NON-BIONIC SUPERMAN
Lovers of vintage TV will be happy to know that New Zealand has created its own six million dollar man. He's ex-Telecom boss Paul Reynolds, thanks to his nearly-$30 million pay packet, spread over five years at the company. Reynolds may not have been granted Lee Majors' bionic powers,
but then again, the original six million dollar man didn't get the company to keep paying his phone bills and accommodation costs even after he quit.
SAY WHAT?
Jargon watch: Auckland Airport's profit result, out yesterday, includes the news that the "spatial masterplanning inception process" is in progress.
OUT OF STEP
National has not had the best of luck with timing and the economic cycle. Now, just as it starts to rev up the local minerals sector, the brakes go on internationally. State-owned coal company Solid Energy's decision to trim operations is not only an attempt to tidy its books, but a move which mirrors mining companies around the world. BHP Billiton has called a halt on A$50 billion in planned Australian projects as costs rise and commodity prices run out of steam. There is still plenty of money to be dug out of the ground, but National's encouragement for miners may be starting to bear fruit a few years too late.
UNDER-DEVELOPED
Kiwi businesses are always being exhorted to spend more on research and development. It's a noble goal, but the scale of the challenge is made clear in the latest Economist. While New Zealand's R&D spending - government and private - is in the region of $2.5 billion, the news magazine reports that three companies alone - Microsoft, Toyota and drugmaker Roche - spend a combined US$27 billion ($33.4 billion) a year on R&D ... which rather puts things into perspective.
PLAYING MONOPOLY
Wheels grind slowly in the world of monopoly regulation, but by the usual standards, things are now building to a fever pitch. Commerce Commission officials are ready for a Supreme Court hearing in October on Vector's appeal against the starting prices the Commission used in assessing the lines company's charges. Monopolies ranging from Auckland Airport to Transpower are watching with interest as they contend with regulators. Some are doing it in the courts and some are thumping on the doors of politicians, complaining that they are not getting enough revenue to cover costs and the need to invest in infrastructure.
