Black Monday

[Panda-NZ-]

asx up 11% YTD , NZ down 10% YTD. could you argue it has anything to do with the pro- growth policies of aus vrs NZ policies ? anyway getting ready for the asx open might see some more gains today

They've only just recovered to their pre-pandemic level. While we burst through it months ago.

Corona free unlike Victoria so more gains on the way.

[Panda-NZ-]

Aussie Jobkeeper still being paid in some cases I believe.. 12 months vs 12 weeks for NZ's subsidy.

[Panda-NZ-]

Job Vacancies surge past the pre-covid levels.

https://www.nzherald.co.nz/business/...BWONRHABRGKFY/

[bull....]

bitcoin approaching key support around 30k , might be a big woosh down if it doesnt hold

[kiora]

Is that a WOOOOOSH@#### or just a WOOoosh type of woosh?

It will be interesting

[bull....]

Is that a WOOOOOSH@#### or just a WOOoosh type of woosh?

It will be interesting

guess it depends on the panic lol

[nztx]

"Energy Cuckoo's lost & dreaming in the Woods" it seems:

https://www.stuff.co.nz/business/125...lloons-to-349m

'Never again': cost to taxpayers of Tui oilfield clean-up balloons to $349m

The cost to taxpayers of decommissioning the Tui oil field off Taranaki has more than doubled to $394 million, Energy Minister Megan Woods has confirmed.

But Woods told a select committee on Thursday that she was determined the situation would not be repeated.

But the Government was forced to take over the oil field last year and pick up the tab for the clean-up after production at the field ceased and Tamarind Taranaki collapsed into receivership.

Well who else left standing with a few pennies was there to pay Clean Up bill ?

What taxes, duties, royalties, licence & permit costs were extracted by Govt over the life of the field ?

Obviously not small syphon-offs either that were extracted by Govt

The Government set aside $154m last year to pay for the work.

But Woods said it had to set aside an additional $195m in this year’s Budget because the original cost estimate was based on a 2015 study by Tamarind that had proved to be inaccurate.

Well that's nice .. a major bit of buck passing and very convenient too - supposedly no-one from Woods' Energy-Less Department bothered to think to open their eyes and do a bit of forward lateral thinking on the real projected clean up costs forward ..

This is a situation we never want to be in again,” Woods told MPs.

Yeah right..

“This is a situation which was created because of a gap in the legislation which we closed when we became the Government,” she said.

Aha

The gap meant that the same level of scrutiny was not applied when ownership of an oilfield was transferred as was applied when an operator originally requested a permit to drill.

“We changed the law in 2018 to make sure we never got into that situation again,” Woods said.

That's nice, but really ? All the boys & girls up the back were probably nodding, but..


So what will a little more scrutiny do to change anything, if the encumbent operators / owners are headed down
the gurgler with no dough on a field in it's closing years and no-one fronts to tidy up ?

How many more of these fields are there, where time is going to be up, before Woods & her mates exit the stage ?

Will they have to empty their purse on the Govt front desk on arriving first ?

What happens if none do ?

What happens if none find it economic or have interest looking at end of life fields ?

Where does the buck stop then ?

If Woods' Ministry of Energy-Less were able to do such a good job on this tidy up on the estimates of forward costings, will they do any better on others ?


Sorry .. forgot .. there will be no new fields , no new wells because no-one wants to deal with the current back the
front administration and many explorers are relinquishing their permits etc here hurriedly to depart fast, if they
haven't already aiming to pop up in more exploration friendly territories elsewhere globally


Must be why NZ Energy Explorers are digging in over yonder & further away too ..


Not too far a journey either -- the nearest friendlier territory just happens to be across the ditch - darlings


The levels of Govt squawking on this one are as good as their various Phantom House Building schemes
to date which is yet another portfolio on just which Ministers desk again now ? - right

[bull....]

Consumer prices jump 5% in May, fastest pace since the summer of 2008

https://www.cnbc.com/2021/06/10/cpi-may-2021.html

all transitory inflation , rates barely moved , markets steady to up in the US ..... business as usual.

but at the local in nz im sure my food bill got quite a jump last week and of course my rates bill is going to jump this year and my petrol and utilities are well up this yr but dont worry its transitory my 1% cpi adjusted pay rise should cover it.

[bull....]

ECB Piles on Stimulus Even With Most Upbeat Risk View Since 2018

European Central Bank President Christine Lagarde renewed a pledge to deliver faster bond buying even as officials acknowledged for the first time since 2018 that the euro-zone economy is no longer overshadowed by risks to its growth outlook.

https://www.bloomberg.com/news/artic...d=premium-asia

hence why europe one of the best places for your cash this year

[Bobdn]

....those Old Economy European companies really helping out like BP, Total, and BHP etc. Not that anyone uses anything that they produce anymore, like oil. We're all driving electric cars now you see and products travel around the world via Hyperloop.