. If these are so important they
should be 100% Government owned, otherwise they should be "pure commercial"
interests. {This is why I don't think Telstra is a great stock.}
Gary, your comment struck a very loud bell with me.
Having a Government for a business partner can be a very difficult situation.
Until recently we owned a Community Pharmacy, and were, and still are,
appalled at the way goal-posts can be moved, and how quickly.
I'm sure the same applies to even large businesses where
"Kiwi" shares and such are in place.
As investors, we need to be aware of this, and
cautious.
Ceejay
----- Original Message -----
Sent: Monday, September 17, 2001 9:30
PM
Subject: Re: Re: [sharechat] Air New
Zealand
Ben,
Yes, I too enjoyed your piece re Air New Zealand. I think
you are a bit tough on the NZ Govt given the complex International protocols
re landing rights etc and the wider international climate. This was a
snowballing chain of events where most of the players were playing hardball -
but no one had control of the game or understood the rules! I agree the
Govt should have allowed the Singapore proposal to proceed - and indeed now I
am sure they wished they had!! The trouble was, they where probably
trying to appease parts of their own party, the Aussies and the wider NZ
electorate as well. They took time over this, as they really did not
know how to meet these competing interests. In the end by trying to
please everyone they pleased no one - but this is often what Govt.s are
about!. It does highlight the idea of strategic business's and national
airlines which the Governments (on both sides of the Tasman) in
various ways aid is a half baked. If these are so important they should
be 100% Government owned, otherwise they should be "pure commercial"
interests. {This is why I don't think Telstra is a great stock.}
As
an aside a lot have accused Air NZ of incompetence - but Air Singapore
allegedly one of the best airlines in the World was in this game for a very
long period, ( and still is?) so unless their role was part of a very complex
plot, only events have saved them from a blot on their record - though I
suspect there is a lot of soul searching going on at Air Singapore's HQ as
well as other places.
See IRG research reports
