Founded by Max Farndale 1947 - 2018
Gull NZ will continue business as usual despite Caltex’s acquisition.
Australian fuel retailer Caltex is all set to take over New Zealand fuel retail chain Gull, as part of its plans to expand its retail business.
The deal, worth $325 million, is now expected to be completed by July 3, after it received regulatory approval from the New Zealand Overseas Investment Office.
Under the terms of an agreement entered into in December 2016, the transaction will result in Caltex acquiring Gull’s Mount Maunganui import fuel terminal and retail operating assets.
According to Caltex, the acquisition will optimise its infrastructure position, build trading and shipping capability, grow the supply base and enhance the company’s retail fuel offering through low risk entry into a new market.
As part of the agreed terms of the transaction, Caltex will retain Gull’s brand, management and employees across the current newtwork of 78 Gull stores, and the six currently under construction.
A spokesperson for Gull said the company would be running business as usual, without changes or interruption to service.
Gull sells around 300ML of petrol and diesel fuels per year, representing five per cent of the New Zealand market.
Earlier this year Caltex received approval to purchase Victorian petrol and convenience retailer Milemaker and its 46 operating sites.
The $95 million Milemaker deal was finalised in May, with Caltex entering into long-term leases with an opt-out to 30 years.
Caltex chief executive Julian Segal said the Milemaker and Gull acquisitions were part of the company’s plan to mitigate the impact of losing its 13-year alliance with Woolworths, incurred after BP struck a $1.79 billion deal with the supermarket giant.
Mr Segal said the purchases would help transform Caltex from simply being a transport fuels provider, to grow into a larger convenience retail offering.
| A C-store release || June 27, 2017 |||
Early stage technology businesses in the regions can expect an easier pathway to support, thanks to the expansion of Callaghan Innovation’s founder incubators, says Science and Innovation Minister Paul Goldsmith.
Founder incubators are, as the name suggests, centred around a start-up founder, and bring groups of start-ups together, sometimes in a shared working space, to provide services to help with technology and market validation, business planning and investment preparation, among other support.
“Following an extensive tender process, Callaghan Innovation has awarded six providers one and two-year contracts for founder incubator services, beginning 1 July 2017,” Mr Goldsmith says.
The six successful applicants are:
“These successful applicants will significantly increase the extent of regional coverage. Our main cities are well served by multiple incubators and accelerators, but it has been much more difficult for regional start-ups to gain access to the same services.
“This regional expansion recognises that the tech sector’s best ideas do not only come from the main centres, and that improvements such as ultra-fast broadband mean that an export-focussed start-up could be based just about anywhere from Kaitaia to Bluff.”
Waikato-based founder incubator SODA Inc will work with partners to deliver services to start-ups in the Bay of Plenty, Gisborne/Tairawhiti and Hawkes’ Bay. The North Shore based ecentre will work with Northland Inc to deliver services to start-ups from the Te Tai Tokerau region. Wellington’s Creative HQ will look to bring services to several regions in the South Island.
Callaghan Innovation has also finalised contracts for business accelerators for the 2017/18 year, which includes the continuation of contracts for agritech accelerator Sprout, The Icehouse’s Flux, Creative HQ's Lightning Lab, and provision for a number of other sector-specific options in the coming year. Callaghan is also continuing the technology incubator pilot programme with funding confirmed for another two years.
The programmes demonstrate the Government’s commitment to encouraging more technology start-ups in New Zealand as a means to diversifying the economy and increasing productivity.
“These contracts underpin the Government’s commitment to readying the New Zealand economy for the technological disruption to come. Technology businesses create high value jobs, tend to be export-focussed form day one, and ensure that seismic shifts in global consumer demand will not consign our economy to the dustbin.
“I can’t wait to see the new Kiwi businesses that these incubators will help bring to market.”
More information on Callaghan Innovation can be found HERE.
| A Beehive release || June 28, 2017 |||
The Government is investing $170,000 in a Canterbury initiative that connects secondary students with businesses who can transition them into further education, employment or training.
The funding will also extend Christchurch’s Educated Job Ready Programme to Timaru.
Economic Development Minister Simon Bridges and Social Development Minister Anne Tolley announced the funding in Christchurch today at the launch of the Canterbury Regional Economic Development Strategy refresh.
“While Canterbury has New Zealand’s lowest regional unemployment rate, skills shortages pose a significant risk to high-value production across all districts in the region,” Mr Bridges says.
“Canterbury needs to keep its young people and ensure they have the knowledge and skills to get productive work in their region, both now and in the future. The region also needs to retain and retrain older workers and attract more people into the workforce.”
The Ministry of Social Development is working closely with other Canterbury agencies to support regional development and has a particular focus on young people who need additional support to play their part in the future workforce.
“By helping secondary schools and training institutions partner up with businesses we can support more young people into training and employment. This benefits them as well as the wider Canterbury community,” Mrs Tolley says.
“Our aim is to reduce the number of young people in Canterbury who are not in education, employment or training (NEET) so it remains less than the national NEET rate by June 2019.”
Due to the rebuild, Canterbury has a higher proportion of its workforce involved in construction than in New Zealand overall. The regional economic development initiatives will help the regional economy to keep growing after the earthquake recovery ceases to drive economic activity and employment.
| A Beehive release || June 23, 2017 |||
Statement by Reserve Bank Governor Graeme Wheeler:
The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 1.75 percent.
Global economic growth has increased and become more broad-based. However, major challenges remain with on-going surplus capacity and extensive political uncertainty.
Headline inflation has increased over the past year in several countries, but moderated recently with the fall in energy prices. Core inflation and long-term bond yields remain low. Monetary policy is expected to remain stimulatory in the advanced economies, but less so going forward.
The trade-weighted exchange rate has increased by around 3 percent since May, partly in response to higher export prices. A lower New Zealand dollar would help rebalance the growth outlook towards the tradables sector.
GDP growth in the March quarter was lower than expected, with weaker export volumes and residential construction partially offset by stronger consumption. Nevertheless, the growth outlook remains positive, supported by accommodative monetary policy, strong population growth, and high terms of trade. Recent changes announced in Budget 2017 should support the outlook for growth.
House price inflation has moderated further, especially in Auckland. The slowdown in house price inflation partly reflects loan-to-value ratio restrictions, and tighter lending conditions. This moderation is projected to continue, although there is a risk of resurgence given the on-going imbalance between supply and demand.
The increase in headline inflation in the March quarter was mainly due to higher tradables inflation, particularly petrol and food prices. These effects are temporary and may lead to some variability in headline inflation. Non-tradables and wage inflation remain moderate but are expected to increase gradually. This will bring future headline inflation to the midpoint of the target band over the medium term. Longer-term inflation expectations remain well-anchored at around 2 percent.
Monetary policy will remain accommodative for a considerable period. Numerous uncertainties remain and policy may need to adjust accordingly.
| A RBNZ release || June 22, 2017 |||
Rockwell Automation has appointed Scott Wooldridge as Managing Director for Australia and New Zealand.
In the role, Wooldridge will oversee sales and business operations in Australia and New Zealand and be responsible for the company’s Growth and Performance Strategy, involving the overarching responsibility for people and strategy in relation to sales, service, delivery, projects and customer care.
“I’m looking forward to working closely with our key distributors, system integrators, end users and OEMs to make sure they continue to be well supported with industry leading power, automation and data management solutions and services,” said Wooldridge. “These Rockwell Automation solutions provide key competitive advantages for our PartnerNetwork organisations, enabling them to be market leading entities in their own right.”
Wooldridge has attained engineering and sales experience in the automation and energy industries both within Australia and the United States. Most recently, the CEO officer of the ASX listed company, Energy Action.
“A key strength of Rockwell Automation is that it is the largest company dedicated to industrial automation, it lives and breathes automation,” said Wooldridge. “I’m looking forward to contributing to its future and helping our customers meet their operational and business objectives in the long term.”
| A Ferret release || June 20, 2017 |||
A leading New Zealand tech businessman and a former refugee, Mitchell Pham, will deliver a speech in Auckland tonight as part of World Refugee Day.
Pham runs the Augen Software Group and is chair of NZTech and Fintech NZ. He is a trustee of the Auckland Refugee Family Trust (ARFT) which has helped settle 116 people in Auckland over the last five years. The families have come from Afghanistan, Congo, Eritrea, Ethiopia, Iraq, Myanmar, Pakistan, Somalia and Uganda.
Pham will be a speaker at the ARFT and New Zealand Red Cross art exhibition and charity fundraising event in Devonport, Auckland, tonight.
“As a former refugee, this world refugee day has special significance to me personally. I will be speaking tonight about my refugee journey story.
“I was one of the small percentage of people who were fortunate enough to have successfully get out of Vietnam during the 1980s, survived several near-death experiences crossing the South China Sea and two perilous years in four refugee camps in Indonesia. I resettled in the best country on earth, received world-class education here and established my life in New Zealand.
“I have built a business career in an industry – technology - that is now the fastest growing globally. I have reconnected with my immediate family after 13 years apart. I have expanded my Kiwi technology group back into Vietnam to support the growth of New Zealand businesses and creation of opportunities for both countries. I have established my own family and reunited with my siblings in Auckland living apart for 30 years.
“That's a lot of lucky stars to count in a row. But 30 years is a very long time - way too long - to wait to reunite with one's immediate family. So, in 2012, I co-founded the Auckland Refugee Family Trust to help refugees who, out of circumstance, desperately need assistance in reuniting with their families in New Zealand.
“Worldwide, tens of millions of people have been displaced because of conflict, persecution, famine, economic or natural disasters. Many do not survive the journey to safety and resettlement.
“When refugees who have resettled in New Zealand are given entry visas for the remaining members of their immediate families to reunite with them, these one-time-only visas are valid for two years during which time their family members must arrive in the country.
“Many refugees who are newly resettled in Auckland cannot generate the financial means to fund the relocation of their loved ones who are still in refugee camps or danger zones. This is where ARFT plays a role in helping the most desperate families whose visas are soon to expire.
“When new Kiwis stop worrying desperately about family members still living in precarious situations overseas, we start contributing to New Zealand much sooner,” he says.
| A MakeLemonade release || June 20, 2017 |||
Prime Minister Bill English has announced funding to kickstart a major upgrade of the electricity network in the Tongan capital.
New Zealand’s early commitment is expected to assist Tonga to attract other investors for the project.
“Our $5 million support will help provide safe, reliable electricity to around 8,500 households and businesses in Nuku’alofa and save around $1.1 million a year through reduced line losses,” Mr English says.
“This builds on New Zealand’s previous energy investments in Tonga, which include Tonga’s first large-scale solar farm in 2012, and other significant network upgrades.
“Access to clean, reliable energy is essential for businesses to thrive and to reduce reliance on fossil fuels used by diesel generators.
“We recognise this, and we are working with Tonga to help it achieve its energy goals.”
The Prime Minister made the announcement while in Tonga as part of the 2017 Pacific Mission.
| A Beehive release || June 16, 2017 |||
An article published today in the Reserve Bank Bulletin provides an overview of the importance of benchmarks, which are used to price, value and evaluate financial market transactions.
The Bulletin article notes the need for financial market benchmarks to be reliably measured, transparent and supported by strong governance arrangements. The article also explores the way that regulators worldwide are implementing reforms for interest rate benchmarking systems and processes. This follows the erosion in trust in benchmarks that occurred after the LIBOR scandal, where a number of international banks in London were found to have manipulated the LIBOR benchmark interest rates.
Significant work has been undertaken in recent years to improve the reliability, transparency, and governance in New Zealand’s key short-term interest rate benchmark, known as BKBM. The New Zealand Financial Markets Association has carried out this work and has generally brought BKBM in line with guiding principles published by the International Organization of Securities Commissions and Financial Stability Board.
The Bulletin article notes that significant declines in volumes traded during the BKBM rate set in recent years have raised concerns about the reliability of the BKBM as a benchmark rate. The Bulletin article discusses this trend as well as potential solutions for a recovery in the efficiency and liquidity of the New Zealand bank bill market.
More information: Developments in financial market benchmarks
| A RBNZ release || June 16, 2017 |||
Economic Development Minister Simon Bridges has today launched a new guide for potential investors highlighting opportunities in the Māori economy.
Speaking at the He kai kei aku ringa – E RERE Māori economy conference in Rotorua, Mr Bridges told the audience that Māori have huge potential to lift the New Zealand economy.
“Māori are a young and growing population who will form a large part of our future workforce. Māori control over $15 billion in assets, with significant land holdings, and are diversifying in to other high value sectors,” Mr Bridges says.
“Investors are interested in partnering with Māori, and global consumers are interested in their intergenerational outlook and underpinning cultural values of taking care of people, building strong relationships, and looking after the environment.
“The Māori Economy Investor Guide will help investors understand the Māori economy, culture and people. It offers insights as to how and where potential investors can engage with Māori enterprises, embrace the distinctive global advantages of the Māori economy, and forge strong partnerships for the future.”
Produced by KPMG, the Māori Economy Investor Guide was funded by the Ministry of Business, Innovation and Employment as part of their commitment to He kai kei aku ringa – the Crown-Māori Economic Growth Partnership.
The Guide can be found at www.mbie.govt.nz. Further information about investing with Māori can be found at www.nzte.govt.nz.
| A Beehive release || June 16, 2017 |||
Listed companies and other financial markets businesses will now have alternative options for sending annual reports, saving them money and time, says Commerce and Consumer Affairs Minister Jacqui Dean.
“Cabinet has agreed to changes to the Financial Markets Conduct Regulations 2014 which will allow ‘FMC reporting entities’ to reduce the number of annual reports they send,” Ms Dean says.
“This will result in time and cost savings, and a reduction in the amount of paper required.
“Currently companies are required to send to every shareholder a hardcopy of their annual report or a notice asking if the shareholder would like to receive a copy.
“Under the new process they can instead make their annual report publicly available online, after asking shareholders how they would like to receive the reports.
“Those shareholders who would like to receive printed annual reports can still receive one free of charge.
“My fellow MP Matt Doocey introduced a Member’s Bill on this matter late in 2016, noting that digital communication is now the primary means by which investors obtain information on listed companies. Many of the proposals in Mr Doocey’s Bill have now been adopted.
“I Intend to have regulations in place later this year.”
A copy of the Cabinet paper outlining the proposed changes is available at the MBIE website http://www.mbie.govt.nz/info-services/business/business-law/financial-markets-conduct-act/regulations
| A Beehive release || June 15, 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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