Are the super-rich leaving London? Tax reforms could spur wealth exodus
Oligarchs, exiled leaders, hedge fund managers and high net worth locals have coexisted in a city where old and new money collide. That may start to change.
Not long after the Labour Party swept to power last summer, Charlie Mullins, a British entrepreneur who made his millions in plumbing, packed
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NZ Herald
6 hours ago
- NZ Herald
Are the super-rich leaving London? Tax reforms could spur wealth exodus
Oligarchs, exiled leaders, hedge fund managers and high net worth locals have coexisted in a city where old and new money collide. That may start to change. Not long after the Labour Party swept to power last summer, Charlie Mullins, a British entrepreneur who made his millions in plumbing, packed
RNZ News
2 days ago
- RNZ News
Gas company urges political consensus on drilling for more fossil fuels
Flames on a gas stove. Photo: VIKTOR CAP / 123RF Investors will not be drawn to new gas field developments without broad political consensus, according to one of the country's few oil and gas companies. It comes as data from the Ministry of Business, Innovation and Employment showed the country's gas reserves were running out faster than previous expectations . Echelon Resources, formerly New Zealand Oil and Gas, said it supported the government's $200 million plan to co-invest in new gas fields , but called for greater political backing. Managing director Andrew Jefferies said New Zealand had gas prospectivity, but noted the nature of the industry meant the best wells were drilled first, and as basins matured, new drilling would have to occur in more difficult and more expensive wells. But he said as not all political parties were in favour of new gas exploration, it made it difficult for investors to commit long-term to ensure a return on investment. "As soon as you have political parties of any type saying 'well we're going to shut your industry down in the future', you just can't see that runway to invest now, to do the exploration, then to do the development and to produce the gas reserves," Jefferies said. New offshore oil and gas exploration was banned in 2018 under the Labour-New Zealand First coalition government, but the ban was reversed by the current National-New Zealand First-Act coalition. Last year, Labour said the reversal sent the country "backwards", while the Greens said the government was "tipping oil and gas onto the climate crisis fire". Jefferies said from an investment perspective, other countries offered better political consensus on gas. "In other jurisdictions, we're getting a very clear message that actually there won't be ideology that's driving the decisions as to what's the best fuel. We believe, and investors in the industry believe, that gas will be around for a while." Jefferies said if new gas fields were not developed, the country may have to start importing gas - which would require huge investment. Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Kiwiblog
2 days ago
- Kiwiblog
Will Stuff staff get their 10%?
Stuff owner Sinead Boucher has sold 50% of Stuff Digital to Trade Me, which in turn is 100% owned by Apax Partners, a British private equity firm with around US$77 billion in assets. Good on Boucher. I have no issue with foreign investment in media companies. The discipline they may bring to Stuff Digital could be very good for them. In 2021, Stuff reported: Stuff owner and chief executive Sinead Boucher is gifting a 10 per cent share of the media firm to the company's close to 900 staff. The stake in the company will be transferred to a trust controlled by employee representatives, rather than the shares being directly owned by staff members. The arrangement means staff would receive through the trust a share of any dividends Stuff pays out, and 10 per cent of the sale proceeds if Stuff was later sold or listed, she said. This never happened, as it was later modified to happening if any shares were sold or exited. Presumably this has happened, so we will see 10% of Stuff Digital transferred to a staff trust? Radio NZ report: After Boucher bought Stuff for $1 in 2020, she told staff that a 10 percent stake of the company would be put into a staff trust in the event that the business was sold or listed. A spokesperson said that, while there was still some time until the deal was to be completed, it was Boucher's expectation that a payment would be made into the staff trust. A payment? Would it be a payment equal to one fifth of what Trade Me paid? Shouldn't it be non-voting shares of 10% of Stuff Digital, rather than a payment? After all, that is what was promised?
