31 Oct: Automotive and industrial supplier Schaeffler Australia has welcomed its global parent company’s acquisition of Autinity Systems, an IT company that specialises in machine data recording and evaluation.
Condition monitoring of machinery and equipment as well as digital networking in production are of great interest to both Schaeffler’s internal and external customers throughout Australia and New Zealand, said Mark Ciechanowicz, Industrial Services Manager, Schaeffler Australia.
These include key Schaeffler Australia markets, among them bulk materials handling; mining and energy production; food, beverage and primary processing; and broader industrial and road and rail machinery systems.
The company noted that the purchase of 100 per cent of Autinity shares, completed this month, is an important step in implementing Schaeffler’s global and local digital agenda, with Autinity specialising in digital condition monitoring and machine data recording.
“Schaeffler has been using software solutions by Autinity for many years now,” said Ciechanowicz. “The acquisition of this company will help us to intensify our collaboration and accelerate further developments in the fields of machine data recording and condition monitoring. Both topics are essential elements of Schaeffler’s digital agenda, which are in strong demand both from internal and external customers.”
| A L&MH release || October 31, 2017 |||
31 Oct: The word “FinTech” (financial technology) has been thrown around as of late by hundreds, if not thousands, of startups looking to capitalize on the e-commerce coverage that the growing industry has been receiving. A FinTech, according to definition, is a company that uses new technology in the financial world. Originally, it was a term used to define the back end technology of established financial institutions.
Today, the term is used much more broadly and includes new financial technologies, such as Bitcoin, various e-wallet apps and capital marketplaces like Kickstarter. These companies attempt to disrupt the established financial sector and conventional financial channels by offering services that eliminate the need to use their older counterparts. Other interesting developments in the sector can be found in the insightful infographic the fellows at Play-N-Play have assembled.
Contrary to popular belief, the first truly successful FinTech companies have been around since the turn of the millennium. Some were even around since the late 90’s. The first FinTech to truly become a global financial giant out of this sector is none other than PayPal.
Today, PayPal is worth over 80 billion dollars and is, according to Forbes magazine, the 193rd biggest public company on the planet. Though this success has been nearly 18 years in the making, the rise of PayPal to global domination in the industry it pioneered has not been all smooth sailing.
PayPal was started in 1998 and was voted the worst idea of the year in 1999. The financial and venture capital firms assumed the payment processor would never be able to penetrate the market due to the immense size and market share of its competitors Visa, MasterCard and Amex.
PayPal began to convert users who found the payment system streamlined in the relatively new e-commerce experience and offered a cheaper price point for merchants than Visa, MasterCard and other conventional payment processing systems.
In 2000, PayPal had its initial meeting with eBay, a marketplace for auctioning goods. eBay was attracted to the growing user base and thought PayPal could be an asset to their business model. By 2001, PayPal began its impressive user growth and hit 100,000 users, a number that began to shake up the financial markets and bring attention to the growing FinTech sector.
In 2002, less than 4 years after being founded, PayPal had its IPO (Initial Public Offering) and immediately grew 55%, becoming NASDAQ’s biggest gainer amongst newly listed companies. eBay, immediately spotting the ecommerce growth, purchased a controlling interest in PayPal for 1.5 billion dollars.
Continue to the full release on ECN || October 31, 2017 |||
31 OCT: New Zealand's trade minister said on Tuesday that it may be too late to make significant changes to the Trans-Pacific Partnership (TPP) after his new Labour-led government said last week it would seek to renegotiate the agreement.
The Labour Party, which took the helm last week, has taken issue with the fact that the deal is at odds with its plans to ban foreign ownership of existing houses, a key campaign promise.
The 11 TPP members had set a goal of reaching broad agreement on the pact on the sidelines of the Asia-Pacific Economic Cooperation meeting in Vietnam next week and some fear New Zealand's renegotiation could unravel the agreement.
Trade Minister David Parker told Radio New Zealand that Labour still found the foreign ownership rules "abhorrent", but that trade officials had told him not all changes would be possible given how late it was in negotiations.
"That doesn't mean to say we won't be able to change anything and it doesn't mean to say that perhaps through mechanisms outside of the TPP we will perhaps be able to fix other things," Parker said.
His comments suggested the government could instead focus on a change to domestic law to get around the TPP rules, which Parker had flagged as an option the previous day.
Parker added that he would release more details on the "mechanisms" to achieve the foreign housing ban later this week.
Trade experts told Reuters that New Zealand could include housing in the country's domestic legislation regulating foreign investment, which overrides the TPP.
The TPP currently requires member states to give foreign investors equal treatment to locals unless there are specific exemptions.
The Labour party would like an exemption for existing homes, similar to Australia's carve out.
New Zealand's current exception allows it to add a tax to foreigners purchasing homes, but Prime Minister Jacinda Ardern has said that would not work and an outright ban was needed.
Ardern's government campaigned to restrict foreign buyers to reduce demand as the country tackles what Labour says is a housing crisis left unresolved by the previous government.
Parker on Tuesday would not confirm whether New Zealand was willing to walk away from the TPP over the issue, saying that would undermine the country's negotiating position.
"We're pretty good at trade agreements...so we rate our ability work through these issues in the best interest of New Zealand," he said. (Reporting by Charlotte Greenfield)
| A ShareNetNews release || October 31, 2017 |||
31 Oct: New employees with Directors of Sleepwell International as well as Management staff of S.S.A.B. New employees with Directors of Sleepwell International as well as Management staff of S.S.A.B. “United we stand, divided we fall.” This is a guiding principle for 20 new employees of the company who will be working on renovating the whole 7,000 square meters of what used to be the Yazaki premises.
The company is now starting on building offices, wood works as well as technicians and air compressors.
One of the Directors, Tuatagaloa Aumua Leung Wai, said these are the first steps of the factory which promises jobs for many Samoans. They plan to officially open the factory some time in December.
Sleepwell International is a partnership between Sleepwell New Zealand owned by the Lutu Brothers and Samoa Stationery and Books owned by Tuatagaloa and Fiti Leung Wai.
The beginning of the renovation started with a prayer and word of encouragement by Rev. Segi Bee and Kuini Leung Wai of Worship Center and Nino Lafaele of the Assembly of God Lotopa.
Salā George Lutu encouraged the new employees that honesty is the best policy.
“This is a new beginning and we must have one heart and soul to make this work,” he said.
“You have been chosen because you have the ability and the skills to do the work and at the same time we want you to be honest.
“Being honest comes great blessings and I am looking forward to have this new beginning and to work side by side with you our Samoan community in running this factory.”
Fiti Leung Wai said that yesterday the 30th of October, 2017 will always be remembered as the date that history had been made.
“This is a special day for us as this is the first factory in Samoa,” she said. “Sometime this year we went on a trip to Fiji and we found out that there were five bed factories in Fiji but as for Samoa we have none.
“So Sleepwell International Ltd will be the first bed factory to be set up in Samoa and we want to acknowledge the Lutu Brothers for choosing S.S.A.B. to be their partners.
“The reason why we called this company Sleepwell International because for the long run we will be selling to international markets and who knows maybe we will take up the challenge with China.
“Many of the businesses within Samoa are competing on the current pull of money that is circulating within but Sleepwell International we are trying to inject new revenue from outside of Samoa.
“All the wisdom and knowledge in making good quality beds is with the Lutu Brothers and so if the beds we make are in good quality we will have more overseas market’s demand for our beds.
“This is why it is very important for you all to do the work with honesty so that we will be able to sell it internationally.
“So as the start of a new milestone we have to work together for the betterment of our people as well as our company.”
| A SamoaObserver release || October 31, 2017 |||
31 Oct: Vector has announced it has executed a contract to provide metering services to EnergyAustralia with an initial three-year deployment period that will commence before the end of 2017. Vector Limited Group Chief Executive, Simon Mackenzie, said, 'We're excited to be working with EnergyAustralia as part of our long-term commitment to the Australian market.
'We pride ourselves on our proven and innovative delivery of advanced metering services in New Zealand and Australia, alongside our huge focus on health and safety. Vector is looking forward to building on our New Zealand experience and being part of EnergyAustralia's new Power of Choice journey and supporting their aim to provide a world-class customer experience.
Vector now expects to be deploying advanced meters on behalf of at least four leading electricity retailers in 2018 across New South Wales, Queensland, South Australia and the ACT.
Mr Mackenzie said, 'Our vision is to create a new energy future. This means using technology such as smart meters to help enable new energy solutions, supporting the increasing expectations of consumers to have more choice, control and information over their energy needs just as they do with any other service.
'We're taking our experience and expertise from managing New Zealand's largest energy network, and our investment in developing new energy technologies and partnerships, and exporting them to other markets such as Australia and the Pacific
| A Vector release || october 31, 2017 |||
31 Oct: Sandvik Materials Technology has signed an agreement to divest the welding wire operations to ESAB, a global leader in the welding industry and part of Colfax Corporation. The agreement completes the main step in the divestment plan for welding wire and stainless wire announced on 17 May 2017. The deal includes the production units in Sandviken, Sweden and Scranton, US as well as the global sales and product management organization; in total approximately 120 employees. Revenues for the welding wire business amounted to 470 million SEK in 2016.
"We strongly believe that ESAB, with welding as its core business, is the right owner. The divestment enables us to further focus on our core operations according to Sandvik's strategy," says Björn Rosengren, Sandvik´s President and CEO.
"We are excited by the opportunity to better serve customers with a broader and enhanced portfolio of stainless steel and nickel filler metals," says Shyam Kambeyanda, President of ESAB.
The cash flow impact from the transaction is expected to be positive. Closing of the divestment is estimated to be completed within 2-4 months, following customary closing conditions.
The process to exit the stainless wire business, with about 270 million SEK in sales 2016, is progressing according to plan.
| A Sandvic release || october 30, 2017 |||
Palace of the Alhambra, Spain
By: Charles Nathaniel Worsley (1862-1923)
From the collection of Sir Heaton Rhodes
Oil on canvas - 118cm x 162cm
Valued $12,000 - $18,000
Offers invited over $9,000
Contact: Henry Newrick – (+64 ) 27 471 2242
Mount Egmont with Lake
By: John Philemon Backhouse (1845-1908)
Oil on Sea Shell - 13cm x 14cm
Valued $2,000-$3,000
Offers invited over $1,500
Contact: Henry Newrick – (+64 ) 27 471 2242