Hello – it’s Warren Murray separating the wheat from the chaff for you today.
Donald Trump has heaped fawning praise on Xi Jinping, sending congratulations for his “extraordinary elevation” after the Chinese president was given exalted status by the Communist party this week.
Trump will arrive in Beijing on 8 November for a three-day visit and it is pretty obvious he is seeking to curry favour with Xi – most of all, the US president needs his help in dealing with North Korea. Trump continued his charm offensive in an interview with Fox Business Network: “Some people might call him the King of China,” he said of Xi.
Experts say Trump’s words are unlikely to ingratiate him with the Chinese leadership. “He’s a two-faced man … Beijing might be happy but they know very well in their hearts [what Trump is like],” said Shi Yinhong, a Renmin University international relations expert. Trump, though, says we’ve got him all wrong.
There is further scrutiny, meanwhile, of team Trump’s election tactics. His campaign’s data-mining contractor Cambridge Analytica tried to get its hands on Hillary Clinton’s missing emails by going to WikiLeaks, according to a report. Julian Assange has confirmed an approach was made and rejected – he did not say what the request concerned. It would be the closest known connection between Trump’s campaign and Assange, and is reportedly being looked at by the congressional Trump-Russia investigation.
Continue here to the full article on the Guardian || October 26, 2017 |||
The Financial Markets Authority (FMA) has published a commentary on initial coin offers (ICOs) and cryptocurrency services, alongside online resources for investors.
The FMA said it wanted to facilitate responsible innovation, and ensure that the regulatory regime remain relevant and agile. The FMA said this was supported by the Financial Markets Conduct Act 2013, that sets out one of its principle purposes is to “promote innovation and flexibility in financial markets”.
The FMA said it regularly engages with other regulators and industry bodies (both locally and internationally) on innovation and market flexibility. The FMA said its work in this area was part of an “ongoing effort to better understand, and share our views, on the risks and opportunities associated with technological change and innovation.
FMA said investors must understand the risks involved with cryptocurrencies and associated services before they invest.
“Most online exchanges are unregulated and operate exclusively online, with no connection to New Zealand. This means it is hard to find out who is offering, exchanging, buying or selling. It also makes it unlikely investors will recover their money if things go wrong. Using cryptocurrencies may make investors a target for scammers.
“Consumers need to be aware that cryptocurrencies are volatiles, their value can change quickly and they aren’t widely accepted in the same way as legal tender. The currency held in digital wallets is at risk of being stolen, just like a real wallet.”
| An NZ|Advisor release || October 26, 2017 |||
26 Oct: After just 18 months in business, PS Duo – a professional services company which sprung from distributor Duo – is celebrating multiple wins, including its inclusion on the New Zealand Government ICT Security and Related Services Panel.
Jackie Hatchwell, PS Duo director, says the business – which operates separately from Duo and provides contractors for brands not represented by Duo, as well as those that are – is ‘a huge growth area for us’.
PS Duo has just been appointed to the ICT Security and Related Services (SRS) panel, is in discussions with vendors about whitelisted professional services and has a growing stable of contractors with the service being adopted by increasing numbers of resellers.
The SRS panel, designed to help government agencies manage privacy and security issues, has seen 40 service providers contracted to provide services for eligible government agencies across the five categories of ICT security and related services.
PS Duo was appointed as a primary vendor across infosec risk management and assessment, infosec governance and strategy and infosec assurance on the panel.
It was also appointed to provide ancillary services across source code, application review and technical testing and ICT forensics, investigation and security incident response.
“It shows that we have resource available in each of the categories and what we can deliver with that resource,” Hatchwell says. “There’s a lot behind a government tender and it’s great to be part of that panel now.”
The appointment to the panel follows a busy year for the company which has added a minority shareholder and director, with Clint Revell joining the team, and built out a network of around 60 contractors nationwide to call on, with the aim of providing a skilled resource, almost on tap for reseller partners.
Hatchwell says the service has been well received, with 18 contractors currently out on long term engagements of eight to 12 months, and another seven or eight out any given week on short term engagements.
Hatchwell says the company is also seeing increasing diversity in its reseller partners.
Initially used primarily to backfill resource for Tier 1 resellers with their own security practices, PS Duo is increasingly being called on to help Tier 2 resellers who don’t have their own in-house security resource for projects.“We’ve got a number of Tier 2 reseller partners across both the North and South Island now, which just shows the conversation around security is widening.
“Their customer base is more aware of what is happening so when someone wants someone to come in and look at their system and do a health check on it, if you’re a Tier 2 you may not have that resource available.
“Rather than independently going out and finding someone to do it for them or going to one of the big four, the resellers are coming to us.”
But it’s not just resellers and some end users looking to take advantage of PS Duo’s resources, with the company in discussion with several vendors about whitelabelled professional services – essentially providing vendors with a local professional services arm.
Hatchwell says discussions are underway with two vendors currently on the logistics of providing the service.
“We’ve been approached by a number of vendors about that. A couple are vendors Duo already represents here in New Zealand, but others are vendors that we don’t distribute.
“At the moment they’re having to bring people in internationally because they don’t have access to any skill set here.”
The contractors would be trained up at the vendor’s cost.
“It’s another added benefit for the contractors,” Hatchwell says.
Hatchwell says a large priority for her is making the contractors, who are spread across New Zealand, feel like they are part of a team, rather than independent contractors.
The company has built a collaboration tool to ensure contractors can communicate with each other and ask for help from other contractors.
“We’re encouraging everyone to use it and it’s paying for itself in the sense of being a fantastic way for the contractors to not only help each other out, but get to know each other,” she says.
Hatchwell says the company is also building out an education calendar to enable its contractors to quickly locate training – which can be spread across multiple providers depending on who distributes a product – and upskill.
| A ChannelLife release || October 26, 2017 |||
26 Oct: From the Mantra5 Blog - What initially began as a six month project has turned into a life changing experience for all involved. The Hydrofoil Bike was nominated, and won, Gold in the ‘Concept’ category at the 2017 New Zealand Best Design Awards. The win was great piece of validation for our design team. The whirlwind of attention we have had as a result of the awards has been all the more encouraging – especially given that was only our most recent prototype. Rest assured we will be entering the new and improved model into the 2018 Best Awards’ Consumer Product category.
For us, the awards ceremony was us a chance to take a step back from the pressures of finalising our pilot production model – to take a moment and reflect on the last six years. Over that time we’ve made some groundbreaking accomplishments, such as waterproofing electric bike motors and batteries, achieving hydroplaning efficiencies at high and low speed, and successfully performing the world’s first underwater submerged launch. It’s also a testament to a diehard Kiwi resilience and innovation.
“So many times we’ve had people tell us what we we’re trying to achieve couldn’t be done. That kind of feedback can really hit you hard…especially when it’s coming from an hydrodynamic expert.”Guy Howard-Willis | Co-Founder.
Now, with all the positive interest we’re really excited to begin our pre-sales and development of future models and components. But, we know we have to continue to be laser focused on production and commercialisation – to make this dream a reality.
The next step for us is revealing the pilot production model, the Hydrofoiler XE-1 at Big Boys Toys on November 10-12th, at Auckland Domain.
A final thank you to the Designers Institute of New Zealand for giving us a reason to reflect, and celebrate our successes to date.
| A Mantra5 Blog || October 26 2017 |||
26 Oct: South Port New Zealand Ltd, operator of the Port of Buff, has benefited from a long running positive economic cycle in the New Zealand economy which has supported growth in cargo volume and profitability, the Company’s shareholders were told at today’s Annual Meeting held at Bluff. The Company’s Chairman, Mr Rex Chapman, indicated that the economic momentum has continued into the current 2017-18 year. This 2017 result again emphasised the importance of bulk cargos to South Port’s business.
"South Port is primarily a bulk port with a container operation. Bulk or break bulk cargos comprised over 2.6 million tonnes with containers representing just over 400,000 tonnes. This equates to a volume split of 86% bulk vs. 14% for containers."
"Within the main bulk cargoes of forestry, NZAS cargo, fertiliser, petroleum and stock food, the log category continued to show strong growth. Log exports reached a new record of 560,000 tonnes while forestry in total now represents almost 30% of South Port’s overall cargo."
Other bulk cargo volumes were generally steady.
Continued growth in container throughput propelled South Port to a new record of 39,300 TEU, up from 35,100 in the previous year. This increase in container volumes was primarily due to an increase in dairy related exports and inbound cement, fertiliser and farm nutrition products.
FY17 net profit was $8.45 million, a very satisfactory result, although below the FY16 record of $8.71 million. One of the significant differences in financial performance in FY2018 was an 18% increase in the cost of repairs and maintenance which was forecast last year.
Guidance was for FY17 profit to be back by about 15% which would have delivered a profit in the order of $7.4 million and so the Company bettered forecast by over $1 million.
"Another positive was that we were able to once again, for the second year in a row, break 3 million tonnes of cargo and we matched last year’s record volume of 3.05 million tonnes."
This year’s sound financial result has enabled the Board to pay a final dividend of 18.5c which translates to a full year dividend of 26c, the same as last year.
Mr Chapman said, "At this early stage of the financial year, we are expecting South Port’s main cargoes of logs, NZAS, dairy exports, petroleum and fertiliser to show modest growth in the next 12 months.
"The dairy sector appears to be on a more stable platform and this should support both the bulk and containerised cargoes which are associated with it."
"Given reasonably stable volumes for the year, we are predicting that our earnings will be broadly consistent with the past year and on that basis the Board will be aiming to maintain the current level of dividend pay-out."
An update of earnings will be provided when the interim result is released.
Mr Chapman commented on the consolidation amongst the container shipping lines.
Three global alliances have emerged which now control over 77% of global container shipping capacity.
Over recent years, the size of new container vessels being built has grown from 10,000 to 14,000 TEU vessels to 18,000 and now 22,000 TEU size. "However, it has recently been reported in shipping media that there is starting to be a difference in opinion between the biggest two shipping lines, MSC and Maersk as to whether or not this trend will continue. Maersk now believe that the race for bigger and bigger ships is gone for the foreseeable future."
"There are several reasons for this; the range of ports that are capable of handling these larger vessels is limited and larger ships mean less frequency of sailings which does not suit importers and exporters."
"The rationale for using larger vessels was to get economies of scale and reduce costs, but these financial benefits are only obtained if the ships are full. With the present excess capacity in the global market, that is difficult to achieve."
"In New Zealand there continues to be strong competition amongst all ports for containerised cargo within their catchment", he said. In many cases, the natural catchment of the port is being extended by inland ports, "a trend that is likely to continue."
Mr Chapman noted that all ports have a different mix of cargos, revenue streams and in some cases non-port businesses.
He provided a comparison of South Port’s percentage of net profit after tax derived from port revenues with that of four other ports.
The analysis shows that South Port converts 23% of its revenue to net profit after tax which Mr Chapman says compares very favourably with the peer group percentages of between 11.9% and 18.5%. "South Port’s performance demonstrates the importance of our favourable bulk cargo mix."
South Port’s business has a greater weighting towards bulk cargos than containers and also has a diverse range of bulk cargos, both on the import and export side.
Bulk cargos by their nature require less people to handle and operational plant interaction, he noted. These cargoes move in larger volume parcels and thus provide a better gross margin than containerised cargo.
Whist there is better margin at a gross level, the Port must provide extensive infrastructure which, in South Port’s case, is requiring increased spending on maintenance to sustain.
The Company distinguishes between growth-related capital expenditure and ‘stay-in-business’ capex required every year within the existing business. A Board objective is to ensure that annual total "stay in business" capex does not exceed depreciation expense.
During the coming year two significant capital projects will be undertaken:
- Construction of a replacement pipe and access corridor for the Town Wharf fuel import berth at an estimated cost of $5 million; and
- Paving of one hectare of the log storage area, coupled with installation of an improved drainage system for a total of $2.2 million.
These two projects make up $7.2 million of the 2018 capex budget of $9.4 million.
Mr Chapman expressed the Company’s thanks to outgoing Chief Executive, Mark O’Connor.
Mr O’Connor joined South Port nearly 25 years ago in 1993, initially as Finance Manager. In the lead up to the Company’s stock exchange listing in July 1994, he was appointed Company Secretary and was involved in much of the background work prior to that listing. Five years later he was appointed to the CEO role.
During his 25 years, Mr O’Connor has served under three Chairmen, Rex Powley, John Harrington and Rex Chapman.
"He has overseen the early transformation in the Company’s business with a successful refocus on the core port activities and achieving solid growth in the operation," said Mr Chapman.
He established the MSC International Container Service at Bluff and has grown container and other cargo handling capabilities together with warehousing facilities both on-port and now in Invercargill.
Since 2000, South Port’s revenue has increased by approximately 300%, tax paid profit has increased by over 400% and cargo volumes have increased by 60%.
"This is impressive growth for a small regional port. He has, in my view, set the standard for the others that will follow him and he has left a lasting legacy in his record of achievement at South Port."
The share price when Mr O’Connor was appointed was $0.86; the current share price is $6.20, a 720% increase. The total return to shareholders since listing has been $222 million.
There were over 40 applicants for the South Port CEO’s position from both New Zealand and offshore. From a shortlist of very strong candidates, Mr Gear was successful and took over as from 1 October. Mr Gear has been with South Port for 23 years in a variety of roles.
All articles and comments on Voxy.co.nz have been submitted by our community of users. Please notify us through our contact form if you believe an item on this site breaches our community guidelines.
| A Southport release || October 26, 2017 |||
Beckie wilson writes in the Wairarapa Times Age about a family meat processing company that has created a niche for meat products away from the larger red meat exporters and has hit the nail on the head. The Everton family don’t want to be “lumbered in the same box” as other red meat providers.
They pride themselves on the integrated process of owning the meat all the way from the paddock to the plate.
Cabernet Foods Ltd and the processing plant Kintyre Meats has been working out of rural Carterton for the past 17 years.
Lyndon Everton, the managing director and in charge of processing, works in the Wairarapa office on Gladstone Rd.
The family company recently won the chilled/short shelf life award for their Everton Dry Aged Beef at the NZ Food Awards.
Mr Everton said it was great to be recognised for the smaller meat exporter that they are.
“The red meat sector is very challenging when it comes to the larger exporters which overshadows smaller exporters like us,” Mr Everton said.
“We don’t want to be regarded as just meat, we have got responsibilities behind our name and brand, whether it be an animal welfare aspect, or environment sustainability aspect.”
They were approached by a food technologist three years ago to develop the speciality product, which they carried on into the commercial and retail stages.
Continue here to read the full article || October 26, 2017 |||
26 Oct: As China's Inner Mongolia Yili Industrial Group eyes up a possible expansion into Australia, its New Zealand operation is picking up steam with plans to build a state-of-the-art laboratory and to invest at least another $200 million.
Oceania Dairy - the South Canterbury-based dairy company owned by Yili - is in the process of commissioning the second stage of its development, which includes a canning and blending operation for infant formula and two UHT manufacturing lines, general manager Roger Usmar told BusinessDesk. The first stage involved 10-tonne an hour infant formula capable dryer. Total investment so far is around $400 million.
The third stage of development will likely include a second, larger dryer and a lactoferrin plant, although the dryer's size hasn't been determined, said Usmar. Meanwhile "we arguably have a stage two-B and we are working through the approval process," he said. Oceania has a small onsite laboratory for testing but expects to commence construction of a far larger laboratory to support the operation by mid-2018, he said.
Continue here to read the full release from BusinessDesk || October 26, 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