The Mike Hosking Breakfast

Is it time for excessive CEO salaries to be a thing of the past?
SkyCity chair Rob Campbell says they need to end as part of a business revolution.
He says if we want to achieve various poverty,inequality, fresh water and climate change targets we need to do away with incentives and bonuses in favour of running a business in the interests of everyone.
Campbell told Mike Hosking that it may not matter what amount the CEO is making, it's more about if everyone in the company is being paid in a fair and proper way.
"My problem is not with people earning high salaries. My issue, and it's not a new one, is we are not equally or not placing more attention on the bottom end of the pay scale."
He says he sits on a board table and reads a lot of reports for remunerations and bonuses for people at the top.
"We don't focus as businesses enough on the full range of stakeholders we have." 
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The country's largest transport company, Mainfreight, has posted a strong half-year profit after a slow start to the year.
Net profit increased by 23 percent to $72.9 million for the six months to September after strong trading in Australia and New Zealand.
Revenue increased by 7 percent to $1.6 billion as the company grew its market share in Australia and benefited from an increasing consumer demand.
The result was in line with forecasts made by the company recently.
"[It has been] a pleasing half-year result considering the slow start to the year through the Covid-19 lockdowns in the various countries and regions," the company said in a statement.
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The United Kingdom on Wednesday became the fifth country in the world to record more than 50,000 coronavirus-related deaths, a level that one of the nation's leading doctors says “should never have been reached.”
Figures from the British government showed that 595 more people in the country died within 28 days of testing positive for the virus, the highest daily number since May. The figure took the U.K.'s total death toll from the pandemic to 50,365.
The U.K, which has the highest virus-related death toll in Europe, joins the United States, Brazil, India and Mexico in reporting more than 50,000, according to a tally maintained by Johns Hopkins University.
The U.K.’s overall death toll is widely considered to be far higher than that as the total reported only includes those who have tested positive for the virus and doesn’t include those who died of COVID-related symptoms after 28 days.
Like other nations in Europe, the U.K. is experiencing a resurgence of the virus and has imposed new restrictions to curb infections over the past few weeks. Though England was put under lockdown last week, the government has been criticized for having imposed it too late, a charge it also faced when it imposed a U.K.-wide lockdown in March.
Following the news about the death toll exceeding 50,000, Prime Minister Boris Johnson said the U.K. is better equipped to handle outbreaks than it was during the first wave in the spring, when the country reported more than 40,000 deaths.
In addition to the prospect of a vaccine or vaccines against the coronavirus, Johnson pointed to a ramp-up in testing. Last week, the government started its first citywide testing program in the northwest England city of Liverpool. It is planning more mass testing, including of university students in early December ahead of their return home for the holidays.
“We have two boxing gloves to pummel the disease in the weeks and months that follow,” said Johnson, who was hospitalized with COVID-19 in April. “But I have got to stress that we are not out of the woods yet. It does require everybody to follow the guidance.”
In Wednesday's daily update, the British government also said that another 22,950 people tested positive for the virus. While the number of new cases is much higher than 24-hour statistics recorded in the summer, daily confirmed cases appear to be stabilizing, or at least, growing far more slowly.
Because of time lags, the number of people being hospitalized and dying are expected to continue rising for weeks, even after the number of confirmed infections do start going down.
“Sadly the upward trend is likely to continue, and it will be several weeks before any impact of the current measures — and the sacrifices we are all making — is seen and is reflected in the data," said Dr. Yvonne Doyle, medical director of Public Health England.
Under the terms of the current lockdown in England, non-essential places such as pubs, restaurants, hairdressers, golf courses, gyms, swimming pools, entertainment venues and stores selling items like books, clothing and sneakers, must remain closed until at least Dec. 2.
Unlike the U.K.’s spring lockdown, schools and universities in England are remaining open this time, as are construction sites and factories.
In a visit to a supermarket in southeast London, Johnson said that “hopefully” the four-week lockdown in England will be eased enough for people to have a Christmas that is “as normal as possible.”
Whatever happens in the near-term, there are calls for a public inquiry to assess a range of issues that many think have led to more deaths in the U.K. than should otherwise have occurred, from problems with the testing program to shortages of personal protective equipment at the outset of the pandemic, as well as the high death rates in care homes and within ethnic minority groups.
“Today’s figure is a terrible indictment of poor preparation, poor...

A criminal lawyer says using new evidence against Peter Ellis after he's dead could be unfair.
Lawyers for the convicted sex offender were granted leave in September to continue his legal battle to clear his name, a year after his death.
However, the case has been complicated by a new complainant coming forward.
Criminal lawyer Steve Bonnar QC told Mike Hosking Ellis and his team were never made aware of it before he died.
"Peter Ellis was never given any chance to talk to his team about it, which is rather unfair."
Mr Bonnar says the court will be looking at whether the evidence is fresh, whether it's credible, and whether it's crucial.
He says it will also think about whether it could've affected the verdict, if the jury had known about it at the time of the trial.
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The Reserve Bank says reinstating Loan to Value Ratios will prevent high risk lending.
It plans to have the restrictions back in place by March but is consulting banks first.
Governor Adrian Orr told Mike Hosking mortgage deferrals have been successful and economic activity has improved.
"The Reserve Bank doesn't want vulnerable high risk loans going out, we have spelled that out to banks very clearly."
However, Orr says there's a need to intervene because banks are still providing that money.
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Old Scrooge McOrr is running the risk of ruining Christmas and getting off side with a lot of people.
Before he even gave his Monetary Policy Statement yesterday, Adrian Orr of the Reserve Bank appeared to be looking to backtrack on LVRs.
The deal was they would be taken off lending until May next year. Now he's looking at bringing them back in March. That’s a broken deal, that goes against your word, and leads to the question as to just what your word is worth.
That’s important because similar things have been said around the cash rate and how long it will stay where it is. People, especially banks, make major decisions over a longish period of time based on what the Reserve Bank says. So, if you're moveable on one thing, why not everything?
The banks aren't happy, and neither will first home buyers. I think, to be fair, there was an expectation given where the housing market is at, that investors might be looking for a change of setting as regards LVRs. But one of the bright spots in the market was that first home buyers were in with alacrity, proving yet again that the biggest hurdle for most first timers is not the mortgage, it's the deposit
And if you're looking at a $750,000 dollar house, the difference between a deposit of $75,000 or $150,000 is the difference between you being an owner or a renter.
The Orr view is based on his obvious fear that things are out of control, which they are not. Always remember the commercial banks in this country know what they're doing. They don't lend to people who can't pay, they're not nuts, and they're not in the business of having a pile of bad debt on their books.
Equally most people aren't stupid either. You know what you earn, you know what you can afford, and you know what you are prepared to pay.
Housing is hot right now, but it's been hot before, and it will be hot again. But it's not a bubble, it's never been a bubble, so let's cool our jets.
The Reserve Bank's role has never been more important. But it's important because it can print money, buy bonds, and use tools for lending we've never seen.
It can dig with a shovel the size no one else has. So, let's focus on that and keep the old sticky beak out of some poor 25-year olds life whose big dream is a step on the ladder, and Orr's attitude is the difference been it being realised or shattered.

It is back to business for the National Party today with its leader Judith Collins armed with her new top team.
Collins spoke to Newstalk ZB's Mike Hosking this morning - a day after she unveiled her caucus reshuffle of the party's 33 members of Parliament.
Third-term MP Andrew Bayly climbed 14 places to number 3 and was given the role of shadow treasurer.
Collins also promoted Michael Woodhouse to be her finance spokesman after Simon Bridges rejected the position - pushing him from number 4 to 7 - because of Collins' plan to split the usual finance portfolio into two roles.
The dual roles are similar to the arrangement in Australia and Collins said it would work closely with Woodhouse.
Asked whether she thought that kind of model was the future, Collins said this morning: "I think it is".
She said Bayly would look after transport, technology, economic development, ACC and infrastructure.
Woodhouse will oversee areas including workplace relations, water and energy.
She said the decision to split the role was partly because it was a big area.
"I think we're going into very difficult economic times in this country."
She said she also wanted Bayly and Woodhouse to have their own respective teams.
"They [will] actually run a team of other MPs who are reporting through and also working with them.
"It's also - rather than having a great team of 11 or 12 people to look after - they're each looking after five or six."
She said she believed in the pair and the work that they could do for the party.
Time to 'get on with the job'
She acknowledged that she had great belief in Bayly - who she said had enormous skill around the revenue tax areas, monetary policies, KiwiSaver and NZ Superfund, due to his background in investment banking.
Woodhouse was good in that role as he has political skill in the finance area, she said.
She said she just wants to "get on and do the job".
Bayly, a Collins loyalist and chartered accountant, will also take on the infrastructure and statistics portfolios.

On technology, she said: "I guess I've been alerted to it by my son, who is in software development.
"It's something where I've just been fascinated and amazed just at what we're already doing in New Zealand; in terms of manufacturing around tech, social intelligence, robotics..."
There is "huge" opportunity in that sector... "It's a big industry and we could do much better".
The finance portfolio had been held by Paul Goldsmith but it is thought he lost it after the $4 billion "fiscal hole" error in National's plan during the election campaign.
He has been given education and has dropped down the rankings to number 12.
Bridges has retained justice and been given water, Pike River re-entry and Maori-Crown relations. He also lost foreign affairs which has been given back to former deputy leader Gerry Brownlee.
Brownlee – who lost his long-held Ilam seat in the election – stepped down as leader last week and said his focus would be on rebuilding National's base in Christchurch. He's dropped down the caucus rankings to number 15.
New MP and former Air NZ boss Christopher Luxon is now spokesman for local government, iwi development and associate transport.
Former National leader Todd Muller has also dropped down the list to 19 and has been given trade and export growth and internal affairs.
Collins has taken national security and intelligence, Pacific peoples as well as technology while deputy Shane Reti will retain health and will take on the children portfolio.
Mark Mitchell has been ranked number 13 and will hold the public service, SOEs and sports and recreation portfolios.
Louise Upston has held on to social development and is number 5.

The top 10 consists of seven men and three women.

THE BEST BITS IN A SILLIER PACKAGE (from Thursday's Mike Hosking Breakfast) I'm FLPing Out/Where Did These Taxes Come From?/Some Economic Light/Life-Changing Bargains

One of the casualties of the trump era is the mainstream media, who, for reasons best known to themselves, continue through their own actions to damage their reputations values and performance.
For the second time in recent days a number of networks in the States cut away from what was being said at the White House.
They cut away over the weekend when Trump was speaking. Some networks decided they didn’t like what he was saying, didn’t agree with it, thought it was false, so that was the end of that.
Kayleigh McEnany, White House spokesperson, got the same treatment yesterday.
Now, there’s a simple truth in a world of misinformation and untruths. Donald Trump is still the president.
The official side of the equation has not been sorted and won’t be for some days. In other words, the way these things work is that it generally becomes apparent as to what has happened in the election and a series of people, most notably the media along generally with the parties themselves, accept the outcome.
That’s slightly different this time. Trump of course doesn’t accept it, and no shortage of people in the Republican Party seem to think at the very least he should chasing some sort of resolution through the courts.
But while all that is going on, the last of the votes are still being counted and eventually an announcement will be made on the result.
Even at that point, even if Trump loses all his court battles, he is still the President until January next year. And as such, has the right to be treated as President because he is.
The simple reality is that, all over the world, a lot of strange unusual often dis honest material is passed off as fact or policy or promises at the highest of levels.
The media, especially the main stream media who still openly purport to be fair and balanced, have a duty to report it. So this new approach of editing as we go will do them then yet more damage in a world where their reputations range from questionable to outright trashed.
Another irony of course is their ongoing insistence on neutrality when no such thing exists. They are not fair or balanced or remotely neutral, the crime being they pretend they are.
So let’s have some rules, shall we?
If you hate Trump, always did and are now loving his demise, at least stick your hand up and say so, so that when you cut away from the office of the President we at least get why.
Otherwise, the job remains as it always has: to cover the office, not the President.
To inform, not editorialise, to be impartial in a way that actually shows you are, as opposed to the circus being offered up currently.

Stuart Nash, the Minister responsible for the America's Cup has defended Team New Zealand boss Grant Dalton as a "man of integrity".
Nash also said he did not believe officials at the Ministry of Business, Innovation and Employment (MBIE) had tried to have Dalton sacked from the company which is receiving tens of millions of dollars from taxpayers.
The MP for Napier became Minister for Economic Development in the recent Cabinet reshuffle, but has been refusing to speak to the Herald about the Government's position on America's Cup funding, as has Prime Minister Jacinda Ardern.
But in his weekly interview with Newstalk ZB, Nash defended Team New Zealand's leadership.
"First of all, there's been no evidence of corruption found in any investigation at all," Nash said.
It is not clear what Nash was responding to in making the comment. His office has not responded to written questions about the interview.
"The fact that Sir Stephen Tindall is involved gives me confidence that things are run well within the America's Cup and America's Cup Events [sic]," Nash said.
"The one thing I will say though, that when you take government money, there is an expectation of a certain level of transparency and accountability and that applies no matter who you are or what sort of organisation," he added.
During the short interview, Nash repeated his comments about the need for "transparency and accountability" without saying whether he believed Team New Zealand or America's Cup Event (ACE) had failed to meet the expected standards.
"Both parties are in mediation and they're working through their differences, and I am very confident they will come to an amicable solution and we'll see a good America's Cup."
Nash said he did not think there were efforts to have Dalton - who is chief executive of both Team New Zealand and ACE - removed.
"I don't think so. I mean, Grant, again, is a man of integrity," Nash said.
"As you know, he's a round the world sailor, he's negotiated a number of very substantial deals with sponsors throughout his time and my understanding is that he has always acted with integrity and honesty."
Asked by NewstalkZB host Mike Hosking if the problem was that MBIE did not understand that as winners of the America's Cup, Team New Zealand could run the event however it wanted, Nash was dismissive.
"I don't think that's the case at all," Nash said.
"The Government has invested a substantial amount of taxpayer money in this event. That does come with a high level of transparency and accountability that I think all taxpayers, including yourself as a taxpayer, expect."
In documents released proactively by Team New Zealand on Tuesday, ACE director Greg Horton, a former director of Team New Zealand, claimed that MBIE had communicated to it that it was a bottom line that Dalton be removed from ACE.
MBIE has defended its handling of the investigation, but has not said whether it demanded Dalton's removal, or that of other ACE personnel.
Team New Zealand and ACE have not responded to requests for comment.