1700 to 1707 NEWS
Inland Revenue has declared victory in a six year battle with what it describes as one of this country's largest tax avoidance schemes.
Following a HIgh Court ruling the investors in the scheme, run by Actonz Management Limited, will now have to pay some 452 million dollars in tax and penalities. The joint venture involved purchasing software packages which were then grossly over-valued. In some cases the software either didn't exist or wasn't owned by the seller.
The investors claimed tax losses against the depreciation of the so-called multi-million dollar software, and have been fighting through the courts over Inland Revenue's decision that the scheme was tax avoidance. Joining us now is Mike Lennard - IRD's director of litigation. LIVE
Scott Anderson represents Actonz investors - he joins us now. LIVE
The Nelson MP Nick Smith says he will be back at work on Monday as National's deputy leader. Dr Smith has been on exhaustion leave for the past two weeks, and there's been speculation that Don Brash would ask his him to step aside. The pair met in Christchurch today, and a short time ago Dr Smith issued a statment saying he feels rejuvenated and ready for the challenges ahead as Deputy Leader. Our political reporter Julian Robins has been covering the story and he joins us now... LIVE
The man facing charges over the killing of British tourist Peter Falconio has arrived in Darwin after his extradition from South Australia. 45-year-old Bradley John Murdoch was met by police and escorted to the police station. Murdoch is expected to appear in the Darwin Magistrates Court shortly. Joining me now is the ABC's Darwin reporter Deniker Gerrity. LIVE
An operations Manager, a builder, a teacher and a gold miner all from the South Island made up the winning team for this year's Southern Traverse endurance [illegible] which finished in Dunedin today. Having covered the 411 kilometre course over hills, plains through the mud and in the rain, as one popular advertisement once put it, the three men and one woman finally made it to the finishing line in Dunedin late this morning. Our reporter Nathan Mills was out there to meet them. PKGE
1720 BUSINESS NEWS WITH PATRICK O'MEARA
Semi final nerves are building ahead of tomorrow night's clash between the All Blacks and the current world champion Wallabies.
But Rugby fans are supremely optimistic of success. VOX POPS
The Wallaby coach Eddie Jones says this All Black side is different from the one four years ago and he doesn't believe mental toughness will be an issue this time. CUT
And former All Black great Grant Fox is also very confident CUT
Our Rugby Commentator John McBeth is with us now from Sydney. LIVE
1730 HEADLINES
SPORTS NEWS WITH RICHARD CROWLEY
Heart specialists say around 10 thousand cardiac patients may be left without medication after the withdrawal of a heart drug from this country. The Multinational drug company AstraZeneca has announced it will no longer supply the heart drug felodipine (fill od o pean) to the New Zealand market. This follows Pharmac's decision to relist a cheaper generic felodipine brand, which was withdrawn last year after concerns about its effectiveness. But it's not approved the 2.5 milligram size. Pharmac's Chief Executive Wayne McNee is with us now ..... LIVE
The power company Contact Energy has unveiled an eleven percent increase in its net profit for the year and is predicting consumers are in for more big price hikes. The company's profit for the year ending September is just over 118 million dollars.
Although gas sales have fallen this has been offset by both higher electricity sales after buying another power station, and increased wholesale power [illegible] in March and April due to the dry autumn.
Joining us now is Contact Energy's chairperson Phil Pryke. LIVE
Double convicted murderer Ese Falealii has been accused of lying under oath at the trial of three men charged with being involved in the same killings. A trial is underway for Joseph Samoa, William Johansson and Pago Savaiinaea who are accused of killing bank teller Ron Vaughan in Mangere Bridge last year Samoa and Johansson are also charged with the murder of the pizza parlour worker Marcus Doig. Our reporter Kirsty Jones has been at the High Court and she joins us now? LIVE WITH DROPINS
The Maritime Safety Authority has been at Marsden Point today to inspect new equipment designed to prevent oil tankers bouncing off the seabed as they come into port. There've been two such incidents since April - sending shudders of alarm through the community at the prospect of a major oil spill in Whangarei Harbour. Lois Williams went to Marsden Point today, to find out what the verdict is on the new safety measures: PKGE
It's a public holiday in Christchurch and the Canterbury A and P show is [illegible] them in by the thousands. Christchurch is in party mode for the showtime canterbury carnival which includes the three day show and racing carnivals at Riccarton and Addington.
For 141 years the country has been coming to town to party for the show and although the venue has changed and the show is now the biggest in the country, for many people's day is still the same. Jocelyn Darling filed this report. PKGE
MANA NEWS
CLOSE & THEME