LC, did you attend the Zoom meeting today? I think it would help to narrow your focus a little otherwise...casting far too widely there, imo.
Hi MTV,
Some fertile musings. Acutely insightful too I might add. "Probably though, the initial response would be to wait it out, as the next budget could bring a reversal." -
your comment in the penultimate paragraph above.
When pushed in the shareholder questioning, Paulson said that even if it were eventually enacted in some form, it would likely only last 6mths and be dropped. However it was enthusiastically maintained that there was a confidence that it wouldn't get up, that the banks, (incl ANZ) were opposed to it in any form, and since consultations were only
about to be held it was felt that it had hurriedly been written into the budget, which was under pressure to be released and "had to be balanced"; a tax being one means of 'doing that'.
I was impressed by the presentation that opened the briefing, especially in the manner in which several speakers spoke to the content! I'm hoping they might put that up to shareholders in some form, as I didn't take notes myself. There were almost 40 people dialled in, so maybe others from HC who did.
Hi Max,
Following our chat after your post I thought you would like to know they did class the financial market climate in PNG as "emerging". Obviously with elements of "frontier" in outlying regions I'd say, though this latter observation is mine (and probably yours
).
To your other point about "social obligation", which was well made. The ways in which Kina Bank are and continue to deliver measures on this front were even more impressive and comprehensive than I'd taken on board, and I've been invested for some years. Again the presentation would be useful.
In my opinion KSL's demonstrated record here in the community ought to give decent leverage when the consultation that's
not been had, finally
is.
.
Finally, in acknowledging the cynical side of most of us...and a persistent thread of the HC boards post BSP announcement, it was stressed that this meeting with MST Financial was always set for today. In light of the BSP release and KSL shareholder concern at the affect that had on our SP it was opened up via Zoom to us. Some restrained comment seemed to say that BSP had absolutely no need to announce anything at this point, as PNG had not convened talks with the industry re a tax, let alone drafted and legislated one.
(20min delay)