The lights abruptly went out on New Zealand’s long-running stocks rally Wednesday. The reason: A global mining giant’s threat to pull the plug on the country’s biggest buyer of electricity.
The NZX-50 index had been among the world’s best-performing stock benchmarks this year, notching a 26% gain through Tuesday. But it fell 2.1%, close to a three-week low, after Rio Tinto PLC said its Tiwai Point smelter is unprofitable, citing high energy costs and historically low aluminum prices because of oversupply in the market.
Seriously New Zealanders how did you not replace that flag with one of the finalists (like the two cool options shown below) you know, a flag that says New Zealand, one that people can remember instead of looking at it and saying “huh; something British-y?”
Man, every time I look at a picture of that flag I’m so disappointed New Zealanders didn’t go with one of the cool, distinctive designs that made the final slate of options that were supposed to replace their current (boring, undistinguished) flag
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