Kiwibank

Errrr…is that a PIG in the picture?

The NZ Herald has an article about a new muslim friendly shariah product from Kiwibank:

Is that a piggy bank in an article talking about shariah  banking products?

Is that a piggy bank in an article talking about shariah banking products?

Oh dear, I wonder how long it will be before some outraged Muslim heads down to bank offering this product to chuck a brick through the window for their insult.

Has Shayne Currie got a bodyguard…he may soon be flatting with Salman Rushdie.

They’ve rioted in the streets of London for much less.¬† Read more »

Fran O’Sullivan on Two-Face Cunliife

Fran O’Sullivan writes at the Herald about Two-Face Cunliffe.

Cunliffe also uses an essential duality – which has been accurately pin-pointed as “talking out of both sides of his mouth” – to try to assuage middle-class and politically adept New Zealanders that he doesn’t really mean all the tosh he threw as bait to Labour’s bedrock base to garner voting support during his leadership campaign.

What fascinates and frustrates is that it is difficult to work out which side of Cunliffe’s mouth will triumph if he ends up this time next year as Prime Minister.

Will it be the crusading politician who wants to bring down bloated plutocrats, raise the underclass up and cut the ground out from under particular corporates through legislative intervention?

Or will it be the more considered politician – an experienced former cabinet minister who is prepared to take advice and feedback from affected players instead of ramming decisions down their throats with a damn the consequences mentality?¬† Read more »

Kiwibank dragging down NZ Post

Kiwibank is dragging down NZ Post and Labour’s plans are to lumber it with a budget and likely to fail insurance company as well. Brian Gaynor at the Herald looks at the parlous state of NZ Post

Why does New Zealand Post continue to flounder while Deutsche Post, the German postal provider, has significantly outperformed the Frankfurt sharemarket in recent years and Royal Mail, the UK mail operator, has just had an extremely successful IPO?

A brief assessment of the three post providers shows that the two European companies have clear e-commerce driven parcel and logistics growth strategies whereas New Zealand Post has been adversely affected by the requirement to contribute substantial capital to Kiwibank, its 100 per cent owned subsidiary.

Around the world postal services are adapting and changing to the new global environment and some very successfully including Deutsche Post and Royal Mil, both successfully listed on the stock exchange and piling on the growth rapidly. Meanwhile in New Zealand.

No one would argue against the importance of parcels but what investments has NZ Post made in this area? What has it done to capture the e-commerce trade?

For example, parcels were mentioned only thirteen times in the group’s 2011 annual report whereas Kiwibank was referred to 197 times.

One of the problems with NZ Post is that Kiwibank is soaking up most of the group’s surplus cash and seems to be squeezing out the traditional postal services. ¬† Read more »

Kiwibank lawsuit puts paid to Labour’s claims of better deal

Kiwibank has been added to the lawsuit against ANZ on overcharging of fees…the second bank after ANZ to be enjoined.

Fair Play on Fees has today named Kiwibank as the next bank to face a class action over unfair penalty fees.

Kiwibank customers must register at www.fairplayonfees.co.nz by 11pm on Thursday, 21 November 2013 to ensure their inclusion in the case. Court documents will be lodged on Friday, 22 November.

‚ÄúToday is a positive step for the campaign. We now have a sufficient number of Kiwibank customers to take their complaint to court and fight to get their unlawful penalty fees back.¬† We expect thousands more Kiwibank customers to join the campaign as a result of today‚Äôs announcement and encourage them to do so before the court documents are filed.¬† Read more »

Another policy flop from Labour

3News have released figures showing that as predicted Kiwi voters aren’t that enamoured by Labour wanting to add another insurance company to the other 92 we already have.

Labour leader David Cunliffe is facing bad news on the policy front, with the latest 3 News-Reid Research poll finding his idea of a state-owned insurer has flopped.

His big policy to get the public on board is a Kiwibank-style insurance company called “KiwiAssure”, which Prime Minister John Key describes as “a dog”.

And a majority of voters don’t think much of it as well, with 49 percent saying no, they don’t want a state insurer. Those saying yes total 42 percent. ¬† Read more »

The lost press releases of the Labour party

Another bit of satire from the Reader from Runanga:

Labour has introduced a bold commitment to recycling, says David Cunliffe.  Addressing a meeting of the Socialist Champagne Breakfast Club, the Labour leader announced plans to begin recycling policy.

“Labour has lost many of its core supporters to the Greens.¬†¬†We want to bring those voters back by showing them that recycling is important to Labour too.

“We believe this policy will re-energise the missing million voters as much as plans for gender-balanced lists.”

The plan has already begun, with the existing KiwiBank insurance company KiwiInsure being recycled into KiwiAssure, 1970s power market intervention recycled into NZ Power, and recycling CTU press releases into employment policy.

Mr Cunliffe went on to explain, “Labour recognises the importance of recycling to preserve our scarce resources – in this case, the scarcity of ideas within the Labour party.” ¬† Read more »

Prefix it with Kiwi… and you have a metaphor for the Labour Party

KiwiAssure failed before it even got out of the blocks.

KiwiRail had the screw fall off its ferry.

I can’t help but think it a perfect metaphor for the Labour Party right now – no matter what they try, they’re old scrap looking for productive relevance, but as soon as they set a course and pour on the power, the screw falls off…

Jo Moir at Stuff reports

Interislander has strongly denied accusations by NZ First leader Winston Peters that the public has been misled about problems surrounding the crippled ferry Aratere, which he says is “now suitable for scrap metal”.

The list of problems meant it was now a “potential death ship”, he said.

Ah dear old Winston.  Like an ambulance chaser, he never wastes a chance to scare up some new voters.

Death Ship, no less. ¬† Read more »

Did anyone in Labour bother to check the Kiwibank Website before launching their policy?

Only the muppets in the Labour party would invest in a new policy, register domain names late on the Friday before the announcement, prep the media about a huge new policy that is going to be a “game-changer” but fail to check Kiwibank’s own website.

kiwiinsure Read more »

A kick in the balls and bloody nose on the way through

Yesterday’s foray into parliament didn’t go so well for the opposition.

Labour were cock-a-hoop, emboldened by the living embodiment of the new Christ figure who leads them. They were helped by an inept performance by Eric Roy.

However their much vaunted insurance policy got panned and then destroyed.

Audrey Young at the NZ Herald reports:

David Cunliffe called John Key’s question stupid, Bill English called David Cunliffe’s new state insurance company idea dumb, and Winston Peters called himself brilliant.

They couldn’t all be right.

With the Speaker away running the New York marathon, Cunliffe still fizzing from his strident speech at the annual conference, and National anxious to puncture Labour’s mood, there had to be a stoush in Parliament’s Question Time yesterday.

Cunliffe started off well but came away with a bloody nose – the answer he gave to what he called Key’s “stupid question” turned out to be wrong itself.

They were arguing about Labour’s new policy to set up a state-owned insurance company, KiwiAssure, as a sister operation to Kiwibank within NZ Post.

Labour says it will reduce the dominance of overseas-owned insurers, keep profits in New Zealand, and bring competition, flexibility and choice to New Zealanders.

Cunliffe implied that National’s opposition to the policy is because it received big donations from the insurance industry in 2005 and attempted to table the Hollow Men documentary on the Nicky Hager book. ¬† Read more »

Kiwibank successful at keeping banking costs down? Apparently not.

One of Labour’s big claims and justifications for them deciding to launch an insurance company to compete with the other 96 insurance companies in New Zealand was that Kiwibank had done a wonderful job of keeping banking costs down.

Hmmm…the NZ Herald reports something altogether different from Labour’s claims.

New Zealand’s big four banks collectively made more than $3.5 billion of profit in the last year in another record year for the sector.

Profits grew more than 9 per cent on 2011/12 – a boost of $303 million across the ANZ, Westpac, ASB and BNZ.

John Kensington, head of financial services at KPMG, said loan growth, lower funding costs and less pressure in competing for deposits had helped boost the bank profits.

At the same time the banks had also managed to keep a tight lid on costs while holding on to their margins. ¬† Read more »