Thursday, August 7, 2008

ACC staff spending on day spas and petcare

In the wake of the Accident Compensation Corporation failing to look after the British Scientist who lost all her limbs at a work place accident in New Zealand last year and the Labour Government that passed legislation earlier on this decade to limit maximum payouts under ACC to NZ$100,000.00, come revelations today of extreme wasteful spending by the beleaguered, inefficient and expensive public "insurance" government department.

In Parliament today Pansy Wong asked a series of questions and they were answered by the Minister for ACC, well known for condoning overspending by government departments:

Pansy Wong: How does giving staff $250 each per year to spend through the activa card on activities like manicures and day spas promote a more active lifestyle and keep staff fit and well for work?

Hon MARYAN STREET: I presume it is a case of the Accident Compensation Corporation (ACC) practising what it preaches, in that it is trying to prevent injury. I commend it for that. It is in fact an operational matter that is under the jurisdiction of the chief executive officer. But I suppose it is good to hear the National Party spokeswoman on accident compensation actually saying something about the portfolio at least once every 6 months, given that she was not able to—or not allowed to—say anything about National’s policy when it was released.

Manicures and day spas part of "preventing injury"? I think not.


Pansy Wong: Does the Minister believe that the active and healthy lifestyle of ACC staff is promoted by spending $250 for each person per year on animal care, including pet grooming?

Hon MARYAN STREET: I have no idea what that has to do with the health and safety of ACC staff, but I am happy to look into that for the member.


What part of an employers responsibility is it to look after employees pets?

Pansy Wong: Can the Minister assure the House that ACC staff are not spending $750,000 worth of taxpayers’ money on Botox, facelifts, and other cosmetic treatments that are services provided for through the activa cards, or does she think that this is an acceptable use of ACC funds?

Hon MARYAN STREET: In respect of the first part of the question, I think I can assure the House of that. But I will check that with the chair of the board, given the member’s obvious concern about the expenditure of ACC money.

If this is a fact then it is a scandal.

Nothing on TV news this evening or in the newspapers.

This sort of corrupt practice, the spending of taxpayer money on things that individuals should be paying for themselves, in the face of a recession and high taxes, is a very good reason why this government department should be subject to competition at the very least.

Personally I think it should be sold.

The bleating from the left about the ACC being fair, efficient and a wonderful State apparatus is clearly quite wrong in the face of the above and more the public dont know about.

The Minister clearly has little trouble with wasteful spending machinations at ACC because it is a State department and it is taxpayer money they are wasting and that clearly doesn't matter when it comes to this Minister and the Labour Party.

Related Links

Full transcript of Pansy Wong's question

c Political Animal 2008

A tale of three rising stocks


The market really seems to have forgotten the bad economic news, credit liquidity and recession in New Zealand over the last week or so.

No stocks more so than Sky City Entertainment [SKC] and Telecom NZ [TEL] and Fisher and Paykel Healthcare [FPH].

Sky City was up around 25% from its lows in the first week of July, Telecom has risen a similar percentage and Fisher more than 35% off its lows.

Telecom is a weird one, there is no material reason for its share price increase, perhaps the coming profit announcement,to be made Friday morning 8 Aug 2008(NZ time), got the overseas buyers scooping up shares for the dividend. Analysts expect around NZ$700 million for the full year 2008, but its 2009 profit of sub-$600 million will not excite the punters. Its long term outlook is not good.


Telecom Corporation of New Zeal (TEL.NZ)
Telecom NZ Chart.


Fisher and Paykel Healthcare started rising before the market as a whole did when the kiwi/US dollar cross started going in the company's favour. Every cent in decline against the US dollar means around NZ$ 2.5 million straight to the bottom line. The increase in share price is quite understandable then.


Fisher & Paykel Healthcare Corp (FPH.NZ)
Fisher & Paykel Healthcare
Chart
.

I actually intended to write this post just about Sky City Entertainment but got sidetracked as I often do. So here goes.

The rise in this stock started before the general market improvement as well. From a low of NZ$2.90 just four weeks ago to close at $3.62 today.

This stocks prospects haven't improved materially due to any known factors apart from the Aussie cross with the Kiwi dollar improving their Australian Casino returns back to their New Zealand currency base.

The new CEO Nigel Morrison, has a reputation for cutting corporate fat and he has done some already. Strikes last weekend from the Auckland Casino floor staff because of a 4% wage rise offer didn't move management to make a higher counter one to get them back.

A 25% rise might indicate a good profit result to the year ended June 30 2008, due Monday 25 August 2008 (NZ time). This sort of movement in price before such announcements is common with this stock on good news.

Insiders should be ashamed.

I think SKC has been oversold though, like many other listed NZX stocks have.

Having said that I still fail to understand the collective amnesia that seems to envelop the stockmarket when they forget the reasons why they sold over the last few months and are now buying stocks as their share prices go in an upwards trajectory, on higher volumes traded.

Go figure.

Disclosure I own FPH & SKC shares.


Related Share Investor Reading


Fisher & Paykel Healthcare

Why did you buy that stock? [Fisher & Paykel Healthcare]
Drinking and Trading
Share Investor's 2008 stock picks
Fisher & Paykel: A tale of two companies
FPH downgrade masks good performance

FPH Investor Relations


Sky City Entertainment

As recession bites, Sky City bites back

Sky City outlines a clear future plan
Why did you buy that stock? [Sky City Entertainment]
Sky City Share Volumes set tongues wagging
Sky City half year exceptional on cost cutting
NZX Press release: Sky City profit to HY end Dec 2007
Sky City Cinemas no Blockbuster
Sky City Entertainment share price drop
New Broom set to sweep
Sky City Management: Blind, deaf and numb
Sky City sale could be off
Opposition to takeover
Premium for control
Sky City receives takeover bid
Sky City Casino Full Year Profit to June 30 2007
Setting the record straight
Sky City CEO resigns
Sky City Casino: Underperforming
Sky City Casino 2007 HY Profit(analysis)
Sky City Casino 2007 HY Profit


Telecom New Zealand

Telecom NZ faces a watershed period
Business Mis-management
Telecom New Zealand hangs up
Telecom NZ rewards ex CEO For Mediocrity
Business Gobbledygook a barrier to communication

Telecom Investor Centre - full profit announcement

2008 profit announcement - one page profit summary



Related Links
2008 SKC Interim Result
2008 Interim Report
2008 Interim Result Presentation
Media Release
NZX Announcement
Financial Statements
Result Briefing Webcast
2007 SKC Annual Result
2007 Annual Report
2007 Annual Result Presentation
Media Release
NZX Announcement
Financial Statements
Result Briefing Webcast


c Share Investor 2008

Labour Loves Political Animal Blog

Should I be paranoid for speaking my mind?

Will my rubbish bin searched?

Am I going to get caught on secret tape from a Labour Party stooge connected to The Standard Blog, saying something controversial like Hello?

Is a toilet bowl cam on their list?

Are agents 2.01 and 006.5 on my tail?

Well I might be forgiven for being just a little paranoid. Since I started talking about Labour Party's Blog, The Standard yesterday, I had a visitor from the Labour Party almost straight away, checking out the interesting points that I had to make about their covert operation at the National Party Conference last weekend.

They have now been on the site for over 17 hrs:

Number of Entries:
Entry Page Time:
Visit Length:
Browser
OS
Resolution
5
6th August 2008 18:25:10
17 hours 18 mins 33 secs
MSIE 6.0
Windows XP
1024x768
Returning Visits:
Location:
Hostname:
Entry Page:
Exit Page:
Referring URL:
0
Wellington New Zealand
pspc18-241.parliament.govt.nz (202.22.18.241) [Label IP Address]
darrenrickard.blogspot.com/2008/08/sub-standard-political-attack-backfires.html
darrenrickard.blogspot.com/2008/08/who-is-deep-throat.html
www.thestandard.org.nz/?p=2685



Apart from the fact that they are wasting my taxpayer money on surfing the internet, instead of working, it is curious as to the connection between the Labour person on Political Animal all day today and those Labour Party supporters who run the Labour Party Blog, The Standard.

Even looking at hermaphrodite porn all day would be more productive than trolling my weighty opinions looking for reasons to come knocking on my door.

My readers can join the dots, I'm sure Barry Sopher, who knows the exact names of the group connected to The Standard, who did the bugging, will hold on tight to his sources. He has standards and principles.

It is a shame those connected to Labourgate clearly don't.


Related Political Animal reading

Four tape leak suspects
Political Animal gets a visit from the Labour Party
Those behind Labour's Blogsite behind Labourgate affair
Sub-Standard Political attack backfires
Who is the deep throat?
Dirty, Filthy Politicians

c Political Animal 2008


Four tape leak suspects





Some of the people indirectly behind the leaking of the tapes from the National Party conference in the weekend.

The tapes were provided by individuals connected to the Standard Blog, the Labour Party's propaganda machine on the internet.


Related Political Animal reading

Political Animal gets a visit from the Labour Party

Those behind Labour's Blogsite behind Labourgate affair

Sub-Standard Political attack backfires

Who is the deep throat?

Dirty, Filthy Politicians

c Political Animal 2008