![Brian Rudman: Changing the world from your armchair](/pf/resources/images/placeholders/placeholder_l.png?d=795)
Brian Rudman: Changing the world from your armchair
I'm not a fan of binding referendums, writes Brian Rudman. Like mass petitions, they're a one-sided megaphone that is no substitute for the checks and balances built into the parliamentary process.
I'm not a fan of binding referendums, writes Brian Rudman. Like mass petitions, they're a one-sided megaphone that is no substitute for the checks and balances built into the parliamentary process.
As PM John Key said yesterday, the citizens-initiated referendum will almost certainly deliver his Government's partial asset sales policy a thumbs-down from the public.
The final stage of the Govt's partial asset sales programme, involving Genesis Energy next year, looks increasingly unlikely to proceed.
Voting begins today in a citizens-initiated referendum on whether the Government should sell part of its stake in power companies and Air New Zealand.
Meridian Energy's instalment receipts fell below their issue price - in early afternoon trading today.
Market players say they are surprised at the drop in Air New Zealand's share price in the wake of the Government's 20 per cent sell-down.
The Government has made $365 million from selling down its 20 per cent stake in Air New Zealand after pricing the shares at $1.65 a piece.
Qantas has launched an attack on Air NZ's commercial strategy behind its investment in Virgin - saying it's a foreign bid to destabilise Australian aviation market.
According to the Labour Party leader, David Cunliffe, the timing of the Government's selldown of shares in Air New Zealand is arrogant.
Strong demand for the Air NZ share selldown is expected, but one broker says most will be coming from the bigger institutional investors.
The Government will sell 20 per cent of its stake in Air New Zealand today and tomorrow. The Herald tells you the 11 things you need to know.
Business editor Liam Dann on why the Air NZ share sale is a very different prospect from the SOE partial privatisations.
Opposition parties are warning of higher fares and even a second taxpayer bailout after the Government put another slice of Air NZ on the block.
The Government, fresh from the sale of shares in Mighty River Power and Meridian Energy, faces a harder sell when it comes to divesting a 49 per cent stake in the third and final power generator.
Meridian Energy's instalment receipts have continued to hold firm, helped by buying interest from Bank of New York Mellon Corp, through its London-based subsidiary, Newton Investment.
The head of New Zealand's investment regulator has hit out at the Government's energy company sharemarket floats and says they have failed to lead the way in making it easier for retail investors to access information.
Meridian says a New York bank owns just 3.98 per cent of the company - not the 8.1 per cent it said earlier.
The FMA yesterday called on issuers of investment statements and prospectuses to "lift their game" after its report on the industry following its guidance note of June last year.
The price of newly-listed Meridian Energy instalment receipts edged higher this morning.
Analysts expect power company's stock to keep trading above its issue price after gaining 8% on first day.
Meridian Energy's shares debuted at $1.08 after tepid demand in the initial public offering saw the stock sold at the bottom end of its indicative range.