Export Media

Media release
28 May 2008


Alliance will benefit NZ exporters


A strategic alliance between Business NZ and Export NZ will strengthen services to exporters.

Business NZ chief executive Phil O’Reilly and Export NZ chief executive Bob Walters today announced plans for a restructuring of the services offered to exporters by both organisations.

From 1 July an export division of Business NZ will provide national and international representation for exporters, along with increased advocacy and advice services.

Export Awards and other events and services will be operated from the export divisions of Business NZ regional associations EMA Northern, EMA Central, Canterbury Employers Chamber of Commerce and the Otago Southland Employers Association.

Mr Walters said the move will allow Export NZ members to gain the benefit of scale of Business NZ representation and resources, as well as increased regional coverage. Export sponsorships will continue as under Export NZ, with greater presence in the market.

Mr O’Reilly said exporters will benefit from greater regional, national and international representation, increased advocacy services and a strong focus on export needs.




Contact: Bob Walters 027 509 1506
Phil O’Reilly 021 711 866

NEW NZTE CHAIR ANNOUNCED

Posted: 19 Feb 2008 06:32 PM CST

Former Ports of Tauranga Chief Executive Jon Mayson has been appointed chair of the board of New Zealand Trade and Enterprise (NZTE), the Crown entity responsible for facilitating the country's trade, industry and regional development. The announcement was made today by Trade Minister Phil Goff and Economic Development Minister Pete Hodgson, who also announced that current board member Craig Ellison has been reappointed for another 12 months.

"Jon Mayson's considerable experience in exporting, international supply chains and management provides a strong basis for leading NZTE's work to support New Zealand businesses to be internationally competitive," Phil Goff said. "Jon was Chief Executive of the Port of Tauranga from 1997 to 2005, during which time the Port grew to be New Zealand's largest export port and established its MetroPort operation in Auckland. He has been President of Export New Zealand since 2005, a position which he will step down from in order to take up the role of NZTE Board chair. Jon is highly respected in the business and government sectors and is a companion to the New Zealand Order of Merit for services to the shipping industry and to the export sector," Pete Hodgson said.

Both Phil Goff and Pete Hodgson commended the work of outgoing board chair Phil Lough, who has led the Board since NZTE's inception in 2003. Phil oversaw the consolidation of an offshore network of offices in key markets and the development of a wide range of programmes to assist businesses and sectors. "In a changing economy where product innovation and international connections are becoming more and more important for New Zealand businesses, Phil Lough has done an excellent job in positioning NZTE to meet these challenges. We would like to thank him for his hard work and his dedication to New Zealand's economic development," Pete Hodgson said.

Both ministers also welcomed the reappointment of Craig Ellison, who has experience in a range of economic, strategic development and management areas.
Other board members are Peter Menzies, Peter Maire, Jane Hunter, Alan Isaac, Lorraine Witten and Peter Conway.

PRESS RELEASE 15 FEBRUARY 2008 - BAY OF PLENTY EXPORT COMMENTARY

Media reports tend to suggest that it is the high New Zealand dollar which made 2007 a very tough year for exporters. While a lower rate against the $US, in particular, is always welcomed, most exporters will tell you that it is the exchange rate volatility which impacts their business.

When reviewing the reserve banks foreign exchange figures, fluctuations of 5% against the $US occurred in every quarter in 2007, with one period reaching almost 8%. From February to July 2007 we saw a full 13% increase in dollar value. Since the beginning of 2000, we have seen extreme volatility in our exchange rates, with regular quarterly swings of 6 to 12%, throughout this period. Over the past 2 years we have seen similar swings against all our major trading currencies.

To put this in perspective for those less concerned by currency volatility than exporters, these currency movements are the equivalent to this morning’s petrol pump price of $1.70 per litre of 91 octane, increasing overnight to $1.90. It is simply impossible for export companies to factor into their business planning. The downstream impact on their domestic suppliers is even more damaging. Our food producers, operating in incredibly competitive markets, know this only too well, as do our manufacturers and the often reported timber industry.

Many exporters have adapted their strategies to mitigate these issues, targeting a wider range of international markets, improving their hedging strategies and finding ways to reduce the final cost of their product. This latter component is inevitably leading to an increase in the use of competitive offshore supply relationships and ultimately improved offshore presence through partnerships and acquisitions.

Fisher and Paykel and Whirlpool is an example of a larger New Zealand company securing their growth through such an offshore relationship. Moving production offshore is not an option for many exporters – it is a necessity. New Zealand has one of the lowest productivity rates in the OECD, meaning that our manufacturers are paying uncompetitive rates for the products which they are attempting to sell to international markets.

The “buy New Zealand Made” campaign is great in principle - most of us believe strongly in supporting local businesses. But if this approach becomes “buy New Zealand at any cost” then it ultimately is a campaign supporting mediocrity. If New Zealand is to deliver world class products in a highly competitive global market, then our exporters need to operate fully in that market.

The last 2 years have seen some excellent initiatives supported by both government and various business organisations. The Export Year 2007 raised awareness of the critical importance of export growth to New Zealand’s prosperity. It resulted in some well received business support programmes as well as numerous, New Zealand Trade and Enterprise led trade missions, which have been of enormous value to many of our companies.

Despite this, there remains a critical issue, which has been raised at almost every business forum, strategy review, think tank or local rub shoulders session. And that is the lack of availability of capital for New Zealand’s small to medium businesses. The banking sector has no incentive to establish business growth lending facilities when it can meet its capital adequacy requirement by increasing home mortgage ratio’s. We have seen this drift in lending facilities increasing over the last few years, with some of our trading banks now placing as much as 70% of their business in the home mortgage market. Our current monetary policies continue to both drive interest rates even higher and underpin an inflationary housing market. They do nothing to encourage business lending, which ultimately is the country’s greatest investment.

Meanwhile, capital beyond the business owner’s home mortgage capacity is unavailable in most instances. Allowing New Zealand businesses a genuine opportunity of achieving the oft discussed high growth potential, requires sufficient capital to develop their product and take it to market. A typical company which has invested 1 to 2 million dollars in developing its product is often found wanting when it comes to funding required to adequately market, distribute and service its product. Business is not looking for handouts for these investments, rather a series of policy initiatives from government which will encourage business lending facilities well beyond where they are now.

New Zealand’s short 3 year government term of office, is often questioned by offshore colleagues because of its obvious inefficiency. Inevitably it also seems to result in electioneering replacing effective, long term business policy from our political parties. Exporters and our business community in general, want to support policy initiatives which provide growth opportunity. To achieve this, we need a bipartisan approach to business policy from our political parties.

With the political season upon us once again, it is important that a clear message from our business community is heard by all of our politicians, to ensure we have a stable, long term strategic direction for our economy. It is this proactive dialogue which provides the greatest opportunity of establishing a platform for sustainable economic growth for our many innovative companies and this country.


Mark Redpath

Mark is director of Hole Solutions Ltd, a new technology business based in the Bay of Plenty and President of Export New Zealand Bay of Plenty

 

The visiting group of businessmen from the city of Yantai in China, accompanied by a Chinese government representative and representatives from Export New Zealand, were interested in opportunities for developing a new aquaculture initiative in the Bay of Plenty, and this would mean investing in local infrastructure to ensure the success of their venture.

When they met with the Opotiki District Council yesterday Opotiki and the sea offshore were looking like the best place to put their money, with the potential for multi-million dollar investment in both the harbour development and the mussel farm.

Council chief executive Vaughan Payne said while it was early days yet - council had received barely a week’s notice of the visit and intentions of the delegation - the development was a positive one.

“They’ve been trying to create an opportunity to invest in aquaculture in their sister-city Tauranga,” he explained.

“The project they were pursuing there has fallen over, and less than a week ago we had a call from the Export Institute of New Zealand saying the group was researching aquaculture potential and had been advised to look at Opotiki.

“Our main objective was to show them some Opotiki hospitality, and today (Monday) we gave a presentation on the proposed mussel farm project and harbour development. The discussion was positive.

“They want to invest, they have got money to invest, and they probably want to move a lot faster than we want to or can move.”

While council was faced by regulatory constraints and community constraints, Mr Payne said, the Yantai businessmen had been involved in aquaculture for generations and had been planning the move to New Zealand waters for several years.

“From their perspective they’ve been looking at trying to invest in the Bay of Plenty for the last couple of years, so they’ve been building up to a meeting like this for quite some time.

“The focus will be around just building relationships and trust, and coming to understand each other a bit better.

“At some stage they will send an expert over to do some feasibility investigations.”
Mr Payne said there did not seem to be any reason for concern at the thought of the community harbour and mussel-farm developments being funded from off-shore.

“From a harbour development point of view we have always known that our ratepayers could not afford to build it on their own, so the funding has got to come from somewhere. If we can’t raise it from within New Zealand we have to look offshore.

“The question that arises is the strings attached to such an investment. At this stage we are not sure what is involved, but they seem to be indicating that it is a mechanism for them being able to invest in an aquaculture project of their own, and a way of opening the door for further investment in aquaculture.

“They see with the mussel farm there is a potential for further development, and they recognise that having the harbour entrance is sensible not just in terms of harvesting but in servicing their development.

“One heartening thing was that there seemed to be a lot of similarities between their values and ours in terms of respect for the environment and for the community.
“It all comes down to building those relationships. It is still early days and it may all come to nothing but we have a duty at least to explore all opportunities.”

Whakatohea Maori Trust Board chairman Robert Edwards said the potential for investment in the mussel farm was a very positive one.

“There’s great potential there,” he said. “It’s very early days yet but it has the potential to get the harbour and the mussel farm moving together.

“We just have to investigate further but things are looking very positive.”
On a related note council chief executive Mr Payne wished to extend his thanks to a member of the Opotiki community who had been “invaluable” in assisting the discussions - impromptu translator Jack Wu, who stepped in to help at the last moment.

“He’s from the same city and he was instrumental in terms of communicating to them not just our projects but the importance of taking our community with us as we progress the projects,” Mr Payne said.
 

 

Photo Kat Walsh - Opotiki News

Whakatohea Maori Trust Board chairman Robert Edwards (second from left) and Opotiki Mayor John Forbes (second from right) stopped in at Hickey’s Sportsworld with some of the delegates from China to show them the fishing potential of Opotiki waters. On the right stands Opotiki man Jack Wu who stepped in at the last moment to provide translations for the lengthy discussions on whether the Yantai businessmen would consider investment in the Opotiki Harbour development and mussel farm projects.

 

Photo Kat Walsh - Opotiki News

Opotiki Mayor John Forbes and Whakatohea Maori Trust Board chairman Robert Edwards show some of the Chinese delegates the potential for investment in the Harbour development at the Waiotahi river mouth.

Media release by the Major Electricity Users’ Group (MEUG)
Contacts: Ralph Matthes, Executive Director, T 04 494 0996, M 0274 760 500

“The Bill tabled today as part of the Emissions Trading Scheme (ETS) that includes an amendment to the Electricity Act to have a 10 year moratorium on new base load thermal generation is a very poorly considered intervention,” said Ralph Matthes, Executive Director of the Major Electricity Users’ Group (MEUG).
“To keep New Zealand’s electricity prices as low as possible and to avoid blackouts and shortages, we should have as diverse portfolio of generation as possible. New generation, be it wind, water, geothermal, gas or coal fired, of course should be environmentally sustainable as well as economic. Investors in new thermal generation have for some time been mindful that greenhouse gas emissions are likely to attract a price or tax. This is the situation in all OECD countries. The ETS signals the framework that will apply to New Zealand.
“That should have been enough to ensure the most efficient mix of generation investment for the future. If gas or coal fired new investment was lower cost, including a charge for greenhouse gases, then that is indeed the optimal decision for New Zealand and globally.
“The moratorium is a step back to government being wary that market outcomes may not exactly fit their plan and hence a dose of regulation is needed also.
“If New Zealand finds more gas and the price of wind farms becomes more expensive, then we would have the opportunity for low cost electricity using modern, efficient base load gas fired generation even after including a charge for greenhouse gases. That opportunity will be barred by this moratorium. MEUG believes this scenario is highly likely given we have to date been very gas prone. Wind farm costs have also risen recently because of the global sellers market for wind turbines attracting high prices and long delivery times. If this continues then we would want to keep all our options open. Already we are seeing some of the more attractive wind farm sites subject to stringent consenting requirements leading to significantly higher development costs.
“MEUG is very concerned that security of supply will increasingly depend on wind and hydro and approved new stand by thermal generation. The latter have a thermal efficiency typically of 35% compared to modern efficient base load gas fired generation that are about 50% efficient. Not only are we going to have inefficient plant sitting around that consumers will have to pay for when not used, but when the standby thermal plant is used they have a poorer emissions profile than the plant government has banned.
“In addition the transmission network will have to be oversized to cater for wind farms when they are producing at maximum output, but for most of the time will only be partly used. All this leads MEUG to suspect that the preference for renewables and the moratorium is going to be a very high cost option” concluded Mr Matthes.

New Zealand businesses will find it easier to grow their new offshore markets under a $100 million scheme announced by Economic Development Minister Pete Hodgson this morning.

Speaking at a breakfast to launch the Export Year Platform for the Future document and to reflect on the activities of Export Year 2007, Pete Hodgson said,
"Export Year 2007 has set new levels of export ambition for us. Part of that is removing barriers that our businesses might encounter as they take Kiwi enterprises to the world."

On 12 November 2007, Cabinet agreed to the New Zealand Export Credit Office offering two new products: a broader contract bond guarantee and a targeted short-term working capital guarantee. These guarantees will be provided to commercial bond providers and banks to enable them to support the additional growth of successful export companies.

A $100 million contingent liability has been established for exporters needing bonds and/or working capital. Access to the money will be on a first come, first served basis, but as the guarantees expire, the funds will be accessible once more, so the facility will be revolving. In addition, the Labour-led government has the flexibility to increase the facility in the future if demand for this new product is larger than anticipated.

These new products are targeted solutions to a specific gap in the market for the provision of trade finance and risk management, as an Export Year 2007 initiative. Both of these products will be operational from April 2008. For further information please refer to the NZECO website: www.nzeco.govt.nz.

Pete Hodgson also announced that the Export Year Private Sector Reference Group will continue to operate beyond Export Year.

"This Group is well placed to 'hit the ground running' to take the lead in championing the ongoing work of the private sector as set out in the Platform for the Future document. The challenge we now face, and what the Platform document encapsulates is making sure that the achievements initiated during Export Year 2007 are just the beginning. I am pleased to say this Reference group does not lack ambition internationally. "

The New Zealand Export Awards 2007 gala event was held in Auckland on Thursday 15 November. Yet again New Zealand demonstrated its innovation and business depth with finalists and winners from all over the country:

• Specialised Manufacturing Exporter of the Year award winner IBEX Group of Companies, Auckland also took out the DHL Supreme Exporter of the Year award. IBEX has grown its turnover by 2500 percent in three years, almost all in exports.
• Biotechnology business New Zealand Pharmaceuticals Ltd (NZP), Palmerston North won the Agritech, Life Sciences and Biotechnology Exporter of the Year Award with new products and markets set to continue and accelerate its rapid export growth.
• phil&teds Most Excellent Buggy Company Ltd of Wellington won the Creative Exporter of the Year award and has a great story to tell of a struggling engineering company turned export juggernaut - with exports of its innovative baby goods growing by 82 percent to over $30 million last year.
• Yarrows (The Bakers) Limited from Manaia in South Taranaki won the Food and Beverage Exporter of the Year award exporting more than 40 containers of products to clients across the globe every week.
• Information, Communications and Technology Exporter of the Year, Endace of Auckland has gone from start-up to US$17 million in annual sales in five years.
• Les Mills International won the Services Exporter of the Year Award with around 5 million people in 11,000 fitness clubs in more than 70 countries.
• BIOZONE International Ltd of Hamilton won the Education Exporter of the Year award. BIOZONE is a highly successful niche publisher, selling exciting and effective high school biology resources all over the globe.

Export Year 2007 Honorary Awards went to Bill Gallagher, Wendy Pye, Richard Taylor and Sir Angus Tait (posthumously).
This was the first year in which a national award was given for the Emerging Exporter of the Year. This award is promoted by Export New Zealand with the finalists being the 6 regional Emerging Exporter winners.
Whangarei company Specialist Marine Interiors won this award. The company developed modular construction allowing rapid installation for super-yacht fit-out or refit.
The judges were impressed Specialist Marine displayed initiative with outstanding design, manufacturing and in-market installation. “Their commitment to supporting other New Zealand marine suppliers by using their products and services has contributed to not only their own but other’s export success," the judges wrote. “Export sales have been a multi-million dollar contributor to the company’s profitability in the past three years."
Export New Zealand National Board Member Philippa Ivory, Auckland Region President Lyall Pacey and CEO Bob Walters judged the category.
“All the entries were of a very high quality," the judges said. “We enjoyed hearing about all the great new NZ companies which are building successes in overseas markets."
The Bay of Plenty was represented by Florentines Patisserie in this award category. Having invested significantly in research and development, Florentines’ had only been exporting for 12 months at the time of winning the regional United Travel Emerging Exporter of the Year award in June. Since then, Florentines’ have secured major distribution networks in Australia and have doubled their exports. Managing Director Greg Knight says “The growth was much faster than we expected, we will double our budgeted growth for next year”.
Export New Zealand congratulates all the finalists and winners for their participation during Export Year 2007 and looks forward to another year of excellence in 2008.

Florentines and Export NZ BOP representatives at the National Awards, 15 November 2007.

PRESS RELEASE

5 November 2007

BAY OF PLENTY ECONOMIC FORUM WITH PRIME MINISTER
AND KEY CABINET MINISTERS

Priority One, the economic development organisation for the Western Bay of Plenty sub-region, hosted Prime Minister Helen Clark and senior Cabinet Ministers at an economic forum in Tauranga on 30 October. Attended by over 160 of the region’s key business people and civic leaders, the forum looked at progress in the region of the last four years, its future direction and the steps needed to enhance economic growth. John Revington, Regional Manager of Beca, said “It was an excellent opportunity for the region to give central government a clear and consistent message on our needs - and recognition from government at the highest level, of the importance of the Western Bay."

Key issues on the agenda included increased provision of tertiary education, growth of the export sector, labour and skill shortages, sustainability and its impact on small business, core infrastructure and Maori economic development. Seven government ministers, Speaker of the House Margaret Wilson and Rotorua MP Steve Chadwick attended the forum, which was a follow up to the first regional economic forum held in 2003.

Business and community leaders were specifically invited to the event to workshop key issues facing the region with the Prime Minister, Minister of Finance and Tertiary Education Michael Cullen, Jim Anderson, responsible for agriculture, biosecurity, fisheries and forestry, Trevor Mallard in the area of economic development, Lianne Dalziel, Minister of Commerce and Small Business, Minister of Immigration and Information Technology David Cunliffe and Mita Ririnui for Maori affairs.

John Burke, General Manager of Te Awanui Huka Pak, felt the forum was worthwhile and productive. “Firstly, the progress made by the region since 2003 is very impressive and is a reflection on the success of the previous forum but more so the initiatives and actions taken by the region including the planning, interaction and facilitation carried out by Priority One. The two-way communication with government was useful and hopefully some of the feedback provided to the Ministers will be taken on board, particularly the fluctuations in our exchange rate which can only be dealt with if our currency is fixed. It was also a good opportunity to mix and mingle with local business leaders, including gaining an understanding of views from the various sectors.”

Issues arising from discussions included the importance of increasing the delivery of tertiary education in the region, particularly in the area of research and development to support key sectors. The Prime Minister and Dr Cullen were impressed by the high level of collaboration between the Bay of Plenty Polytechnic and University of Waikato, emphasising the importance of tertiary education and higher levels of skills in driving economic growth. The key message was that the Bay needs to continue to lift its economy to better paid jobs attracting higher skills. Research and development and investment in capital were identified as tools to increase productivity and add value to the region’s primary sectors with a focus on high end exports. Trevor Mallard said the challenge was in growing our SMEs to international scale but keeping them New Zealand owned.

The sustainability workshops were heavily subscribed to, with Ministers impressed with the consideration attendees had already given to this diverse and increasingly important topic. Issues covered included the security, capacity and affordability of energy resources and the opportunity for the Bay of Plenty to lead New Zealand in the development of eco buildings and business parks. The workshops also identified that opportunities for Maori economic development were to some degree hindered by the Maori Land Act 2003, which focuses primarily on land retention rather than utilisation. It was recommended the Act be reviewed to maximise the potential of undeveloped Maori land.

Port of Tauranga received special mention, with the government reminded of its importance not just to the region but to the rest of New Zealand. Unlike Ports of Auckland, Port of Tauranga has sufficient land available to expand to meet the increasing requirements of the North Island’s export industries. It is the largest export port in New Zealand and the most efficient port in Australasia.

In summing up, the Ministers commended participants for the collaborative approach the region was taking, which is strongly supported by the SmartGrowth strategy to manage growth over the next 50 years and Smart Economy, the sub-region’s economic development strategy. Jane Nees, CEO of Tauranga Chamber of Commerce, said “A major outcome of the forum was the recognition by government ministers of the connectedness and collaboration of the Tauranga business community. This willingness to work together and the very strongly networked approach to planning were remarked upon by many during the day as setting the Western Bay apart from many other regions. Going forward this will really make a difference to the region's economic progress.”

Bay of Bay exporters get an edge

Media Release 11 October 2007

Tony Pill has joined Export New Zealand Bay of Plenty as Export Development Manager. He will be the face of the new Export Development Programme.

The Programme is aimed at providing practical support to Bay of Plenty emerging exporters and those intending to move new products to market. Tony has run three successful small businesses, served as a consultant and has a background in sole trading and banking. Using his extensive business background, Tony will work one-on-one with Bay businesses to assess its export readiness. He will help companies develop action plans tailored to individual business needs to provide a roadmap to exporting. Action plans may include activities, grants or recommended courses to be completed.

Tony will work with a business as it completes its action plan.

In the first month of the Programme 32 Bay businesses have met with Tony. Half of the these business have been determined to be eligible for the free Programme.
Many businesses are unwittingly exporting as they fill overseas orders that come in their websites. To successfully expand an export business, a business person needs to undertake market research and understand intellectual property and regulatory requirements. These are some of the areas that put businesses off growing into international markets. The key with the Export Development Programme is that it gives businesses the knowledge and tools needed to progress into export growth to mitigate their risk.

The reward from exporting is significant financially and personally. The excitement of overseas sales and orders creates a real buzz and the innovation needed to overcome the difficulties of transportation and bringing a product to market is immensely exciting.

For more information on the Export Development Programme contact Tony Pill on 021 960 193 or Elizabeth Jenkins on 07 571 0600.

-ends

For more information contact:
Tony Pill
Phone: 07 571 0600
Mobile: 021 960 193
Email: edm@exportnewzealand.org.nz
or
Elizabeth Jenkins, Bay of Plenty
Phone: 07 571 0600
Email: bop@exportnewzealand.org.nz

Monetary Policy: Support Builds For ILSS Solution

The delegation representing the group that is advocating the implementation of the ‘Interest Linked Savings Scheme’ (ILSS) solution, to provide the New Zealand Reserve Bank with more rational instruments for the operation of monetary policy, will appear before the Finance and Expenditure Committee of parliament on Wednesday, 10 October 2007.

“The time allocated to our group has been extended to 40 minutes, which is still tight, so we have reduced our delegation to five persons, to make the most efficient use of this time” says the originator of the ILSS, Phil Verry, who is the executive chairman of EROS Capital Ltd and of Red Stag Timber Ltd, which operates Waipa Mill, New Zealand’s largest sawmill and timber processing plant.

Mr Verry says the ILSS delegation will be:

Phil Verry: executive chairman, EROS Capital Ltd and Red Stag Timber Ltd;

Anthony Byett: economist; former chief economist for ASB Bank;

Bryan Gould: company director; former Vice-Chancellor, Waikato University; and former British political leader;

Michael Houlahan: CEO, Tuatara Consulting, a leading NZ forex management company;

Steven Becker: chief analyst, Tuatara Consulting.

He says the delegation will also convey letters of support, for ILSS to be seriously pursued, including from:

Alasdair Thompson: CEO, Employers & Manufactures’ Association (Northern) Inc;

Peter Conway: economist, NZ Council of Trade Unions.

“The letters demonstrate how broad-based is the support for ILSS. We have many other supporters from diverse sectors of New Zealand commerce and society, who have recognised: the economic damage caused by the present OCR-based methodology used for the operation of monetary policy, and; the many benefits the ILSS methodology would bring to the New Zealand economy”, says Phil Verry.

“The move by government to order the review of monetary policy followed a speech I gave on 14 October 2005 to which the Minister of Finance, the Hon Dr Michael Cullen, responded followed by interest by the Prime Minister, Helen Clark”.

“Therefore, we feel a responsibility to ensure the select committee is fully briefed, including an understanding of the adverse consequences for the nation’s economic future if the failed OCR-based methodology is not dumped”, says Phil Verry.


ENDS

Contact: Phil Verry Bus. 07 349 5999
Res. 07 347 8111

Attached: Paper by Bryan Gould, which gives a succinct précis of the ‘Interest Linked Savings Scheme’ (ILSS).
Press Release 05102007