1. NZ Govt. May Reduce Stake In Air New Zealand
New Zealand Prime Minister John Key says the government will consider reducing the majority stake it holds in Air New Zealand, although he also says this ownership model has worked well and should be emulated with other state-owned assets.
In a major annual policy speech, Key said he has asked Treasury for advice on “the merits and viability” of reducing the government’s shareholding in the airline, which is currently about 75%. However, he stresses that the government would still retain a majority stake.
Such a move would not affect the company much. While it is the major owner, the government takes a hands-off approach to strategy and the running of the carrier. The government acquired the majority ownership in 2001 when the carrier was in dire financial straits.
“A change in the government’s shareholding while retaining a majority stake would have no influence on Air New Zealand’s business but would provide greater market liquidity for shareholders,” the airline says in a statement.
Key says the government is conducting a broader review of certain state-owned assets, to identify “where we have more money invested than we absolutely need to.”
He says the mixed-ownership model under which Air New Zealand operates, with a government majority stake but some private equity, “gives the best of both worlds.”
“Under this model, the government has a controlling stake in what is a crucial piece of transport infrastructure and guarantees that it will be majority New Zealand owned,” says Key. “But by not owning 100% of the airline, the government also has capital free to invest in other assets.” A similar model “could be extended to more of the government’s commercial assets.”
Key says under mixed government-private ownership, “Air New Zealand has been a creative and innovative company and a model corporate citizen … [and] has also offered some very competitive prices for air travel. I am convinced that Air New Zealand would not be run as well, nor provide as good a service to customers, if it was owned 100% by the government.”
2.Domestic Airbus island-hopping its way to NZ
Air New Zealand's new all-black A320 plane for domestic routes is about to set off on its three-day delivery flight to New Zealand, island-hopping across the Pacific to arrive in Auckland early next week.
In a route similar to earlier days when international aircraft did not have long-range fuel tanks, it is stopping over in Gander, Canada, then Denver, Los Angeles, Hawaii, and Samoa on its way to Auckland.
At Los Angeles, on Sunday morning (local time), it will be showcased to aviation enthusiasts at LAX airport, while the flight crew sleep.
The aircraft - painted black with a silver fern to mark the airline's sponsorship of the All Blacks - was recently flown from the Airbus manufacturing facility in Toulouse, France, to Hamburg, Germany, for a fit-out of the cabin interior. The ZK-OAB registration is the only Air NZ A320 to be painted black.
Air New Zealand has 14 of the 171-seat aircraft on order, and this first one will be brought onto domestic routes from early February. Another three will be delivered this year and the remaining 10 progressively through until 2016, coinciding with the expiry of leases for Boeing 737-300.
The airline has said that the larger aircraft will let it boost domestic jet capacity by nearly 30 percent. The current 737 fleet is configured with 133 seats.
A test flight before an earlier A320 delivery, from Perpignan -- 200km east of Toulouse - to Germany killed five New Zealanders and the two German pilots in November 2008, after a combination of pilot error and faulty sensors caused it to crash into the Mediterranean.
3. Market boosted by aviation sector
Auckland International Airport led gainers on the NZX 50, reaching a 2-½-year high in the wake of its upbeat economic report last week.
Air New Zealand rose after posting a jump in traffic for December.
The NZX 50 rose 5.615, or 0.2 per cent, to 3358, heading for its third daily advance. Trading was quieter than usual, with Wellington market participants away for the anniversary day holiday.
Auckland Airport rose 1.8 per cent to $2.29. The shares reached the highest level since mid-2008, extending their gains since the company released a report showing it may account for almost 20 per cent of national gross domestic product and sustain more three quarters of a million jobs by 2031, based on the flow of freight and passengers through the airport.
Air New Zealand, the national carrier, rose 0.7 per cent to $1.43 after traffic figures showed the airline carried 1,322,000 passengers December, 10 per cent more than the same month a year before.
Load factor rose by 1.3 per cent to 86.3 percent compared to the previous period, with revenue passenger kilometers up 7.7 per cent to 2,861 million.
Much of the increase was built on the back of a 10.9 per cent increase in short haul passenger numbers to 1,140,000, broken down to a 10.7 percent lift in the domestic market and a 13.9 per cent increase in Tasman/Pacific.
APN News & Media, which publishes the New Zealand Herald and operates the Radio Network, was unchanged at $2.40 on the NZX after it said the diversified nature of its operations is likely to offset the effects of Queensland floods, with minimal impact on the bottom line.
The company that said while it expects the Queensland economy to rebound strongly once mop-up operations are complete, advertising revenues from small businesses, retailers and real estate are expected to remain under pressure, having already shown some signs of weakness ahead of the floods.
Hallenstein Glasson Holdings, the clothing retailer, fell 1.2 per cent to $4.05.
New Zealand's retailing sector remains under pressure, with November's core retail sales declining 0.2 per cent to $4.24 billion, the second monthly decline. A gain of 0.5 per cent was expected, based on a Reuters survey.
The New Zealand dollar will probably stay within recent ranges this week as investors prepare for the Reserve Bank to keep interest rates on hold this week.
Five of six economists and strategists in a BusinessDesk survey expect the kiwi will respect recent price-action and stay in the middle of its medium-term range between US74 cents and US76 cents ahead of this week's central bank meetings in New Zealand and the US.
The lone dissenter expects the kiwi to head lower amid heightened expectations of rising interest rates in China.
Economists expect central bank Governor Alan Bollard will keep the official cash rate at 3 per cent after New Zealand dodged a double-dip recession last year, and last week's benign inflation and tepid retail sales data won't have given him reason to tighten rates early.
Analysts now expect Bollard will start lifting rates in September, with 68 basis points of hikes priced in over the next 12 months, according to the Overnight Index Swap curve.
The kiwi rose to US75.82 cents from US75.46 cents last week.
4. Must Reads: Fly Mellow Johnny’s Aviation, South Africa and Bahamas tours set
Cycling South Africa: Inaugural Tour of South Africa gets title sponsor
The first ever Tour of South Africa (february 19-26) will be sponsored by Internet provider Cell C. The UCI-sanctioned 2.2 category, 8-day, 7-stage road race will start in Pretoria and finish in Paarl, covering more than 1200km in total.
Otago Daily Times: Mellow Johnny’s Aviation comes to Queenstown
Lance Armstrong and family are vacationing in New Zealand’s Queenstown Lakes district. The local paper is running a photo of Armstrong’s Aerospace G-IV private jet parked at Queenstown Airport. The paper says the plane is registered under the name Mellow Johnny’s Aviation.
Nassau Guardian: Tour of the Bahamas set for this weekend.
8th Annual Tour of The Bahamas, a two-day, three-stage event, is slated to start Saturday in New Providence. Registered teams include Team Chempstar, Florida Velo, Hot Tubes and the Hincapie Development. The race includes a 3-mile time trial and a circuit race on Saturday and a road race Sunday.
Stuff.com: Jesse Sergent heads to Europe with national silver
Team RadioShack’s young recruit Jesse Sergent, fresh off a silver medal in New Zealand’s national time trial championships, is headed to Europe for the Mallorca Challenge and the Vuelta ao Algarve. The 22-year-old, who rode for Trek-Livestrong last year (and pipped Levi Leipheimer in the Tour of the Gila time trial), has mixed feelings about his performance at nationals. “It was pretty good,” he said. “At first I was a bit disappointed. It’s one of those things – at the time it feels like the world champs … At the time I wished I’d trained a bit harder over summer, but after a few weeks everything goes into perspective and I realized there’s still 10 months of racing to go.”
By
NEHA JAIN
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