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23/01/2024

Murphy O'Neal can't understand why Kiwis are still building houses the way they have for decades, with all the associated costs, lack of productivity, and environmental impacts.

Originally from Memphis, Tennessee, he moved to New Zealand and looked to build his dream house. After an eight-year delay for consents, he thought there had to be a better way. He eventually founded Adaptable Structures, an open architecture system made from recycled aluminium framing that uses 40% less carbon than traditional methods.

Despite the 'no-brainer' system, he hasn't been able to attract support from the likes of Callaghan Innovation, Kāinga Ora - Homes and Communities, MBIE, Auckland Council, Ministry of Housing and Urban Development, and more.

Read more in Maria Slade's article: http://tinyurl.com/yv5z6zw3

22/01/2024

The involvement of undischarged bankrupt and tax offender Richard Lascelles in Morgan+Stone contracts was obscured by an anonymous website and a trading trust.

One customer spoke to NBR about his new swimming pool contract, which ended with him hiring another firm to complete it months later. He estimates the extra costs involved come to over $40,000. "I only found out who Richard was when the excavator said he wasn't being paid."

Concrete contractor Laurent Reti took to social media to try to get the $12,000 he was owed. "There's people still owed for 10 years. There's people still waiting for their swimming pools to be built."

Read Tim Hunter's article here: http://tinyurl.com/kjyv5tck

21/01/2024

For several months now, and with increasing frequency, Yemen’s Houthi rebels have attacked several commercial ships crossing through the Bab el-Mandeb strait, the mouth of the Red Sea at its southern end, imperilling the voyages of some 15% of the world’s commercial shipping traffic.

Meanwhile, cargo capacity on the (mainly) to Europe/UK route is reducing dramatically, causing a boom in air freight demand, the cost of which has increased by almost 100% in recent weeks.

Dita De Boni has analysed the current global export crises and interviewed the experts. Read the article here: http://tinyurl.com/47yrfxy8

18/01/2024

Outgoing Milford Asset Management chief executive Mark Ryland recommended KiwiSaver investors be allowed to keep 20% of their money in a private assets fund exempt from switching requirements.

Ryland, whose firm is the fifth biggest KiwiSaver provider according to Morningstar, wrote an article for The Post on December 10 saying, "For the average KiwiSaver investor right now, the opportunity to have a stake in up-and-coming unlisted local businesses and public-private partnerships... is limited, and yet those investment opportunities could be very attractive for young New Zealanders with a 30 to 40-year investment time horizon ahead of them."

NBR's award-winning journalist Tim Hunter disagrees. Read his article here: http://tinyurl.com/2uawdkd8

17/01/2024

Auckland-based robotics startup PowerON, which attracted capital from a number of high-profile investors, has failed.

PowerON chair and Matū Group managing partner Greg Sitters told NBR the company failed because it ran out of money, after a key funding deal fell over late last year.

“We’re all disappointed,” he said. “We were literally on the cusp of just really doing some really good things in 2024 and beyond. It’s kind of like a perfect storm of events – we needed to buy ourselves another six to nine months and just were not able to it.

"It's a real shame," he said.

Read more: http://tinyurl.com/3wabb368

17/01/2024

A US acquisition by New Zealand-based funds administration group FNZ has gone pear-shaped, with a US$6.5 million ($10.5m) court claim and the resignation of two executives.

Details of the dispute were revealed in court filings by FNZ Group on January 12 seeking repayment of loans to Adam Green and Shlomo Gross, founders of Florida-based fixed-interest platform YieldX acquired by FNZ a year ago.

Green and Gross both cited a breach in agreement by FNZ cutting workforce numbers from 43 to 26, and "wholly inaccurate and intentionally misleading" financials in their resignation letters last November.

Read more: http://tinyurl.com/ae9v6vdy

15/01/2024

An international private equity firm has gained approval to purchase a New Zealand-founded ed-tech company for $140 million after tracking its global success.

Last October, UK-based Tenzing Private Equity received consent to buy Totara Learning Solutions (Totara) – a learning and talent development business – through Tenzing’s applicant subsidiary Athena NZ Bidco.

“For us it’s a really exciting opportunity to continue what has been started," Totara New Zealand general manager and chief product officer Benn Crawford said.

Read more: http://tinyurl.com/598ewnmk

14/01/2024

Australia’s superannuation industry owns around 40% of shares on the Australian Securities Exchange, a percentage forecast to grow to around 60% by 2040. By sheer weight of numbers then the super funds can have a major influence on the companies they invest in and - if they chose to - drive an agenda which might not always be in alignment with other shareholder groups.

For some people, this is becoming a problem. The power of “Big Super”, particularly the 30% under the management of industry funds which had their origins in the union movement, is now something of a culture war issue as well as an issue of corporate management.

Read more in Lachlan Colquhoun's article linked here: http://tinyurl.com/23rkmmpx

13/01/2024

The Financial Markets Authority NZ had never come across a company quite like Validus when it began to descend on the country’s Tongan community in 2022.

It married together multi-level marketing, , financial products and foreign exchange trading courses into an unholy union that was loudly promoted by its loyal members.

While the FMA took plenty from how it was able to clamp down on Validus, and effectively put a black mark against the company’s name, there were still lessons to be learnt from how it communicates warnings and connects with minority communities.

Read Nicholas Pointon’s article here: https://www.nbr.co.nz/law/what-the-fma-learnt-from-validus?utm_source=facebook.com&utm_medium=cpc&utm_campaign=post&utm_content=link

11/01/2024

Many a residential property investor will be breathing a sigh of relief these Christmas holidays as the new coalition Government’s more landlord-friendly policies bed in.

Restoring the deductibility of mortgage interest costs, bringing the bright line test back down to two years, and reinstating the 90-day "no cause" rule for ending tenancies is music to the ears of investors battling falling prices and high interest rates.

NBR asked the property experts for their take on what a return to pre-Labour policy settings will mean, and advice for investors on how to handle the altered landscape.

Read more: https://www.nbr.co.nz/property/hope-is-on-the-horizon-for-landlords?utm_source=facebook.com&utm_medium=cpc&utm_campaign=post&utm_content=link

10/01/2024

New Zealand has a new government, and with that comes a completely different view of how the country can become more productive – or earn more for the hours we work.

The new coalition Government has said it will put productivity ‘at the heart’ of all its decision making. But it’s taking a novel approach to that quest in ditching the Productivity Commission established in 2010/11 under then-Act leader Rodney Hide.

Do economists agree with this? Read Dita De Boni’s article for more: https://www.nbr.co.nz/business/who-needs-a-productivity-commission-anyway?utm_source=facebook.com&utm_medium=cpc&utm_campaign=post&utm_content=link

09/01/2024

A lot has changed in the three years since New Zealand First leader Winston Peters was Foreign Affairs Minister. ⁠
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In his third stint in the job – he was previously Foreign Affairs Minister in 2005-2008, as well as 2017-2020 – Peters says there is no doubt the world is a more dangerous and uncertain place than it was in 2020. ⁠
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“There is a new sense of tension and a new sense of risk or potential danger, much more acute now than it has been for some time.”⁠
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Read more by heading to our link in bio and clicking on this thumbnail.⁠
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09/01/2024

James Cameron is set to become a New Zealand citizen this year. The 69-year-old Canadian-born filmmaker behind some of the world’s all-time highest grossing films – such as Titanic and Avatar – has called this country his home for some time.

In an on-stage conversation with TVNZ journalist John Campbell at Spada’s Screen Industry Conference last November, he waxed lyrical about being a wind-swept Wellingtonian who wants to make all of his future films in New Zealand. However, his comments were followed with a warning: New Zealand needs to replenish its stock of screen industry talent – and he doesn't mean actors.

“We’ve got to have the new people,” he said. “I’m not talking just about writers and directors. I’m talking about the tradies, the craftspeople, the dolly grip, the crane grip. Those are all art forms in and of themselves.”

Read more: https://www.nbr.co.nz/tech/dark-city-helps-light-up-canterburys-screen-production-potential?utm_source=facebook.com&utm_medium=cpc&utm_campaign=post&utm_content=link

08/01/2024

At a rooftop bar in Auckland one sunny evening in November, fund managers at an awards event were treated to a presentation from online education specialist Frances Valintine about artificial intelligence.⁠
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Valintine spoke like an AI evangelist, hammering out stats on the exponential growth of investment in the new technology and its rapid emergence in the consciousness of CEOs the world over.⁠
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The future, she said, will be divided into a world of haves and have-nots – those who understand and use AI, and those who do not; by implication, those invest in AI and those who do not.⁠
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Is AI an investment fad? Read Tim Hunter’s article by heading to our link in bio and clicking on this thumbnail.⁠
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08/01/2024

At a rooftop bar in Auckland one sunny evening in November, fund managers at an awards event were treated to a presentation from online education specialist Frances Valintine about artificial intelligence.

Valintine spoke like an AI evangelist, hammering out stats on the exponential growth of investment in the new technology and its rapid emergence in the consciousness of CEOs the world over.

The future, she said, will be divided into a world of haves and have-nots – those who understand and use AI, and those who do not; by implication, those invest in AI and those who do not.

Is AI an investment fad? Read Tim Hunter’s article here: https://www.nbr.co.nz/tech/ai-boom-or-bubble?utm_source=facebook.com&utm_medium=cpc&utm_campaign=post&utm_content=link

07/01/2024

Mainzeal has dominated NBR’s annual litigation outlook for several years, with one litigation partner dubbing it the directors’ duties case of a generation.

Well, after more than eight years of litigation, the Supreme Court finally delivered the highly anticipated judgment last August, setting the director playbook for another generation or more.

That means we have a new main litigation theme for 2024 (even if most are still talking about the implications of the Mainzeal ruling).

Read Hamish McNicol's Litigation Outlook for 2024 here: https://www.nbr.co.nz/law/litigation-outlook-2024-esg-insolvencies-and-cyber?utm_source=facebook.com&utm_medium=cpc&utm_campaign=post&utm_content=link

04/01/2024

On the phone from his home in Golden Bay, Chris Castle is viewing the verdant results of years of effort.

“It’s nice to just go outside and play on your own golf course,” he says. “I’m looking at the home green now and thinking it needs a mow.”

Chris Castle has been searching for paydirt with various NZX-listed resources companies for the past 20 years in a career more remarkable for persistence than profitability. Will any of his companies make money for shareholders?

Read Tim Hunter's article here: https://www.nbr.co.nz/investment/the-perennial-optimist?utm_source=facebook.com&utm_medium=cpc&utm_campaign=post&utm_content=link

03/01/2024

Economic analysts have been surprised at how sticky inflation has been over 2023, using a pencil and a crystal ball to try and plot a path forward.

In November, the Reserve Bank of NZ threw caution to the wind, in that it had a “willingness” to hike the official cash rate again because of worries about ongoing inflation pressures.

It ultimately decided to leave the cash rate on hold at 5.5%, as widely predicted, in the last review of the year.

Deputy governor Christian Hawkesby told NBR the devil would be in the detail over the summer break.

Read more: https://www.nbr.co.nz/economics/deep-dive-into-economic-tea-leaves-and-crystal-gazing?utm_source=facebook.com&utm_medium=cpc&utm_campaign=post&utm_content=link

02/01/2024

As Australia heads to the beach and turns on the cricket and tennis for a month or so, the lingering question for many investors is the annual discussion on which stocks are the ones to pick for 2024.

Thankfully, a late rally saw the main ASX 200 index end 2023 in positive territory by about 4%, sparing embarrassment and prompting sighs of relief among index-hugging fund managers and some champagne popping by stock pickers.

But, as we all know, the market moves on quickly, so getting set for 2024 is a clear imperative for many participants who will be combining some analysis with their summer holidays.

Read more: https://www.nbr.co.nz/australia/macro-greenshoots-to-create-opportunities-on-the-asx-in-2024?utm_source=facebook.com&utm_medium=cpc&utm_campaign=post&utm_content=link

01/01/2024

As New Zealand was plunged into various lockdowns pet ownership surged as more people brought furry friends into their homes for companionship.

While 5.2 million people call New Zealand home, about 4.3 million pets do the same, equating to more than 60% of households.

However, as the pandemic and its restrictions eased, both headwinds and new opportunities have arisen – so, what is the state of the pet sector and the businesses it supports?

Read Kate McVicar’s article here: https://www.nbr.co.nz/business/is-the-dogs-dinner-still-a-golden-goose?utm_source=facebook.com&utm_medium=cpc&utm_campaign=post&utm_content=link

31/12/2023

When it comes to , it seems a given that those profiting from the moana would have the health of the ocean environment and the abundance of fisheries stocks at the top of their minds.

A poor environment and ineffective management of fishing leads to depleted stock levels, which means lower profits, fewer businesses in operation, lower employment rates, less money in the local economy, and soaring costs for consumers. Therefore, it would seem natural that the ecological health of the ocean and ensuring bountiful stock levels would be at the top of priorities.

However, with debt to repay and shareholders to appease, the balance appears to have tipped in favour of economic interests.

Read more: https://www.nbr.co.nz/business/nzs-fishing-dilemma-economy-vs-ecology?utm_source=facebook.com&utm_medium=cpc&utm_campaign=post&utm_content=link

28/12/2023

Damien Smith loves business so much he left politics after just three years, turning his back on the opportunity to be part of a governing party in Parliament.

The former Act MP was a quiet achiever in his three years, spending his time productively on the Finance and Expenditure Select Committee.

In the third and final interview on politicians who have made the transition back to business, Smith says he has no regrets about doing so after just one term in Parliament.

Listen to the interview here: https://www.nbr.co.nz/politics/former-act-mp-returns-to-his-first-love-business?utm_source=facebook.com&utm_medium=cpc&utm_campaign=post&utm_content=link

27/12/2023

Simon Bridges was once leader of the New Zealand National Party and then, under Christopher Luxon, its finance spokesperson.

Had he stayed in politics Bridges would have presumably been sworn in as the country’s new finance minister in November but, in 2022, he opted to leave politics and head into the world of business.

In Bridges’ case, he stayed kind of close to politics by taking up the role of chief executive of the Auckland Business Chamber . Were there no pangs of regret when the coalition Government was sworn in?

Listen to the interview here: https://www.nbr.co.nz/politics/adrenaline-junkie-finds-the-pace-of-business-slower-than-politics?utm_source=facebook.com&utm_medium=cpc&utm_campaign=post&utm_content=link

26/12/2023

Former Labour Government minister Stuart Nash ended his ministerial career in controversial fashion, and he is now pleased to be back in the more anonymous world of business.

After almost six years as a cabinet minister and 12 years as an MP, Nash bowed out of politics after running into trouble this year. Just two days after the election, Nash started a new role as New Zealand commercial director for global recruitment company Robert Walters.

This is the first in a short series where NBR talks to politicians who have made the jump back into the business world.

Read more: https://www.nbr.co.nz/politics/from-helping-run-the-state-sector-to-recruiting-for-it?utm_source=facebook.com&utm_medium=cpc&utm_campaign=post&utm_content=link

25/12/2023

By some measures, 2023 has been an ‘annus horribilis’ for Australia’s flagship carrier Qantas, but it was also a year in which the flying kangaroo soared back to profitability – and a record profit at that.

The list of bad news for Qantas in 2023 is a long one and there’s no doubt it has affected the once revered brand, but what financial damage has that done?

Read Lachlan Colquhoun’s article here: https://www.nbr.co.nz/australia/2023-the-year-qantas-trashed-its-brand-and-made-record-profits?utm_source=facebook.com&utm_medium=cpc&utm_campaign=post&utm_content=link

24/12/2023

A South Auckland suburb with a growing, diverse population will soon be served by a new luxury food and entertainment precinct.

Set to open in March, Derby Square will extend upon the existing town centre as the third tier of its development.

“Our customers are not too different from the customer that you would find further up the motorway,” Derby Square project director James Kermode tells NBR. “They just haven’t been well serviced.”

Read more here: https://www.nbr.co.nz/property/takanini-set-for-new-luxury-hospitality-development?utm_source=facebook.com&utm_medium=cpc&utm_campaign=post&utm_content=link

21/12/2023

The local stock market is on track to finish in the red for the third year in a row.

who are wired to search for silver linings may take solace in the fact the decline in the Top 50 index was not as abrupt as the year prior, with the market falling 1.4% in 2023 versus a 12% drop in 2022.

With the new year drawing near, once again there is a quiet sense of hope from the analysts and portfolio managers spoken to by NBR: that 2024 will be different. Much like this: “We approach 2024 cautiously optimistic that the first three-year negative streak in the NZX50 history is behind us,” Forsyth Barr analysts said in a recent research note.

Time will tell if this call holds up well in 12 months.

Read Nicholas Pointon’s article here: https://www.nbr.co.nz/investment/hot-stocks-to-watch-in-2024?utm_source=facebook.com&utm_medium=cpc&utm_campaign=post&utm_content=link

20/12/2023

Self-described financial “super app” Revolut is targeting newbies with the launch of new service which will enable New Zealand customers to buy and sell .

But the offering comes with a catch, as local customers who purchase digital assets through their app would be unable to take sole custody of their assets, nor did they technically own them.

Read Nicholas Pointon's article linked here: http://tinyurl.com/yu7d38bc

19/12/2023

A failed Auckland property investment group owes at least $85.3 million, with interest continuing to accrue, liquidators’ reports show.

Financier Vincent Capital placed Treasure Plus and related company Atkin Apartments in receivership in September, and a month later called in voluntary administrators. Baker Tilly is now the liquidator of both entities.

Its first liquidators’ report for Treasure Plus shows the company owes $85.3m, made up of $57.93m to Vincent Capital, $26.4m to an individual called Leyi Chen, and $1m to Inland Revenue.

Read more: https://tinyurl.com/4ckytj6f

18/12/2023

Wise co-founder and chief executive Kristo Käärmann says New Zealanders are effectively being ripped off by a lack of transparency in the fees they pay to banks and other money transfer agents.

In a recent interview with NBR, Käärmann says banks include a mark-up on the foreign exchange rate in international payments. A recent submission by Wise to the Commerce Commission calls for an inquiry for improved transparency.

"By focusing this study on the financial products where the most immediate impact can be found, the stated intention to reduce the costs of living can be realised,” the submission said.

Read more: https://tinyurl.com/24whf46b

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Price Check: #Supermarket operators refuse to explain 'sawtooth' booze pricing. NBR gained exclusive access to the new software platform PricePulse, which tracks pricing of products at the major supermarkets over time. One of the clearest trends it uncovers is sharp and almost weekly movements in #alcohol prices. For example, the average price of a dozen 330ml Heineken lager bottles ranged by 39% between mid-September and this week. Both Countdown Supermarkets and the Foodstuffs cooperative of PAK'nSAVE, New World, and Four Square, decline to address the question of alcohol pricing. Read more: http://tinyurl.com/z6538syu #newzealand #newzealandbusiness #nz #nzbusiness #aotearoa #supermarket #supermarketshopping #duopoly #retail #interview #kiwi

Price Check: is The Warehouse having any effect? Today's feature by Maria Slade compares two locations; #Porirua with Countdown Supermarkets, PAK'nSAVE, New World, and The Warehouse all within walking distance, and central west Auckland with only six Countdowns. On the surface of it, consumers may think this means competition between retailers in Porirua would yield better prices than in Auckland’s Countdown-dominated central west. However, a closer look at data from new software tool PricePulse tells a surprising story. Read more: https://tinyurl.com/mrvcvvfu #newzealand #newzealandbusiness #nz #nzbusiness #aotearoa #supermarket #supermarketshopping #duopoly #retail #interview #kiwi

SPECIAL INVESTIGATION: NBR has got its hands on never-before-seen supermarket pricing data, which shows just how complicated transparency and finding value on groceries has become. Prices of core products can vary as much as 91% over a six-week period. NBR was given access to a tool by Ordian, which has collected pricing data from top grocery retails for more than six months. This week, Price Check: the supermarket series is launched as a special investigation into the supermarket sector using this data. Read an overview here, including exclusive interviews: https://tinyurl.com/3pc87pfj #newzealand #newzealandbusiness #nz #nzbusiness #aotearoa #supermarket #supermarketshopping #duopoly #retail #interview #kiwi

New Zealand First leader Winston Peters believes a #coalition deal can be sorted within the next two weeks but does not rule out walking away from talks if no agreement can be reached. Peters told NBR he also believed more progress could have been made sooner had the New Zealand National Party and the Act party not been fixated on doing a deal together without New Zealand First. Listen to the exclusive interview and article by Brent Edwards by clicking the link: https://www.nbr.co.nz/politics/new-zealand-first-sees-areas-of-alignment-with-national-and-act?utm_source=facebook.com&utm_medium=cpc&utm_campaign=Peters&utm_content=link #newzealand #newzealandbusiness #nz #nzbusiness #aotearoa #nzpol #nzelection #government

The craze for #diabetes drug Ozempic may have contributed to ASX-listed CSL’s success having hiccups this year, but some analysts see a buying opportunity. Since privatisation in 1994, the Australian company has been on an upward trajectory and is now not only the biggest #medical stock on the ASX but a global player, beloved by investors and fund managers. However, CSL #shares began to slide in June, hit by higher #bond yields then the Ozempic hype. The investment community, however, still thinks CSL is an attractive buy. Read more: https://www.nbr.co.nz/shoeshine/crash-diet-for-csl-shares-might-be-coming-to-an-end?utm_source=facebook.com&utm_medium=cpc&utm_campaign=referral&utm_content=link #newzealand #newzealandbusiness #nz #nzbusiness #aotearoa #investment #australia #australianbusiness

Celebrating 53 Years of NBR! From its humble beginnings in 1970 as a fortnightly newspaper to becoming New Zealand's leading digital source for business news and analysis, today we relive five decades with five NBR milestones: 1. 1970: NBR was launched as the first business-focused fortnightly newspaper by Henry Newrick. 2. 1987-1991: NBR evolved into a daily print publication, cementing its position as a trusted news source. 3. July 2009: NBR introduced the paywall, a pioneering move in NZ media that others have now followed. 4. 2012: Todd & Jackie Scott acquired NBR, kickstarting a new era of innovation and a fresh perspective while maintaining NBR's rich legacy. 5. March 2020 saw the last print edition of NBR. The pandemic accelerated NBR's transition to digital content which started in 2009. Today, NBR is advertising and sponsorship free. We do not accept any government funding. NBR is funded by you the reader and we are committed to another 53 years of delivering unbiased news and analysis from which you can form your own opinions. Read an interview with the owners here – https://tinyurl.com/2j42fes6 #newzealand #newzealandbusiness #businessnews #nz #aotearoa #businessreview #anniversary

Celebrating 53 Years of NBR with five key NBR milestones.

Stuff’s Sinead Boucher reveals the company has turned down external investors: “It’s clear [those offering it] have a specific agenda around controlling the news. It’s not like there’s been screeds of them, just a few.” Sign up for a free NBR trial today. https://www.nbr.co.nz/business/profitable-growing-and-happy-stuff-in-2023-according-to-ceo/

#BeehiveBanter: Prime Minister Chris Hipkins could hardly have imagined a more hectic start to his prime ministership. Sign up for a free NBR trial today. https://www.nbr.co.nz/beehive-banter/politics-floods-climate-change-and-rebuilding-after-the-cyclone/

#EdwardsOnPolitics: The latest Salvation Army state of the nation report will provide an important backdrop to the election debate, even if politicians tend to largely ignore it. Sign up for a free NBR trial today. https://www.nbr.co.nz/edwards-on-politics/salvation-army-wants-focus-on-parties-policies-on-child-poverty/

#RightOfCentre with Brigitte Morten: Tory Whanau, elected with a strong margin in 2022, did not pretend in her election campaign that she had big plans for Wellington. What perhaps is surprising is that, once she saw the state of council’s finances and the infrastructure needed, her priorities did not change. https://www.nbr.co.nz/right-of-centre/social-licence/