State ‘steals’ migrant savings, family feud forces sale, farm subsidies return and ‘flash boys’ rig markets

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Ministers are being questioned over the government’s hardline approach on offshore pensions.

“This is stealing our savings,” one long-term immigrant tells political editor Rob Hosking in today’s National Business Review print edition, as questions are raised about $243 million a year taken from migrants entitled to New Zealand Superannuation who also have private savings overseas.

In other news, business reporter David Williams unpicks the story of Carolyn Dare Wilfred, a Canadian living in New Zealand, who is selling her stake in a giant family-owned company Dare Foods – which is a complex tale involving a bitter family feud, a multi-million dollar Canadian tax bill, the attempted deportation of her stateless husband and an alleged conspiracy involving the top echelons of the US government.

Primary industries reporter Jamie Ball asks where the financial scrutiny and auditing protocols on $8 billion of pie-in-the-sky promises attached to the government's $333 million primary growth partnership handouts are.

Meanwhile, columnist Neville Bennett gives his take on the Libor fixing scandal and asks: “Who will control the geeks?”

Sir Roger Douglas outlines his budget, should he be once again minister of finance – his personal view which some ACT members do not agree with.

In Technology, Gartner reveals its top ICT trends up to 2020, encapsulating disruptive topics such as the digital industrial revolution, smart machines and the internet of things.

Property editor Chris Hutching tracks the rise of mezzanine financier New Zealand Mortgages & Securities, backed by NBR Rich Lister Ted Manson, which has hit the $100 million mark.

Shoeshine tackles the showdown at the Abano corral, as investors turn against chairman Trevor Janes.

NBR Rich Lister Alan Gibbs reveals his starting point for a Kiwi-utopia – a turbo-charged Singapore – and his surprising views on compulsory superannuation.

Media reporter Victoria Young asks Auckland International Airport’s general manager of marketing and communications Jason Delamore about its marketing spend and how it will communicate its new $2.5 billion expansion plans.

In Executive Health, editor-in-chief Nevil Gibson reports Pharmac has relaxed its tight purse strings for access to high-cost drugs for rare diseases – but the industry says it is too little and long overdue.

In other news, Devon Funds Management executive chairman Paul Glass warns of some “ridiculously and hopelessly” overvalued tech stocks, even after they were buffeted this week by a global selloff.

Briefly:

  • In Initiative Matters, Jason Krupp explains why economic growth and social progress need not be seen as competing outcomes.
  • In Order Paper, Rob Hosking slaps Labour’s spin machine, arguing that it needs to look at what is actually happening in the economy – not what its policy unit wishes was happening.
  • In Foreign Affairs, Nathan Smith tells of foreign investors in India being spooked by two massive surveillance programmes.

All this and more in today’s National Business Review print edition. Out now.


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