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Re: [EastAsia] Fwd: G3* - NEW ZEALAND- NZ leader wins 2nd term, pledges fiscal discipline

Released on 2012-07-29 00:00 GMT

Email-ID 1055857
Date 2011-11-28 15:17:00
thanks. misread it. thought it meant to sell their minority stakes

On 11/28/11 8:00 AM, Michael Wilson wrote:

Selling from 74% to 51% is selling a minority stake of 23%

On 11/28/11 7:50 AM, Anthony Sung wrote:

I don't understand how minorities stakes can be 74%? are there rumors
that China is planning to bid on these assets?

also, is NZ in such a bad economic position? 18 billion deficit is
bad but not horrid and was running a trade surplus for the first half
of this year. they may not be awesome like OZ but they sure as hell
ain't EU

On 11/28/11 1:04 AM, Lena Bell wrote:

biggest thing to note from election is that Key can now proceed with
the planned asset sales (they're expected to raise between $NZ5
billion to $NZ7 billion).
49 percent of Genesis Energy is expected to be the first on the
block, but Key has also promised to sell minority stakes in power
companies in Meridian Energy, Mighty River Power and coal producer
Solid Energy. The Nationals also campaigned on cutting the govt's 74
percent stake in Air New Zealand to 51 percent.
Why does Stratfor potentially care? Because there are a lot of
energy assets on offer here. Let's watch and see if/how China
NZ is in a very different economic position to Oz - last year they
posted a record deficit of $NZ18.4 billion - so there are definite
opportunities for willing buyers.

-------- Original Message --------

Subject: G3* - NEW ZEALAND- NZ leader wins 2nd term, pledges fiscal
Date: Sat, 26 Nov 2011 08:50:39 -0600 (CST)
From: Adelaide Schwartz

NZ leader wins 2nd term, pledges fiscal discipline
By NICK PERRY | AP aEUR" 1 hr 51 mins ago. Nov. 26, 2011
WELLINGTON, New Zealand (AP) aEUR" Prime Minister John Key
convincingly won a second term as New Zealand's leader in elections
Saturday that open the door for the sales of billions of dollars
worth of government assets as part of a plan to reduce the country's
Key's center-right National Party has promised to get the nation's
books in order and begin paying down foreign debt within the next
three years. That message has taken on a new resonance after the
country's credit rating was downgraded this year and the situation
in Europe has shown how debt can quickly become toxic.
The National Party dominated the election, coming up just short of
getting enough votes to govern alone. With most of the votes
counted, the party was projected to win 60 of the 121 seats in
Parliament, an increase of two. Key will look to some of the minor
parties for support in forming a stable government.
"Tonight New Zealanders voted for a better future, and there will be
a better future," Key said in his victory speech.
The center-left Labour party, which had opposed asset sales, won
just 27 percent of the vote, meaning it will lose about nine of its
43 seats. Like National, it also promised to get the books in order
aEUR" but Labour planned to do it by introducing a capital gains tax
and raising the age of retirement by two years, to 67.
Phil Goff, Labour's leader, said the party was "bloodied, but not
"It wasn't our time this time," he told supporters. The poor showing
makes it likely Goff will soon step aside.
Key plans to sell minority stakes in four government-owned energy
companies and in Air New Zealand in order to raise an estimated 7
billion New Zealand dollars ($5.2 billion).
The National Party's win could also open the door for more mineral
exploration and offshore oil drilling. Labour had proposed a
moratorium on deep-sea drilling after a cargo ship ran aground last
month near the North Island port of Tauranga, spilling about 400
tons of fuel into the ocean and onto local beaches.
Key's win will also likely continue the country's warming
relationship with the United States. For a quarter-century, New
Zealand's ban on nuclear warships caused a rift, particularly over
defense. However, New Zealand's small troop presence in Afghanistan
and a promise by the U.S. to send a contingent of Marines to New
Zealand next year point to a thaw.
The U.S. and New Zealand are also among nine Pacific countries
negotiating a free trade deal in the region.
The election was also marked by the unexpected return to Parliament
of Winston Peters, the mercurial leader of the anti-immigration New
Zealand First party, which has shored up support among older voters
who approve of its generous policies for them.
New Zealand First won about 7 percent of the vote, enough for eight
seats, after getting shut out of the last election in 2008.
The Green party, meanwhile, enjoyed its best showing ever, winning
11 percent of the vote.
But the election also spelled the near-demise of the conservative
Act party, which won five seats in the last election but this time
could manage just one. Act party leader Don Brash announced he would
resign Sunday.
National's campaign hinged on the personal popularity of Key, a
former currency trader whose easygoing demeanor appeals to many. His
image was placed on hundreds of National billboards.
Key's common touch was reassuring to people when a powerful
earthquake struck Christchurch last February, said Jennifer
Lees-Marshment, a political studies lecturer at the University of
Auckland. It also enabled him to share in their excitement in
October when the country's national All Blacks team won the Rugby
World Cup.
Voters were also deciding whether to keep their electoral system, in
which parties win parliamentary seats based on the proportion of
votes they receive. Some wanted to return to a winner-takes-all
format, although polls indicated most favored sticking with the
current system.
The final results of that measure won't be known for two weeks. In
early results, however, about 54 percent of voters favored keeping
the German-style proportional system.

Anthony Sung
221 W. 6th Street, Suite 400
Austin, TX 78701
T: +1 512 744 4076 | F: +1 512 744 4105

Michael Wilson
Director of Watch Officer Group
221 W. 6th Street, Suite 400
Austin, TX 78701
T: +1 512 744 4300 ex 4112

Anthony Sung
221 W. 6th Street, Suite 400
Austin, TX 78701
T: +1 512 744 4076 | F: +1 512 744 4105