Posts

Businesses Who Have Received $5.3 billion Prop Up Dole Figures For Coalition Coronavirus

Image
That should have been the headline. Instead we have this. It is presented as if they should be ashamed for taking this welfare but it is not welfare for them. The thing is the businesses themselves do not keep a cent, they have other costs to pay that many will not be able to. They are acting here as agents for the State to pass it on to people who otherwise would have been immediately redundant.  There are a whopping 876,000 people who have benefited from this.  That is unbelievable. Big names in hospitality like The French Cafe and Coco's Cantina in Auckland received $137,700 and $95,400 to subsidise 20 and 16 jobs respectively. In Wellington, restaurants like Logan Brown and the Havana bar received $158,700 and $125,000 while in Christchurch's coffee institution C1 Espresso received $137,700 for 20 employees.   Yes and their chances of re-opening needing all those staff? In the middle of winter? Tourism has also been badly hit. Milford Sound Flights re

Insanity Of Trading While Insolvent - Robbo Is Going To Let You

Image
I am a company director by profession.  I work in jurisdictions that allow you to do stuff as director that in a New Zealand context would fry the end of your nuts off even in a glass of very cold water.  I was going to write a very long post about this topic above but it would alas be a TL;DR. Is it just me or this "temporary" positioning from Grant Robertson, just completely fucking insane? One change announced by Finance Minister Grant Robertson on Friday would allow businesses to hold off paying some debts for six months – or to put their debts into "hibernation" as Robertson termed it – if half of their creditors, both by number and the value of their debts, agreed to that. Bears hibernate for winter, and I mean the markets not Robbo.  Debt without sufficient certain cashflow in the future? Do not. Another change would make it less likely that company directors could be held personally liable for allowing the companies that they controlled t

It Is Not MFAT's Job To Get You Home

Image
I despair and I thought I would have to at some point write this post. The sob stories of kiddies and “intrepid travellers” "stuck" in far flung places on their OE's are flowing thick and fast. To any long-time New Zealand expat we know the extent that MFAT can help you.  They really cannot.  If you contact them they'll arrange a lawyer that you can google anyway, if you are in hospital possibly come and make sure you are not dead then call Mummy and Daddy, get you in touch with Mummy and Daddy so they can Western Union you some money, and possibly provide you shelter if you are stuck in a place where a civil war breaks out.  Their basic advice is where they do not have an Embassy and you can leave in a bad situation, pay the fee and get the f** out. Any other situation than a sudden civil war with your life in danger - you are on your own and do what local authorities tell you under their rule of law. Every country around the world currently has it

Foot In Mouth Disease Another That Is Still Not Eradicated

Image
Janine Starks is a financial commentator with expertise in banking, personal finance and funds management. Opinions in this column represent her personal views.  They are general in nature and are not a recommendation, opinion or guidance to any individuals in relation to acquiring or disposing of a financial product.  Readers should not rely on these opinions and should always seek specific independent financial advice appropriate to their own individual circumstances. Someone is in for a world of pain after compiling a snarky, bitchy rant at Sir Bob Jones.    The rant was something you would expect from a salty Green Party voter.  It is definitely not that of someone with expertise in "banking, personal finance and funds management" Starks writes; What's the chance Bob Jones and his commercial tenants will negotiate a stationery voucher in lieu of a rent-free or corona-discount period? Given the business-to-business nature of that negotiation and Bob&#

What The Hell Is Going On In The New Zealand Judiciary?

Image
First it was accepting debate that the law could be a "vibe" by the Supreme Court on the basis of a brain fart by a newly appointed Supreme Court Justice. This generated some heated discussions across the bench, as Justices debated whether that would open the floodgates for too many cases to be brought forward, and asked for someone to find some statistics.  The case was adjourned for five weeks to allow both sides to bring submissions addressing the issue of tikanga, and will continue in the new year.   Now we have Chief High Court Judge, Justice Venning stepping down to return to "full time judging".  Says and does no Judge ever.  Something definitely is not right and good in Gotham here on the sniff test. Chief Justice Helen Winkelmann said Justice Venning's leadership and administrative abilities had defined his five years of service, during which he decided some of the country's most important and challenging cases. If that i

Nigel Latta Gets The Interview With The PM That Magic Talk Cannot

Image
This was Nigel Latta in February I agree with him. This is Nigel Latta present day with PM Ardern that prevented her from fronting at the Press Conference to chide her mountain biking Health Minister. Seriously.   The guy is a raspberry and an orange in a pack of fruit loops. One day says it is (correctly) "media drive fear and general misinformation and baseless panic. There is no more reason for worry than any flu season.The end really isn't nigh". Nek minute, under Cindy's spell. What a CAUC (complete and utter c____).

Day 8 And Still No Sign Of The Public Sector Taking Pay Cuts

Image
Now the media have come out of their collective coma realising that the economics of this shutdown are far more costly than any loss of life, rumblings are afoot.  They are pissed off. Many have lived for years churning out the same crap every week, picking up the same pay check a week, and now find themselves in positions of being made redundant or having to take massive pay cuts to "get us through" because "we are all in this together". But we are not. Slowly the worm has not only turned it is charging hard. The media have suspected they would, and have had cuts for years.  They have lived with the threats of the axe over their heads but have struggled on either as freelancers or with jobs for life.  It has been a slow and nasty bleed for them all. Now they have finally worked out it is all completely out of their control. Without an economy there is no need for advertising and advertising is what pays them. A few have even worked ou