Category Archives: 苏州夜网
In her new book on her loss of the 2016 presidential election – and her shock, anger and grief – Hillary Clinton has given the clearest insight to date into a marriage that has fascinated the world since the Monica Lewinsky scandal.
“I don’t believe our marriage is anyone’s business??? But I know that a lot of people are genuinely interested. Maybe you’re flat out perplexed,” she writes in What Happened, introducing a deeply personal passage on the couple’s shared life.
“There were times that I was deeply unsure about whether our marriage could or should survive,” she writes without specifically mentioning her husband’s infamous infidelities.
“But on those days I asked myself the question that mattered most to me: Do I still love him? And can I still be in this marriage without becoming unrecognisable to myself-twisted by anger, resentment, or remoteness. The answers were always yes. So I kept going.”
She writes of the joy she still feels when she thinks of their first date at a Rothko exhibition.
“I still think he’s one of the most handsome men I have ever known.
“I am proud of him: proud of his vast intellect, his big heart, the contributions he has made to the world.
“I love him with my whole heart.”
Throughout the book Bill is discussed as Clinton’s key personal and political confidant, as an engaged and loving father and grandfather and as a champion of Hillary’s career.
“Long before I thought of running for public office, he was saying, “You should do it. You’d be great it. I’d love to vote for you,” she writes
There are hints that their relationship was strengthened by the public life they shared.
“For Bill and and me, there are added complications,” she writes. “Do we let people into our lives who we don’t know very well? What if they just want to get to know us in order to have a good story to tell?”
And Clinton discusses how they turned to each other upon her shock defeat.
The day after making her concession speech the two retreated to their New York home and avoided their phones and email, Clinton saying, the two, “couldn’t quite handle everyone’s kindness and sorry, their bewilderment and their theories for where and why we had fallen short ??? for now Bill and I kept the rest of the world out. I was grateful for the one-billionth time that I had a husband who was good company not just in happy times but sad ones as well.”
Clinton explicitly rejects the suggestion that the two have shared a marriage of convenience.
“I know some people wonder why we’re still together. I heard it again in the 2016 campaign: that “we must have an arrangement” (we do, it’s called a marriage): that I helped him become President and then stayed so he could help me become President (no); that we lead completely separate lives, and it’s just a marriage on paper now (he is reading this over my shoulder in our kitchen with our dogs underfoot.)”
The relationship has proved to be controversial not just because people suspected its basis.
Clinton has faced criticism for defending her husband to the point of unfairly attacking women who accused him of sexual misconduct.
Meanwhile Bill Clinton has been viewed by some as an unhelpful influence in his wife’s two failed presidential campaigns.
MERCURY. NEWS. Pic of Bruce Gordon owner of WIN TV . Picture: Sylvia Liber . 7 February, 2017The Murdoch family-controlled 21st Century Fox has intervened in a Supreme Court battle for control of Network Ten as America’s CBS seeks to buy the failed free-to-air network.
Billionaire Network Ten backer Bruce Gordon is seeking a court declaration that Ten’s administrators failed to give creditors adequate information about a joint bid by his company Birketu and Lachlan Murdoch’s Illyria to buy Ten.
Administrator KordaMentha backs a rival proposal by CBS.
Fox, which is owed $195 million by Ten, was given leave to be heard in the dispute on Tuesday on the first day of an urgent two-day hearing.
Andrew Bell, SC, for Mr Gordon’s Birketu and Ten’s regional affiliate, WIN Corporation – which is majority owned by Mr Gordon – rejected claims Birketu was a “disappointed underbidder”.
Birketu was a “disappointed overbidder” and the administrators should put its proposal to creditors for a vote, Dr Bell told the court on Tuesday.
He said KordaMentha’s statements backing CBS’s proposal had had the effect of “poisoning” Ten employees against the bid by Birketu and Illyria because they suggested the court case was “putting at risk the certainty provided to 750 employees … under the CBS transaction”.
“The administrators have turned [the law] on its head, having themselves chosen the winner, and entrenched that choice by, for example, excluding the Birketu-Illyria bid from the [creditors] report,” Dr Bell said.
An unusual secondary creditors’ report, released on Monday, revealed the Birketu-Illyria bid was $3 million higher than the bid by CBS but was too complex and would have seen secondary creditors getting just 2?? in the dollar.
Richard McHugh, SC, for the administrator, said Dr Bell’s opening address to the court “misrepresents the relative merits of the two proposals”.
He said the Birketu-Illyria bid expired on August 25 and “there continues to be no … proposal that could be put before the creditors”.
“On the 25th of August, a better offer having been received from CBS, the administrators moved forward … with that better offer,” Mr McHugh said.
WIN and Birketu are also seeking court orders that would remove or reduce the voting rights of CBS on the takeover proposal.
Jason Potts, SC, for CBS, said it was a “fairly extraordinary proposition that a major creditor of an insolvent company in voluntary administration should by court order be prevented from voting at all” or have its voting rights diluted.
CBS’s bid sees more money going to all creditors, except the ANZ Bank, Westpac and Fox, because it has agreed not to pay itself anything from the creditors’ pool of money.
Illyria and Birketu offered to pay CBS $7.4 million of the $348 million it is owed and 21st Century Fox $4.1 million of the $195 million it is owed. Employees and generic trade creditors receive 100 per cent of their claims in both bids.
The hearing continues.
You can now kick-start you holiday the right way with free-for-all access at the new marhaba lounge at Melbourne Airport.
Located in the international terminal, T2, the lounge is the first of its kind in , and is open to anyone to use – no matter what flight or flight class you’re on.
This means passengers who are not travelling in first or business class, or do not have a frequent flyer status, will be able to use the lounge for a fee of $65. The price provides access for a four hour maximum stay. Children under 12 are an additional $35.
With room for 200 guests, the lounge will have 26 staff on deck and features all the amenities you’d expect, such as free Wi-Fi, buffet cuisine, n wines, a quiet zone for relaxation, and importantly, shower facilities for transiting passengers.
Hudson coffee will be on site, although that may not necessarily impress local Melbourne coffee drinkers. Lounge opening hours will be from 6am until midnight.
Entering the lounge on a casual basis is easy – you can pay for access on the spot or you can guarantee your place through online bookings at marhabaservices苏州夜总会招聘.
To get free access to the lounge, you’ll need to join Priority Pass, an independent lounge access provider. For $US499 ($A619), you will receive unlimited free access, or for $US249 ($A309) you get ten free visits. Guests will cost you an additional $A33.
Additionally, complimentary access will be provided to those flying with yet-to-be-named airlines marhaba is currently working with.
Marhaba is part of Dnaba, an international and independent airline service provider, which has lounges in Bahrain, Dubai and Karachi.
See also: The world’s best airports
See also: Inside Air New Zealand’s new Melbourne Airport loungeLISTEN: Flight of Fancy – the Traveller苏州夜总会招聘.au podcast with Ben Groundwater
To subscribe to the Traveller苏州夜总会招聘.au podcast Flight of Fancy on iTunes, click here.
London: After days of debate, the “great repeal bill” that sets the stage for Brexit has won a major vote in the UK parliament.
However up to a dozen Conservative MPs are expected to table amendments to the bill which has been criticised by opponents as a “power grab” by Theresa May’s government.
The 66-page EU Withdrawal Bill seeks to copy and paste all EU laws into British statute books at the moment of Brexit, so UK citizens, businesses and courts can be certain what rules apply the next day.
But thousands of pieces of law will need modification to survive the transition – and in order to avoid having to pass every such law through Westminster the bill includes so-called ‘Henry VIII’ powers that allow government ministers or even civil servants to make the necessary changes.
Critics said this was an unprecedented affront to parliamentary sovereignty, that would allow ministers to make new laws without referring to Westminster.
But the government said it was a standard and unremarkable process necessary to make sure the system of laws didn’t fall off a “cliff edge” at Brexit.
The second reading debate on the bill went late into Monday night, with the final vote after midnight.
The speaker imposed a five-minute limit on MPs as the debate dragged on.
In the end MPs voted to give the EU withdrawal bill a second reading by 326 to 290.
At least one Labour MP joined Conservative and DUP MPs who pushed the bill through, after warnings that rejecting the bill would be unpopular in Leave-voting communities who would see it as frustrating their choice.
Shadow Brexit secretary Keir Starmer said it was a “deeply disappointing result”.
“This bill is an affront to parliamentary democracy and a naked power grab by government ministers,” he said in a statement after the vote. “It leaves rights unprotected, it silences Parliament on key decisions and undermines the devolution settlement.
“It will make the Brexit process more uncertain, and lead to division and chaos when we need unity and clarity.”
He said Labour would seek to amend and remove “the worst aspects from the bill” as it went through an eight-day committee stage.
Senior Conservatives including Ken Clarke and Dominic Grieve are expected to back amendments which would “remove the excesses of the bill”, the BBC reported.
Mr Clarke said he needed better guarantees on how the government would use its delegated powers, saying “I’ve known governments to go back on reassuring words in the past”.
While he defended the bill as necessary, Brexit Secretary David Davis has already said he is willing to accommodate changes to the bill “in the spirit of preparing our statute book for withdrawal from the European Union”.
However legal experts have expressed doubt that a middle ground exists that would satisfy both the demands of Parliament, and the practical needs of preparing the ground for Brexit.
British law blogger David Allen Green said “MPs have voted, in principle, in favour of the greatest shift in power from legislature to executive in modern constitutional history.”
“In effect, ministers will be able to make, amend and repeal law by fiat. To be mini-legislatures.”
It was a “botched bill”, he said, and expected “heavy amendments” at the committee stage.
215 Shicers Gully Road, Guildford 215 Shicers Gully Road, Guildford
Set among the leafy hills just outside Guildford in central Victoria is a house with a curious history – the seemingly conventional facade hides a converted 1920s train carriage.
“When I tell people I live on a train, they have certain ideas of what it will look like, but when they come to see it, they’re gobsmacked,” says owner Steve.
Imbued with a strong sense of charm, the former Sandringham line carriage has been transformed into a secluded sanctuary. The train carriage is positioned on a block of land Steve found while digging for antique bottles in the gully on a summer’s night four decades ago.
After originally planning to build a home on the land, Steve decided to buy the carriage from Spotswood railway yard about 32 years ago. Getting it home was pretty straightforward, but he found out that turning into a home wasn’t as easy, as the local council had actually stopped incorporating trains into houses years ago.
“Guildford was very quiet at the time, so I didn’t think anyone would notice,” Steve, who didn’t want his surname published, says. /**/
Fortunately, luck was on his side. An acquaintance drew up some plans for the renovation and the council eventually approved them. The former empty block is now a “homely and interesting” property, that Steve made his permanent home about 30 years ago.
The transformation began when Steve removed the seats, racks and benches and sold them to recoup the transportation costs. But it was his partner of 27 years, Lorraine, whom he credits with turning the carriage into a home. Her first decorative decision was to paint the red exterior green. Related: A Melbourne train carriage in QueenslandRelated: Ipswich home with a backyard carriageRelated: Meet the millennials living in vans
Since then, the property has grown to include three bedrooms, a lounge room, central kitchen, a stand-alone bathroom, workshop as well as a double carport. There’s a verandah and a pool perfect for summer dips in between long glances out at the lush landscape that surrounds the homestead.
Sold unfurnished, you get to decide whether to maintain the cool, kitsch vibes or transform the space into a modern masterpiece – it will be your blank canvas.
“We had an electrician do all the wiring, and the plumbers have plumbed the stove in. There’s hot water in the kitchen sink, plumbing in the bathroom, and the toilet and septic tank have all been done professionally.”
His carriage-conversion idea spurred other locals to follow suit. “There are another two people in [nearby] Glenluce who also have train carriages because of this one being here,” he says.
Steve says he is going to miss the views and the quiet isolation when he leaves.
“It’s not a house, it’s a lifestyle,” he says. “I love the place.”
The lead investigator into the disappearance of William Tyrrell says authorities “have not given up…and will not give up” on the investigation, in an appeal for information to mark the third anniversary since the three-year-old was last seen.
Detective Chief Inspector Gary Jubelin of the NSW Police Homicide Squad made an impassioned plea to the public to come forward with any information pertaining to the disappearance of William.
“It does not sit well with me that three years down the track we haven’t solved this investigation,” he said, adding that it was “very unusual” to brief the media and the public “mid-way” through an investigation.
“We are very mindful of the public’s interest in this matter…very mindful of the public’s expectation that a crime of this nature should be solved.”
William Tyrrell disappeared from his grandmother’s yard in Kendall on the Mid North Coast, on the morning of September 12, 2014.
Detectives and analysts from the State Crime Command’s Homicide Squad established Strike Force Rosann to investigate the circumstances surrounding his disappearance.
Last year an unprecedented award of $1 million was offered by the NSW government, for any information leading to the recovery of William Tyrrell.
Inspector Jubelin said the reward remained on offer, calling for “common sense” to be used by anyone coming forward to authorities.
“It’s three years down the track, let’s be realistic. We are not interested in sightings of a child running around in a Spiderman suit,” he said, adding that William would now be six years of age, if still alive.
“Please don’t waste our time. We are not interested in information from clairvoyants or people who have dreams.”
Inspector Jubelin said genuine information might be in the form of someone “who has concerns about someone they know, someone in their family…that the way they react when William Tyrrell’s name is mentioned might cause suspicion.”
“Someone out there, even if they’ve operated alone, would be acting strange in relation to this investigation…I want that person to feel the pressure, I want that person to feel everyone is looking at them.”
It has been 12 months since authorities investigating the disappearance addressed the media. Since that time it is understood hundreds of persons of interest have been eliminated, however Inspector Jubelin confirmed the list “is constantly being added to.”
The information appeal comes just weeks after legal documents revealed the child was in foster care at the time of his disappearance.
Legal restrictions prevented the publication of the fact that William was in out-of-home care at the time of his disappearance, but in August a NSW Supreme Court judge said the matter was of “legitimate public interest,” and raised the “tragic possibility” that the child is dead.
Inspector Jubelin said recent media reports about William’s foster family and his biological family had not impacted the investigation in any way, and confirmed both families had been ruled out as having played any part in his disappearance.
“It is basically a living nightmare, this unresolved grief that they’ve got…they are decent people and they are suffering….we want to assist them by solving this matter.”
On Monday a statement published on the Where’s William Campaign Facebook page spoke of “three tragic years of unspeakable heartbreak and endless tears.”
“Tomorrow will mark three years without you, three years of not knowing where you are, three years of keeping hope in our hearts that with every new tomorrow will come the day that you’ll be found.”
From this week, the campaign will roll out an advertising campaign featuring the $1 million reward on billboards, in shopping centres and in cafes and offices around , appealing for information.
NO PITSTOP: “This is not a ‘one off’, but will happen every year for at least five years”. The work being done on the foreshore for the Supercars event. Photo: Max Mason-HubersDear Jeff Corbett,
Newcastle East residents are being no more ‘precious’than residents anywhere in the world would be having a motor racing track built outside their front doors (‘Precious in the East End’, Herald 9/9)
We believe motor racing should be on a purpose-built, permanent track and not in anyone’s backyard. InNovember,V8s will race at more than 250kmhthrough the 40kmhstreets of Newcastle East, less than 5 metres from the front doors of 120-year-old terraces and businesses.
Imagine this event taking place though the Rocks precinctin Sydney. Imagine concrete barricades being set up for 20 per cent of the yearin front of cafes and restaurants overlooking Sydney Harbour.“Utter madness,” Sydneysiders would say. They know what’sgood for theirlocal economy.
In Newcastle, however, we seem quite happy with the idea of barricades obscuring the amenity of our prime beachside cafesand popular tourist attractions for up to threemonths every year. We are actually prepared to spend ratepayers’ money to help out Supercars.
More than 113 small business line this circuit. The loss of their amenity for up to three months every year will be considerable. They will suffer from traffic congestion and parking problems and will be unable to operate as usual, both during the event and in the construction period before and after the event. Already many businesses in the East End are reporting 60 per centlosses.
This is not a “one off”,but will happen every year for at least five years. There is no compensation for any of their financial losses.
A bit disruptive you say?Newcastle’s design-winning Foreshore Park has been rendered unrecognisable. Almost 200 trees have been cut down.A road has been built through the heritage listed Coal River Precinct. Another 2 hectares of the Foreshore Park is being concretedto house the two-storey pit stop facilities and concrete laid for grandstands.The rustic, narrow road below Fort Scratchley has been widened into a race track, totally transforming its heritage character and appeal.
Both Nobbys Road and Newcastle’s oldest road, Watt Street, has been dug up in order to remove the water inspection vents from the road to the footpath, to accommodate the race track. Newcastle City Councilhas fundedthis work, despite it being specialised infrastructure only necessary for a motor racing circuit. There’s no doubt council’s budget for this work has blown out.
In the public interest you say? The only financial figures available to test this assumption are thosemade public by Supercars. These have beenshown to be highly exaggerated by auditor-generals in Victoria, Canberra, Sydney, Queensland and Hamilton, New Zealand. The auditor-general in Canberra was scathing in his assessment of the idea that the Supercarsevent ‘showcased’ that city to the world. Canberra city council paid Supercars out -three years into their five-year contract -because of the money they were losing.
Jeff,I urge you to check out the history of Supercars events.Don’t simply rely on their promotional material. Why did it lose so much money in Canberra and Homebush? Why did the Gosford administrator reject the Supercars proposal three weeks before our council enthusiastically endorsed it?
There might be agood story here for a journalist such as yourself to investigate.
Dr Christine Everingham is aconcerned resident of Newcastle’s historic East End
William Tyrrell. Photo: SuppliedSEPTEMBER 12 will forever mark the day William Tyrrell went missing, and three years on there is still no sign of the little boy.
Shortly before 10.30am on Friday, September 12 2014, William, then aged three, was playing in the yard of his grandmother’s home on Benaroon Drive, Kendall, when he disappeared.
Hundreds of local residents and emergency service workers combined to search the rural township, looking in forests, creeks and paddocks for the boy in a search that spanned nine full days.
As a result, police formed the view that William’s disappearance was as a result of human intervention and detectives and analysts from the State Crime Command’s Homicide Squad established Strike Force Rosann to investigate William’s disappearance.
The Camden Haven State Emergency Service unit controller, and now the Port Macquarie-Hastings local government area local controller Paul Berg, was a part of the initial crew who searched for the first nine days.
He said the experience is one he thinks about almost every day.
“I never thought it would be something this big. When we first got there it was as simple as a child gone missing from a house,” he said.
“It’s important to note that on a job like that, we are a support role for police.
“You do think about it. It’s always on your mind, but so are a lot of jobs that you go to.
A family photo of William Tyrrell, circa 2014.
“I still find myself thinking about it, particularly with the media attention. Coming up to the three year investigation, you kind of can’t get away from it.”
Mr Berg said each event is very different and it affects people in different ways.
“Anything that involves a child is harder to deal with, and that’s the father side of me talking,” he said.
“You think of it a bit like that, and it depends on the circumstances around it.
“The SES has a range of support facilities for our members, and close friends and families always support us. We all support each other (in the emergency services).”
William Tyrrell: missing for three years.
The $1 million rewardOn the second anniversary of the disappearance of William, the NSW Government announced a $1 million reward for information on his whereabouts – the largest reward offered in NSW history.
The lead investigator in the disappearance of William Tyrrell, Detective Chief Inspector Gary Jubelin said at the time that it was very important to dispel the perception that the announcement indicated police had run out of lines of inquiry.
“This is a very proactive investigation, we’ve got numerous lines of inquiry, and we see the reward as another tool to find out what’s happened to William,” Det Ch Insp Jubelin said.
The investigation was the largest in the state with 2,800 reports to Crime Stoppers, a further 196 reports of information direct to the taskforce and 1,078 possible sightings reported at the time of the reward being announced.
The community is still rallying for William with a walk held in Port Macquarie on September 10, 2017, raising awareness and encouraging people to never forget.
Three years on with Detective Chief Inspector Gary JubelinWilliam would be six years old this year, 2017, and to mark the anniversary of William’s disappearance, Det Ch Insp Jubelin outlined some of the ongoing work and the current status of the investigation.
He said Strike Force Rosann investigators remain highly motivated to provide answers to William’s family.
“Our team is mindful of the unresolved grief William’s family is feeling at the moment, and as investigators we are seeking to provide answers above all else,” he said.
“The last 12 months hasn’t been any easier than previous years – we are frustrated that after three years we are not where we want to be – but we are still determined to find out what happened to young William.”
Det Ch Insp Gary JubelinFrom the familyThe foster parents of William released a statement ahead of the third anniversary of his disappearance.
“Where are you William? Where are you our precious little boy? Tomorrow will mark the third anniversary of your abduction and three tragic years of unspeakable heartbreak and endless tears,” the statement said.
“Tomorrow will mark three years without you, three years of not knowing where you are, three years of keeping hope in our hearts that with every new tomorrow will come the day that you’ll be found.
“William, we will never stop loving you. We will never stop looking for you, and until the tomorrow we yearn for comes, we will never give up hope that you will be found and returned home to the arms of your loved ones where you belong.”
From September 11, 2017, the Where’s William Campaign will be rolling out a digital ad campaign featuring the $1 million reward on billboards, in shopping centres and on screens in cafes and offices around .
Police are urging anyone with information about the disappearance of William Tyrrell to call Crime Stoppers on 1800 333 000 or use the Crime Stoppers online reporting page.
Port Macquarie News
Judi Dench, and Ali Fazal pose during a photo call for the film Victoria And Abdul at the 74th Venice Film Festival in Venice, Italy. Photo: Domenico StinellisJust as the fidget spinner seemed to be fizzling out, Dame Judi Dench has jumped on the trend.
While at the Toronto International Film Festival to promote her latest film Victoria and Abdul, in which she plays Queen Victoria, Dench was questioned byUSA Todayabout her hobbies. The 82-year-old actor attempted to steer the conversation towards her desire to constantly expand her vocabulary by learning a new work each day, but was soon interrupted by co-star Ali Fazal who outed Dench as an avid fidget spinner fan.
“She owns a fidget spinner. Judi Dench owns a fidget spinner! It’s the coolest damn thing,” Fazal said.
Though hesitant at first, Dench proved to USA Today’s Andrea Mandell that she’s still keeping up with contemporaries by pulling out her tiny spinner from her eye-glass case and taking it for a spin on camera.
Dench’s press tour for the movie continues to prove that you really are only as young as you let yourself feel.
Just last week Dench’s admissions on still liking intimacy and sex were met with a barrage of headlines around the world. The actor also displayed her discontent about being probed about her retirement plans by BBCBroadcaster John Humphrys for the Radio 4, Best of Today Podcast.
“When are you going to retire?” Humphrys asked, before swiftly adding, “Let me rephrase it, are you???I knew that would be the reaction.”
Dench clapped back saying, “How dare you! What is that word? What is that word retire? Well hopefully not, I don’t know.”
After Humphrys questioned if retirement was ever on the cards, Dench explained, “I hope to do another film before the end of the year and I hope to do another one next year too.”
“And I just hope you know, hope that I’m going to be employed. I just always hope I’m going to be employed.”
In a perfect world, this article would have begun with a quote from the gangster/shrink movie Analyse This, released in 1999. In the event, though, the movie’s rating — due in large part to the ‘salty’ dialogue — leaves little that can be included here without censoring so much of it that it more closely represents morse code.
It stars, you might recall, Billy Crystal as a psychiatrist and Robert De Niro as a mob boss. De Niro, as Paul Vitti, reluctantly asks Crystal’s Dr. Sobel for help. Of course, being Hollywood, all’s well that ends well — and it’s a very funny journey.
Both men are there because they expect to be able to work together — and to both benefit from the process??? notwithstanding some aggression and disagreement along the way. Which, if you’ll excuse the metaphor, is often the relationship between government and investors when it comes to privatisations.
Most people will have a view on privatisations. But, without being unkind, most of those views are couched in an ideological world view. Government either should or shouldn’t own particular types of business, for those people.
Which, I’d submit, is a problem.
But that’s not to say each camp doesn’t have a point. The econocrats and competition-focused types — the Paul Vittis, if you will — believe, with some justification, that the private sector can run businesses much more successfully (read: profitably and with greater efficiency) than government. That’s hard to argue, given falling staff numbers and rising profits in organisations that were previously in government hands.
Those who focus primarily on the social good — let’s evoke the good Dr Sobel — will often argue that government has an important role in the provision of many different services. They would suggest the profit motive in otherwise-privately-owned businesses means that we all pay higher prices for the products and services we use.
Of course, life is not that simple??? or that black and white.
And there are a heap of hits and misses complicating the story. Privatising Commonwealth Bank hasn’t exactly helped the bank meet its regulatory requirements. Or improve competition in the banking sector. But Qantas — and its relatively poor post-float bottom line performance — has probably saved the government from a heap of (potentially costly) issues.
Telstra shareholders are either happy with their lot — if they bought the first tranche and remember to include their dividends — or unhappy if they bought T2 at the height of the dot苏州夜总会招聘 frenzy. But the taxpayer has missed out on the profits made in the meantime??? assuming the company would have made those profits in public hands, without job cuts. Meanwhile unions decry those losses, many consumers complain about services.
From a purely economic perspective, of course, there’s no reason — other than lack of political will — that those organisational changes, including job cuts, couldn’t have been made while the organisations were in public hands. And the buyers — either stock market investors or private equity companies — are only going to buy if they’re getting a good deal. The mythical win-win
In investing, win-win outcomes are very rare — it’s like selling your house. If you get a great price, the buyer overpaid. If she got a bargain, you lose out. So if these floats are — to use the investment banking euphemism –‘successful’ because the share price rises after the listing that’s money that the government left on the table.
Think about Sydney Airport, the nation’s power stations, our state TABs and the ‘poles and wires’ deal in NSW. Add in Medibank Private and QR National (now Aurizon).
Where there were willing buyers, those buyers either got a bargain, or were sold a pup. No-one takes the deal unless they are expecting to make money from it — cash that could have otherwise accrued to government coffers.
I have a deal of sympathy for those arguing for privatisation — most services have improved, capital investments have been made, and in at least a few cases, the risk of ownership belongs in private hands. Would Telstra, as Telecom, have invested sufficiently in mobile spectrum and new technology? Would Qantas have been a millstone around the government’s neck? CBA, despite its troubles, may not have become a market-leading player in technology implementation and discount stockbroking.
And those people — often including me — have a simple, and very reasonable, solution. Ownership is one way to exercise control, but governments have an equally powerful set of tools at their disposal: regulation.
We’ve seen the NBN negotiations where the federal government essentially repossessed the cables, ducts and pits from Telstra. The government controls banking policy on capital requirements and ownership concentration. It can decide how airports, railways and power stations are to be run.
Where the rubber hits the road, though, is governments’ awareness of the need — and willingness — to regulate effectively. Will a government really regulate to hurt a private owner of formerly government-owned assets? And with the budget balance foremost in mind, governments could easily be incentivised to pass regulations that would boost the value of the assets they’re planning to sell.
It’s also tempting to wonder what decisions might have been made differently if government still owned some of those assets, particularly in energy. Would there be as many coal-fired power plants? Would distributed energy (where locally produced and stored energy replaces or augments the main ‘poles and wires’) be further along if there was no government incentive to lease the distribution assets? Foolish takeaway
In a perfect world, ownership by government is a redundant requirement where that same government sets the rules for how a privatised asset is used or a privatised business is run. If you believe — correctly — that the government will do the right thing, the risk probably belongs in private hands, where service provision can be assured.
The real question is whether such regulation is, can and will be enacted to protect the public interest. If a mob boss and a psychiatrist can part as friends, maybe it’s possible??? Or maybe that’s just Hollywood.
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Scott Phillips is the Motley Fool’s director of research. You can follow Scott on Twitter @TMFScottP. The Motley Fool’s purpose is to educate, amuse and enrich investors. This article contains general investment advice only (under AFSL 400691).