Funds from the sale of Hawkins Construction to Downer EDI were recycled back into the leftover businesses to settle a claim on a major project, wind down the remaining projects, and prepare for a growing number of legal disputes, the receiver says
E tū is welcoming the decision of the Court of Appeal to turn down an appeal application from global airline catering company LSG SkyChefs, cementing an important legal victory for New Zealand workers.
EMA believes the series of recent business-related commentary on low productivity, business confidence dropping and inflation rising, adds to its call for a rethink on the Employment Relations Amendment Bill and other industrial relations legislation.
Extending its antipodean buying spree, Logos Property has agreed to acquire a 10-hectare site in Auckland to develop a 55,000-square-metre logistics facility. The deal, the first in the country for the regional warehouse developer, comes after a rush of transactions in Australia and amid intense competition and fast growth.
The establishment of the Climate Leaders Coalition, a joint initiative of sixty New Zealand businesses who together represent just under half of this country’s emissions, is an unprecedented move towards solving climate change.
The Reserve Bank is recruiting for a new Head of Communications following Mike Hannah’s decision to leave the role after 16 years of service. Mr Hannah will remain with the Reserve Bank as Board Secretary, and is pursuing other opportunities.
LOGOS has announced that it is expanding its Asia Pacific business into New Zealand with the acquisition of a property in Auckland from Fletcher Concrete and Infrastructure Limited, a subsidiary of Fletcher Building.
Steel & Tube Holdings' new chief executive Mark Malpass says the company paid too much enter the irrigation sector, struggled to compete against bigger rivals and ended up writing off its investment to return focus to its core steel business
What would happen to the banking system if a downturn in the Chinese economy caused a fall in New Zealand exports, rising unemployment, falling house prices, and three years of low payment to dairy farmers?
Air New Zealand has slammed the "ravages of airport pricing behaviour" in New Zealand in support of changes to the Commerce Act it says would help curb airport owners' charging and cut air travel costs for passengers
New Zealand farmer confidence slid in the past quarter amid concern about the impact of Mycoplasma bovis cattle diseaseon the country’s agricultural sector, with the number of farmers expecting conditions to improve now only just outweighing those
Seven out of 10 Kiwi businesses want New Zealand to take action on limiting greenhouse gas emissions, though there’s less agreement on the way to achieve it, a survey of more than 1,200 business leaders commissioned by Westpac Banking Corp showed
New Zealand Post, the national postal service first established in 1840, is undergoing the biggest upheaval in its history as technological change reduces letter volumes and stokes demand for parcel services, which are often more expensive to manage
Ensuring that employment practices are free from gender bias, that pay rates are transparent and that the role of unpaid work is finally recognised, are among new Principles launched today to help workers and employers eliminate the gender pay gap in the state sector.
E tū says thousands of its members are expected to benefit from the Government’s Families Package, which cames into effect 1 july. The package includes: widening eligibility for key benefits including Working for Families which will increase for many wider access to the Accommodation supplement and an increase for eligible people in expensive locations such as Auckland and Hamilton a Winter Fuel benefit A lift in the Family Tax Credit and an increase in the abatement threshold. Best Start payments for families with a new baby. The implementation of the package also coincides with the extension of Paid Parental Leave…
WASHINGTON, D.C. – The Fair Labor Association (FLA), a collaborative effort among brands, universities and civil society organizations to improve working conditions and protect workers’ rights, announced today that New Zealand outerwear brand Kathmandu Holdings and Pou Chen Group – a leading footwear manufacturer in Taiwan – have received accreditation for their social compliance programs. Each company was recognized for advancements in their social compliance programs that work to uphold fair labor standards in their supply chains.
The Reserve Bank today announced the 2019-2020 dates for releasing its quarterly Monetary Policy Statements (MPS), Official Cash Rate (OCR) decisions, and the six-monthly Financial Stability Reports (FSR).
The government is looking at giving commercial property developers access to finance at low interest rates if they build vital infrastructure to support new homes, says housing and urban development minister Phil Twyford
Ravensdown, the farmer-owned fertiliser cooperative, expects its new aerial imaging tool to be commercially available within two years, opening the door to what it calls “soil testing from the sky”. . . .
EMA is asking the coalition Government MPs to explain how the old world thinking of the proposed Employment Relations Amendment Bill will deliver the productive, high growth economy they say they want.
The Serious Fraud Office and Reserve Bank of New Zealand are each investigating matters relating to CBL Insurance and associated entities. The Reserve Bank is co-operating with the Serious Fraud Office investigation. The Reserve Bank is also co-operating with the Financial Markets Authority’s investigation relating to issues of market conduct and disclosure by CBL Corporation. No further comment on these investigations will be made at this time. Further reporting: ShareChat
New Zealand's regional economic confidence rose marginally in the quarter ending June, with only six of the country's 11 regions showing an improvement over the previous quarter, as pessimism in Auckland grew and optimism cooled in three key dairy and oil . . .
Trade Me CEO Jon Macdonald has announced he intends to step away from the company in approximately six months. This will bring to a close a tenure that started in 2003, including more than a decade as CEO.
The BusinessNZ Planning Forecast for the June 2018 quarter shows that though many key economic indicators remain on the positive side of the ledger, there are a number of risks that could undermine what is currently a generally healthy outlook.
New Zealand structural log prices rose to the highest level for 25 years as local mills compete with the export market to secure supply for the domestic construction market amid strong demand from China . . .
Air New Zealand’s latest initiative to reduce inflight waste has seen more than 132 tonnes diverted from landfill in its first nine months – the equivalent weight of three of the airline’s A320 aircraft.
Council of Trade Unions President Richard Wagstaff today congratulated the Government, the Public Service Association and E tū - and also providers - on a deal that rightly puts mental health and addiction support workers back into the pay equity settlement they were left out of last year.
Steel & Tube Holdings said it agreed to a $21.1 million sale-and-leaseback deal of its Blenheim Road property in Christchurch, a key distribution hub for the company, as part of its restructuring efforts to raise working capital and pay down debt
Fletcher Building's outgoing chair Ralph Norris announced the board's audit and risk committee chair Bruce Hassall will succeed him when he steps down from the troubled building company in September . . .
Fletcher Building chief executive Ross Taylor said the company expects to take restructuring charges of $85 million to $95 million in its 2018 results as it moves to a decentralised operating model with more divisions and will also write down the value of its Rocla and Roof Tile businesses.
Fonterra Cooperative Group is satisfied Beingmate Baby & Child Food is taking the right steps to deal with a labelling issue after getting caught out in a widespread audit by Chinese regulatory authorities
Deputy Prime Minister Winston Peters doubled down on last week's New Zealand First party attacks on the performance and leadership of Fonterra, saying the country's largest business was costing the economy more than $2 billion from food safety and animal . . .
Bunnings, the hardware chain owned by Australia's Wesfarmers, will pay more than $11 million to 12,235 New Zealand past and current employees after identifying mistakes in implementing the Holidays Act 2003
The rapid rise of tech companies working in the insurance market and investment by traditional insurance firms into new advanced technologies is expected to lead to better deals for customers in coming years, InsurTechNZ chair Jason Roberts says.
Seed funding of $US20 million ($NZ28.5 million) has been secured by Australian company Plaman Global, which is proposes to mine more than 30 million tonnes of a rare organic black diatomite near Middlemarch, Central Otago. Diatomite is processed into fertiliser pellets.
The Council of Trade Unions President Richard Wagstaff congratulated Living Wage Aotearoa and the Government for moving to a living wage of at least $20.55 an hour by the first of September for all people employed in the core public service.
Energy and Resources Minister Megan Woods has defended the government’s decision not to issue new offshore oil and gas exploration permits despite it going against official advice, saying she didn’t think officials had taken into account the changing world we live in.
The Commerce Commission has opened an investigation to determine whether Fulton Hogan's proposed acquisition of Stevenson Group construction materials business will lessen competition in any relevant market
Are you in the situation where you have time on your hands? Maybe you have recently retired from the workforce but would still like to keep in touch with your colleagues, peers and business associates.
Emirates SkyCargo, the freight division of Emirates and the largest international cargo airline, has signed an MoU with Cainiao Smart Logistics Network Ltd. ("Cainiao"), the logistics arm of the Alibaba Group, to jointly facilitate the delivery of cross-border parcels as Cainiao looks to expand its global logistics infrastructure with Dubai as a hub.
Danone plans to increase its investment in New Zealand infant formula manufacturing by acquiring up to 49 percent of Yashili New Zealand Dairy Co, the local unit of China Mengniu Dairy, according to a filing in Hong Kong
Jason Paris, currently Vodafone Group's director for convergence acceleration, Africa, Middle East and Asia Pacific region, will succeed long-serving local head Russell Stanners, who is stepping down from his role as Vodafone New Zealand chief executive at the end of October
Britain's Rolls-Royce said a costly compressor problem that had grounded Boeing planes had now been found in a different type of engine, compounding pressures on a group that is due to cut more than 4,000 jobs this week.
Applications open today for scholarships aimed at boosting the power of New Zealand’s business managers, with a change in focus from earlier years to include a wider range of Kiwi businesses. The Prime Minister’s Business Scholarships provide an opportunity for managers to gain valuable skills and experience by undertaking world-class executive education at international business schools. While they were previously aimed at exporters and internationalising New Zealand-based firms, the criteria have been expanded to include domestically-focused firms that can take advantage of New Zealand’s competitive advantage, such as in areas like agricultural technology. There is also a particular focus on…
Council of Trade Unions President Richard Wagstaff said that he was disappointed in the National Party’s knee-jerk response to the Government’s announcement of the Fair Pay Agreement working group yesterday.
British American Tobacco Holdings (New Zealand), the nation's biggest tobacco company by market share, paid a little-changed $1.1 billion in excise duty last year while also declaring a special dividend of $227 million, using retained proceeds of its sale
Ravensdown Aerowork specialises in aerial applications, for example fertiliser spreading, which it can perform across all terrains. With this implementation of a comprehensive aviation software suite, the first in 70 years of operation, RA has embraced digitized operations.
IRI, the big data and technology expert for consumer industries, has announced the appointment of Craig Irwin as Managing Director for New Zealand. Craig Irwin joins IRI from Fonterra in New Zealand and brings over 20 years of experience in the FMCG sector across Australia, New Zealand and the UK. During his career, Craig has held senior management roles within Fonterra Brands, Frucor Suntory Beverages and Pharmacare Laboratories (Australia).
A lack of recycling facilities means NZ must continue to send plastics and other recyclables overseas and rubbish is mounting at small landfills across the country after China stopped accepting New Zealanders' plastic in January writes Madison Reidy for Stuff.
DB Breweries paid $30.5 million for Kapiti boutique beer maker Tuatara Brewing Co last year as the country's major liquor companies beef up their craft beer credibility to reach consumers with a taste for high-end brews
Waste Management NZ, the nation's biggest such company, says there isn't a quick fix for the impact of Chinese restrictions on waste imports after the government announced a task force to respond to a move that operators say has sucked the profits out of . . .
Fletcher Building's Laminex NZ unit has exited a 10-year investment in a Southland medium density fibreboard plant with Tokyo Stock Exchange-listed Daiken getting clearance to buy the 124ha site at Mataura, Southland
New Zealand's economic growth is set to continue to beat the average of the 35 member countries of the Organisation for Economic Cooperative and Development, as activity shifts away from consumption and towards investment
Small Business Minister Stuart Nash has encouraged Wellington businesses to take advantage of new government initiatives, especially in the digital space, to make their jobs easier and free them up to focus on their products and services.
New Zealand’s financial system remains sound. The banking system holds sufficient capital and liquidity buffers, guided by our prudential regulatory requirements. These buffers reduce New Zealand banks’ exposure to adverse shocks.
Steel & Tube Holdings is unlikely to pay a final dividend this financial year and may have to raise equity as its earnings and debt come under pressure, according to research house Craigs Investment Partners
Airlines are frustrated at the quality of service at Auckland Airport. Justin Tighe-Umbers, executive director of the Board of Airline Representatives of New Zealand (BARNZ) says his members expect their passengers to have a high-quality experience at the airport, yet it is increasingly clear to the travelling public that they are getting a substandard service.
Philippines-based poultry group Bounty Fresh Foods has sent the offer document for its $437.8 million takeover bid for NZX-listed Tegel Group to all shareholders and said the minimum acceptance condition will be satisfied
Synlait Milk (NZX: SML; ASX: SM1) is pleased with the progress made on the building of its advanced liquid dairy packaging facility by Tetra Pak. The two companies have worked together for over ten years, beginning with the building of Synlait’s anhydrous milkfat (AMF) plant in 2007. The new facility will produce fresh milk and cream for Foodstuffs South Island's private label brands from early 2019, and will be a platform for Synlait to pursue a range of dairy-based products for export markets. Tetra Pak is a subsidiary of the Tetra Laval Group, which is a multinational food packaging and…
First NZ Capital grows dark on Fonterra as capital spend fails to spur earnings. First NZ Capital has cut its rating on Fonterra Shareholders' Fund units as the dairy cooperative's seeming inability to convert capital investment into earnings growth and poor track record in adding value raises questions over its ability to retain domestic suppliers
Renew Energy Ltd chief executive David McGregor says the Chinese investor is "ready to go". The company behind a controversial plan to build a waste to energy plant on the West Coast has signed a $300 million deal with a Chinese investor writes Joanne Carrol for Stuff Businessday
Consensus is a Kiwi startup that launched this year with the intention to revolutionise its industry. The company offers effectively an ‘online marketplace of lawyers’ to make using legal services significantly less daunting with fixed up-front fees and a client-centric focus.
Steel & Tube Holdings expects to post a loss this financial year and breach its banking covenants after a restructuring that will see it exit its plastics business and write down the value of its assets
Callaghan Innovation CEO Victoria Crone says the organisation is ready to “pivot” to accommodate the Government’s new direction for investing in R&D - moving away from grants in favour of tax incentives.
Fulton Hogan has bought Stevenson Group's construction materials units for an undisclosed sum, adding two quarries, four concrete plants and a lab testing facility at a time when infrastructure work is tipped to keep growing over the coming five years
ERoad returned to profit after beating annual earnings guidance as North American sales more than doubled once the logistics and fleet management firm overcame strong lobbying to delay a favourable regulatory system for its services
Waste Management, New Zealand's biggest waste collection and recycling company, drove up sales and profit last year as economic growth underpinned volumes of industrial and construction sector waste and it added landfill capacity
Bad headlines about Fletcher Building from some segments of the media have overshadowed a business with "healthy prospects" and a new management team that is "a catalyst for change", says listed investment fund Kingfish
Christchurch Airport and Auckland Tourism, Events and Economic Development (ATEED) have signed a memorandum of understanding which will help New Zealand businesses tap into Chinese e-commerce platform Alibaba.
MBIE’s Pacific Economic Development Unit is encouraging Pasifika people to consider careers in the Information Computer Technology (ICT) world. The initiative forms part of TechWeek 2018 activities, TechWeek will run from 19 – 27 May 2018.
A team from the University of Otago, Wellington has just published a radical new framework for designing international trade and investment treaties. This framework is intended to assist policymakers worldwide in designing new treaties, and to help ensure that health, social and environmental objectives are included.
A Kiwi platform which helps New Zealanders invest in cryptocurrencies is looking for investors of its own as it launches a $1m funding round in Wellington on Wednesday. Invsta, a product created by online financial services company Ilumony, is taking part in the Kiwibank FinTech Accelerator: the second Kiwibank-sponsored Lightning Lab business accelerator focused on FinTech companies.
Food giant Heinz Wattie's is looking to cut more than 40 jobs in Hawke's Bay as part of an international push for efficiency and savings, but says it expects all redundancies to be voluntary. Just two months after the company, which is part of global food company Kraft Heinz, received permission to buy the food and instant coffee business of fellow food company Cerebos Gregg's, it confirmed to Hawke's Bay Today that it had identified potential staff redundancies.
Orange-H Group, the McConnell entity set up to run down the residual Hawkins assets after the sale to Downer Group, has been tipped into receivership by its shareholder and creditor just 10 days after being ordered to pay $13.4 million over a leaky school
Tilt Renewables, the wind and solar generation facilities which split from Trustpower in 2016, posted an annual loss and trimmed dividends as a lack of wind in New Zealand and Australia stifled generation at its windfarms
“The Government’s announcement that this year’s Budget will allocate $42 billion to capital investment over 5 years will provide a welcome boost for regional and urban development, but speed in establishing a specialised strategic procurement agency is now a priority to ensure projects are sequenced and delivered at best value,” said Stephen Selwood CEO of Infrastructure New Zealand. “Details of the exact programme will become clear on Budget day, but with major investment needs in health, education, justice, housing and of course transport, the challenge for the Government will be getting best value out of its programme. “There is a…
Scales Corp will sell its cold storage businesses to newly-incorporated US cold chain company Emergent Cold for $151.4 million as it shifts to a greater focus on pure agribusiness. "We have identified our strengths as (1) operating fully-vertically integrated agriculture businesses, (2) participating in businesses with an export focus, and (3) adding value through connections to the China market," said Chairman Tim Goodacre in a statement to the NZX.
Garry Diack, Tait Communications’ Chief Executive, says “After three-plus years of targeted technology development, Tait Communications is breaking new ground in the fast-evolving digital space for mission critical communications.
Chief Executive Kirk Hope and Employment Manager Paul Mackay will present BusinessNZ's oral submission on the Employment Relations Amendment Bill:- Education and Workforce select committee, Select Committee Meeting Room 1, Bowen House - 10.00 - 10.30 am Wed 9 May
Tru-Test Corp plans to shed the bulk of its businesses, signing a conditional deal to sell its retail solutions and milk meter divisions, amounting to 85 percent of group revenue, to Switzerland-based Datamars
Air New Zealand’s sustainability efforts have been recognised for the second consecutive year in the 2018 Annual Review of the State of CSR (corporate social responsibility) in Australia and New Zealand, with the airline taking out a New Zealand CSR Top 5 Award.
Billionaire Peter Thiel's venture capital firm Founders Fund is backing a startup that aims to bring Wall Street electronic trading expertise to the bitcoin market, the Wall Street Journal reports. Tagomi Systems expects to be the bitcoin version of a broker-dealer, executing orders to buy or sell …
More than one billion litres of water could be bottled and shipped to China from Otakiri Springs. A chinese-owned water bottling company's bid to bottle three million litres of drinking water each day from a Bay of Plenty spring as come under fire from iwi for being against Tangata Whenua.
New Zealand is the least corrupt country in the world, but it needs to learn from larger fintech markets like Australia, Singapore and London and more rapidly adapt to technologies such as like blockchain and crypto-currencies, a Kiwi fintech expert says.
This is a supplied media release. Newly appointed general maanger Rowland Ong has extensive experience in food and supplement manufacturing, including holding senior management and consulting roles within New Zealand's complementary medicines / health supplement industry for over a …
Apr 27 - Women make up only an estimated 10% to 15% of the New Zealand financial industry, with female representation at senior management levels estimated to be even lower. This is despite research that suggests gender diversity across job grades and functions delivers benefits to businesses, the economy and society.
Apr 27 - The Ministry of Business, Innovation and Employment (MBIE) has released its New Zealand Trade Intelligence Dashboard that illustrates New Zealand’s trade, investment and visitor flows with all its trading partners.
Apr 26 - Alibaba Group chief executive Daniel Zhang will meet with business leaders and government agency heads, but doesn't have any formal ministerial meetings planned during his trip to New Zealand . . .
Apr 23 - Rocket Lab founder and chief executive Peter Beck says a shortage of venture capital in New Zealand and pressure to stay in this country is putting the brakes on innovation for other companies. His 12-year-old company has raised the bulk of about $200 million in the United States to fund development …
Apr 19 - Bitcoin may fail the definition of money because of its volatility and central banks may be better to get behind digital currencies that have a fixed exchange rate into cash, says Reserve Bank of New Zealand senior economic analyst Amber Wadsworth
The New Zealand government has proposed phasing out the Growth Grant administered by Callaghan Innovation and introducing a 12.5 percent research and development tax incentive in a discussion document released today.
Apr 17 - Fletcher Building plans to raise $750 million in an underwritten offer to shareholders at a deep discount and sell its Formica and steel roof tile businesses, strengthening its balance sheet and gaining support from its banking syndicate after a breach of . . .
Apr 16 - A2 Milk Co has signed an exclusive distribution deal with Yuhan Corp in South Korea, more than a decade after an earlier foray into that country which ended in litigation. The milk marketing firm's shares rose 1.3 percent
Apr 16 - Comvita, the NZX-listed manuka honey company, foreshadowed that it may be the subject of a takeover, with an unidentified third party currently undertaking due diligence to assess the business
Apr 16 - Ellerston Capital's interest in Fletcher Building has topped 5.1 percent, requiring the Australian fund manager to make a statement to the ASX and NZX but its interest in the beat-up construction and building materials company has been no secret
Apr 16 - The Christchurch City Council needs to genuinely investigate new ways to raise revenue and manage assets and infrastructure to deliver a vibrant, prosperous and sustainable 21st century city, says Canterbury Employers’ Chamber of Commerce CEO Leeann Watson.
Apr 16 - For the first time in a number of years, the outlook for the NZ economy is not as positive as it has been previously. In October last year, our deputy Prime Minister Winston Peters boldly predicted that the economy was about to fall into an abyss due to the policies of the prior National government. He was very wrong off course, as high export commodity prices have kept the economy ticking along at a robust clip over the intervening period. However, today due to widespread uncertainty in the business community about the impact on the economy from…
Apr 11 - The Council of Trade Unions today presented to the Education and Workforce Select Committee on the Employment Relations Amendment Bill, in support of giving New Zealanders back the ability to improve workplaces together. CTU President Richard Wagstaff said that the proposed legal reforms repaired and protected the freedom of working Kiwis to choose to join in unions if they wished.
Apr 11 - Australia's Longreach Oil has agreed to a buy a New Zealand company which plans to develop a dairy factory in Otorohanga, as it seeks to bolster its investment portfolio and resume trading on the ASX.
Apr 11, - Speirs Group, the fresh food processing business founded by the Speirs family, sold the 40 percent stake in Rosa Foods it has owned for the past decade at a "modest premium" to its $714,000 carrying value, saying there were limited ongoing synergy benefit Continue here to the full release | || April 11, 2018 |||
Apr 10 - Iwi heavyweights Waikato-Tainui and Ngai Tahu have received a $35.3 million top-up after disputing the way the Crown valued settlements when the payouts breached the $1 billion fiscal envelope six years ago
Apr 10 - New Zealand film production revenue increased 15 percent to $1.1 billion in 2017, Stats NZ said today. Auckland’s film sector led this growth in 2017; however, Wellington still remains the main player in film production. “New Zealand’s largest city is becoming a filming destination,” business performance manager Laura O’Leary said. “Auckland’s film production revenue was estimated at $489 million in 2017 – increasing 37 percent from 2016. The number of businesses involved in the screen industry in Auckland grew 9 percent in 2017.” While Wellington’s film production revenue decreased slightly from 2016, it is still the main…
Apr 09 - New Zealand businesses remained pessimistic about the country's economic fortunes in the March quarter as negative sentiment following the change in government continued into the new year and as profitability remains weak
Apr 09 - Infratil-owned NZ Bus will displace four other operators after a successful bid for new contracts in Bay of Plenty worth an annual $14.8 million, having lost ground in its mainstay markets of Auckland and Wellington
Apr 09, 2018 - Kiwi merino wool clothing maker Icebreaker Holdings was sold to US apparel giant VF Corp for $288 million in a competitive tender process, Overseas Investment Office documents show Continue here to read the full release | || April 09, 2018 |||
Apr 05, 2018 - ASX-listed autoparts maker Bapcor has exited the last of the leftover Hellaby Holdings assets it didn't want with the sale of industrial asset maintenance firm TBS Group for $35 million, reaping more from the divestments than flagged Continue here to full release | || April 05, 2018 |||
Apr 05, 2018 - New Zealand carpet maker Cavalier Corp is emerging from a “tough” period after an influx of cheaper synthetics forced it to restructure its business to compete. It has now streamlined its operations and with most of the pain now behind it, is stepping up investment in innovation and marketing as it eyes rising consumer demand for natural woollen products.
Apr 05, 2018 - The New Zealand dollar rose above 73 US cents for the first time in more than a week, and touched a three-week high, as a pickup in consumer confidence, a bigger-than-expected budget surplus and rising property values underlined the relative strength of
Apr 04, 2018 - Westpac NZ Climate Change Impact Report issued today highlights, among other things, the critical role manufacturing will play in adapting to climate change and reducing carbon emissions while providing sustainable growth. The report also reinforces the risks climate change holds for other sectors that currently play a key role in our economy, such as tourism and agriculture.
Apr 04, 2018 - Seeka, New Zealand's biggest kiwifruit grower, has sold out of Zespri Group after opposing constitutional changes at the monopoly export body that tie shareholdings to trays of fruit produced
Apr 03, 2018 - Industrial and Commercial Bank of China (ICBC), the world’s largest bank by assets, is in the process of applying for a branch licence to operate in New Zealand, following in the footsteps of Bank of China and China Construction Bank
Apr 03, 2018 - The new Customs and Excise Act will enable Customs to adapt to a changing world and is good news for everyone in New Zealand, the Acting Comptroller of Customs, Christine Stevenson, said today.
Silver Fern Farms returned to profit last year as a capital injection from China's Shanghai Maling trimmed the meat processor's finance costs and global beef prices rebounded, although its cooperative shareholder posted a loss from the new structure.
Mar 31, 2018 - While many people will be taking this weekend off and enjoying chocolate eggs - lots of small business owners (and their accountants) will be putting in extra hours to get their paperwork done, according to new research by MYOB.
Mar 29, 2018 - The latest Monthly Regional Tourism Estimates released by the Ministry of Business, Innovation and Employment (MBIE) today show that tourism expenditure grew in all regions over the year ending February 2018. MBIE’s manager of Sector Trends Mark Gordon says that there has been positive performance in several regions around the country.“The regions with the fastest growing tourism spend over the year ending February 2018 were the West Coast, which increased 12 per cent to $548 million, followed by Tasman, which increased 11 per cent to $317 million and Taranaki, up 11 per cent to $380 million,”…
Mar 29, 2018 - The Overseas Investment Office gave ASX-listed Horizon Oil International a green light to buy a 16 percent stake in the Maari and Manaia oil fields and joint venture assets off the Taranaki coast from Todd Corp
Mar 29, 2018 - Investors and speculators will lose their ability to offset losses on residential properties to reduce their tax on other income from April 1 next year, if proposals in an Inland Revenue Department issues paper published today are adopted
Mar 29, 2018 - Fletcher Building gained a two-month extension to waivers from its US noteholders and bank syndicate that were granted after it breached lending covenants, suggesting the company wasn't able to negotiate new terms by its March 31 deadline
Mar 26, 2018 - Recently, Workplace Relations Minister Iain Lees-Galloway was quoted as saying workers had not had a fair share of economic growth, and the boost to the minimum wage was only one part of the Government's strategy.
Mar 23, 2018 - The BusinessNZ Planning Forecast for the March 2018 quarter shows the New Zealand economy continuing to perform at a satisfactory level, assisted by continued improvement in the global economic outlook.
Mar 23, 2018 - Christchurch-based Tait Communications has won a contract worth $30 million over several years to replace the British capital city’s bus radio communications system with a new digital mobile radio system aimed at preparing it for the future.
Mar 23, 2018 - An interview with university academic Atif Mian was published today in the Reserve Bank Bulletin. Professor Mian was interviewed by Reserve Bank economists Özer Karagedikli and Anella Munro during a visit to the Reserve Bank of New Zealand in December 2017. In the wide-ranging interview, Prof. Mian discusses why he entered economics, the effects of the Global Financial Crisis, why he does not consider the world has recovered from it, and the legacy and work of John Maynard Keynes. Prof. Mian is the John H. Laporte Jr. Class of 1967 Professor of Economics, Public Policy and…
Mar 23, 2018 - Robotics Plus has secured investment from Yamaha Motor's venture investment arm to help accelerate the robot maker's expansion plans and give it a partner with a global footprint and deep knowledge of manufacturing.
T&G Global Limited (T&G) has today entered into a conditional sale and purchase agreement for the sale of the major assets of its subsidiary ENZAFoods New Zealand Limited (trading as T&G Foods) to Cedenco Foods New Zealand Limited (“Cedenco”).
Mar 21, 2018 - Duncan Coull, Chairman of the Fonterra Shareholders’ Council, said Farmers would welcome the increase in the forecast Farmgate Milk Price to $6.55 kg/MS but that the interim results announcement as a whole painted a disappointing picture for the first half of the financial year.
Mar 21, 2018 - Fonterra Co-operative Group Limited (Fonterra) today announced that, as part of a planned CEO succession process, the Fonterra Board and its CEO Theo Spierings have agreed that Mr Spierings will leave his role later this year.
Mar 21, 2018 - AFT Pharmaceuticals, which manufactures the Maxigesic painkiller, is selling its "non-core hospital products" to Fortune 500 company Baxter Healthcare in New Zealand and expects to do the same in Australia
Mar 21, 2018 - Synlait Milk (NZX: SML; ASX: SM1) has reported a half year net profit after tax (NPAT) of $40.7 million for the six months ending 31 January 2018. This is compared to $10.6 million for the same period last year (H1 FY17).
Mar 21, 2018 - Fonterra Co-operative Group Limited today increased its forecast Farmgate Milk Price for the 2017/18 season to $6.55 per kgMS and announced a full year forecast dividend range of 25 - 35 cents per share with an interim dividend of 10 cents per share.
Mar 20, 2018 - Carter Holt Harvey won its bid to drag local authorities into its protracted leaky schools court case with the Ministry of Education, although the judge excluded buildings captured by a time-bar, and gave the building products maker a hurry-up to lodge
Mar 20, 2018 - New Zealand businesses are investing more in their growth and research and development but while the number of businesses carrying out R&D is at a 10-year high only 11 percent of firms are doing it
Mar 20, 2018 - Restructuring at Pacific Steel and weak global demand rather than the behaviour of Chinese rivals squeezed the company's margins, says an officials' report that recommended the government reject its dumping complaints for the second time.
Mar 19, 2018 - Digital transformation, including automation and artificial intelligence (AI) is expected to impact many current jobs and the income of many New Zealanders, a high-powered national tech leaders group says.
Mar 14, 2018 - New Zealand's seasonally adjusted current account deficit widened to $2.0 billion in the December 2017 quarter, Stats NZ said today. The $407 million increase in the deficit was mainly driven by New Zealand importing aircraft and other transport equipment, and crude oil.
Mar 13, 2018 - Cleaning contractor, ISS has gagged the cleaners at Auckland Meat Processors, to stop them speaking out against cuts to a third of the plant’s cleaning staff. AMP is owned by Wilson Hellaby which the cleaners have been told is behind the cuts. Five of the 15-strong cleaning team received letters last week telling them they are now redundant and offering them redeployment options. The cleaners believe the cuts will compromise hygiene standards at the plant and they want to go public. However, they have been told not to speak to media, and they fear for their…
Mar 13, 2018 - Kraft Heinz’s A$290m ($228.25m) acquisition of the food and instant coffee business of Cerebos Gregg's has been conditionally approved by the New Zealand competition authority. Cerebos Gregg’s is owned by Suntory Beverage & Food, a food and beverage firm operating throughout Australasia. The Commerce Commission ruled that Kraft Heinz should sell the licenses for the Gregg’s brand of tomato ketchup, steak sauce, barbecue sauce and the F. Whitlock Worcestershire sauce brand over competition concerns. Heinz Wattie’s, a subsidiary of Kraft Heinz, had applied to New Zealand, Australian and Singaporean competition authorities in last November to buy…
Mar 12, 2018 - A spokesman for Trade and Export Growth Minister David Parker said New Zealand has formally sought an exemption from the tariffs, and while the details are still to be clarified, New Zealand may fall within the flexibility offered to close security partners. Prime Minister Jacinda Ardern also said ministers … more
Mar 12, 2018 - Wellington-based private equity fund Caniwi Capital has purchased Auckland-based Lancer Aluminium, buying exposure to the booming Auckland residential construction market through the firm, which makes aluminium window and door frames.
Mar 12, 2018 - The introduction of more flexible copyright laws could drive greater economic growth and enable New Zealand to capitalise on the shift to a digital economy, according to a new report released at InternetNZ’s NetHui on Copyright today.
Mar 09, 2018 - The Commerce Commission has cleared US food company Kraft Heinz to buy Cerebos Food & Instant Coffee and Asian Home Gourmet from Japan's Suntory Beverage & Food, subject to the divestment of some sauce brands. Japan's Suntory put the units on the block in April last year and announced it had reached a deal with Kraft Heinz in October. The Commerce Commission today granted clearance for the New Zealand part of the global deal on the condition that Kraft's local unit Heinz Wattie divest the licences for the Gregg's brand for the New Zealand supply of…
Labosport to expand its presence in Asia-Pacific with the acquisition of NZSTI. Aurélien Le Blan, Labosport CEO : "The institute has unparalleled experience and unmatched reputation for scientific excellence. We look forward to further developing its service offering for the benefit of its customers and key business partners.”
Mar 08, 2018 - Higher sales volumes for petroleum and coal product manufacturing helped boost manufacturing in the December 2017 quarter, Stats NZ said today. The total volume of manufacturing sales rose 1.0 percent in the December 2017 quarter compared with the September 2017 quarter, when adjusted for seasonal effects. This follows a 0.4 percent rise in the September 2017 quarter. Seven of the 13 manufacturing industries saw sales rise in the December 2017 quarter. The largest movements were petroleum and coal product manufacturing, up 17 percent, and meat and dairy product manufacturing, down 2.8 percent. "The December 2017 quarter's…
Mar 07, 2018 - Security printer ABnote is moving ahead with plans to shut down its plastic card manufacturing business based at Christchurch and move the operation to Australia. “The manufacturing will finish here at the end of March and we’ll all be out by the end of April,” says a staff member at ABnote NZ, based at 25 Halwyn Drive, in Sockburn, Christchurch. E tū union spokesman Joe Gallagher says the lease on the old factory was due to expire and the company was not prepared to reinvest in equipment or property. About 50 workers will lose their jobs…
Mar 07, 2018 - MYOB Group, the Australian tax, accounting and business software company, lifted sales and profit in New Zealand in 2017 while seeking regulatory clearance on both sides of the Tasman to buy accounting software firm Reckon
Footpowder maker Gran’s Remedy has been a household name in New Zealand for decades, and now the private Dunedin-founded company has been sold to listed Ebos Group writes Simon Hartley in the Otago Times.
Mar 01, 2018 - The High Court appointed interim liquidators to CBL Insurance Limited on Friday last week and issued an order prohibiting publication of information about the matter. The High Court lifted the prohibition today, enabling the Reserve Bank to state the reasons for its actions.
Feb 27, 2018 - The offshore sale of a business receiving up to $25m in taxpayer funds is yet another example of the massive waste incurred from Callaghan Innovation’s corporate welfare spending, says the New Zealand Taxpayers’ Union.
Feb 27, 2018 - E tū says more workers are coming forward to report labour abuses to the Labour Inspectorate lead investigation into Chorus contractors and subcontractors working on the ultrafast broadband network. The investigation began just before Christmas, following reports of exploitative practices by Chorus subcontractors in Nelson where people worked for free, as so-called volunteers. E tū’s Industry Coordinator Communications, Joe Gallagher says the union is working closely with the Labour Inspectorate, and a number of workers have been interviewed. “We’ve been very encouraged by the number of people coming forward. We are working with them, ensuring they…
TOMRA has signed an agreement to acquire 100 percent of the shares in BBC Technologies*. The deal sees BBC Technologies’ precision grading systems and innovative punnet and clamshell filling solutions for blueberries and other small fruits join TOMRA Food’s own fruit inspection and grading technology portfolio.
Feb 22, 2018 - Christopher Pyne believes Lockheed Martin Australia has “cemented its ongoing commitment to Australia’s defence industry” after the opening of its new Australia and New Zealand headquarters in Canberra.
Feb 22, 2018 - A leading economist saysNew Zealanders will have to wait until later in the year to see where the needle settles on the government’s ‘superficial change v substantive change’ spectrum. Dr Ganesh Nana, chief economist at BERL, says either way the longer-term case for change, along with external influences, will continue to question the strength of the foundations of New Zealand’s recent charmed economic ride. Dr Nana will give a keynote presentation at a NZ Health IT (NZHIT) event in Auckland next Tuesday, February 27. He says the new government has styled itself as the government of…
Feb 20, 2018 - E tū is extremely disappointed with the confirmation today that the plastic card manufacturer, ABCorp is to close its Christchurch plant. About 50 workers will lose their jobs after the company confirmed it was moving operations at the plant to Australia.
Feb 16, 2018 - Five months after it was requested under the Official Information Act, Callaghan Innovation has now released its 2016/17 entertainment expenses. The bill increased from the previous year, going from $304,675 to $308,969.
Feb 14, 2018 - Global design firm Stantec is strengthening its New Zealand and Australia-based capabilities with the planned acquisition of Wellington, New Zealand-based consulting transportation engineering firm, Traffic Design Group (TDG). With more than 80 team members, TDG has offices located in markets throughout New Zealand, including Auckland, Tauranga, Hamilton, Napier, Wellington, Nelson, and Christchurch. The firm also has an office in Sydney, Australia. The transaction is expected to close April 1.
Feb 08, 2018 - Auckland Airport today announced that it will build a new 65,000m2 distribution centre and a support centre for Foodstuffs North Island Ltd. The facility will be developed within Stage 4 of The Landing Business Park and will be constructed over a three year period, with completion scheduled to occur in late-2020. The development will comprise a world-class distribution centre plus a 5-star green-rated support centre, situated in landscaped and park-like surroundings.
Feb 08, 2018 - Statement by Reserve Bank Governor Grant Spencer. The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 1.75 percent.Global economic growth continues to improve. While global inflation remains subdued, there are some signs of emerging pressures. Commodity prices have increased, although agricultural prices are relatively soft. International bond yields have increased since November but remain relatively low. Equity markets have been strong, although volatility has increased recently. Monetary policy remains easy in the advanced economies but is gradually becoming less stimulatory.
Feb 07, 2018 - The seasonally adjusted unemployment rate fell to 4.5 percent in the December 2017 quarter, down from 4.6 percent last quarter, Stats NZ said today. “This quarter’s unemployment rate is the lowest since the December 2008 quarter, when it was 4.4 percent,” labour market and household statistics senior manager Jason Attewell said. “However, the underutilisation rate was just over 12 percent –reflecting about 340,000 New Zealanders with potential to work more. This measure is just as important as the unemployment rate.”
Feb 07, 2018 - Callaghan Innovation spent taxpayer money on suit hire and pedometers as part of their $304,000 entertainment expense blowout in 2015/16. New Zealand Taxpayers’ Union Executive Director Jordan Williams says, “Among their laundry list of ‘entertainment’ expenses, Callaghan spent $185 on suit hire at Munns in Auckland for a staff member to attend an awards ceremony.”
Feb 07, 2018 - A businessman who gave up in the face of ''too much bureaucracy'' while seeking funding from government agency Callaghan Innovation has been left outraged at news of its multimillion-dollar entertainment bill.
Feb 05, 2018 - The Labour Inspectorate and Immigration New Zealand (INZ) found increased employment and immigration compliance in the West Coast following visits to businesses in the region last week. The visits form part of the Inspectorate’s and INZ’s proactive work to ensure businesses are following the law when it comes to employees’ minimum workplace standards and visa conditions.
A new food research facility supporting the future of New Zealand’s exports has reached an important milestone, with a contractor appointed and the construction process to start next week at Massey University’s Manawatū campus. The $45 million AgResearch and Massey University Food Science Facility will accommodate about 140 staff and students from the two organisations as well as from the Government-funded centre of research excellence, the Massey-hosted Riddet Institute.
Feb 05, 2018 - West Coast start up Reefton Distilling Co. is gearing up to produce premium quality spirits from the middle of the year after a successful capital raise through their crowdfunding equity offer. Co-founders and Directors Patsy Bass and Sean Whitaker said that they were "absolutely thrilled", by the optimism and support from their investors, many of whom are a part of the local West Coast Community. They went on to announce that as at 10pm (NZST) on Sunday 4th February, the Equity Offer had raised over $1,125,000.
Feb 04, 2018 _ The New Zealand Taxpayers’ Union has today released the full breakdown (available here) of Callaghan Innovation’s entertainment expenses for 2015/16.Earlier this month, we revealed Callaghan spent $304,000 on ‘entertainment’ in 2015/16. We can now confirm this was mostly purchases at cafes, bars and restaurants, and we have obtained receipts and explanations for the biggest purchases, showing booze forms up to 40% of a typical Callaghan dinner bill.
Feb 2, 2018 - Building consents for all non-residential buildings including offices, education buildings, storage, and cultural buildings were worth $6.5 billion in 2017, up 8 percent from the December 2016 year, Stats NZ said today.
Feb 2, 2018 - For the December 2017 year, both overseas visitors and New Zealand residents had record numbers of arrivals and departures, Stats NZ said today. In the last calendar year 3.73 million overseas visitors came to New Zealand, 6.7 percent more than in 2016. Just over half of these overseas visitors were holidaymakers, and 30 percent travelled to New Zealand to visit friends and family. “The record number of overseas visitors in 2017 is about the same as the number of residents living in the North Island as at 30 June 2017,” population statistics senior manager Peter Dolan…
Feb 2, 2018 - The BusinessNZ Energy Council (BEC) is delighted with the appointment of Bennet Tucker from Transpower, a member of the New Zealand Young Energy Professionals Network, to the WEC board for global future energy leaders, the FEL-100.BEC Chair Hon David Caygill says the appointment to this exclusive group of 100 future global energy leaders is in recognition of Bennet’s outstanding contribution since his appointment to the FEL-100 last year and the value of New Zealand’s contribution to the WEC and its work programme.
Jan 31, 2018 - It rains a lot on the West Coast, some might say that is a bad thing, but as Andrew Robb, Chairman of the West Coast Governance Group stated in his foreword of the Tai Poutini West Coast Economic Development Action Plan 2017*Ref1 "The West Coast is full of potential. Many of the characteristics of the region that have traditionally been seen as barriers will be the keys to our future success." (2017, Pg2) His foreword continued "This is the time for us as West Coasters to grasp these opportunities, to celebrate and market our identity, tell…
Jan 31, 2018 - The Household Labour Force Survey is used to produce official estimates of the numbers of employed and unemployed people, those not in the labour force, and the official unemployment rate for New Zealand. Continue to full article here on STATSNZ || January 31, 2018
Jan 31, 2018 - “A concerted Government effort to strengthen the export capability of the country’s manufacturing sector is urgently needed to compensate for the likely impact of climate change on the agricultural sector,” says Mr Dieter Adam, CE of The Manufacturers’ Network.
Jan 31, 2018 - Gender-balanced tech firms are up to 40 percent more profitable and it is important that Kiwi companies and leaders acknowledge and accept that when hiring staff, the new executive director of Tech Women NZ says.
Jan 30, 2018 - Exports of milk powder, butter, and cheese lifted total exports to a record $5.6 billion in December 2017, Stats NZ said today. Monthly exports were $1.1 billion higher than in December 2016.
Jan 25, 2018 - The changes to the 90-day trial period announced today by the Government will present additional challenges for medium sized manufacturers to finding the right staff they need, adding to the already critical skill shortage issues which hold back growth of the sector.
Jan 25, 2018 - E tū, the biggest private-sector union in New Zealand, is pleased with most of the Employment Relations Amendment Bill announced by the Government today. E tū National Secretary Bill Newson says that the process is “off to a flying start”, with many improvements for working people and their unions. Bill says the changes recognise the pressing concerns about the personal and economic cost of low wages and inequality. “This Government has made fixing inequality a top priority. Wages are a huge factor in this, so strengthening the rights of workers and their unions is critical,” Bill…
Jan 25, 2018 - Prices rose 0.1 percent in the December 2017 quarter, Stats NZ said today. Higher petrol prices, air fares, and housing-related costs were countered by lower prices for vegetables, new cars, and a range of household goods.
Jan 23, 2018 - Digital learning skills, smarter homes and medical drone deliveries will be major tech developments that will significantly impact lives of Kiwis, a leading New Zealand tech expert says. NZTech chief executive Graeme Muller says while the tech talk is often about issues such as robots stealing jobs or virtual reality worlds New Zealanders may sometimes overlook some of the advances that are happening already that will be important for Kiwis in the coming days of 2018.
Jan 22, 2018 - Innovative New Zealand ISP Wireless Nation is launching an asset locating tracker whichcould save thousands of dollars for many businesses and individuals. The Fox Tracker is a small device which connects to the global Sigfox network being rolled out throughout New Zealand. The network is specifically designed to enable Internet of Things devices because it draws far less energy from connected devices than traditional networks.
Jan 22, 2018 - Last night, Beingmate Baby & Child Food Co Ltd (Beingmate) issued a forecast earnings downgrade for its financial year ended 31 December 2017, revising the previously announced forecast loss of RMB 350 million – RMB 500 million to a forecast loss of RMB 800 million – RMB 1 billion (NZ$171 – NZ$214 million). As an investor in Beingmate (18.8 per cent shareholding), we are extremely disappointed by this announcement and the on-going performance of the company. We are seeking more information on the forecast downgrade in addition to receiving Beingmate’s full year financial statements. We will…
Jan 22, 2018 - Dramatic change is needed to grow New Zealand’s small business economy and, to that end, a summit of heavy hitters are gathering in Auckland next week (January 31) to push for a new approach. Entrepreneur Tenby Powell put out a call pre-Christmas for Government to establish an Institute for Small Business and gained overwhelming support from within New Zealand and farther afield.
Jan 16, 2018 - Tomas Izo, a lead engineering director in machine perception at Google Research, will be an exciting speaker at the biggest global tech summit ever held in New Zealand in Auckland on February 19 and 20. The event, Digital Nations 2030, is an international meeting coinciding with the visiting ministerial and business delegations from the world's leading Digital Nations and the D5 meeting in Wellington next month. The D5 is a network of the world’s most advanced digital nations.
Jan 16, 2018 - Retail card spending rose 0.5 percent in the December 2017 month when adjusted for seasonal effects, Stats NZ said today. This is the fourth consecutive monthly rise in retail card spending.December 2017 monthly retail card spending up
Jan 16, 2018 - The latest NZIER Quarterly Survey of Business Opinion shows a sharp drop in business confidence following the General Election, with a net 11 percent of businesses expecting economic conditions to deteriorate over the first half of 2018. Business confidence had fallen in the previous quarter ahead of the General Election, and it appears uncertainty over new Government policies have made businesses even more downbeat.
Jan 15, 2018 - Kiwi workers who have enjoyed the traditional New Zealand summer break at the start of the year should be heading back to their jobs this month feeling rested, refreshed and ready to face the next 12 months. But their challenge, research shows, will be hanging on to that feeling. Work-life balance was identified as an issue by 66 per cent of respondents in the New Zealand Diversity Survey, conducted in October last year. Stress was a challenge in 62 per cent of organisations surveyed, and 50 per cent of respondents noted concerns about the mental health…
Jan 15, 2018 - When trying to come up with a new idea, untangle an existing one or solve a problem we all have times when we get stuck. But according to research by behavioral and learning scientist Marily Oppezzo, getting up and going for a walk might be all it takes to get your creative juices flowing. In this fun, fast talk, she explains how walking is not just for your physical well-being but a mental resource.
Jan 11, 2018 - Nelson-based power retailer NextGen Energy announces it is now accepting Bitcoin for payment of electricity bills. The social enterprise company operates as a not-for-profit, uniquely donating all net profits to local schools and charities. “NextGen Energy is creating disruptive opportunities within the NZ electricity sector, and actively pursues the adoption of new technologies.” says Tom Wheatley, CEO, “NextGen is already supplying power to a number of crypto-currency mining operations, and the ability to pay for the power in Bitcoin simply makes sense. We are now extending this option to all our customers.”
Jan 12, 2018 - People are spending more online to rent a taxi, or a house for a night, and less on in-car satellite navigation and DVDs, Stats NZ said today. As a result of these changes in technology, the consumers price index (CPI) basket of goods and services used to measure inflation is changing after a three-yearly review. "More people are going online to buy shared ride services, such as Uber, and shared accommodation services, like home-rental operators Airbnb and BookaBach," prices senior manager Jason Attewell said. "We’re introducing the sharing economy to the CPI to keep it relevant…
Jan 11, 2018 - ‘Big data’ and ‘Business Intelligence (BI)’ are more than just buzzwords. They are here to stay. Across the board, organisations can’t stop thinking about the promise of big data and BI to drive success in everything, from operations to communications.
Jan 10, 2018 - Kiwi businesses are having to substantially change how they operate with the rapid arrival of the digital age, a leading New Zealand business expert says. Ian Christie, a former head of Saatchi and Saatchi New Zealand and a member of WPP's global leadership team in the UK, says it’s now a matter of survival now for New Zealand companies and organisations on how they change their modus operandi. “Large or small, every part of all business operations has been touched by digitisation, says Christie, who is now chief executive of the software company Boma, in Auckland.“It’s…
Jan 8, 2018 - CERTNZ advises that researchers have found multiple vulnerabilities in computer processors which may allow attackers to extract information from affected systems, including passwords and other sensitive data. The technical details of these vulnerabilities can be found at meltdownattack.com and spectreattack.com. CERT NZ is not currently aware of any attacks that are actively exploiting these vulnerabilities, however we strongly recommend you protect yourself with the advice provided below as soon as practicable.What's happeningSystems affected - Processors from Intel, AMD, and ARM have been confirmed to be affected. Due to the complex nature of the vulnerabilities, it is…
Dec 22, 2017 - Workplace Relations and Safety Minister Iain Lees-Galloway today announced the minimum wage will rise 75 cents to $16.50 per hour on April 1. The 4.8 percent increase will directly benefit 164,000 people, and will increase wages throughout the economy by $129 million per year, Lees-Galloway said in a statement.
Dec 21, 2017 - The BusinessNZ Planning Forecast for the December 2017 quarter shows strength in many parts of the economy although with some risk from business sentiment and future wage pressures. The manufacturing and services sectors are performing strongly and consumer confidence is high, BusinessNZ Chief Executive Kirk Hope said. "Business confidence took a recent hit, although it has recovered somewhat since the election."Key indicators such as net debt levels are forecast to remain at relatively low levels by international standards. "On the international scene a general recovery is underway, with accelerating growth in Europe, Japan, China and the…
Dec 21, 2017 - By AAP | 21.12.2017 08:05 AM | ANZ has had the sale of its New-Zealand finance business UDC Finance to Chinese logistics company HNA Group blocked by a regulatory body. The lender says New Zealand's Overseas Investment Office had declined HNA's application to buy the business for $NZ660 million ($A626 million), and unless HNA can get the decision overturned the sale will not proceed. ANZ will assess its options for the UDC business but says there is no urgency given the strength of the lender's current capital position following the recent sale of its life insurance…
Dec 20, 2017 - VALLEY CENTER, Calif., Dec. 19, 2017 /PRNewswire/ -- Concierge Technologies, Inc. (OTC Ticker: CNCG) today announced that their wholly owned California subsidiary Kahnalytics, Inc. has acquired all of the assets and business of Original Sprout LLC, a California Limited Liability Company ("OS"). As of today, Kahnalytics has commenced operations under the fictitious business name "Original Sprout" from its location in San Clemente, CA. Original Sprout, a manufacturer and distributor of clean, non-toxic, all-natural hair care and skin products, was founded in 2003 by master hair stylist Inga Tritt. Since that time the company's distribution has grown…
Dec 20, 2017 - Justice Robert Dobson and Professor Martin Richardson drew a line between online content aggregators and distributors such as Facebook and Google and news organisations Fairfax New Zealand and NZME in rejecting the publishers' appeal to merge. Among Justice Dobson and Professor Richardson's findings in the 100-page High Court judgment, they backed the Commerce Commission's decision to turn down a proposed merger of NZME and Fairfax NZ, which was touted as the only way the country's dominant newspaper publishers could stand up to the likes of Facebook and Google eating into their online advertising revenue. The publishers…
Dec 20, 2017 - Synlait Milk (NZX: SML; ASX: SM1) is partnering with Foodstuffs South Island Limited to become the Cooperative’s exclusive supplier of its private label fresh milk and cream from early 2019. Synlait intends to invest approximately $125 million in an advanced liquid dairy packaging facility to supply Foodstuffs South Island. The investment establishes a platform for Synlait to pursue a range of dairy-based products for domestic and export markets in the future. “Combined, the partnership with Foodstuffs South Island and investment in a new facility is a further and significant step towards our goal of being a…
Dec 20, 2017 - Fisher & Paykel Healthcare Ltd said on Monday it had signed a contract for Leighs Construction Ltd to construct the fourth building on its 42ha Auckland campus at Maurice Paykel Place, East Tamaki. The new building will have a gross floor area of 35,700m² and consist of a mix of research & development, pilot manufacturing and warehousing areas. Groundworks have been substantially completed and construction will start in late January, with an expected operational date of 2020. 2300 employees – over half Fisher & Paykel Healthcare’s global workforce of 4100 – work at the campus’s existing…
Dec 20, 2017 - NZX will change the price structure of the local stock market in the second half of next year as part of a new strategy aimed at reinvigorating the domestic capital market. The Wellington-based company will bring its trading and clearing pricing model into line with global practice, which will give participants greater price transparency when negotiating brokerage and services, and stoke on-market liquidity, it said in a statement. NZX will provide details of the move when reporting its 2017 annual result in February and have the new model in place in the second half of 2018.…
Dec 20, 2017 - SBN’s work on New Zealand’s transition to a circular economy has received a vital boost. Fuji Xerox, 3R Group and Auckland Council have become Foundation Partners of the newly launched Circular Economy Accelerator. The announcement represents a significant investment in scaling and accelerating New Zealand’s transition to a circular economy. SBN has been working in this area for the last few years. A circular economy is where the lifecycle of materials is maximised, usage optimised and end of life materials reutilised to create a continuous flow. The new Circular Economy Accelerator launches today. It brings together…
Dec 19, 2017 - Japanese-listed Itoham Yonekyu Holdings has received Overseas Investment Office approval to increase its shareholding of Anzco Foods to 100 percent, from the 65 percent it already owned. Anzco was New Zealand's second-largest meat company and fifth-largest exporter in 2016, with turnover of $1.5 billion and 3,000 employees. It was already 83.3 percent overseas owned, with 16.8 percent of the company held by Japanese marine products company Nippon Suisan Kaisha, known as Nissui, and the remaining 18.2 percent owned by the company's chair Graeme Harrison and management. Harrison will step down at the company's next annual meeting…