Founded by Max Farndale 1947 - 2018
Human resources consultancy, Dough HR, says small and medium-sized businesses need just as much human resources support and assistance as the big guys. Hence, they’ve recently launched a health check service which is already proving popular.
“We understand that with a growing business, sometimes you need to access HR skills and ideas but can’t justify investing in a part or full-time HR employee. That’s where we can help,” says Dough HR director Diana Barry.
She says workplace litigation is on the rise and inadequate or out-of-date human resources management can result in great risk to businesses, regardless of how positive their employee relationships may seem right now.
“The good news is our Dough HR Health Check enables businesses to quickly get a handle on exactly where they stand with their HR processes and procedures and then mitigate any unnecessary risks.”
The health check steps include Dough HR reviewing businesses’ existing HR processes including the recruitment, induction, and performance management of employees as well as their discipline and exit processes. Current documentation such as employment contracts, job descriptions and policies and procedures will also be reviewed to ensure they meet employers’ legal obligations.
Following the health check, Dough HR will deliver a comprehensive report advising businesses of areas of risk and opportunity. They will also provide a set of practical recommendations and can help businesses implement them immediately.
“We are all about quickly identifying any critical compliance issues, advising businesses on what actions are needed, and ensuring all processes and documents are legally compliant.
“Getting these issues sorted means going forward employees have the certainty and clarity of knowing what is expected of them, while employers have greater peace of mind to concentrate on their core business.”
Diana Barry says for a business wanting to take control of its human resources and mitigate any risk, a Dough HR Health Check is a great first step. For those businesses that are not sure whether their HR standards are up to scratch, Dough HR can be contacted via www.dough.nz
| A dough release | February 19, 2017 ||
Unilever on Friday rejected a $143bn (£115bn) takeover offer from US food giant Kraft Heinz, saying that it sees absolutely no “financial or strategic” merit in a tie-up.
Kraft said in a statement earlier in the day that it had “made a comprehensive proposal to Unilever about combining the two groups to create a leading consumer goods company with a mission of long-term growth and sustainable living”.
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Auckland Airport and Tainui Group Holdings have announced an agreement to develop a new 5-star hotel adjacent to Auckland Airport’s international terminal and the existing 4-star Novotel hotel. The new premium 250-room hotel will be operated by AccorHotels under the Pullman brand.
While the additional hotel development has long been a feature of Auckland Airport’s ‘airport of the future’ vision, Mark Thomson, Auckland Airport’s general manager - property, says the timing has been influenced by unprecedented demand for hotel accommodation in Auckland. Building the hotel now also responds directly to strong demand for accommodation that provides easy access to the airport terminals.
“Auckland Airport plays a key role in New Zealand’s growing tourism industry and in connecting Auckland to New Zealand and New Zealand to the world. This hotel, which will benefit from its premium location adjacent to the international terminal and the current Novotel, will provide more choices for travellers looking for high quality accommodation within walking distance of both terminals,” says Mr Thomson.
“Being able to walk to the terminals, rather than drive, has considerable appeal to hotel patrons and will also help reduce vehicle movements on our roads.”
The new hotel will trade as the Pullman Auckland Airport and will be developed in a 50:50 partnership with Tainui Group Holdings. As part of this agreement, Auckland Airport has increased its ownership stake in the Novotel hotel to 50%.
“The partnership with Tainui Group Holdings and AccorHotels has been very successful and we are pleased to be extending this relationship to another hotel project,” says Mr Thomson.
The hotel building will carry the name ‘Te Arikinui’, which is the chiefly title that the Late Maori Queen Te Atairangikaahu chose when she ascended to the Te Wherowhero (throne) at the time of her Coronation. The chiefly associations of Te Arikinui are in keeping with the 5-star premium experience to be offered at the hotel.
Chris Joblin, Chief Executive of Tainui Group Holdings, says that this agreement reflects the strength of the relationship that has been established between Tainui Group Holdings and Auckland Airport.
“This is an exciting project that will result in two complementary assets located in an exceptional position at New Zealand’s main gateway. This creates tremendous scope to create a unique, authentic New Zealand experience for airport visitors and hotel guests including through unique cultural elements incorporated in the design,” says Mr Joblin.
Construction is expected to start by the end of this year, with the hotel scheduled to open by late 2019. By this time, Auckland Airport’s international terminal will have undergone significant expansion and work will already be underway on the domestic section of our future combined domestic and international terminal.
Auckland Airport is currently investing more than $1 million every working day on infrastructure improvements, and expects this level of investment will likely continue into the near future.
Outright asset purchases may reduce opportunity to grow
More than half of New Zealand businesses are planning to increase their asset base in the first quarter of 2017, with the vast majority purchasing equipment to increase their asset base rather than replacing existing equipment. The bullish intentions resonate with other indices for business and consumer sentiment in New Zealand, reflecting strong economic growth as the economy tracks at 3.6 per cent, one of the highest rates in the developed world.
However, the latest round of the Alleasing Equipment Demand Index (the Index) has revealed that the way businesses are choosing to fund their assets, could hinder their growth prospects, with almost one in two intending to use equity or internal cash flow to fund their acquisitions.
The Index found that 51.2 per cent of businesses intend increase their asset base this quarter. This is the first time since the Index began in August 2015 that the quarterly increase has moved above 50.0 per cent. In comparison, only 3.0 per cent of businesses reported their intent to decrease their asset base.
Of those businesses looking to increase their asset base, the average increase is 8.9 per cent, another new high. In addition, more than 70.0 per cent of the assets earmarked for acquisition this quarter are part of new investment capital expenditure.
The sample group was divided into three segments, based on annual turnover, and for the first time included ‘upper corporate’ businesses with turnover in the $100 million to $250 million band.
This segment proved to be the most bullish, with 56.9 per cent planning an asset base increase, closely followed by 55.2 per cent of SME’s ($5-20m annual turnover). This leaves lower corporates ($20-100 million) at a significantly lower 41.5 per cent planning an increase.
While businesses are planning acquisitions, the biggest source of funds is internal, with 46.8 per cent saying they will use equity or internal cash flow to fund the purchases.
Commenting on these results, Alleasing Chief Executive Officer, Daniel Blizzard, said: “While this shows that New Zealand businesses are self-reliant, it also reveals significant potential for further growth if these businesses opt to fund their assets another way.
“Our research has found that one in five businesses are suffering from capital constraints, which are inhibiting their ability to expand. Nearly half of these businesses would like to achieve growth through M&A, but a lack of access to capital is frustrating their plans.
“The Index shows that while confidence is strong, major opportunities are being missed because businesses aren’t able to access sufficient capital. This could be a result of banks becoming cautious of how many loans they grant prior to the upcoming implementation of Basel III. If businesses want to grow and remain profitable, they will need to find alternative capital sources instead of relying on outright purchases.”
Leveraging an alternative capital source has the potential to release significant funds for cash flow or business investment. Index data reveals that 16.0 per cent of the asset base of New Zealand businesses is leased or financed. Based on recent data from Statistics New Zealand, this equates to businesses owning assets worth more than two times the value of the nation’s GDP. That is nearly $1.8 trillion of assets, of which, $992 billion are financial assets owned by the finance and insurance sector (i.e. rented or leased). This suggests that businesses across the country hold just over $800 billion in non-financial assets*.
Applying the result from the Alleasing Index, 16.0 per cent of this is leased or financed, leaving a balance of $672 billion in owned assets, compared with national GDP of $255 billion.
“Not all of these assets could be leased or re-financed, but it is clear that adjusting even a small percentage could have a significant impact. By releasing these funds back into a business the capital constraints that are inhibiting growth may be overcome,” says Alleasing’s Daniel Blizzard.
*Non-financial assets are classified as machinery, equipment, transport vehicles, non-residential buildings, marketing assets etc. as stated by Statistics New Zealand.
Download your copy of the New Zealand Equipment Demand Index.
| An Alleasing release | february 16, 2017 ||
The Reserve Bank will continue to engage with stakeholders about its proposed ‘Dashboard’ approach to quarterly disclosure for locally incorporated banks.
The dashboard aims to enhance market discipline by making key information on locally incorporated banks available on the Reserve Bank website in a timely manner and in an accessible format which can facilitate comparisons across banks.
The Reserve Bank ran a consultation on the dashboard concept last year, and has today published a summary of submissions.
Deputy Governor Grant Spencer said all 18 submitters were supportive of the Reserve Bank’s objective to improve the effectiveness of public disclosures by banks, but some raised issues about publication timing, control of the data published, data comparability and the proposed inclusion of short term liquidity metrics.
“After carefully reviewing all feedback, the Reserve Bank considers that the concerns raised about the Dashboard proposal should be able to be addressed, and the Dashboard remains the Bank’s preferred option to enhance market discipline by increasing the effectiveness of the bank disclosure regime.
“The Bank will further engage with submitters and stakeholders in the coming months, to discuss possible refinements to the dashboard concept and the issues raised during consultation.”
Submissions received as part of the dashboard consultation are available on the Reserve Bank’s website. This consultation was subject to the Bank’s new policy to publish submissions by default unless submitters request otherwise.
More information:Summary of submissions (PDF 163KB)Submissions receivedConsultation document – released September 2016 (PDF 1MB)
New Data Reveals Dramatic Bottom Line Impact
On Tuesday, the 9th U.S. Circuit Court of Appeals in San Francisco heard arguments from the Department of Justice and opposing attorneys from the states of Washington and Minnesota before they decide the fate of President Trump’s executive order banning travel to the United States from seven Muslim-majority countries.
They can ultimately choose to reinstate the travel ban or uphold the lower court’s ruling on the temporary stay, which would likely result in an appeal to the Supreme Court. However, both scenarios result in a loss for the travel industry and the economy.
Last week GBTA polled both its U.S. and European members to assess the impact of President Trump’s travel ban. In Europe, nearly half of travel professionals reported expectations for their company to reduce business travel over the next three months and 31 percent of U.S. respondents agreed.
Based on the most recent industry data available as of February 8, 2017, the following is the estimated impact:
We say it time and again. Business travel drives lasting business growth and is a leading indicator for jobs and the economy at large. Upholding the travel ban will clearly cause a rippling effect through the travel industry, ultimately hurting the economy. It also unleashes travel disruption like we saw when the order was first implemented. While the White House’s stated goal was acting in the interest of national security, it did not give the civil servants responsible for implementing the ban any chance to do so effectively. There was too much uncertainty and a lack of clarity around the executive order, leading to general confusion. The net effect was that business travel bookings were delayed or canceled.
There is no question that security is of the utmost importance. However, instead of closing our borders, the United States should continue to pursue and focus on expanding security programs like the Visa Waiver Program, which facilitates information-sharing among governments to ensure properly vetted travelers, making us all more safe and secure.
Upholding the lower court’s ruling is also a losing situation for the business travel industry. The initial impact has already been felt and the uncertainty it will create as we await an appeal to the Supreme Court will continue to make its mark. Advanced bookings will likely slow as travel professionals cannot be sure if and when the ban will be reinstated. Meetings and events may be cancelled altogether.
The cloud of uncertainty could leave a lasting economic impact. Large corporations and small businesses alike will suffer. The biggest driver of our economic recovery of the past seven years from the most recent downturn was international outbound travel. U.S. businesses found top line growth and business opportunity from new markets all over the world.
We urge the Trump administration to pause this travel ban action, reassess its path forward with key stakeholders and preserve both our national security AND our economy for the future.
| A Global Business Travel Association release | February 9, 2017 ||
Energy and Resources Minister Judith Collins has today announced a Market Study into fuel prices/returns to be undertaken by the Ministry of Business, Innovation and Employment (MBIE).
The Fuel Market Financial Performance Study, which is expected to be completed by the end of June is designed to determine how fair petrol and diesel prices are at the pump.
“MBIE data shows that fuel margins have more than doubled over the last five years. The Market Study will report on fuel company returns and will include in-depth analysis of oil companies’ finances.
The Study will focus on the returns on average capital employed against cost of capital, across different parts of each business. It aims to determine if companies are making super-normal profits or not. Other financial benchmarks may also be used.
“The advantage of a Fuel Market Financial Performance Study is that it can be done reasonably quickly and it will help to build a more informed picture of the overall performance of the fuel market. However, it will require the industry to cooperate with MBIE.
“I have spoken to the oil companies this week and I am very confident that they will work with MBIE and provide the required information in a timely manner. It is in the best interests of everyone, including oil companies, to make sure New Zealand has quality, reliable and reasonably priced fuel,” Ms Collins says.
The terms of reference for the Study are being consulted on with industry and will be finalised and released shortly.
| A beehive release | February 9, 2017 ||
Sue Suckling, Chair of Callaghan Innovation, is pleased to welcome Ms Crone to lead the next phase of the organisation’s development, following its establishment and consolidation phase under the inaugural CEO.
“Vic brings a track record of leading and implementing organisational strategy to achieve challenging outcomes, through a customer-driven approach and building the strong organisational culture necessary to deliver results.”
“Her significant executive and governance experience in the tech and innovation sector, and her broader profile, also position her well to drive Callaghan Innovation’s connectedness with all key stakeholders in the innovation ecosystem,” says Ms Suckling.
Ms Crone was previously Managing Director Xero, NZ and New Markets, following executive roles at Chorus and Telecom New Zealand. She is an Independent Director on the Boards of a number of companies in the tech sector.
The Board and Ms Crone are also pleased to announce that Hēmi Rolleston has been appointed to the new role of General Manager Sectors, Māori Economy and Programmes, where his proven expertise in driving external engagement can be more broadly applied to the organisation’s wider client base. Mr Rolleston was previously Callaghan Innovation’s GM Māori Economy and acted as the Interim CEO while the recruitment process was being completed. During the interim period Mr Rolleston implemented significant initiatives to increase Callaghan Innovation’s responsiveness to customers. Ms Crone is very excited to work with Mr Rolleston to continue to drive this forward.
Callaghan Innovation was established in 2013 to help New Zealand businesses in the High Value Manufacturing and Services sector to commercialise innovation, lift international competitiveness and contribute to economic growth. Key to achieving its mission is its role as integrator in the innovation system, making it easier for businesses at all levels of maturity to access the support they need to move further up the value chain.
“This is an exciting time for Callaghan Innovation and for the tech sector, with a new CEO who brings a fresh perspective and proven skills in leading change, complemented by the strengths and experience of the wider executive team,” says Ms Suckling.
Ms Crone takes up the role of CEO on 28 February.
| A Callaghan Innovation release | February 9, 2017 ||
Uninitiated can wreck their public service careers by mishandling them
Jargon in its politically correct form it is now being actively promoted and thus its adoption officially encouraged.Instead of relying on jarring clunky acronyms or neologisms, made-up new words, the new jargon is dangerous in that it is comprised of everyday words that have become re-purposed.
Peter Isaac is the author of The Definitive Bureaucrats’ Survival Guide to Workplace Jargon and also The New Gobbledygook. This selection cites the face-value innocuous words that in recent years, months even, have suddenly become perilous to their unindoctrinated users.
Community Now refers only to pressure groups or voters especially in the gender and sexual orientation category. No longer now used to describe and locations or places such as villages, towns, or settlement.
Equity Refers now to opportunities available to, or being currently enjoyed by, minority categories, even if the minority is in fact a majority. Usually refers to women, ethnics, and other groups considered to be disadvantaged. It does not encompass the aged. It was once applied as “social” equity. But the short form has now become standard. It has nothing to do with investment stocks & shares.
ConversationNow substitutes for word discussion. Or sometimes, dialogue. Its application is to avoid conveying any hint at all that one side in the exchange is superior in any way to the other. Or that the exchange might contain any implied threat as in saying “I will talk to him about what he did.” Indicates equality, or “equity.”
He, she, him her, Mr, Mrs Specific gender definitions have turned lethal. This is an area of intense rawness and all the more so because it is mostly unrecognised. If you are referring to an individual simply identify them by using their first and last names. Unless you happen to be demonstrably female yourself, do not use the term Ms because it is considered condescending. In this gender value judgment context you must deliberately sidestep conventional bureaucratic formality and protocol.
Wellness Health has taken on taboo status and fitness now refers to athletes or to business managers and their schemes. Health has been abandoned because it is considered to refer to ill-health, and to convey a biblical image of the halt and the lame. This may be the reason why when the word is actually spoken broadcasting officials pronounce it as ”halph.” Health is also shunned because of its association with health spas and luxury resorts, i.e. not equitable. Wellness is a rare example in the politically correct glossary of concocted jargon instead of the more usual changed meaning .
Evidence Actually now means research. Used as replacement for proof, as in evidence-based. It avoids implying anything pejorative or suspect. It conveys opinion-neutrality. Rarely now refers to anything legal.
| From the This email address is being protected from spambots. You need JavaScript enabled to view it. | Thursday 9 February 2017 ||
Statement by Reserve Bank Governor Graeme Wheeler:
The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 1.75 percent.
The recovery in commodity prices and more positive business and consumer sentiment in advanced economies have improved the global outlook. However, major challenges remain with on-going surplus capacity in the global economy and rising geo-political uncertainty.
Global headline inflation has increased, partly due to rising commodity prices. Global long-term interest rates have increased. Monetary policy is expected to remain stimulatory, but less so going forward, particularly in the US.
New Zealand’s financial conditions have firmed with long-term interest rates rising and continued upward pressure on the New Zealand dollar exchange rate. The exchange rate remains higher than is sustainable for balanced growth and, together with low global inflation, continues to generate negative inflation in the tradables sector. A decline in the exchange rate is needed.
Economic growth in New Zealand has increased as expected and is steadily drawing on spare resources. The outlook remains positive, supported by ongoing accommodative monetary policy, strong population growth, increased household spending and rising construction activity. Dairy prices have recovered in recent months but uncertainty remains around future outcomes.
Recent moderation in house price inflation is welcome, and in part reflects loan-to-value ratio restrictions and higher mortgage rates. It is uncertain whether this moderation will be sustained given the continued imbalance between supply and demand.
Headline inflation has returned to the target band as past declines in oil prices dropped out of the annual calculation. Inflation is expected to return to the midpoint of the target band gradually, reflecting the strength of the domestic economy and despite persistent negative tradables inflation. Longer-term inflation expectations remain well-anchored at around 2 percent.
Monetary policy will remain accommodative for a considerable period. Numerous uncertainties remain, particularly in respect of the international outlook, and policy may need to adjust accordingly.
View the Monetary Policy Statement: http://www.rbnz.govt.nz/monetary-policy/monetary-policy-statement
Watch the Monetary Policy Statement press conference live-stream at NZT 10am: http://www.rbnz.govt.nz/research-and-publications/webcasts
Listen to the Reserve Bank of New Zealand’s February Monetary Policy Statement, as read by Governor Graeme Wheeler: https://soundcloud.com/te-putea-matua
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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