Dawn chorus: Covid report late and critical

Critical official report on August cluster released 6 months late; Bus company Ritchies could sell to pension funds or private equity for NZ$500m; 90% of Americans will have vaccine access in 3 weeks

TLDR: A critical official report into the Governmental response to the August Covid cluster in Auckland has only just been released now. It found a lack of preparation and accountability, Derek Cheng reported.

Elsewhere in the political economy, the Queensland Covid outbreaks appeared to worsen overnight with contact tracing alerts to 11 new locations, including a surf life saving competition on Sunday. This increases the chances of an extension to Brisbane’s three day lockdown and delaying an opening of a travel bubble to parts of Australia. (ABC Australia)

Closer to home, family-owned nationwide bus operator Ritchies has been put up for sale for around $500m, the AFR reported this morning. Cameron Partners was managing the sale of the firm, which has 1,800 staff, 1,500 buses and runs bus routes for regional councils in Auckland, Christchurch, Dunedin and Queenstown.

Elsewhere, American billionaire hedge fund mogul, philanthropist and honorary New Zealand knight, Sir Julian Robertson, has defended his protege, Bill Hwang, who is behind the implosion of Archegos Capital Management on global financial markets in recent days, saying it “could happen to anyone.”

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Briefly in our political economy

bernardchickeysubscribers @bernardchickey2

A report by Rebecca Kitteridge into the August Covid cluster was given to the Govt in October, and is finally released in March. Good get from @dchengnz Report critical of readiness, stress testing and accountability.

nzherald.co.nzCovid-19 coronavirus: More planning, less ‘policy on the hop’: Review findings into Govt response to August cluster - NZ HeraldContact-tracing and rapid response plan weren’t stress-tested before the August cluster.

Financial Review @FinancialReview

The big New Zealand bus company has called in the bankers to think about finding a deep-pocketed new driver.

bit.lyBus deals tempt NZ’s Ritchies to test buyer interestThe big New Zealand bus company has called in the bankers to think about finding a deep-pocketed new driver.

Briefly in the global economy

The Guardian @guardian

New Covid vaccines needed globally within a year, say scientists

theguardian.comCovid: new vaccines needed globally within a year, say scientistsSurvey of experts in relevant fields concludes that new variants could arise in countries with low vaccine coverage

Axios @axios

Nobel Prize-winning economist Joseph Stiglitz says he not only endorses Biden's expected $4 trillion infrastructure plan, but expects it could break the U.S. out of the low-growth, low-inflation environment that has existed for the past 20 years.

axios.comBiden’s spending plans could mean “a new world,” says Nobel Prize winner Joseph StiglitzBiden’s proposed trillions in spending can put the U.S. “back into a more normal economy,” he told Axios.

President Biden @POTUS

I’m proud to announce that three weeks from today, 90% of adults will be eligible to get vaccinated — and 90% of Americans will live within 5 miles of a place to get a shot.

Guardian Science @guardianscience

Covid probably passed to humans from bats via other animal, finds WHO report

theguardian.comCovid probably passed to humans from bats via other animal, finds WHO reportMuch-delayed report from team that visited Wuhan all but rules out lab leak theory

Guardian Science @guardianscience

About 50% of people in UK have antibodies against coronavirus

theguardian.comAbout 50% of people in UK have antibodies against coronavirusStudy by Office for National Statistics based on data from blood test results across four nations

The Guardian @guardian

Missed it by that much: Australia falls 3.4m doses short of 4m vaccination target by end of March

theguardian.comMissed it by that much: Australia falls 3.4m doses short of 4m vaccination target by end of MarchAlmost 600,000 doses of Covid vaccine have been administered in Australia but Scott Morrison had wanted 4m shots delivered by now

The Guardian @guardian

Brazil on edge as three military chiefs resign after Bolsonaro fires defense minister

theguardian.comBrazil on edge as three military chiefs resign after Bolsonaro fires defense ministerPolitical earthquake rattles country already grappling with one of the world’s worst coronavirus outbreaks

NYT Business @nytimesbusiness

Archegos Capital Management, led by Bill Hwang, couldn’t meet financial demands, creating turmoil on Wall Street and raising questions about the fund’s ties to lenders.

nyti.msBanks Face Billions in Losses as a Bet on ViacomCBS and Other Stocks Goes AwryArchegos Capital Management, led by Bill Hwang, couldn’t meet financial demands, creating turmoil on Wall Street and raising questions about the fund’s ties to lenders.

Signs o’ the times news

bernardchickeysubscribers @bernardchickey2

We are going to see so many of these sorts of battles between the status quo vs climate change action. Effectively, it's a battle over property rights that pits today's asset owners against tomorrow's asset users/renters.

The Press Newsroom @PressNewsroom

Christchurch business community split over proposal to review 'messy' car parks https://t.co/19sNOzDstR https://t.co/gwpb3gvSvz

bernardchickeysubscribers @bernardchickey2

More drama with Wellington's pipes. Decades of under-investment and unspent depreciation are coming home to roost.

Dominion Post @DomPost

Leading the @DomPost today: Wellington Water was supposed to have assessed 450km of our most critical pipes by June. They've done only 10km. That means the release of the Wellington City Council's 10-year-plan today will be delayed. https://t.co/nScsxZ5nUb

NZ Herald Business @nzheraldbiz

Government should underwrite bank lending to developers to speed up house building, property financier urges #HeraldPremium

nzherald.co.nzGovernment should underwrite bank lending to developers to speed up house building, property financier urges - NZ HeraldThere is a shortage of funding for property developers.

bernardchickeysubscribers @bernardchickey2

A useful fact check exercise:

newshub.co.nzHave rents ‘tended to mirror wage growth’ as Prime Minister Jacinda Ardern claims?As Infometrics economist Brad Olsen points out, the data to support her claim is complex.

Some fun things

The Associated Press @AP

Prosecutors say that when officers arrested a Capitol riot suspect at his Dallas home, he was wearing a T-shirt with “I Was There, Washington D.C., January 6, 2021" emblazoned on it. Garret Miller didn't say anything as he was taken away.

apne.wsCapitol riot suspect wore ‘I Was There’ shirt when arrestedGarret Miller didn’t speak to the law enforcement officers who arrested him on charges he stormed the U.S. Capitol in January, but the T-shirt he was wearing at his Dallas home that day sent a...

The sun rose at 7.35 am in Wellington today. It rises at 7.36 am tomorrow.