Latest / Best of Business / Shane Solly: Harbour Asset Management spokesperson on the economic impact of Joe Biden dropping re-election bid

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Shane Solly: Harbour Asset Management spokesperson on the economic impact of Joe Biden dropping re-election bid · Best of Business

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  Speaker 1: You're listening to a podcast from News Talks'd be follow
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  Speaker 1: this and our wide range of podcasts now on iHeartRadio.
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  Speaker 2: With me right now? Is Shane Soley of Harbor Asset Management,
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  Speaker 2: has Shane hi Heaver? So is Sir Stephen Tindall the
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  Speaker 2: answer to the warehouse problems?
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  Speaker 3: Well, he's certainly been a tough time for the warehouse
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  Speaker 3: and there's been a few changes there. But yes, the
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  Speaker 3: Stephen and the Tindall Foundation, combined with Adamanti Capital Partners MAYDA,
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  Speaker 3: have made a proposed takeover for the business companies, saying
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  Speaker 3: just be a littleit careful. It's not a not time
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  Speaker 3: to sell your hues. It's yep, it's not a full approach.
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  Speaker 3: It's not quite a full offer. But certainly, with mister
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  Speaker 3: Tindall and the Tindall Foundation controlling forty nine percent of
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  Speaker 3: the warehouse, they are quite a long way there already.
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  Speaker 3: So stop praising up twenty five percent on the data
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  Speaker 3: a dollar forty five so big burst.
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  Speaker 2: What do you reckon his motivation is? Is he just
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  Speaker 2: getting tired of how how poorly his own shares are performing.
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  Speaker 3: Yeah, look, I think he's probably observing that, you know,
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  Speaker 3: the market is being a little bit unkind to the
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  Speaker 3: longer term prospects for the business. But it probably needs
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  Speaker 3: a bit of work, a bit of panel beating. It's
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  Speaker 3: not a great term fixing reshaping that he can probably
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  Speaker 3: do better with total control.
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  Speaker 2: What do you make Shane of the Veda offer.
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  Speaker 3: Yeah, so another another bid, today's stone Peak. It's a
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  Speaker 3: US infrastructure real estate group. The bid one point two
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  Speaker 3: boy b and dollars to take over all of our data.
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  Speaker 3: That's a dollars seventy bid, sixty five percent premium to
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  Speaker 3: where it was on Friday. That's pretty chunkyo. And that's
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  Speaker 3: all about taking advantage of the fact that the market
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  Speaker 3: has been pretty harsh on anything residential related, anything that's
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  Speaker 3: interest rates into the and certainly the Urda team have
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  Speaker 3: been doing a good job in tough conditions and there's
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  Speaker 3: just a big gap there. And so it was in
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  Speaker 3: the board, the rd to board. So yes, we've opened
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  Speaker 3: to this proposal. He heard. It was still to get
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  Speaker 3: to here, they've got to get through overseas investment acts,
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  Speaker 3: through the Overseas Investment Office, but certainly recent presidents of
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  Speaker 3: use you should be able to get there again. The
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  Speaker 3: stop place up fifty six percent to a dollar sixty
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  Speaker 3: one to day. Yeah, there's a big moves.
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  Speaker 2: I mean it is amongst the retirement village stocks that
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  Speaker 2: are doing at a bit tough obvious reasons at the moment.
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  Speaker 2: When do you think it twos around for them?
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  Speaker 3: Yeah? I think this is the piece that as investors
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  Speaker 3: we're all waiting for a tune and particularly the ability
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  Speaker 3: for people to sell their homes to move and lots
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  Speaker 3: of demand from senior older New Zealanders wanting to move
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  Speaker 3: into villages, but of course most still have their money
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  Speaker 3: wrapped up in their home. If you can't see your home,
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  Speaker 3: it really slows things down. So that's the key. And
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  Speaker 3: of course the other week we saw the Reserve Bank
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  Speaker 3: and New Zealand show the first inclining they're going to
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  Speaker 3: look at cutting rates with the Munshie Policy Review, where
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  Speaker 3: they talked that we think we're there. So we've already
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  Speaker 3: seen today another round of mortgage rate cuts, this time
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  Speaker 3: from the ASP. So we've seen several banks in the
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  Speaker 3: last week or so come up with reasonable cuts to
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  Speaker 3: mortgages that might be enough just to underpin the residential market.
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  Speaker 3: Get it back. We're here again, which will help this
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  Speaker 3: retirement h Q sector.
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  Speaker 2: You're too right, Hey, So did Joe Biden stepping aside
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  Speaker 2: have any impact on the dollar in the markets?
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  Speaker 3: Yeah, Look, we've seen a little bit of a flatility
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  Speaker 3: out there. Actually, this is probably the kid change that
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  Speaker 3: in this potential recovery of Democrat Poland. It just throws
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  Speaker 3: a bit of a spanner in the works. The market
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  Speaker 3: had moved to Hey, the Republicans are going to win.
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  Speaker 3: All the Trump trades are on things that are benefiting
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  Speaker 3: from Trump Republican policies, which the banks, small cap company's energy.
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  Speaker 3: They've had a good rally. Certainly in the last twenty
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  Speaker 3: four hours we've seen potentially some of that swing, and yeah,
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  Speaker 3: the US dollar has been one part of it. We'll
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  Speaker 3: see the night what happens in the US in the market.
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  Speaker 3: So just a little bit of a change in time.
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  Speaker 3: We've got a long way to go though here. And
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  Speaker 3: you never want to doubt the potential for a Trump
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  Speaker 3: Republican grouping, given how well they're Poland.
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  Speaker 2: I would agree with you on that. Hey, Shane, thank
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  Speaker 2: you as always appreciate it. We'll talk to you next
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  Speaker 2: week's changed Soli of Harbor Asset Management.
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