV includes working on intellectual property, globalisation and free trade, & was private secretary to the Blair minister who fudged the legal advice on attacking Iraq.

Rio Tinto ups the ante

Written By: Anthony R0bins - Date published: 10:02 am, April 2nd, 2013 - 166 comments

Our “let’s make a deal” PM is outclassed on this one. I actually have some sympathy this time, the government is between a rock and a hard place. But while most of us worry about Southland, I suspect the Nats’ concerns will be a little closer to home…

Pokies and corruption?

Written By: karol - Date published: 10:15 am, March 31st, 2013 - 61 comments

Significant International Affairs files, relating to dodgy Pokies’ trusts, going missing, SkyCity convention centre deals made through flawed government processes. No corruption in NZ, just governance through sloppy processes? Cui bono?

Worst. Negotiators. Ever.

Written By: IrishBill - Date published: 6:46 am, March 29th, 2013 - 240 comments

First they got down on their knees for a massive American movie studio and negotiated away oodles of taxpayer dollars and our employment law for movies that were always going to be made in New Zealand…

The Cyprus solution

Written By: Anthony R0bins - Date published: 9:48 am, March 26th, 2013 - 48 comments

The financial crisis in Cyprus has taken an unusual turn, and for a change it is the rich who will be left with the bill.

News media: shifting ground

Written By: karol - Date published: 12:44 pm, March 19th, 2013 - 13 comments

The withdrawal of News Corp from SkyNZ, & the new deal on press regulation in the UK are part of various shifts: from media moguls to financial investors, rise of the internet, & the balance between corporate media and politicians – not a fourth estate revival. [Update: tweeters/bloggers excluded]

Akl Unitary Plan: the good, the bad & the debatable

Written By: karol - Date published: 10:44 am, March 17th, 2013 - 39 comments

The Draft Auckland Unitary Plan has much to commend it. It focuses on resource management, responds to the reality of climate change & aims for a more dense but ‘liveable’ city. It has weaknesses, embraces destructive “growth” and raises questions: e.g. about affordable housing & environmental management.

The Brits are smarter than us

Written By: Anthony R0bins - Date published: 9:41 am, March 11th, 2013 - 44 comments

All sorts of bad polling news for the British Conservative government, as the Brits lose faith in the politics of economic austerity.

You pays your money & you takes your chances

Written By: James Henderson - Date published: 10:53 am, March 9th, 2013 - 97 comments

Analysts are talking about risks of investing in Mighty River Power in the media today. Weather, electricity demand, overseas expansion. I’ll tell you what would make me think twice: everyone acknowledges the power companies over charge. Right now, the government has 400m reasons a year not to do anything about it. But that’s about to change.

Recommended viewing

Written By: notices and features - Date published: 8:47 pm, March 8th, 2013 - 24 comments

In 2002 a television crew from Ireland’s national broadcaster, RTÉ happened to be recording a documentary about Chávez when a coup was staged against him.

Highly recommended.

Fair trade

Written By: Zetetic - Date published: 9:35 am, March 8th, 2013 - 24 comments

Farrar and Mallard want us to give the NZRU a statue to trade back one of Holyoake that the government accidentally sold them along with the old State Services building. How about saying to the NZRU, ‘We accidentally sold you a statue but, hey, you remember all that money we gave you to under-write your loss-making tournament? Maybe you could give us our fucken statue back without being dicks about it?