Category: Investments

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LNG terminal decision: Dirty, dumb and expensive – Greenpeace

Source: Greenpeace

Greenpeace is slamming the Luxon government’s announcement it will build a liquid natural gas (LNG) import terminal, calling it a dirty, dumb and expensive decision that will leave New Zealanders subsidising more climate pollution through higher electricity bills.
The decision comes despite the expected high cost and high emission intensity of imported LNG. Building the LNG terminal is expected to cost $1 billion, while the cost of imported LNG is expected to be around twice as much per gigajoule as gas from existing onshore reserves.
“Electricity consumers will pay a Luxon Tax on their electricity bills to subsidize the fossil fuel industry,” says Greenpeace Executive Director Russel Norman.
“Instead of investing in clean energy, this Government is choosing to double down on the very fossil fuels that are driving both high power prices and extreme weather events.
“Every additional tonne of fossil fuels burned makes climate change worse. This LNG decision is yet another fossil fuel subsidy from the Luxon government that will mean more floods, storms, and climate fuelled damage.
“It makes no sense to rely on imported and expensive fossil fuels when we have abundant, cheap energy sources right here at home with wind and solar.”
A report by MBIE in 2024 found that there was no need for new fossil fuels to maintain New Zealand’s energy security out to 2050 and reported that wind and solar are the cheapest sources of new electricity generation.
Meanwhile, a 2023 Concept Consulting report found onshore gas reserves alone can supply all needs out to 2050 if Methanex, the company using between one third to a half of the country’s gas to make methanol for export, were to close, which it inevitably will as gas prices rise.
“This Government has made the energy and climate crises worse by dismantling nearly every initiative to decarbonise the energy system. They ditched the Government Investment in Decarbonising Industry fund, the NZ Battery Project, and the Gas Transition Plan.
“Businesses are closing because the Government believed its own nonsense that the oil and gas exploration ban was the cause of high electricity prices. It never was and the LNG subsidy will solve nothing,” says Dr Norman.
“They even got rid of the Climate Emergency Response Fund set up to help communities recover from climate disasters. Now, they are planning to use more public money to bankroll fossil fuels for more climate emergencies.
“The Government should be investing in cheap, renewable wind and solar, backed by more storage and demand response, not exposing the country to a volatile global LNG market and locking us into more polluting fossil fuels.”

MIL OSI

LiveNews: https://livenews.co.nz/2026/02/09/lng-terminal-decision-dirty-dumb-and-expensive-greenpeace/

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Auckland mayor Wayne Brown says government ‘unqualified’ to lead city’s economic recovery

Source: Radio New Zealand

Auckland Mayor Wayne Brown wearing a cap with the word ‘Rates’ on it. (File photo) Supplied

Auckland mayor Wayne Brown says the government is unqualified to lead the city’s economic recovery and should leave it to local council.

The comments came as Brown again renewed calls for a bed levy tax, despite the government’s opposition to the move.

A suite of events were set to be held in Auckland throughout the year, as major infrastructure projects neared completion.

The long-delayed International Convention Centre was finally due to open on Wednesday.

The new International Convention Centre. (File photo) New Zealand International Convention Centre

Construction of the Convention Centre began back in 2015 and was initially supposed to take 38 months, but had been plagued by a budget blow-out and legal wrangling.

“We’ve been waiting for such a long time. [Convention centres] are hard to make money out of.

“I understand it’s booked up pretty well, so it will bring in conventions and it will be part of the tourist offering. But that whole tourist thing is a bit of a question for us.”

The New Zealand leg of SailGP also returned to the waters of Waitematā Harbour this weekend.

Brown told Morning Report both events were a positive for the supercity.

“Those are two good things on this week, that’s for sure,” he said.

“It’s a big year really when you think about it.

“The Polo finals and the Blues and Chiefs are playing shortly. There’s a lot of sport,” he said.

Another long overdue milestone, the City Rail Link was also due to be completed later this year.

The Ocean Race, formerly known as the Round the World Race, was scheduled to return to the City of Sails in 2027.

Brown wasted no time pointing to the small matter of the Election, another major event pertinent to Auckland residents, he said.

“If you don’t win Auckland, you don’t get to be the government.”

Brown had long campaigned for a bed tax on visitors to help fund destination marketing and events.

He again expressed his desire for the scheme.

“The government can’t bring itself to do that yet, so that they’re raiding tourists at the border. And then central government will tell us how we spend on things, which is something we don’t like.

“All these big events want some money up front. And if we have the bed night levy we will have the money up front.”

Tourism and Hospitality Minister Louise Upston, said a bed tax was not something she was pursuing this term.

“Our government has already announced a number of initiatives to boost tourism and events across New Zealand and in Auckland, including our $70 million major events and tourism package and a regional tourism boost announcement which invests in campaigns to market New Zealand (and Auckland) to overseas visitors.”

Upston said the government was firmly focused on growing the economy, including the Auckland economy, and tourism and major events remained integral to that.

“I recognise there’s been an interest in bed tax and am also aware of Wayne Brown’s recent comments.”

In response to Auckland’s lagging economy and high unemployment rate, the mayor said “it had its own ideas”.

Council-led initiatives such as the Auckland Innovation & Technology Alliance showed the council was better suited than the government in driving investment into the city, Brown said.

“Economic development; we’ve decided that council will lead this, because the government doesn’t quite know how to do that.”

When asked if he felt the government had dropped the ball, he replied “they hadn’t didn’t pick it up”.

“They’re not quite sure where it is/ There’s a lot we can do ourselves as well. Instead of them initiating things, we just want them to help with what we’re going to initiate.

“There’s too much centralised decision making in this country.”

Minister for Auckland, Simeon Brown said the government was focused on rebuilding the economy and Auckland was central to that.

“That’s why we’re fast-tracking major infrastructure like the $200 million Port of Auckland extension and incentivising business investment through Investment Boost and our Going for Growth agenda.

“The opening of the International Convention Centre and the City Rail Link later this year will further lift jobs and economic activity.”

Simeon Brown said business confidence in Auckland was at its highest in over a decade.

“GDP is up 12.1 per cent on 2019, labour force participation is 72.8 per cent, and CBD office vacancies have fallen for the first time since 2022 – a clear sign businesses are backing the city again.

The Mayor and Auckland Council would be wise to focus on keeping costs down for Aucklanders.”

Supporting a rates cap last week would have been a good first step, Simeon Brown added.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

LiveNews: https://livenews.co.nz/2026/02/09/auckland-mayor-wayne-brown-says-government-unqualified-to-lead-citys-economic-recovery/

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International Entertainment Corporation to Hold EGM on 26 February 2026 for Proposed Convertible Notes Issuance

Source: Media Outreach

HONG KONG SAR – Media OutReach Newswire – 9 February 2026 – International Entertainment Corporation (the “Company“, together with its subsidiaries, the “Group“; HKEX stock code: 1009) will hold an extraordinary general meeting (the “EGM”) on 26 February 2026 at 11:00 a.m. for shareholders to vote on resolutions related to the proposed issuance of up to HK$1.6 billion convertible notes (the “Notes“) to DigiPlus Interactive Corp. (the “Subscriber“) (Philippine Stock Exchange stock symbol: PLUS).

DigiPlus Interactive Corp., named as one of the Fortune Southeast Asia 500, together with its subsidiaries, is an innovative digital entertainment group in the Philippines and is a leader in the casinos and gaming industry. On 17 November 2025, the Company entered into the Subscription Agreement with the Subscriber, pursuant to which the Company conditionally agreed to issue and the Subscriber conditionally agreed to subscribe for the Notes in two tranches with a maturity of five years and an interest rate of 3% per annum.

Upon full conversion of the Notes at the initial Conversion Price, a total of 1,600,000,000 Shares will be issued by the Company, representing approximately 53.89% of the issued share capital of the Company as enlarged by the issue and allotment of the Conversion Shares. As such, the Subscriber will be obliged to make a mandatory general offer pursuant to Rule 26.1 of the Takeovers Code, unless the Whitewash Waiver is granted and approved.

The initial Conversion Price of HK$1.00 per Conversion Share represents a discount of approximately 3.85% to the closing price of HK$1.04 per Share as quoted on the Stock Exchange on the Latest Practicable Date (6 February 2026).

The board of Directors (the “Board“) believes that the Subscription would be beneficial to improving and strengthening the Group’s liquidity and financial position on a longer-term basis. In the event that the Subscriber converts part or the full amount of the Notes into the Conversion Shares, it will also broaden the shareholder and capital base of the Company. The Group intends to apply part of the net proceeds raised from the issuance of the Notes of approximately HK$489.22 million for the early repayment of the Promissory Notes and interest accrued thereon (the “PN Repayment“), and approximately HK$392.39 million to early repay the Secured Bank Borrowing to achieve immediate interest savings.

The remaining net proceeds will primarily be used for funding the Investment Commitment and attractive investment/business opportunity(ies); and as general working capital of the Group. The Investment Commitment is currently expected to include capital investments for acquisition of land for the expansion of the Group’s integrated resort in Manila City in the Philippines (the ”Hotel”) and the construction of additional hotel rooms, for provision of other amenities of the integrated resort, and for ongoing upgrades, refurbishments and renovations to the facilities and infrastructures of both the Hotel and the Group’s existing casino (the “Casino“).

The Independent Board Committee, which comprises all the independent non-executive Directors, is of the opinion that (i) the terms of the Subscription Agreement are on normal commercial terms, and the terms of the Subscription, the Whitewash Waiver and the Special Deal (the PN Repayment to the PN Holder) are fair and reasonable so far as the Independent Shareholders are concerned; and (ii) the Subscription, the Whitewash Waiver and the Special Deal are in the interests of the Company and the Shareholders as a whole and as far as the Independent Shareholders are concerned. It, therefore, recommends the Independent Shareholders to vote in favour of the relevant resolution(s) to be proposed at the EGM.

Hashtag: #InternationalEntertainmentCorporation

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

LiveNews: https://livenews.co.nz/2026/02/09/international-entertainment-corporation-to-hold-egm-on-26-february-2026-for-proposed-convertible-notes-issuance/