15 June 2002
New Zealand was 1 of 9 countries elected to the governing body of the 170-member/affiliate member International Organisation of Securities Commissions, which NZ commission chairman Jane Diplock said was “important international recognition of New Zealand as an increasingly well regulated market and one suitable for international investment.” I’m sceptical about the recognition — more often, as with Mike Moore’s appointment to the World Trade Organisation, it’s a case of momentary enthusiasm — and sceptical about the value of worldwide input to issues derived from US activity which has been dealt with speedily there. Nevertheless, the role has potential for strong New Zealand input & gains, because the executive committee is dealing with implications of the Enron collapse, issues relating to the independence of analysts’ reports, accounting & auditing standards and demutualisation of stock exchanges.
14 June 2002
Sky City Entertainment Group Ltd applied to the Australian Stock Exchange today for a full Australian listing from 1 July, to maintain a dual listing. Managing director Evan Davies said about 65% of the casino company’s shareholders — 18,000 — were New Zealand residents. Many of its Australian institutional investors joined the register when Brierley Investments Ltd sold down its holding.
11 June 2002
ASB Bank said its lending to rural customers had topped $2 billion 5 years earlier than budgeted, 9 years after the rural division was opened. Its 30% growth over the past 12 months was at twice the market rate, ASB Bank Rural general manager Derek Farrelly said. The first $1 billion took 6 years to lend.