Commerce Commission considers deregulating copper network
The Commerce Commission is weighing up whether or not it should deregulate the copper network, still used for internet and landline in 80,000 rural premises.
The Commerce Commission's move to investigate commitments made by major banks under the Net Zero Banking Alliance is being hailed by farming leaders.
ACT MP and primary production select committee chair Mark Cameron says he welcomes the investigation.
"Many in the constituency have raised alarm at this practice and full and open transparency about the Net Zero Banking Alliance and its practices is now timely," Cameron told Rural News.
The Net Zero Banking Alliance is an international group committed to aligning their lending, investment, and capital markets activities with net-zero greenhouse gas emissions by 2050.
Federated Farmers claim the five major banks - ANZ, Westpac, BNZ, Rabobank and ASB - have aligned their lending policies and are engaged in "cartel-like behaviour" in terms of their net zero emissions targets. The farmer lobby also claims that the five banks' policies are linked to their affiliation with the Net Zero Banking Alliance. It wrote to the Commerce Commission calling for an investigation. The banks have denied the claim.
A Commerce Commission spokesperson told Rural News that following concerns raised with the Commission, they've opened an investigation to determine whether the adoption and alleged alignment of net-zero strategies and targets by banks, including commitments made under the Net Zero Banking Alliance, could breach section 30 of the Commerce Act.
"We are continuing to obtain information from relevant parties to determine whethere there is conduct that breaches the Act.
"As this is an active investigation, we're unable to make any further comment, including how long the investigation might take."
Federated Farmers banking spokesman Richard McIntyre points out that following Feds' complaint in December, the Commerce Commission made some initial inquiries.
"As a result of that they have decided to open an investigation under section 30 of the Commerce Act which relates to cartel behaviour," he told Rural News.
"It seems that during their initial enquiry they smelt enough smoke to support a more formal investigation looking for fire - and I think they might just find something.
"This is an incredibly serious issue for the banks at this point. If they are found guilty, their directors could face criminal charges. The banks could also be on the hook for huge fines.
"We're calling on New Zealand banks to do the right thing and withdraw from the Net Zero Banking Alliance," McIntyre says.
New Zealand’s special agricultural trade envoy Hamish Marr believes the outlook for the dairy sector remains strong.
Everyone from experienced veterinarians and young professionals to the Wormwise programme and outstanding clinics have been recognised in this year’s New Zealand Veterinary Association Te Pae Kīrehe (NZVA) awards.
OPINION: The Government's latest move to make freshwater farm plans more practical and affordable is welcome, and long overdue.
Global Dairy Trade (GDT) and Arla Foods have announced that Arla will begin offering European-sourced skim milk powder (SMP) on GDT Pulse from May 2025 as part of an extension to the GDT Pulse pilot.
Farmers in the Australian state of New South Wales will soon be able to use virtual fencing and herding technology to boost farm productivity.
Hawke's Bay teenage entrepreneur Hugo Moffett is helping the rural community access cheaper school uniforms, all without leaving their homes.
OPINION: The appendage swinging contest between the US and China continues, with China hitting back with a new rate of…
OPINION: The irony of President Trump’s tariff obsession is that the worst damage may be done to his own people.