Founded by Max Farndale 1947 - 2018
1 Nov - Suntory Beverage & Food (SBF) has entered into an agreement to sell its Cerebos Food & Instant Coffee business in Australia and New Zealand and its Asian Home Gourmet Singapore business to US giant The Kraft Heinz Company for a total of AU$290 million. Cerebos’s Food & Instant Coffee business includes iconic food brands in Australia and New Zealand such as Fountain, Gravox, Saxa, Foster Clark’s, Gregg’s, Bisto, Raro and Asian Home Gourmet. These cover a range of products including sauces, gravies, herbs and spices, salt, condiments, Asian sauces, desserts and cooking ingredients.
However, SBF will retain its Cerebos Fresh Coffee business in Australia/New Zealand led by Terry Svenson, CEO of Cerebos Australia and New Zealand. The new business unit, called ‘Suntory Coffee’, will target the rapidly growing global fresh coffee market.
Although Svenson stated that the manufacturing efficiency of the Food & Instant Coffee business has significantly progressed in 2017, he explained the reasons behind the decision to sell it.
“Food & Instant Coffee is not a core focus category for SBF and we believe this business can be maximised under different ownership. The Food & Instant Coffee business will now have opportunities to leverage Kraft Heinz’s operations to grow the business further,” he said. “In the meantime, the transaction also enables our Fresh Coffee business to benefit from SBF’s continued investment and focus on its beverage portfolio, so we can capitalise on our market-leading positions to maximise growth opportunities.”
The acquisition of Cerebos Food & Instant Coffee marks Kraft Heinz’s aim to expand its already well-established platform in Australia and New Zealand. As the fifth-largest food and beverage company in the world, it possesses several well-known brands including Heinz, Kraft, Wattie’s, Eta and Golden Circle, which sell beans and spaghetti, sauces, soups and dressings.
Bruno Lino, CEO of Kraft Heinz Australia and New Zealand, said: “The transaction provides an exciting opportunity for Kraft Heinz to expand its portfolio into complementary categories, stretching the footprint of Cerebos’s brands into new categories and markets.
“In addition to the iconic local brands, Cerebos has a strong team that will play an important role in our future growth. This transaction reinforces our commitment and long-term plan to the Australia and New Zealand markets in addition to our significant investment in the Kraft brand for 2018. We will continue investing in our brands, factories and our employees to meet consumer needs and expectations,” he said.
The combined businesses will be led by Lino. The sale is expected to be completed in early 2018, subject to regulatory approval.
|A FoodProcessing release || November 1, 2017 |||
The NZ$36 billion New Zealand Superannuation Fund and Fidelity Life, New Zealand’s largest Kiwi-owned life insurer, today announced a proposal for the Fund to take a minimum NZ$100 million, 41.1% cornerstone stake in Fidelity Life. The transaction is subject to a number of conditions, some of which require action from shareholders.
Fidelity Life Chair, Brian Blake, says securing the NZ Super Fund as a major shareholder will provide new capital which will enable the company to accelerate its growth strategy.
“Fidelity Life has experienced strong growth in recent years and this has outpaced our ability to fund the future rate of growth we’re aiming for without additional capital.”
“If our shareholders provide the necessary approval for the investment to proceed, the new capital will allow us to deliver on our future strategy providing strong, sustainable returns and growth over the long term,” said Mr Blake.
Fidelity Life is privately held by more than 150 shareholders. The proposed investment is to be made up of $75 million of new shares issued to the NZ Super Fund at $115 per share; and the acquisition of a minimum of $25 million of existing shares. As part of the acquisition of existing shares, eligible minority shareholders (including all New Zealand resident shareholders) will have the opportunity to sell some or all of their shares to the NZ Super Fund for $130 per share. This offer does not extend to the Company's majority shareholders. The NZ Super Fund will acquire shares from the Fidelity Family Trust at $115 per share.
“The NZ Super Fund is a great fit with Fidelity Life. We were both founded by Kiwis for Kiwis and are focussed on protecting the future for New Zealanders. The proposed investment represents a strong vote of confidence in Fidelity Life by New Zealand’s pre-eminent investor,” said Mr Blake.
NZ Super Fund Chief Investment Officer Matt Whineray said: “This is a rare opportunity for the Fund to take a significant direct stake in a New Zealand life insurance company. The additional capital we are providing will support Fidelity’s long-term growth plans.”
Independent advisers Simmons Corporate Finance have concluded that the value of the Fidelity Life shares involved in the proposed transaction is in the range of $110-$130 per share and that the total value of the company is between $198 million and $220 million.
“This is an exciting future step for Fidelity Life. We have come a long way since we were founded in 1973. We have more than 100,000 customers and our products are distributed via a network of 2,700 independent financial advisers and through strategic alliances. This new capital will enable us to build digital capability to support innovation, productivity and improved support for customers, advisers and our partners,” said Nadine Tereora, Chief Executive of Fidelity Life.
Fidelity Life’s Board is recommending shareholders support the investment. Shareholders, including the Fidelity Family Trust, will vote on changes to Fidelity Life’s constitution needed for the proposal to proceed at the company’s Annual Meeting on 12 December. If the constitution is altered and other conditions are met settlement will occur after then.
Shareholders can expect to receive their voting papers with the Notice of Meeting on 9 November.
About Fidelity Life
Fidelity Life is a New Zealand-owned insurance company with the purpose of protecting the New Zealand way of life. The company believes independent financial advice matters in ensuring Kiwis get access to the insurance protection they need. Fidelity Life distributes its products through a network of 2,700 independent financial advisers, as well as through strategic alliance partners, and employs around 300 staff across six offices. For more information please visit www.fidelitylife.co.nz
About The New Zealand Superannuation Fund
The $36 billion NZ Super Fund is a global investment fund that was established by the NZ Government to help pre-fund universal superannuation. A long-term, growth-oriented investor, the Fund has returned 10% p.a. since inception in 2003, and currently has around $5 billion invested in NZ, including significant stakes in Kaingaroa Timberlands, Datacom, Kiwibank and Metlifecare. For more information please visit www.nzsuperfund.co.nz
| A FidelityLife release || October 31, 2017 |||
1 Nov: The East Coast Farming Expo to be held at the Wairoa A&P Society grounds has begun its six-month countdown to showtime reports the Wairoa Star. The two-day event, which is hosted by the Society will be held on April 11 and 12, next year. Two days of interactive exhibits and seminars will give East Coast and Hawke’s Bay farming communities the opportunity to interact face-to-face with industry innovators and experts.
“If you are an East Coast/Hawke’s Bay farmer looking for the answers to keep your business moving forward, or an agricultural innovator wanting to spread your message, this event is perfect,” said event director Dave Martin. The whole point of the expo is about acknowledging the importance of face-to-face interaction when it comes to learning about new technology.
“Farmers on the East Coast miss out a lot so the expo is an opportunity for them to interact directly with specialist industry innovators, but in a more intimate environment and closer to home.
Continue here to read the full article in the Wairoa Star || November 1, 2017 |||
1 Nov: Pests and diseases from offshore can cause serious harm to New Zealand's unique environment and primary industries; and the Port of Tauranga is one of many potential gateways. Biosecurity week activities highlight the importance of biosecurity and the role that everyone in the Bay of Plenty can play in managing unwanted biosecurity risks Kiwifruit Vine Health Chief Executive BarryO’Neil told FreshPlaza .
“We’re looking forward to talking to people who work on and around the Port about biosecurity – it’s such an important issue and one that really does affect everyone.”
“People who own and work at local businesses remember what Psa has done to the kiwifruit industry. There are bugs and pests that we don’t want here in New Zealand because of the devastating effect they will have not only on kiwifruit, but on the whole of our horticulture industry and environment.”
“A good example is a particular type of bug we’re concerned about – it’s one of our most unwanted and called the Brown Marmorated Stink Bug. It’s a major nuisance that attacks fruit when it feeds and ruins it.It infests homes and in the USA we’ve seen it stop people from being able to sit outside their homes and have a simple BBQ”.
Port staff, transitional facilities, associated industries (such as transporters and other logistical operators), and biosecurity experts will be meeting at several events over the next six days to raise awareness and understanding of the importance of managing biosecurity risk.
Special guest Ruud 'The Bug Man' Kleinpaste will also be attending several industry and community school group presentations during the week to discuss the vital role of everyone who works and lives in and around the Port and local community in keeping unwanted pests and diseases out of New Zealand.
Throughout the week there will also be discussions with post-harvest facilities and transitional facilities to learn more about the frontline biosecurity systems they have in place. Biosecurity Week is part of the biosecurity excellence partnership between Port of Tauranga, the Ministryfor Primary Industries, Kiwifruit Vine Health, NZ Avocado, Dairy NZ, Forestry Owners Association, NZ Customs and Bay of Plenty Regional Council.
Port of Tauranga Chief Executive Mark Cairns said the week provides a good opportunity to strengthen the significance of biosecurity within the Port community.
“Effective biosecurity awareness is critical to us running a successful business and being able to continue to service the Bay of Plenty region. The various events we’re holding for our staff, contractors and localbusinesses who regularly interact with us and our facilities will give us the chance to show people what they should be looking out for and what to do if they find anything.”
“It’s an opportunity to demonstrate the good work that happens here at the Port, day in day out, to keep an eye out.”
“Our people are at the frontline – they’re the ones most likely to first notice an unwanted pest on cargo, vehicles or equipment moving off the port. By knowing what to look for and reporting unfamiliar insectsor suspicious looking pests they help protect everyone’s livelihood and the future of the kiwifruit, avocado and forestry sectors.”
| A FreshPlaza release || November1, 2017 |||
1 Nov - Gartner analysts share insights on how organisations can scale in the digital era, but warn not everyone can make it through this change. Digital is already reshaping industries, says Val Sribar, senior vice president at Gartner. But there is a certain point where affected industries drastically need to take action. Once digital revenues for a sector hits 20 per cent of total revenue, the shakeout begins, he says.
This happened to the retail sector in 2005, when traditional stores were in denial about online shopping.
They thought everybody wanted to buy clothes in the stores, but customers flocked to online stores like Amazon.
Today, Amazon is the largest clothing retailer in the United States.
For the clothing industry, disruption is the new black, says Sribar, speaking at the keynote this week at the Gartner Symposium/ITxpo in the Gold Coast.
“This lesson in retail applies to every industry everywhere,” says Sribar. “Twenty per cent is the point of no return.” He says winners are alreading emerging, but some organisations will not make it through the digital shift.
The new competitors and disruptorsSribar says disruptors are finding new opportunities and are attacking the weaknesses of incumbent businesses.
They are serving unmet customer demands, finding ways to use excess capacity in the supply chain, employ new platforms for awareness and marketing and capitalise on new distribution channels.
Digitalisation also exposes the weakness of the incumbents, as new entrants offer more choices, and better customer experience and price.
Sribar points out incumbents who are not standing still amidst this disruption, are using new digital KPIs for the business, such as the Gartner Digital IQ Index to analyse their brand’s presence in social media, e-commerce, digital marketing and mobile.
Sribar says these organisations measure how many ecosystems they participate in, and the conversion rates in each.
Digital asks for deeper outcome-driven measures and this applies to all industries, including government, he says.
“If you don’t create new efficiencies, new value or new ways to engage with customers and constituents, you are destined to fall behind.”
He proffers three ways organisations can scale in the digital era.
First is to scale up by gaining efficiencies. Second is to scale across by taking capabilities learned from one nit to another, while creating a culture that rapidly learns and adapts. Third is to scale out by combining growth and speed that comes with digitalisation.
He says in this new environment, there will be high demand for skills in three areas - artificial intelligence (AI), digital security and Internet of Things.
Continue here to read the full article on CIO || November 1, 2017 |||
1 Nov: The Labour-led government may have found a way to create a ban on foreign home buyers without breaching the TPP, but its opposition to the ISDS may present a higher hurdle, as Sam Sachdeva reports for Newsroom. One surprise about the Government’s confirmation of its plan to ban foreigners from buying existing houses was how effortlessly it seemed to sidestep its trade obligations.
Making the announcement, Prime Minister Jacinda Ardern and Trade and Export Growth Minister David Parker said the policy would not breach the TPP or any of its other existing trade deals, with the exception of Singapore.
However, an area where the Government will face greater difficulty is in its proposal to renegotiate the Investor State Dispute Settlement (ISDS) clauses in the TPP.
The ISDS provisions, which allow foreign investors to take action against a TPP country if they believe it has breached its investment rules, have proved controversial.
| Continue here to read the full article | November 1, 2017 |||
31 Oct: Building consents for new homes fell in September 2017, following a recent run of increases, Stats NZ said today. “The seasonally adjusted number of new homes consented fell 2.3 percent in September compared with August, after rising in each of the previous four months,” prices, accommodation, and construction senior manager Jason Attewell said. “Home consents have trended upwards recently, and are at a level last seen in 2004.”Some 2,770 new homes were consented in September 2017, up 6.0 percent compared with the same month in 2016.
On an annual basis, 30,892 new homes were consented in the September 2017 year – up 3.0 percent compared with the September 2016 year, despite a large fall in Canterbury. The national increase was driven by townhouses and apartments, with slight falls for retirement village units and houses.
The regions consenting the most new homes in the September 2017 year were:
Auckland – 10,317 new homes (up 2.9 percent from the September 2016 year) Canterbury – 5,122 new homes (down 18 percent as the post-quake rebuild continues to wind down, but still at a historically high level) Waikato – 3,596 new homes (up 1.7 percent) Bay of Plenty – 2,596 new homes (up 4.8 percent).
Note: We have improved the way we calculate the seasonally adjusted number of new homes consented. We now include an adjustment for the timing of Easter. As a result, the seasonally adjusted increase in the number of new homes consented in August 2017 has been revised down from 10 percent to 5.9 percent. For more information, see Building consents issued seasonal adjustment and trend changes in September 2017 on DataInfo+.
| A SyaysNZ release || October 31, 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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