Dec 1, 2017  - The tribunal in the arbitration with Danone on claims arising out of Fonterra’s WPC80 precautionary recall in August 2013 has issued its award. The tribunal has determined that Fonterra must pay a total of NZD $183 million (€105 million) in recall costs suffered by Danone. In reacting to the announcement, Fonterra’s CEO, Theo Spierings, said “We are disappointed that the arbitration tribunal did not fully recognise the terms of our supply agreement with Danone, including the agreed limitations of liability, which was the basis on which we had agreed to do business.” Fonterra has assessed the…

Dec 1, 2017  -  New Zealand's terms of trade rose 0.7 percent in the September 2017 quarter to reach an all-time high, Stats NZ said today. The latest increase was due to import prices falling more than export prices.  Terms of trade is a measure of the purchasing power of New Zealand’s exports abroad and an indicator of the state of the overall economy. The 0.7 percent rise in the September quarter means New Zealand can buy 0.7 percent more imports for the same amount of exports. "The terms of trade increased over the last year, driven by high meat…

Dec 1, 2017  -  Fonterra Co-operative Group Limited (for itself and on behalf of Fonterra Shareholders’ Fund) has requested an immediate trading halt to be applied to their respective securities on: 1. the ASX;2. NZX Main Board/Debt Market; and3. the Fonterra Shareholders Market. This request has been made to give Fonterra time to consider the outcome of its arbitration with Danone regarding Fonterra’s 2013 whey protein concentrate precautionary recall. Fonterra has been advised that it will receive the arbitration tribunal’s decision today. The decision document is expected to be both lengthy and complex and neither party has been given advance…

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…

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…

Nov 27, 2017  -   New Zealand accounting software CashManager is the first to achieve one of the holy grails in accounting software: direct GST integration with Inland Revenue.  Filing GST returns will become a whole lot easier for businesses using the accounting software from today — they’ll be able to send their GST return to Inland Revenue in less than a minute. CashManager is making this service available to both its online customers and its PC-based customers. CashManager is the first accounting software programme to successfully offer this feature on Inland Revenue’s new Gateway Service. The Gateway Service is the…

Nov 23, 2017 -  Auckland based network monitoring technology provider Endace has appointed StarLink as its value-added distributor across Europe, Middle East and Africa to promote its network recording and packet capture tools writes Stuart Corner for Computerworld New Zealand. The move to boost is European presence follows Endace announcing in October 2016 a new feature dubbed Provenance, that it said would be needed to enable traders to comply with European Securities and Markets Authority’s (ESMA) upcoming Markets in Financial Instruments Directive II. The directive requires traders to record all trade data and ensure trade events are accurately time-stamped to…

Nov 22, 2017 - Scott Technology outbid an overseas buyer when it bought Dunedin-based engineering firm DC Ross out of receivership, a six-monthly report from the receivers shows.  DC Ross, which supplies precision metal formed parts, was tipped into receivership in September 2016 and in June this year Scott Technology said it had entered an unconditional agreement to purchase all the assets of the company for a total purchase price expected to be less than $500,000. In its annual report, Scott Technology, also based in Dunedin, said it paid $375,000 for DC Ross, and its tool room and tool design…

Nov 22, 2017  -  The number of online job advertisements rose slightly with an increase of 0.1 per cent in October 2017 and 8.2 per cent over the year, according to the latest Ministry of Business, Innovation and Employment (MBIE) Jobs Online report.  “Job vacancies increased in five out of eight of the industry groups, with the largest contributor being the medical and healthcare industry, with an increase of 1.1 per cent. Other significant increases were a 2.2 per cent increase for machinery drivers and a 1.6 per cent rise for labourers,” says Stuart King, MBIE’s acting Labour Market Trends…

Nov 21, 2017  -  CALHOUN, Georgia, Nov. 20, 2017 /PRNewswire/ -- Mohawk Industries, Inc. (NYSE: MHK) today announced that the Company has agreed to acquire Godfrey Hirst Group, the leading flooring company in Australia and New Zealand, further extending Mohawk's global position. Mohawk presently operates a comprehensive warehouse and sales network in Australia and New Zealand to distribute the company's wood, laminate, LVT, vinyl and carpet products. Godfrey Hirst is the most vertically integrated flooring operation in Australia and New Zealand, providing broadloom, modular carpet and hard surface products for both residential and commercial applications. Godfrey Hirst's sales were about…

Nov 17 2017  -  The annual Directors Sentiment Survey reveals an overwhelming majority of boards (91%) consider stakeholder interests a high priority (up from 86% in 2016). Released by the Institute of Directors (IoD) and ASB, the Director Sentiment Survey takes the pulse of the director community in New Zealand. The survey reveals key challenges for New Zealand boards, including stakeholder interests, leading on organisational ethics, strategy and risk in the age of technological disruption, and access to skills and talent in a tight labour market. The emphasis on stakeholder interests could also be seen in the high number of…