Curran wipes $54 million off Telecom’s value

Clare Curran must like conducting corporate vandalism.

Telecom falls 1.33% on the day of Clare Curran’s announcement of 1,500 pending job losses:

Telecom could be set to axe up to 1500 jobs, in what would be the single largest job loss of any single company in New Zealand.

Labour’s communications and IT spokeswoman Clare Curran says Telecom are set to announce up to 1500 job cuts.

Telecom has already cut 373 permanent jobs, and future cuts are believed to be planned over two to three years.

In February, Telecom boss Simon Moutter said the telco would cut jobs from its base of 7603 staff, and did not rule out more than a thousand jobs going.

Ms Curran said she had been told by a source that Telecom would make the cuts this month, and the board of the company were due to meet next week.

TEL

Given there are 1,813,696,172 shares issued and the drop was 3 cents per shares. She may have contributed to a loss of $54,410,885 of investor wealth.

Well done Clare.

What is it with Labour and public companies.

Perhaps she should look at the donation Telecom gives Labour.

This is similar to Michael and Helen making announcements about public companies like Air New Zealand.

Curran has only said could or may or might be going to cut those jobs. She has scared investors, scared staff all for a petty political gain.

The investors are the ones who have taken the bath, though as the jobs cuts are finally announced it may well rebound in price.

The Green taliban with their little banking scare-mongering the other day aren’t any better.

  • blokeintakapuna

    When bereft of credibility and lacking the ability to add value anywhere… The only option is to be a “wrecker and hater” scaremongering shriller… As any publicity is good publicity… Except when trying to keep secret off shore pots of stashed cash hidden.

    Between Labour and their bully-boy union cohorts, these thugs are economic vandals… And should be made to pay restitution for the damage they have deliberately and maliciously orchestrated. MUNZ should be the first to cough at least $20m back to PoAL and Auckland ratepayers, then there’s the education unions and the years of failed social engineering attempts for failed ideologies…

  • http://www.facebook.com/nick.kearney.33 Nick Kearney

    Bizarre. Share prices in public companies normally rise after news like this.

  • Michael

    Telecom isn’t dropping 1500 staff. The rumor mill is going nuts with stupid numbers yes, but is a few hundred. I was told 2500 just the other day, which is total horse shit.

    Curran is politicking.

    • StupidDisqus

      The should be dumping at least that much.

      Hell once the real Telstra buys them, they’ll barely need 100 staff in NZ.

      • Michael

        Once Telstra buys Telecom. Nice theory. One that is getting very old and boring.

        • unsol

          I reckon – especially given Vodafone just bought Telstra.

          He really does like to live up to his alias eh.

          • Captain Crab

            Old and boring you are indeed arsehole

      • Dumrse

        Dip shit….. Sorry, that’s what they just said.

  • Phar Lap

    When Cullen ruled the roost ,in the nine years of Lie-bours reign of terror,he then almost singly handed destroyed Telecom.Seems that ex public service MP Curran is hell bent to finish it off.She has the same initials as another Lie-bour pest a fat useless alleged credit card fraudster Clayton Cosgrove who for some reason or other believe the destructive update on things they know nothing about, justifies their very presence in Parliament.

  • LesleyNZ

    Clare Curran’s behaviour is proof that some women shouldn’t be in parliament.

    • unsol

      Completely disagree & that kind of comment is cutting your nose off despite your face stuff….you are female are you not?

      It isn’t her gender that makes her an idiot, it is her naturally IQ lowering left-wing ideas that makes her one.

      No left wing politician should be in parliament as where they are concerned, intelligence & politics are mutually exclusive.

      • LesleyNZ

        Yes I am and I have no problem in saying that Clare Curran’s behaviour is proof that some women should not be parliament. Her behaviour in parliament does nothing for women. She should not be there.

        • http://www.whaleoil.co.nz/ Petal

          So Judith Collins is an honorary man then?

          • Teletubby

            Well she does have bigger balls than many of the men in parliament!

          • Dave

            Definitely Not Pete. Collins wins the beauty and feminine stakes compared with Chocolate E-Clare Current any day. However, i do concede Collins has bigger balls than the Limp men of the Labour Party

          • BJ

            Weird how you equate assertive no-nonsense dispositions to having ‘balls’

        • unsol

          Curran’s behaviour is exactly what you would expect from any left wing politician. They are all stupid, scatty & bitchy. In fact some of the men – straight men – are even worse.

          • spollyike

            afraid to comment about the homosexual men are we? I noticed you qualified your proclamation with a (-straight men) there unsoluble.

          • unsol

            Gay boys can definitely be scatty, but so can straight men…& they can totally be little bitches. And gossips – Labour has some fine examples.

            And you cant say unsociable….we established it is not a real word!!! But unsolicitedious is….well, kind of. Not really. Bet you’re impressed now that my alias is a combo of 2 words I use as adjectives to celebrate my most desirable traits :)

          • spollyike

            haha, i like your sense of humour unsoluble. Just change your perspective on the homosexual use of the word marriage to define their version of a lifelong union and we could be the best of friends i’m sure.

          • unsol

            hmmm unlikely then, dolly :)

          • Captain Crab

            What an over opinionated arsehole

  • johnbronkhorst

    Notice how these idiot scaremongers are always vague. Using words like ….”COULD be set to lay off 1500….” creates the ability in the future to deny culpability.

  • johnbronkhorst

    Claire…. and….how many got laid off after lange sold the post office? Telecom, over the first 5 yrs (I think) went from 27 000 to 9 000.

  • meh

    Time to pick up a few extra shares I guess… might as well have some silver lining. Nasty bloody woman.

  • StupidDisqus

    When telecom was newly private in the early 90s it was regularly firing 25% of its workforce every year. Now we have Chorus (thank you Hellen) the combined staff of both companies is much bigger than Telecom ever was, or the combined Voda/Telstra will ever be.

    Curran tanked the share price but not why you think: it’s because she said they’re fire only 1500 instead of the 2500-3000 that really needs to go!

    I mean: why the f**k does telecom need a huge flash new building in Wellington? Why does it need anything in wellington?.

    Why do meridian and the rest of the SOEs & power companies need anything there at all?

    • Dumrse

      I’m interested in your statement that the combined staff of Chorus and Telecom is greater (now?) than Telecom ever was…….. Where will we find the detail that supports this statement ?

  • Joe Bloggs

    The sight of Curren standing up and championing the rights of the poor and downtrodden $100k-a-year managers is breathtaking.

    I guess these rumours about Labour being the new “party for rich pricks” are true!

  • Roflcopter

    Scaring the market like that has the added effect of accentuating the problem. It may not have been near 1500, but causing the share downfall puts added pressure on the business to maintain it’s profit margin…. easiest way to do that is get rid of more people.

    Gawd she’s dumb.

  • cows4me

    The markets must have poor contacts, intelligence, to believe anything that comes out of that commie slag’s mouth. For fucks sake are the people running our financial institutions thick. Look at all the noise the lunatic left made about assets sales and look at what really happened.

  • Owl

    Hi Whale Oil

    How did she know this information? Is this insider trading – would love to see what you can find out. has she had access to board papers or someone from the inside. I am a shareholder I am very interested to know

    • Michael

      It’s a repeat of mis-information and rumours.

    • le sphincter

      You are a silly little rich prick arent you. Havent a clue about insider trading laws.
      Fact one : you have to be an insider and make the trades.

      She neither works for telecom at a top managment position nor likely owns any shares in telecom. ipso facto she an’t an insider
      Spreading rumours doesnt make you an insider

      You truly are laughable

      • Dumrse

        I wonder why most every body else understands what Owl was suggesting. Your last line is truly yours.

      • johnbronkhorst

        You really are stupid..sphinky. Insider trading doesn’t me you are personally inside the organisation. Dum shit!!!! Just have access to information that came from inside the organisation that gives you an unfair and detrimental advantage while making the trades.

        • Gazzaw

          Have you noticed that l’arsehole only turns up on Friday nights John. Must be out on weekend leave.

  • Rat

    wierd, Telecom cuts costs and the price drops….

  • AnonWgtn

    Silly bitch – thinks her communist background in Australia gives her the right to try and undermine a Private Company.
    Telecom should sue her. Typical big mouth socialist, supported by the media.
    Assume this is another one for renationalisation after 2014 ?

  • Rat

    and another slighty overlooked reason, but hugely effective, Telecom went ex-Dividend, that’s your drop right there

  • Patrick

    Stupid unionist playing to her gallery – she needs to learn she is playing in the big persons sandpit now & start behaving.

  • Pete George

    Curran’s inside information is questionable.

    She attacked KiwiRail in a column in D Scene last week titlesd “Profits put ahead of safety at KiwiRail.”.

    Jim Quinn responded, claiming “factual errors”. I’m not sure how reliable her sources are – Curran versus KiwiRail

  • Gazzaw

    Another labour corporate shocker. I would think that Cullen torpedoing the sale of Auckland Airport and his buyback of Kiwirail would still surpass Curran’s best effort.

  • Dave

    Cameron. Can you please remove the Picture of Clare Curran Story (
    CURRAN WIPES $54 MILLION OFF TELECOM’S VALUE)

    • WayneO

      Agree. That picture just made me ralph my burger I just had for lunch.

  • Time For Accountability

    When the Hillside workshops was laying off staff she ran a similar negative campaign. The effect was that people that used Hillside for specialist engineering moved resulting in loss of income and may have taken jobs from her Union friends.

    More importantly the retailers noticed a marked decline in turnover during her campaign which started to decline since she has stopped talking that issue up.

    People i know raise about $30k to $35k for the Otago Community Hospice. that dropped to $27k because people were less reluctant to give. Many sited the Hillside campaign for giving less when they did give.

    Dumb she may be but dangerous is more to the point.

  • John.Doe.

    Curran is an idiot, just like the rest of her ilk ! What I am surproised about, and I expect to see the price bounce back on Monday, is that the price didnt go up ? The restructure at telecomis only goign to add $$ to the bottom line.

  • toby_toby

    I don’t understand Clare Curran. She is continually attacking companies, both private and public, in the sectors that fall within her shadow portfolio. She criticises TVNZ for… well… everything, criticised TV3 for getting a govt loan (which TV3 paid back ahead of time and with interest) and she’s criticising Telecom now. The only thing she hasn’t yet criticised is Red Radio – surprise sur-fucking-prise.
    If she ever gets elected, the heads of these companies will fucking despise her after all she has done to alienate them. Curran seems to think she’s sticking up for the employees of these companies, but that’s not what a government minister would or should do. She needs to remove her union blinkers and realise that a would-be minister is supposed to have an oversight for the telco/broadcasting industries as whole, not just the employees.
    TL:DR – Clare Curran is awful.

  • M D

    Gosh I really enjoyed the vitriol in these comments. You must be really proud of the level of debate and the quality of the misogyny permitted on your blog. “commie slag’s mouth”, “Collins wins the beauty and feminine stakes compared with Chocolate E-Clare Current any day”. Classy stuff. Almost makes trolls look good.

  • Rat

    For Fuck Sake

    There is no scaring of the market, normally prices rise close to Dividend announcement and are sold when Dividend has been declared and the investor has that income guaranteed, ….that is your drop, not Curran, not the howling of the moon, not Rudolf the Rednose Reindeer

  • BJ

    Economic Sabotage!

    No less. But she has done no more than any others with a low level of integrity.
    I have a moral dilemma coming to this site and commenting on various posts because if it wasn’t for social media – including this blog – there wouldn’t be so much of everybody’s ‘business’ out in public before it’s meant to be. I imagine there is a lot of destruction of businesses and personal reputations – that are not founded – as a consequence of ‘gossip’ ‘innuendo’ and private information being slung around. People are getting worse – me included – having an opinion on anything thats put in front of them to comment on. Am I addicted to this? Doubt it. But it is taking up a lot of time and isn’t really accomplishing anything.

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