Founded by Max Farndale 1947 - 2018
Dec 7, 2017 - An article published today in the Reserve Bank Bulletin reviewed the policy responses by overseas central banks to house-price collapses. It was originally written by a contracted researcher, Maitland MacFarlan, as part of the Bank’s general consideration of risks around housing markets. The article considers several episodes of house price collapses around the globe over the last 30 years, a period that encompasses the Nordic financial crises that began in the late 1980s, the Asian financial crisis of the late 1990s, and the more recent global financial crisis (GFC). The paper focuses on the policy responses to these problems and lessons that current policy makers can derive from these experiences. The article observes a strong association between housing busts and banking crises, while noting that not all housing busts lead to a more generalised financial crisis, and not all financial crises are accompanied by house price collapses. Housing market crashes have highlighted the need for borrowers and lenders to take more forward-looking, longer-term perspectives on their exposure to market developments. Read the article: House price collapses: policy responses and lessons learned
| A RBNZ release || December 7, 2017 |||
Dec 7, 2017 - A new arrangement signed recently will simplify New Zealand's meat product exports to Egypt, the Ministry for Primary Industries (MPI) said today. Under the new arrangement, Egyptian authorities will no longer have to visit each individual meat premise that wishes to export to Egypt.
The arrangement was signed by MPI Director-General Martyn Dunne and Egyptian Deputy Minister for Agriculture Dr Mona Mehrez in Wellington.
"This the first time Egypt has agreed this type of arrangement with any country, and is a clear demonstration of the strength of New Zealand's meat regulatory programme and our good relationship with Egypt that has developed through years of export, engagement and audit," says Mr Dunne.
"It's pleasing New Zealand's meat regulatory programme meets the expectations of the Egyptian Government. New Zealand has a world class meat regulatory programme, and signing of the arrangement with Egypt further reinforces this"
The signing was part of a visit by Dr Mehrez and a delegation of senior Egyptian veterinarians to learn about New Zealand's meat regulatory programme and explore opportunities for collaboration.
This arrangement will make it easier for New Zealand exporters to access the important Egypt market for New Zealand meat products. In the year to 30 June 2017, we exported about $52 million worth of meat products to Egypt.
"New Zealand is proud of its long history of agricultural exports to Egypt," says Mr Dunne. "We are committed to growing this important trade, a key part of which is through simplifying exporting processes. This arrangement is a great example"
"Both New Zealand and Egypt have committed to working together to identify areas we can cooperate in, particularly in animal health and husbandry," says Mr Dunne.
"We look forward to deepening New Zealand's trading relationship with Egypt even further through sharing our respective knowledge and experience"
|n MPI release || December 7, 2017 |||
Dec 7, 2017 - Chorus has today announced that it is underway with a proof of concept for a LoRaWAN (Long Range Wide Area Network) Internet of Things (IoT) network. The proof of concept was undertaken in Takapuna and Torbay on Auckland’s North Shore. It makes use of Chorus' existing street network assets to provide localised, deep network coverage which enables sensors to communicate with the IoT network from what would typically be hard-to-access locations, such as underground wastewater or sewage pumping stations. The LoRaWAN solution operates similarly to Wi-Fi but over long range, with limited bandwidth and without the need for a nearby router. It caters specifically for IoT sensors that send regular, small amounts of data. Typically, an IoT access point in an urban area will give network coverage out to between 1.5km and 3km. An innovative approach has been taken for powering the LoRaWAN access points on the Chorus street infrastructure. With the UFB fibre build complete in Takapuna and increasing uptake of fibre broadband, existing copper lines were available to re-purpose to power the IoT access point from the exchange. Chorus CEO, Kate McKenzie, said, "We're excited about the opportunities the Internet of Things offers New Zealand businesses. The benefits go far beyond simple efficiency improvements, cost-cutting and revenue generation. "The proof of concept in Auckland substantiated our belief that there is a symbiotic relationship between Chorus and IoT network technologies. Our extensive, nationwide network of assets including 280,000 telephone poles, 6,000 street cabinets, 600 exchanges and 200 masts on high sites, means we will be able to offer levels of IoT network coverage that competing networks will struggle to achieve. "More and more businesses are showing tangible benefits from IoT here and overseas and it’s clear that attitudes are changing. IoT's set to become mission critical for New Zealand businesses.” In developing the proof of concept Chorus partnered with Vianet, a Ventia business that brought their technology-enabled asset management expertise and IoT experience to the team. Arjun Narang, General Manager Vianet, said,”We are pleased to be involved in this proof of concept and supporting Chorus in realising their IoT strategy. Building on the long-term relationship that Ventia’s telecommunications services business, Visionstream, has with Chorus, this is a great opportunity to explore the combined capabilities of Chorus and Vianet to make infrastructure work for our communities.” Chorus already monitors 25,000 sensors and alarms across its access and aggregation network, buildings and outdoor plant. The adoption of an integrated IoT solution with analytics presents an opportunity to improve network utilisation with less downtime and streamline the customer experience.
| A Chorus release || December 6, 2017 |||
Dec 7, 2017 - New Zealand has, over the last couple of years, become a hotbed of activity for both local and international agritech companies and start-ups. The growth in digital technologies and connectivity within the primary sector has enabled grassroots innovators develop revolutionary ideas for the local industry. If we looked at farming alone, 415 apps, software and smart tools are currently listed on Agri One’s national database, which tracks tools designed to help farmers manage rural businesses.
As competition ramps up within the sector, large agritech communities have developed around our traditional centres of Christchurch, Hamilton and Auckland. But the focus is not just on the New Zealand market. Local, national and international events continue to showcase the opportunities available to agritech companies throughout the globe.
MobileTECH has been a key international agritech event held in New Zealand every year since 2013. Last year, over 300 technology leaders, developers and early adopters from throughout the agricultural, horticultural and forestry sectors gathered to exchange ideas and discuss new technologies.
For the 2018 event, a large section of the programme is dedicated to improving New Zealand’s agritech ecosystem and designed to encourage industry collaboration. Callaghan Innovation, Sprout (New Zealand) and WNT Ventures are on-hand to highlight how companies and entrepreneurs are developing their products and what support structures are available.
“The critical debate though, will be how the sector can continue to grow through better collaboration. Researchers, developers, innovators, investors and industry operators can all benefit from meeting under the one roof,” said MobileTECH programme manager, Ken Wilson.“The primary sector has always been the backbone to New Zealand’s thriving economy, so it is not surprising to see the opportunities available to our agritech community”.
In addition to the NZ focus, MobileTECH 2018 delegates will also hear from Sam Trethewey, Director of the Australian agritech accelerator, SproutX. Mr Trethewey offers fresh thinking and is a passionate leader for the integration of technology within the sector.
Agriculture is the fastest growing pillar of the Australian economy. Agtech continues to play an increasingly larger role in driving its growth, from inside the farm gate, through the supply chain and into consumer markets. SproutX is leading agtech development in Australia with a large national footprint that covers communities from Perth to Hobart and up to Cairns. SproutX also runs the only early stage agtech venture capital fund in the Asia Pacific and works alongside industry bodies, farmers, government, corporates and entrepreneurs.
Mr Trethewey is excited to be addressing MobileTECH 2018. “New Zealand agriculture leads the world and it’s through events like this that we get to understand who, why and how,” he said.
MobileTECH 2018 will be running on 27-28 March 2018 in Rotorua, New Zealand. Further details can be found on the event website, www.mobiletech.events.
| A CONNEX Events release || December 7, 2017 |||
Dec 7, 2017 - Reports out of the council regarding the “sudden water crisis” were Mayor heavy with political spin to the fore. Its a bit difficult to believe that the residents of Napier were able to save such a large amount of water when they had no idea there was a crisis!
Victoria White’s front page article in Wednesday’s Hawkes Bay Today includes in the first couple of paragraphs Mayoral comments such as - - Napier City Council has denied it was “caught off guard” - there were a “ special set of circumstances leading up to it”. Then the spin begins, the amount of which kind of indicates that there is a distraction going on here so that no more questions will be asked.
So what was the cause. Maybe an IT type equipment cut out? Whatever the cause the citizens of Napier have a right to know what it really was and do not need to be subjected to political spin that trys and fails miserably to sweep it all under the mat.
Phil ReadA concerned citizen looking for answers
Dec 7, 2017 - The government is right to raise this concern that there is a growing digital divide, NZTech chief executive Graeme Muller says in response to a digital report released yesterday. Muller says the opportunities emerging from the rapid exponential growth of technologies like artificial intelligence, robotics, autonomous vehicles and augmented reality are fantastic for all Kiwis. Communications Minister Clare Curran yesterday released a report - Digital New Zealanders: The Pulse of our Nation - outlining the digital divide in New Zealand. She says the government will, with the assistance of a soon to be established advisory group, help determine what tech skills Kiwis need to be ready for the jobs of the future. “The Minister is right to raise this concern that there is a growing digital divide,” Muller says. “These technologies have the potential to make New Zealand more prosperous by improving access to services, helping businesses be more efficient and creating economic growth throughout the country. “Those that don’t have access to the right technologies or the skills or motivation to make the most of them are being left behind. Left unaddressed this digital divide will exacerbate the social divide. “However, if we move faster to address the growing digital divide as a country we will find that the technology will also help reduce the social divide. “Giving people the understanding, confidence and skills to use digital tools will help New Zealand prosper. “The introduction of digital technologies into the New Zealand curriculum in 2018 is a great step in ensuring all Kiwis understand digital technology and how to make the most of it. “Next week the New Zealand Digital Skills Forum group is releasing a landmark and detailed analysis of the digital skills needed by New Zealand over the coming years and the opportunities for all New Zealanders,” Muller says.
| An NZTech release || December 6, 2017 |||
Dec 7, 2017 - Emirates’ new Boeing 777-300ER aircraft fitted with the airline’s game changing fully enclosed private suites in First Class, as well as refreshed Business and Economy Class cabins, has now entered service, to the delight of customers. The new Emirates cabins were unveiled for the first time at the Dubai Airshow last month, to positive acclaim from visitors at the show who had the opportunity to view the product. It also generated international excitement as consumers around the world viewed the first images, videos, and reviews of Emirates’ latest inflight offering.
Following its Dubai Airshow debut, Emirates’ first 777-300ER with the new cabin products has now begun operating on the Dubai to Brussels route.
While on the ground at Brussels airport, Emirates organised special guided tours to provide its trade and airport partners, VIP guests, and members of the media with a first-hand look at the innovative amenities that the airline provides in all three cabins for its customers.
Emirates has a track record of successful innovations that have raised the bar for the industry in terms of inflight customer experience since its launch in 1985. Its fleet of Boeing 777 and Airbus A380s boasts unparalleled entertainment on demand in all classes with its award-winning ice system, and inflight connectivity through in-seat text, email and telephone services, as well as mobile and wi-fi services. Emirates flies four daily A380 services from New Zealand to Dubai and beyond.
| An Emirates release || December 7, 2017 |||
Dec 7, 2017 - Following on from an Employment Relations Authority (ERA) determination relating to Wendco (NZ) Limited, the Labour Inspectorate is advising businesses that have been following similar processes to take steps to meet their obligations under the Holidays Act. “As the ERA has indicated, an easy approach for a business to take using ‘blanket rules’ to determine holiday entitlements isn’t the same as a lawful one,” says Payroll Lead Tania Donaldson.
“The use of a ‘three week rule’ by Wendco (NZ) Limited to work out entitlements around public holidays meant some employees were not being provided with their full entitlements, and the employer was not meeting their obligations under the Holidays Act.
“To work out an employee’s rights to an alternative holiday, you need to know whether the day is an ‘otherwise working day’ for the employee.
“Working out whether the day is an ‘otherwise working day’ is a practical task, and each situation needs to be considered based on the employee’s specific situation and work pattern, where employers consider and apply all of the factors of s12 of the Holidays Act where they are relevant.
“If it’s unclear whether the day is an ‘otherwise working day’, the things that may need to be considered include what the employment agreement says, the employee's usual work patterns, what the rosters say, whether the employee would normally have worked, and any other relevant factors.
“Employers who configure their payroll system in a way that is convenient to themselves without proper regard to their obligations run a high risk of being non-compliant. While these considerations may require additional effort for some businesses, this is the law and they must abide by it.
“If any employer has breached their obligations through the use of such blanket rules, they must fix their processes to prevent future breaches, and ensure they pay their employees what they’re owed for past breaches.
“This is important as when employers fail to meet their obligations, the employees working hard to sustain the business miss out on their minimum entitlements. In addition, other businesses that do properly meet their obligations face unfair competition.”
Employers who are unsure if they are meeting their obligations under the Holidays Act should go to employment.govt.nz, where there is information, tools and flow charts to help employers become compliant, seek independent legal advice, or ring MBIE’s contact centre on 0800 20 90 20.
Employees who are concerned they are not receiving their minimum entitlements can do the same.
| A MBIE release || December 6, 2017 |||
Dec 7, 2017 - Synlait Milk (NZX: SML; ASX: SM1) has today officially opened its new Wetmix kitchen, which will enable it to simultaneously run both large-scale infant formula spray dryers. This will double the amount of infant formula powder which can be produced at the Dunsandel site, from 40,000 metric tonnes (MT) to 80,000 MT per year.
“We were at the point where our current Wetmix facility was at capacity, and our consumer demand was continuing to grow. Building this new Wetmix kitchen will relieve that pressure,” says John Penno, Managing Director and CEO.
Synlait has invested $37 million in the new Wetmix kitchen, which is at the core of the production process.
It’s where the dry ingredients (such as dairy proteins, carbohydrates, vitamins and minerals) are mixed into the liquid milk. That mixture is then sent to the dryer, where it is dried into infant formula base powder.
Mixing the dry ingredients into the liquid milk before drying ensures a superior blend quality.
The project has been in planning since December 2015 and contractors began work on site in February 2017. At times there were up to 125 contractors on site per day, but the construction of the Wetmix kitchen did not disrupt the activities of other areas on site.
“We’re really happy with how the build went,” says Mr Penno “it was a smooth process which was completed on time and within budget, without the need to alter our day-to-day operations.”
Designed with staff in mind, some manual steps (e.g. lifting and tipping large bags of ingredients) have been reduced with the help of automation. This creates a safer environment and provides operational efficiencies.
“It was really important for us to make this new facility as user-friendly as possible. We want our employees to be safe at work, and to work under the best possible conditions,” he says.
| A Synlait release || December 7, 2017 |||
Dec 7, 2017 - Fonterra Co-operative Group Limited today reduced its forecast Farmgate Milk Price for the 2017/18 season from $6.75 to $6.40 per kgMS and updated the market on its financial results for the first three months of the 2018 financial year. Chairman John Wilson says the lower forecast Farmgate Milk Price reflects a prudent approach to ongoing volatility in the global dairy market. The GlobalDairyTrade price for whole milk powder is a big influencer of the Farmgate Milk Price and it has declined by almost 10 percent since 1 August 2017.
“While the result of the arbitration with Danone has impacted our earnings guidance for the season, it has no influence on our forecast Farmgate Milk Price,” says Mr Wilson.
“What is driving this forecast is that despite demand for dairy remaining strong, particularly in China, other parts of Asia and Latin America, we are seeing strong production out of Europe and continued high levels of EU intervention stockpiles of Skim Milk Powder.
“This downward pressure on global prices is being partly offset by the lower NZ-US dollar exchange rate,” says Mr Wilson.
“Our strong financial position, customer order book at this point in the year, and confidence in demand means that the Board is able to increase the payments made in January by 10 cents per kgMS and will hold the Advance Rate through to the payments in May.
“In effect, our farmers will receive equal or higher payments for their milk over this period than were scheduled under the previous $6.75 milk price.
Fonterra has also updated its full season New Zealand milk collection forecast due to ongoing challenging weather conditions. The Co-operative has reduced its forecast by 1 per cent to 1,525 million kgMS – the same volume as last season.
First Quarter Financial Results
Fonterra’s first quarter revenue of $4 billion is up 4 per cent on the same period last year. Sales volumes are down 20 per cent to 3.9 billion liquid milk equivalent (LME), while the gross margin of 16.7 per cent is also down.
Chief Executive Theo Spierings says the first quarter financial results were generally as expected as the Co-operative started the year with record low inventory followed by the second year of low spring milk collections from New Zealand due to wet weather.
“This has challenged our Ingredients business where we had lower volumes to sell. As a result, sales were down 19 per cent to 3.6 billion LMEs compared to the same time last year.
The gross margin in Ingredients was in line with the second half of last year. However, when we compare it to the same period last year it was down from 12.1 per cent to 8.1 per cent, mainly due to the rise in commodity prices,” says Mr Spierings.
“Our Consumer and Foodservice business continued with strong sales volumes in our key markets across both Greater China and Asia with, overall, just a 3 per cent decline to 1.3 billion LMEs in total volume compared to the record levels at the same time last year.
“Gross margin in Consumer and Foodservice was 24 per cent. While this is down on the 31 per cent in the first quarter of 2017 when input costs were lower, it is up on the gross margin percentage in the last quarter of 2017. This positive trend demonstrates we can create more value in our Consumer and Foodservice business despite higher input costs and reflects the strength of our strategy of moving more volume into higher value.”
Mr Spierings says the Co-operative expected performance to be weighted to the second half of the year and remains confident in its full year forecasts following revisions after the recent Danone announcement.
“We are focused on continued tight operational and financial discipline and a keen eye on our customers’ needs to maximise sales opportunities.”
| A Fonterra communication || December 7, 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
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