Floccinaucinihilipilification - the act or instance of judging something to be worthless or trivial; to establish or state that something has no value.
Land Information Minister Maurice Williamson and Associate Finance Minister Jonathan Coleman have approved the new recommendation of the Overseas Investment Office (OIO) to grant consent to Milk New Zealand Holding Limited to acquire the 16 Crafar farms.
“New Zealand has a transparent set of laws and regulations around overseas investment,” Mr Williamson says.
“Those rules recognise the benefits that appropriate overseas investment can bring, while providing a range of safeguards to protect New Zealanders’ interests. They are applied evenly to all applications, regardless of where they are from.
“We have sought to apply the law in accordance with the provisions of the Overseas Investment Act and the guidance of the High Court.
“We have carefully considered the OIO’s new recommendation. The OIO sought advice from Crown Law and independent legal advice from David Goddard QC. The Ministers also sought advice and clarification from Mr Goddard.
“We are satisfied that on even the most conservative approach this application meets the criteria set out in the Act and is consistent with the High Court’s judgment.”
The Ministers have followed the law, and the High Court’s stricter definition of it, as they are bound to do.
Opponents of land sale to foreigners won’t like it but the correct way to deal with that is to change the law, not to go against it.
Former Minister Chris Carter tried that with the Whangamata marina, was taken to court and lost.
Dr Coleman said the consent came with stringent conditions.
“These 27 conditions have been imposed to ensure Milk New Zealand’s investment delivers substantial and identifiable benefits to New Zealand,” Dr Coleman says.
The conditions require Milk New Zealand to invest $16 million into the farms and to protect and enhance heritage sites.
“The combined effect of the benefits being delivered to New Zealand as a result of this transaction is substantial.”
The land is already in foreign hands – that of the banks and the receivers are bound to get the best price for it.
I’m not convinced they went about that the best way – the farms were offered for sale individually or as a package but I don’t know if they actively tried to market them to locals.
Whether or not they did, the best offer on the table now is the one approved today.
If the land was sold to New Zealanders they would not be required to do anything with it at all, they would not have 27 conditions imposed on them nor be required to make any further investment as the purchasers, Shanghai Pengxin, are.
A copy of the OIO’s new recommendation is here.
A copy of the OIO’s decision summary is here.
Thursday’s questions were:
1. Who said: “Every man can tell how many goats or sheep he possesses, but not how many friends.”?
2. Which station was home to the merino Shrek?
3. It’s mouton in French, pecora in Italian, oveja in Spanish and hipi in Maori, what is it in English?
4. What is the geological feature a rouche mountinee?
5. How old is a two tooth sheep?
Points for answers:
Alwyn wins an electronic batch of Anzac biscuits with five right.
IHS got two, a right region for #2 and a point for imaginative description for #4.
Andrei got four right and a yes for the theme.
Adam got two despite the lack of education.
Teletext also wins an electronic batch of Anzac biscuits with a bonus for added information.
Answers follow the break:
A friend was given three months to illustrate a book.
“They think they’re helping by giving me all that time,” she said. “But it means I’ll spend two and a half months feeling guilty then do the work in the last fortnight as the deadline looms.”
I know exactly how she felt.
I’ve had nearly three weeks to write a column. I’ve been thinking about it a lot. I’ve done some research, played with some ideas and composed bits of it in my head.
But it’s only now with the icy fingers of this afternoon’s deadline chilling my spine that I’m actually writing it.
Blogging will resume when it’s done.
1303 The University of Rome La Sapienza was instituted by Pope Boniface VIII.
1494 Johannes Agricola, German Protestant reformer was born (d. 1566) .
1534 Jacques Cartier began the voyage during which he discovered Canada and Labrador.
1657 Admiral Robert Blake destroyed a Spanish silver fleet under heavy fire at Santa Cruz de Tenerife.
1657 Freedom of religion was granted to the Jews of New Amsterdam (later New York City).
1689 The former King James II of England, then deposed, lay siege to Derry.
1775 American Revolutionary War: the Siege of Boston began.
1792 France declared war on Austria, beginning of French Revolutionary Wars.
1809 Two Austrian army corps in Bavaria are defeated by a First French Empire army led by Napoleon I of France at the Battle of Abensberg on the second day of a four day campaign which ended in a French victory.
1810 The Governor of Caracas declared independence from Spain.
1828 René Caillié became the first non-Muslim to enter Timbouctou.
1861 American Civil War: Robert E. Lee resigned his commission in the United States Army in order to command the forces of the state of Virginia.
1871 The Civil Rights Act of 1871 became law.
1889 Adolf Hitler, German Nazi dictator, was born (d. 1945) .
1893 Joan Miró, Spanish painter, was born (d. 1983).
1914 Forty-five men, women, and children died in the Ludlow Massacre during a Colorado coal-miner’s strike.
1918 Manfred von Richthofen, aka The Red Baron, shot down his 79th and 80th victims marking his final victories before his death the following day.
1941 Ryan O’Neal, American actor, was born.
1945 World War II: US troops captured Leipzig, Germany.
1945 World War II: Fuehrerbunker: Adolf Hitler made his last trip to the surface to award Iron Crosses to boy soldiers of the Hitler Youth.
1948 Craig Frost, American musician (Grand Funk & Bob Seger), was born.
1949 Jessica Lange, American actress, was born.
1953 Sebastian Faulks, British novelist, was born.
1958 The first temple of The Church of Jesus Christ of Latter-day Saints in the Southern Hemisphere opened in Hamilton.
1961 Failure of the Bay of Pigs Invasion of US-backed troops against Cuba.
1964 BBC Two launched with the power cut because of the fire at Battersea Power Station.
1972 Apollo 16 landed on the moon commanded by John Young.
1978 Korean Air Flight 902 was shot down by Soviets.
1980 Climax of Berber Spring in Algeria as hundreds of Berber political activists were arrested.
1985 ATF raid on The Covenant, The Sword, and the Arm of the Lord compound in northern Arkansas.
1986 Pianist Vladimir Horowitz performed in his native Russia for the first time in 61 years.
1986 Cameron Duncan, New Zealand director, was born.
1986 Professional basketball player Michael Jordan set a record for points in an NBA playoff game with 63 against the Boston Celtics.
1998 German terrorist group Red Army Faction announcesd their dissolution after 28 years.
2007 Johnson Space Center Shooting: A man with a handgun barricaded himself in NASA’s Johnson Space Center in Houston before killing a male hostage and himself.
2010 – Deepwater Horizon drilling rig explosion killed 11 and causes rig to sink, initiating a massive oil discharge in the Gulf of Mexico.
Sourced from Nz History Online and Wikipedia