Monday, 15 February 2010

I'm the most terrific liar you ever saw in your life

There's nothing I like better than sloppy PR - it gives me a warm feeling when people try to sneak in something under the radar to no avail.

Take Friday's late night announcement by that wonderful institution, NZX. They let the market know at 5.45pm on a Friday that they were going to have write off $20 million from the value of their TZ1 carbon registry which they sold for a stack of cash. No harm in that I suppose, but you'd expect a little more transparency from the bourse regulator about a fairly material impact on its balance sheet.

It wasn't the first time the NZX has put something out late on Friday, but the result was much more satisfying - investors weren't too keen on the announcement, and 8.9% was slashed from the share price, taking it close to a 10-month low.

That's not necessarily a good thing, as the NZX is a very well run company (if somewhat toothless regulator), but it is satisfying when something that looks like a stupid PR ploy backfires.

I can only hope our Labour Minister isn't trying something similar - she put out a fairly innocuous looking document today calling for submissions on a discussion document on Part 6A of the Employment Relations Act. Ms Wilkinson's statement says the law is required to be reviewed after three years, and "affects industries such as cleaning, food and laundry services, where work is often contracted and the change of a contract can create a restructuring or redundancy situation."

What this means, I have no idea as I can't quite draw myself to wade through the document at this stage, but a bit more clarification in the minister's release would've been nice.......

Maybe it'll be some weekend reading.....


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