NZ First and Greens collude with Labour to pass fraudulent emissions bill

It looks like the Labour Government's emissions trading wet dream is set to pass over the next two weeks.

The Green Party and NZ First's Winston Peters had secret talks in Wellington a week or so back and both parties then agreed to vote for Labour's scheme.

It is set to cost New Zealand billions, lost jobs, and a destruction of the economy when the carbon trading market collapses and it will because it is based on hot air.

The scheme is based on a fraudulent trading scheme put together by the boys at the collapsed energy trading firm Enron in the 1990s.

The trading scheme and all that it entails is simply about making money for "inside individuals" and more taxes for our government.

A question one might have to ask oneself why some of the highly placed individuals in New Zealand might be pushing this carbon nonsense?

In the absence of any logical reason I would have to surmise that money is involved.

Like Al Gore, the answer might be that people like him in New Zealand stand to benefit financially by millions and have a vested interest in passing such moronic laws.

It would be interesting to see what investments Helen Clark, Russell Norman, Jeannette Fitzsimmons and Winston Peters have in their bottom draw.

We know Jeanette or her family trust have shares in Windflow Technology, a Windmill company set to benefit from this law being passed and she and the aforementioned are all leaders of parties that are voting for it.

I cant think of any other explanation or motivation for these politicians to back this law except lining their own pockets.

Can you?

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c Political Animal 2008

For whom the bill tolls

The bizarre turn of events over what Maurice Williamson said about tolling roads last week goes completely beyond me.

Not only was it nothing to be ashamed about-shame on you John Key for humiliating him-but it is something that the Labour party are keen on doing themselves.


Labour have a raft of measures to increase the burden on vehicle drivers that they are not highlighting.

1. Labour allowed local authorities to charge a 5c a litre tax on petrol.

2. Helen Clark has single handedly at least tripled the cost of the Waterview link of the South Western motorway simply because she insists on a tunnel rather than a conventional motorway.

The rest of that motorway runs conventionally until it reaches Helen Clark's electorate. Where it abruptly stops. Tolls will be charged by Labour to fund this tunnel.

The cost of Helen's couple of kilometres of motorway? More than 2 billion dollars.

Where will it come from? Your pocket.

3. a host of carbon related taxes for motorists-courtesy of the fraudulent emissions trading bill, set to be passed over the next 2 weeks. Motorists will be taxed according to engine size for example.

The extra cost for motoring is clearly higher under Labour but they are not telling you, the voter, the truth about it.

Williamson was talking the truth about tolls, Labour will have tolls as well plus the extra taxes outlined above.

Related Political Animal reading

Fraudulent Emissions Trading Bill

c Political Animal 2008

Sky City Entertainment: 2008 Profit Analysis

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Today's 2008 full year profit announcement for Sky City Entertainment [SKC.NZ] looks like the beginning of a resurgence for the company to me.

CEO Nigel Morrison has written down the value of its cinema business to zero value-it will always struggle-a good chunk of debt has been paid down, cashflow is up, gross revenue at record highs, reduced maintenance and capital expenditure planned for 2009 and VIP revenue up strongly.

Morrison's move away from the expansionist mantra of the previous CEO, Evan Davies to focus on squeezing everything out of the company's existing assets gets the big tick from me.

The New Zealand casino revenue seems to be stagnant, with a plateauing of income at Auckland but management say that is because of a gaming floor refurbishment interfering with gaming.

This is understandable and the company say revenue has picked up since the building was finished.

The good news comes from Australia-finally-with the company's star casino in Darwin increasing revenue by more than 7%.

Darwin really looks set to do the business for the company in the future, as it is expanding its facilities and the economy in that part of Australia is booming. On present form it looks set to overtake the revenue of Adelaide casino in FY 2009.

Sky City Darwin is the only of the company's 6 casinos to be able to expand gaming facilities and it also retains a smoking environment, similarly unique. Both these attributes are important to gamblers, especially the large patronage of Asian customers.

Good news also from Adelaide. Although revenue was down 4.4% for the year, management expected a much bigger drop because of the introduction of no smoking at the casino in 2007.

Similar legislation introduced to the Auckland Casino in 2004 put a stop to the spectacular growth that it had been having up until the introduction, so Adelaide's impact has been minor so far.

Once again, the huge black spot on the whole result and company as a whole, is the pathetic result of the company's cinema division. Revenue was down by over 2% and EBITDA halved to just under $5 million.

The galling thing for me as a shareholder is that 10's of millions of dollars of shareholder money has been spent over the last few years on capital expenditure to refurbish or build new cinema facilities.

Albany 10, which I use, is lovely(but was leaky) but clearly makes no money, would have cost a good $10-15 million in 2008. Manukau 10 will cost $8 million in 2009 and doubtless there will be more to come.

Do the math Nigel. SELL IT !

Looking towards 2009, I feel very positive about the company and its prospects.

The focus on current assets is the key to increasing the bottom line profit and expansion of any business unit should only be done after the simple test of whether shareholders could do better with the money that would be spent on capital expense, than income derived from the new asset.

Its time for long term shareholders to be rewarded.


Sky City @ Share Investor

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Sky City Casino 2007 HY Profit

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Sky City Financial Data

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• Price History
• Related Securities

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c Share Investor 2008

Not that there is anything wrong with it: Part Deux

By popular demand here is a look at Helen Clark and her appearance at the Big Gay Out 2008.

Like her performance at the 2007 BGO, she is absolutely passionate about this small sector of our community: Lesbians, Male homos, transgender and the "triples" that Ruth Dyson is fond of funding if we are unlucky enough to have another Labour Government.

Strangely, once again, the same passion is missing when it comes to the middle class New Zealand families that pay for these minorities and their lifestyles.

Related Political Animal Video

Not that there is anything wrong with it - Video of Ms Clark at 2007 Big Gay Out
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c Political Animal 2008