The Independent, 3 May 2000:

Russell McVeagh – Nuie – Bank Profits – Fletcher Paper – Aussie Interest Rates – Govt Super – ERB – Dairy Board – Lion Nathan - IRD

Front Page:

1/ RUSSELL MCVEAGH: Russell McVeagh secures secret High Court hearings relating to Auckland Law Society investigation of its promotion of tax avoidance schemes involving investment in bloodstocks in the early 1980's. R McV is arguing that documents supplied to the ALS in 1987 should be covered by confidentiality and privilege and returned to the firm, and that publication of their contents and legal argument around their return would render nugatory their confidentiality in the event of a judgement in their favour.

Judge Paterson has banned media attendance at the hearings.

2/ NUIE: Nuiean Prime Minister Sani Lakatani is seeking a bail-out for personal, business-related debts from the Niue Development Bank to stave off bankruptcy proceedings in Auckland.

3/ BANK PROFITS: Banks report record profits in 1999, says KPMG report.

4/ FLETCHER PAPER: FC Paper profit up 23 per cent to $561 million in nine months to March 30, 2000.

Inside:

- AUSSIE INTEREST RATES: Rising Australian interest rates set to drag up New Zealand rates

- GOVT SUPER: Government Superannuation Fund to be allowed to invest more freely in equities, giving a liquidity boost to local sharemarket

- ERB: officials estimate that union education measures in the Employment Relations Bill will cost 40,000 working days annually; Wellington Chamber of Commerce survey finds 89% believe the ERB will increase business costs, and 80% oppose the bill's thrust

- DAIRY BOARD: NZ Dairy Board investment in Australian dairy producer Bonlac seen as strategic move to foster pan-industry involvement in Australia

- LION NATHAN: Lion Nathan ceo Gordon Cairns signals intention to establish Australasian B2B e-commerce operation

- IRD: exemption from capital gains tax of passive, index-linked investment funds hangs in the balance as IRD reviews policy

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