Nov 29, 2017 - Synlait Milk (NZX: SML; ASX: SM1) today announced that long-time Chief Executive Officer and founder John Penno intends to step down from his position in the next 12 months, as part of an orderly transition to position Synlait for its next phase of growth. “John has been an exceptional leader for Synlait, but there was always going to be a time when he would move on to fresh challenges. I am glad John’s decision has come at a time where we can provide a well-managed leadership transition. The company is in very healthy shape with a strong balance sheet and a clear future growth plan,” said Graeme Milne, Synlait Chairman.
Mr Penno has been the CEO and Managing Director of Synlait Milk for 12 years, and a founder of Synlait five years before that.
“The Board is embarking on an international search for the right person to lead the business into the future, and John has committed to continuing in the role of CEO until a successor is found and in place.”
“The new CEO will be taking on a company in strong shape, and with a clear vision and growth strategy. Synlait has grown from a start-up in the early 2000s to a highly profitable company listed on the NZX and ASX, with a team of 600 staff, a blue chip set of customers focused in the infant formula category, and committed farmer suppliers. It is currently earning annual revenue of $759 million and has a market capitalisation of over $1.3 billion.”
“From this platform, the company is looking for a CEO with the skills and experiences to take Synlait up another level. We have already signalled to shareholders our intention to continue to develop our infant formula business, and enter new categories where there are significant opportunities.”
“We have expressed our desire for John to continue in a governance role on the Synlait Milk Board of Directors,” said Mr Milne.
“After 17 years of living and breathing this company, it is time to move on, but I share the Board’s intention for me to continue as a Director of Synlait Milk,” said Mr Penno.
“There will be very clear processes to ensure the incoming CEO has the freedom and scope to make her or his mark on Synlait’s future, and I’m looking forward to taking a supporting role.”
“Once the new CEO is in place, I am looking forward to getting back to my entrepreneurial roots and will be looking for opportunities to get involved with start-ups and young companies, which is where my wife, Maury, and I want to continue to make a contribution.”
| A Synlait release || November 29, 2017 |||
Nov 29, 2017 - Executive Director of the Sustainable Business Council, Abbie Reynolds, says climate change could be the greatest economic disruption in our lifetimes and the largest driver of innovation since World War Two. The Sustainable Business Council has this morning publicly released its submission to the Productivity Commission on the transition to a low emissions economy.
Abbie Reynolds says leading Kiwi businesses are increasingly putting climate change at the centre of their strategy and business models. They see the transition to a low emissions economy as one of the biggest business opportunity in the foreseeable future.
"International research estimates work to meet the UN’s Sustainable Development Goals could unlock new markets worth US $12 trillion and 380 million new jobs. We need to change the conversation - and talk about the innovations and opportunities emerging in New Zealand, like solar energy, battery storage and electric vehicles. We need to galvanise action and innovation, and the current narrative doesn’t inspire that."
"Many Sustainable Business Council members know there can be no more business as usual. Climate change is a global issue already affecting business in New Zealand directly through increasingly extreme weather events, and indirectly through divestment away from fossil fuels."
Our members want to see a national dialogue on the transition and what it will mean. SBC believes a successful transition is underpinned by cross-sector collaboration between businesses, government, academia and the community. Collaboration, open dialogue and transparent data and analysis will be critical to shaping a successful framework of policies, incentives, financing mechanisms and market initiatives.
The path to a low emissions economy needs to be co-designed and therefore co-owned by all New Zealanders.
Our members are also looking for policy predictability. They want to see the discussion de-politicised, beyond the election cycle, so they can make the right investment decisions and changes.
"We need to be thoughtful about how we manage the transition. Emissions intensive sectors risk losing their competitiveness offshore, if they have to internalise the cost of carbon before their competitors."
"If New Zealand gets the transition right we stand to gain a holistic outcome that is in everyone’s long-term interests. We need a positive narrative that inspires action."
| A SBC release || November 29, 2017 |||
Nov 29, 2017 - When Casey Aranui went looking for work experience for her EIT trades training programme, she was knocked back by a dozen builders. The reasons she was given, she says, were about gender, but the determined 32-year-old wasn’t about to be deterred and her perseverance has paid off.
Graham Scarfe Builder Ltd offered Casey the opportunity she was looking for, and now, working full-time for the company, she is on track to securing a carpentry apprenticeship.
EIT tutor Tom Hay says Casey wasn’t the norm for a Level 3 New Zealand Certificate in Construction Trade Skills (Carpentry) student, the norm being “a young fellow just out of high school”. However, she was one of four women on the programme – which has intakes in February and July – and Tom says the local building industry needs more female role models like her.
Living in Taradale, Casey and husband Reese have four children aged between two to seven. The Ngāti Kahungunu couple have a plan for getting ahead and it was with that in mind that they both enrolled at EIT.Reese recently completed the first year of the Level 6 Diploma in Architectural Technology and once he gains his qualification he wants to work at a job that will allow him to give back to his community.
Managing the demands of family life, Casey notched up a good attendance record at EIT. And while on work experience she tackled some hard physical jobs including jack-hammering out concrete. “She’s really determined,” Tom says and Graham Scarfe, whose family company employs 25 staff, agrees. “She’s going to be a top apprentice,” Graham enthuses. “She has got a hard road to achieve that and she’s going to do it.”
Like Casey, he’s picked up on outdated attitudes towards women working on construction sites and says there’s no need for it – from builders or from clients.
While Casey found that mind-set disheartening, she says she had no option other than to succeed. “We have four kids at home and a mortgage, bailing wasn’t an option.”
Like Reese, Casey likes to give back to the community. With Tom’s guidance and using offcuts from the trades programme, she and a friend recently built a rabbit hutch for the kōhanga reo on Waiohiki marae. Outside of work, she enjoys time with whānau and keeps active with boxing, cycling, Iron Māori and waka ama.
| An EIT release || November 29, 2017 |||
Nov 29, 2017 - New Zealand’s financial system remains sound and risks to the system have reduced over the past six months, Reserve Bank Governor Grant Spencer said today when releasing the Bank’s November Financial Stability Report. “Momentum in the global economy has continued to build over the past six months, reducing near-term risks to financial stability. However, the New Zealand financial system remains exposed to international risks related to elevated asset prices and high levels of debt in a number of countries. “Domestically, LVR policies have been in place since 2013 to address financial stability risks arising from rapid house price inflation and increasing household debt. These policies have helped improve banking system resilience by substantially reducing the share of high-LVR loans. Over the past six months, pressures in the housing market have continued to moderate due to the tightening of LVR restrictions in October 2016, a more general firming of bank lending standards and an increase in mortgage interest rates in early 2017. “Housing market policies announced by the Government are also expected to have a dampening effect on the housing market. “In light of these developments, the Reserve Bank is undertaking a modest easing of the LVR restrictions. From 1 January 2018, the LVR restrictions will require that:· No more than 15 percent (currently 10 percent) of each bank’s new mortgage lending to owner occupiers can be at LVRs of more than 80 percent.· No more than 5 percent of each bank’s new mortgage lending to residential property investors can be at LVRs of more than 65 percent (currently 60 percent). “The Bank will monitor the impact of these changes and will only make further LVR adjustments if financial stability risks remain contained. A cautious approach will reduce the risk of resurgence in the housing market or deterioration in lending standards. Deputy Governor Geoff Bascand said “Looking at the financial system more broadly, the banking system maintains adequate buffers over minimum capital requirements and appears to be performing its financial intermediation role efficiently. The recovery in dairy commodity prices since mid-2016 has supported farm profitability and has helped to reduce bank non-performing loans in the sector. Recent stress tests suggest that banks are well positioned to withstand a severe economic downturn and operational risk events. “The Bank has released two consultation papers on the review of bank capital requirements and a third paper on the measurement and aggregation of bank risk will be released shortly. The aim of the capital review is to ensure a very high level of confidence in the solvency of the banking system while minimising complexity and compliance costs. “The Bank has also completed a review of the bank directors’ attestation regime and is making good progress in implementing a new dashboard approach to quarterly bank disclosures. This is expected to go live next May,” Mr Bascand said. More information· Financial Stability Report
| A RBNZ release || November 29, 2017 |||
Nov 29, 2017 - Two licensed building practitioners (LBPs) have been held to account by the Building Practitioners Board for serious offences relating to their performance and conduct as LBPs. Christchurch-based LBP Stefan Mortimer has been ordered to pay $1500 and had his license cancelled for what the Board described as a cavalier attitude towards Building Code compliance.
“Mr Mortimer failed to obtain building consents for two buildings he constructed on land he owned for his family to reside in. These buildings did not comply with the Building Code in terms of structural integrity, amenities or sanitation,” says Registrar LBP scheme Paul Hobbs.
“Mr Mortimer’s offences are at the serious end of the scale, and the Board noted that the dangerous and insanitary nature of the building work was an aggravating factor in this case.”
In another case, Auckland-based LBP Satish Chand has been ordered to pay $2000 and had his license cancelled. This is Mr Chand’s third appearance before the Board, and his license has previously been suspended.
Mr Chand made a number of building-related errors which demonstrated a lack of understanding and knowledge of the Building Code and applicable technical standards.
“Mr Chand’s work failed inspection 10 times, and on numerous items. Many involved serious shortcomings relating to weathertightness of the home,” says Mr Hobbs
“The Building Inspector noted the work at hand was a simple job but Mr Chand seemed to be out of his depth. Some of the work continued to fail despite remedial work attempted by Mr Chand.
“The LBP scheme requires builders to perform safe, high quality building work that follows the Building Code, including the inspection process. This requirement wasn’t met in these two cases.
“New Zealanders can have confidence that where necessary, LBPs are held to account by the Board, who ensure building practitioners meet the high standards expected of them,” says Mr Hobbs.
A guide to making a complaint about a licensed building practitioner is available on the LBP website.
| A MBIE/NZGovt. release || November 29, 2017 |||
Nov 29, 2017 - 21 Night Grand Aegean and Egyptian Experience from Athens Return aboard Aegean Odyssey. SALE TO 30 NOV only!! BONUS: FLY FREE from Auckland or Christchurch to Europe and Return 2 Nights premium hotel stay in the 5-star Electra Metropolis, Acopolis Suite. Includes transfers. 2 Night overland tour to Cairo, Egypt https://goo.gl/jx2W9Q #travel #cruise #cruising #cruiseline #cruiseship #sail #mediterranean #sea #flyfree #aegean #egypt #egyptian #athens #mondotravelnz #cruisespecialist #cairo
Nov 29, 2017 - New Zealand Energy Corp. ("NZEC" or the "Company") (TSX-V: NZ) announced today it has filed with Canadian regulatory authorities its third quarter 2017 financial results and management discussion and analysis, which documents are available on the Company's website at www.newzealandenergy.com and on SEDAR at www.sedar.com.
Reflecting on the direction of the Company after the third quarter 2017 results, Chairman James Willis said: “During the last quarter the results for the Company were adversely affected by a number of issues arising from equipment failures and unplanned maintenance. I look forward to a better production performance in the next quarter. We continue to make solid progress towards implementing the Waihapa enhanced oil project. Small but important steps, such as upgrades to the gas processing system (to restore full gas dehydration and measurement) have been completed. And arrangements to enable sales of non-specification gas are being finalised. It is an important project for the Company - the Board, our CEO Mike Adams and his team are focused on ensuring we continue to optimize the project (technically, operationally and financially) and on safely implementing the next redevelopment stage in Q1 2018.”.
Cash used in operating activities for the nine months was $104,829 (2016: $131,768) and for the quarter was $170,437 (2016: $84,143). The net loss for the nine months was $1,463,669 (2016: $2,886,458), of which $1,236,800 (2016: $1,741,293) was represented by non-cash items (depreciation, depletion and accretion). For the quarter, the net loss was $320,376 (2016: $1,126,194) of which $382,531 (2016: $523,198) was non-cash (depreciation, depletion and accretion). The Company achieved average net daily production of 206 boe/d (87% oil) for the nine months (2016: 231 boe/d (76% oil)); and for the quarter 106 boe/d (93% oil) compared to 150 boe/d (84% oil) during the third quarter of 2016.
| An New Zealand Energy Corp. release || November 29, 2017 ||
Nov 29, 2017 - Some overseas reports say petrol cars may be obsolete by 2026 but either way the massive switch to electric vehicles will be the biggest disruptive change to people’s lives in more than 100 years, NZTech chief executive Graeme Muller says. As New Zealand’s 15,000 motor mechanics get ready for the exciting electric vehicle (EV) era, petrol cars will soon begin to phase out in the biggest change to transport in the modern era, Muller says. “A couple of weeks ago, I was at a conference on digital transformation and a presenter showed a photo of Times Square in New York from 1900, complete with horses and carriages. “Then we were shown the same view, in 1920 and not a horse to be seen. Something like 20 million horses were unemployed within 20 years. Last week, Stanford economist Tony Seba told APEC delegates in Wellington that this process has already started for cars. “He believes the tipping point is here and no petrol vehicles will be built after 2025. Tony also believes that the number of cars will have decreased by 80 percent by 2030, with most of us opting to ride in an Uber style self-driving vehicle. “I dropped my daughter off at school the other day and I was almost run over by a Tesla. We stepped out between two parked cars, heading towards the school gates, when this lovely looking car glided past. “It didn’t make a sound. Instant car envy. It got me thinking about technology change. Before my daughter finishes school, I will no longer have to do the school run. Maybe one of those purring Tesla’s will collect her.” According to Tony Seba, on current trends it will be cheaper to build a mid-range EV costing US$33,000 than a conventional car by 2019, and they would be cheaper than the average equivalent conventional small car by 2022. The next step is embeddeing the technology into roads. This is being piloted in several countries including UK, Israel and Sweden. The technology, similar to that developed by Kiwi company PowerbyProxi which was recently purchased by Apple, allows wireless charging from the road to the car. This charge-as-you-drive system would overcome battery limitations. “EVs will also play a crucial role in supporting the environmental sustainability of future transport. Helping to rid the environment of harmful fossil fuels, cutting down on air pollution emissions and providing not just a more convenient future, but a healthier one too,” Muller says. “So consider the horse and car example, by 2037 if you look along Highway 1 in New Zealand the number of human driven petrol vehicles will have probably dropped substantially to about 1 in every 10 vehicles. “The cost of insurance and enviro taxes making them too expensive for most people to run. It will be likely that many roadways in New Zealand will have embedded inductive charging systems allowing EV’s to travel and charge at low costs, and the majority of the population won’t own a car, instead choosing to “request” a vehicle when they need it. “There will be more ride sharing, lower cost of transport, reduced environmental impact, more space on roads and easier parking.”
| A NZTech release || November 29, 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