Nathalie Brunt presents the news of the day. The Registrar of Companies has applied to the High Court to appoint a provisional liquidator for Landbase Securities, which holds $75 million in funds from 6000 investors. Meanwhile receivers have taken over the Christchurch based finance company Burbery Mortgage Finance and Savings. Former Chairman of the BNZ Sir Lewis Ross has called on Sir Ron Brierley to resign from the BNZ Board because of an alleged conflict of interest. Sir Ron rejects the claim. Finance and sharemarket news. Representatives of the country’s clothing industry have called an emergency meeting in Auckland tomorrow to discuss the Government’s intention to further lift restrictions on imports of foreign made garments. Customs have found garments made in Fiji to be labelled ‘Made in NZ’, which will be investigated. Employers have rejected a proposal from the Council of Trade Unions for a managed wage round this year, coupled with plans to make major changes to wage bargaining. The CTU introduced a 7-point plan to the Employers Conference today but it failed to gain support. NZ Post is predicting thousands of jobs and hundreds of Post Offices will go if it loses its monopoly on delivering household mail. [Foreign news]
Lindsay Perigo presents the issues of the day in depth. John Sacks, Director of the troubled Landbase Contributory Mortgage Company, says he believes a Trustee can trade the company out of its present difficulties. However, he admits that if a Trustee isn’t appointed, the company may face liquidation, and says about 30% of the Company’s mortgages are less than sound. A backgrounder outlines the issues.
Documents leaked to Eyewitness News today details the previously secret agenda for the Labour Party’s annual conference in three weeks in Dunedin. The documents set out a new policy making process, which would see rank and file party members dominate Caucus representatives. It appears the proposal almost certainly be passed. Richard Harman, political correspondent reports.
With the announcement today that the clothing industry is to lose its protection from foreign imports, the Government is predicting cheaper clothes for the nation, unions are predicting the death of the local industry, and clothing manufacturers say they will have to lay off thousands of workers. A background report outlines the issues. Lindsay Perigo interviews Chris Pickerill, Textile and Garment Manufacturers’ Assn and David Caygill, Trade and Industry Minister.
[Foreign news - The Last Temptation of Christ by Martin Scorcese]
Nathalie Brunt presents the headlines and the weather.