Friday, April 11, 2008

Make it Auckland **Domestic** Airport, say Beagle Boys

Two ministers with nary a clue to rub between them have just declared victory on behalf of every xenophobe in the country who wants a say in other people's business: like a pair of malignant Beagle Boys, Commissar Cosgrove and El Presidente Parker gave voice to every ignorant fear that Canada Pensions plans to ship Auckland Airport off to Manitoba or Montreal, and refused permission for owners of their airport shares to do what they wish with their own property.

To pinch Leighton Smith's line, the place is no longer Auckland International Airport.

For a country almost completely reliant on international trade and international investment, and a people seemingly in love with international travel, New Zealanders (on whose behalf the two Commissars made this decision) are remarkably wary of foreigners, and remarkably interested in having a say in things that are none of their bloody business.

ACFZEAAfaqqg 318027 This was a deal worth 1.725 billion dollars.  A deal between owners and buyers.  It was nobody else's business.  Got that?  It was definitely not a decision for a lawyer known worldwide for lacking even the basic ability to file proper documents (that's the smug git on the right), and a sawdust caesar who has achieved no distinction outside the bullying of car drivers, builders and real estate agents (that's Comrade Cosgrove complete with punch 'n' grow hair hat on the left).  Take a good look at the two self-important swine who set themselves up as judge and jury of other people's business, and ask yourself what gives them the right to do so.

But these two ignorant pricks unable to see past their own noses "see no benefit" in the deal for New Zealand-- neither of them with a brain able to see past a hoped-for benefit to their own electoral hopes this year:  "No benefit" in the sum of $1.75 billion being invested in New Zealand -- "no benefit" in the right of airport shareholders to choose themselves what they do with their own property -- "no benefit" in letting investors overseas know New Zealand is open for business -- no, "no benefit" at all, say the blind and blinkered Beagle Boys.

The airport is a "strategic asset" whose ownership the "people of New Zealand" need to retain, declared the two numb nuts.  What the hell is a "strategic asset," and how the hell would Canadian ownership (not control, which Canada Pensions had already ruled out, just partial ownership) interfere with whatever bullshit definition of "strategic assets" these two clowns could dream up.  What the hell sort of decision is it that dramatically lowers the value of the very asset they deem worthy of their protection?  And just finally, let me point out that the only "people of New Zealand" whose decision on the deal matters are those New Zealanders who agreed to sell their shares.  It's not your decision, nor that of these two wankers; it's the owners' and the owners alone.

This decision is a disgrace.  Said investment analyst Simon Botherway last month, the grounds for this decision are not rational, they are wholly political.  The two are obviously mutually exclusive.  The decision is wholly irrational, utterly xenophobic, and sends a clear three-word message to overseas investors interested in taking an interest in this place: "Don't bloody bother."

NB: Don't you love this delightfully circuitous definition of "strategic asset" from the Local Bloody Government Act, 2002, s.90(2):

Strategic Asset, in relation to the assets held by a local authority, means an asset or group of assets that the local authority needs to retain if the local authority is to maintain the local authority’s capacity to achieve or promote any outcome that the local authority determines to be important ...

In other words, a "strategic asset" is anything we say it is.  Beautiful, huh?  Such is the quality of lawmaking we've come to expect from our lawmakers.

UPDATEREUTERS: Shares in NZ's Auckland Airport fall 10 pct on open.  Good news, huh?  The share price for NZ's Auckland Airport over the last year tells a story familiar to Telecom shareholders subsequent to the government's nationalisation of their copper network, and to Air New Zealand shareholders subsequent to their refusal to let Singapore Airlines invest, and to ... well, you can draw up a bloody list, can't you.  These are just the higher profile, more easily shown examples of what government meddling does to local businesses.

       AIA-110408

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11 Comments:

Anonymous Julian said...

All New Zealanders are worse off as a result of this decision. The cost of capital (a concept which companies use in deciding whether to invest) just rose as a result. It now becomes harder to justify an investment in this country. Our standard of living will suffer as a result.

This country is ruled by ignorant, xenophobic maggots.

Julian

4/11/2008 09:28:00 am  
Anonymous Anonymous said...

Don't hold back Julian

4/11/2008 10:19:00 am  
Anonymous JC said...

So lets tote up the effect of laws made and unmade in just the last few months, bearing in mind that Labour are supposed to be good *political* managers.

The Sedition laws used to improperly imprison a blogger and then disestablished during the time of the Urewera 17.. a law tailor made for Tama and his antics.

The anti-smacking law which has produced exactly what we feared.

An EFA that was almost immediately broken by Labour and NZ1st.. in the most contemptuous way and for no penalty.

An abusive regulation on strategic assets completely at odds with the recent FTA and as big a smack at national productivity as could be imagined.

Putting aside my disgust with this mob and it's political bent, these recent lunacies smack of a deliberate dismantling of the country's future.

Add in the soon to be law carbon emissions Act and we are about stuffed.

These actions go beyond stupid and into the realm of treasion.

JC

4/11/2008 11:42:00 am  
Anonymous Anonymous said...

Is there any recourse for owners of shares that wanted to sell them? Could they take legal action?

4/11/2008 12:36:00 pm  
Anonymous JimW said...

Is there any recourse for owners of shares that wanted to sell them?

Yes, anon. Send the two economic illiterate ministers to Zimbabwe so that Mugabe's war veterans beat the hell out of them.

4/11/2008 12:48:00 pm  
Anonymous Anonymous said...

Rule:

Never, never, never invest your savings in New Zealand.

Just say no!

4/11/2008 01:56:00 pm  
Anonymous Anonymous said...

3,000,000 and 1,500,000 in the past hour.

Some big parcels going through - and someone's buying.

Doesn't seem to smell right, this. Reminds me of Enron.

4/11/2008 04:28:00 pm  
Blogger Andrew said...

Infratil?

4/12/2008 02:10:00 am  
Anonymous Rich Prick said...

This just proves that those two half-witted socialists do not understand capitialism. Shres are merely a mechanisim for raising capital. Owning shares does not mean you own the so-called "strategic assets", the company owns those.

All that this decision does is say to the Canadians and all other foreign capital, take your capitial and shove it.

The media have been extremely lazy with its coverage of Peters and the Government. Anyone listening would be lead to believe that the Canadians were about to grad the assets and disappear into the ether.

Disclaimer: I hold AIA shares and extremely fucked off with this pair of socialists.

4/12/2008 05:52:00 pm  
Anonymous Anonymous said...

Could be Infratil, but I doubt it.

Now govt has shooed away the Arabs and Canadians there is no one left except...the Cullen Fund.

Keep your eye on the share reg -- it would be typical of this crowd to use taxpayer money to buy AIA just after they shafted the shareholders.

Cullen and Clark - and a few of the others -- should be in jail.

4/14/2008 02:13:00 pm  
Anonymous Anonymous said...

And so it has come to pass...the IFT parcel is the shares they control for the NZ superfund... not IFT themselves.

Cullen fund now owns over 7%.

4/22/2008 04:56:00 pm  

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