Irrigation long-term investment

May 21, 2014

Ngai Tahu has withdrawn as a potential investor in the $275 million Ruataniwha water storage scheme in Hawke’s Bay.

Ngai Tahu said it had a series of criteria that needed to be met for continued investment, including the right investment partner with the appropriate experience.

Electricity firm TrustPower, which has a lot of experience with dam storage and irrigation, withdrew from the investment in March. It said the project did not stack up with the level of returns the company required from new investments. . . .

Irrigation is a long-term investment.

It requires a lot of money up-front,. It’s years before it returns any dividends and many of those are indirect through the environmental, financial and social benefits that come from it.

Ngai Tahu’s decision will be a blow to the scheme’s proponents but it doesn’t have to be a killing one.

Finding more, smaller investors will require more work, but with the backing of farmers, the regional council and the government through the Crown Irrigation Fund, and others who understand the value it will bring to the province it could still go ahead.

 


GDT down for 6th auction in row

May 21, 2014

The GolabalDairyPrice Index fell 1.8% in this morning’s auction, the sixth drop in a row.

 

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English: Govt shouldn’t be business risk

May 21, 2014

Finance Minister Bill English gets it – the government shouldn’t be one of the risks businesses have to manage:

. . . “Governments need to create an environment of stability and good incentives for [businesses] to grow the economy. Businesses need confidence the rules will not shift and the Government is not one of the risks they have to manage,” English said.

It was also important for the Government to run a counter-cyclical fiscal policy which, right now, meant running surpluses, paying down debt, and limiting future initiatives in spending and tax cuts to what would not push interest rates higher than they need be.

Keeping a rein on its own spending is a far better government strategy for keeping pressure off interest rates than meddling with the Reserve Bank Act and Kiwisaver payments which Labour is proposing.

What had driven mortgage rates over 10 per cent on the eve of the last recession was the combination of runaway government spending and runaway house prices.

There was no single answer to “ridiculously expensive” house prices, he said, especially as councils made many of the decisions about land availability and other regulatory imposts.

“They need to understand that decisions planners in Auckland make about the minimum size of balconies will affect returns to a cray fisherman off Fiordland.” . . .

Steep increases in property prices are primarily a function of supply not keeping up with demand.

Council policies and nit-picky actions by planners over minor details slow new builds.

The housing price issue isn’t a national one.

The problem is mostly an Auckland and Christchurch one but by putting pressure on interest rates it affects the whole of the country.

Council there have a big role to play in solving that by making it much easier to increase the supply.

Meanwhile the government must continue to play its part by keeping a tight rein on its spending.


May 21 in history

May 21, 2014

878  Syracuse, Italy was captured by the Muslim sultan of Sicily.

879 Pope John VIII gave blessings to Duke Branimir and to Croatian people, considered to be international recognition of Croatian state.

996 Sixteen-year-old Otto III was crowned Holy Roman Emperor.

1502  The island of Saint Helena was discovered by the Portuguese navigator João da Nova.

1527 King Philip II of Spain was born (d. 1598).

1554 A royal Charter was granted to Derby School.

1674  The nobility elect ed John Sobieski King of Poland and Grand Duke of Lithuania.

1688  Alexander Pope, English poet, was born  (d. 1744).

1725 The Order of St. Alexander Nevsky was instituted in Russia by the empress Catherine I.

1758 Mary Campbell was abducted from her home in Pennsylvania by Lenape during the French and Indian War.

1780 Elizabeth Fry, British social reformer, was born (d. 1845).

1809 The first day of the Battle of Aspern-Essling between the Austrian army led by Archduke Charles and the French army led by Napoleon I of France.

1840 Lieutenant-Governor William Hobson proclaimed sovereignty over all of New Zealand: over the North Island on the basis of cession by the Treaty of Waitangi and the southern islands by right of discovery.

Hobson proclaims sovereignty over NZ

1851  Slavery was abolished in Colombia.

1856  Lawrence, Kansas was captured and burned by pro-slavery forces.

1863  American Civil War: Siege of Port Hudson – Union forces begin to lay siege to the Confederate-controlled Port Hudson, Louisiana.

1864 Russia declared an end to the Russian-Circassian War and many Circassians were forced into exile. The day is designated the Circassian Day of Mourning.

1871  French troops invaded the Paris Commune and engage its residents in street fighting. By the close of “Bloody Week” some 20,000 communards have been killed and 38,000 arrested.

1871  Opening of the first rack railway in Europe, the Rigi-Bahnen on Mount Rigi.

1879  War of the Pacific: Two Chilean ships blocking the harbor of Iquique (then belonging to Peru) battled two Peruvian vessels in the Battle of Iquique.

1881  The American Red Cross was established by Clara Barton.

1894  The Manchester Ship Canal in England was officially opened by Queen Victoria, who knighted its designer Sir Edward Leader Williams.

1904 Fats Waller, American pianist, was born  (d. 1943).

1904 The Fédération Internationale de Football Association (FIFA) was founded in Paris.

1907 John C. Allen, American roller coaster designer, was born  (d. 1979).

1916 – Harold Robbins, American novelist (d. 1997).

1917 Raymond Burr, Canadian actor (d. 1993).

1917  The Commonwealth War Graves Commission was established through Royal Charter to mark, record and maintain the graves and places of commemoration of Commonwealth of Nations military forces.

1917  The Great Atlanta fire of 1917.

1924  Richard Loeb and Nathan Leopold, Jr. murdered 14-year-old Bobby Franks in a “thrill killing”.

1927 Charles Lindbergh touched down at Le Bourget Field in Paris, completing the world’s first solo nonstop flight across the Atlantic Ocean.

1930 Malcolm Fraser, 22nd Prime Minsiter of Australia, was born.

1932 Bad weather forced Amelia Earhart to land in a pasture in Derry, Northern Ireland, and she thereby becme the first woman to fly solo across the Atlantic Ocean.

1934 Oskaloosa, Iowa, became the first municipality in the United States to fingerprint all of its citizens.

1936 Sada Abe was arrested after wandering the streets of Tokyo for days with her dead lover’s severed genitals in her hand.

1937  A Soviet station became the first scientific research settlement to operate on the drift ice of the Arctic Ocean.

1939 The National War Memorial (Canada) was unveiled by King George VI and Queen Elizabeth in Ottawa.

1941 Ronald Isley, American singer (The Isley Brothers), was born.

1943 Hilton Valentine, British guitarist (The Animals), was born.

1944  Mary Robinson, President of Ireland, was born.

1946 Physicist Louis Slotin was fatally irradiated in a criticality incident during an experiment with the Demon core at Los Alamos National Laboratory.

1948 – Leo Sayer, English musician, was born.

1951 The opening of the Ninth Street Show, otherwise known as the 9th Street Art Exhibition – a gathering of a number of notable artists, and the stepping-out of the post war New York avant-garde, collectively know as the New York School.

1952 Mr. T, American actor, was born.

1958 United Kingdom Postmaster General Ernest Marples announced that from December,  subscriber trunk dialling will be introduced in the Bristol area.

1961  American civil rights movement: Alabama Governor John Malcolm Patterson declared martial law in an attempt to restore order after race riots break out.

1966 The Ulster Volunteer Force declared  war on the Irish Republican Army in Northern Ireland.

1969 Civil unrest in Rosario, Argentina, known as Rosariazo, following the death of a 15-year-old student.

1972  Michelangelo’s Pietà in St. Peter’s Basilica was damaged by a vandal,  Hungarian geologist Laszlo Toth.

1979 White Night riots in San Francisco following the manslaughter conviction of Dan White for the assassinations of George Moscone and Harvey Milk.

1981 Irish Republican hunger strikers Raymond McCreesh and Patsy O’Hara died on hunger strike in Maze prison.

1990  Democratic Republic of Yemen and North Yemen agreed to a unity, merging into Republic of Yemen.

1991  Former Indian prime minister Rajiv Gandhi was assassinated by a suicide bomber near Madras.

1991  Mengistu Haile Mariam, president of the People’s Democratic Republic of Ethiopia,  fled Ethiopia, effectively bringing the Ethiopian Civil War to an end.

1994 Democratic Republic of Yemen unsuccessful attempts to secede from Republic of Yemen, war breaks out.

1996  The MV Bukoba sank in Tanzanian waters on Lake Victoria, killing nearly 1000.

1996  The Trappist Martyrs of Atlas were executed.

1998  In Miami, Florida, five abortion clinics were hit by a butyric acid attacker.

1998   Suharto, Indonesian president of 32 years, resigns.

2001  French Taubira law officially recognised the Atlantic slave trade and slavery as crimes against humanity.

2003  An earthquake hit northern Algeria killing more than 2,000 people.

2004  Sherpa Pemba Dorjie climbed Mount Everest in 8 hours 10 minutes, breaking his rival Sherpa Lakpa Gelu’s record from the previous year.

2006  The Republic of Montenegro held a referendum proposing independence from the State Union of Serbia and Montenegro. The Montenegrin people choose independence with a majority of 55%.

2006  The Swedish ice hockey team Tre Kronor took gold in the World Championship, becoming the first nation to hold both the World and Olympic titles separately in the same year.

2007  The clipper Cutty Sark was badly damaged by fire.

2010 – JAXA, the Japan Aerospace Exploration Agency, launched the solar-sail spacecraft IKAROS aboard an H-IIA rocket.

2012 – In Qafa e Vishës bus tragedy near Himara, Albania 13 students of Aleksandër Xhuvani University were killed in bus crash.

2012 – A suicide bombing killed more than 120 people in Sana’a, Yemen.

Sourced from NZ History Online & Wikipedia.


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