A Tale of Two Ports

Port of Tauranga has cracked the $100M net profit mark for the first time, underlining how efficient it has become as NZ’s largest port. The NZX-listed Mount Maunganui-based company also reported this week its long-term credit rating had been elevated from ‘BBB+’ to ‘A-‘ by credit rating agency Standard & Poors. The short-term rating was affirmed at ‘A-2’.

PoT’s market capitalisation hit $4.3bn in the wake of its latest result, a huge leap from the $78m at the time of its IPO in 1992. The company has provided a river of gold for the Bay of Plenty Regional Council, which retains 56% of the shares.

So why have other local bodies, which own ports, been so slow to follow the example of the BOP Council in partially privatising their port businesses and reaping the rewards?

Continue reading “A Tale of Two Ports”

Greens gag on water bottling consents – but has anyone talked with Murupara Maori?

Hard on the heels of a Chinese water bottling company being given approval to buy land to expand its operations in the eastern Bay of Plenty…

(a) It was granted the resource consents it needs; and

(b) Green Party co-leader Marama Davidson popped up on Maori Television to express sympathy with local iwi who had opposed the granting of the consents.

Maori Television reported that the Government had given approval for “the Chinese bottling giant” to purchase spring water near Whakatāne and export more than one billion litres of drinking water each year.

Actually, it was approval to buy land. Continue reading “Greens gag on water bottling consents – but has anyone talked with Murupara Maori?”