Nov 23, 2017  -  Finance Minister Grant Robertson and Revenue Minister Stuart Nash today announced the Terms of Reference for the Tax Working Group and that the Group will be chaired by Sir Michael Cullen.

“Our 100 Day Plan includes the establishment of a Tax Working Group. The Working Group will consider changes that would improve the structure, fairness and balance of the tax system,” says Grant Robertson.

“This Government is committed to a fair and progressive tax system. It is important that New Zealanders have confidence in their tax system and know that everyone is paying their fair share.”

“At the moment the tax system appears unfair – for example, it doesn’t treat income from speculation in housing as it does income from work. We want to consider how we can create a better balanced system and can encourage a shift to investment in the productive economy.

“Individual wage-earners, businesses, asset owners and speculators should pay their fair share of tax. Right now we don’t think that is happening. This working group is not about increasing income tax or the rate of GST, but rather introducing more fairness across all taxpayers.

“The Working Group will also consider how the tax system can contribute to positive environmental outcomes and the impact of likely changes to the economic environment, demographics, technology and employment practices over the next decade.

“As former Minister of Finance from 1999 to 2008, Sir Michael’s credentials are impeccable and he will be a huge asset to the Working Group.”

“The other members of the Working Group will be announced before Christmas. They will include a diverse range of tax and finance experts and representatives of the business and wider community. The Working Group will be supported by a secretariat of officials from Treasury and Inland Revenue and have an independent advisor to analyse the various sources of advice received,” says Stuart Nash.

“Final recommendations to Ministers are expected by February 2019. As promised before the election, any significant changes legislated for from the Group’s final report will not come into force until the 2021 tax year.

“It is important to ensure that all sectors of the New Zealand economy can feed into the Working Group’s processes and that all relevant perspectives are considered.”

“As we promised during the election campaign, certain areas will be outside the scope of the review, including increasing any income tax rate, the rate of GST, inheritance tax and changes that would apply to the family home or land beneath it,” Grant Robertson says.

“We also want to thank our government partners, the New Zealand First and Green parties, for their input and support of the Terms of Reference for this important piece of work on the future of our tax system.

"This review is a core part of the government’s programme and I’m confident it will deliver recommendations that will enable us to put in place a tax system that is fair for all New Zealanders,” says Grant Robertson.

| A Beehive release  ||   November 23,  2017   |||

Nov 23, 2017  -  Four in ten business leaders believe there will be an increase in casual and contractor employment over the next ten years, according to the newly-released Future of Talent report.

“It is about how businesses are looking to find different ways to utilise workers across their lifetime,” said Geraldine Magarey, leader of policy and thought leadership at CA ANZ – the organisation which conducted the recent report.

“It’s a great sign for older workers who would prefer part-time retirement, students with study commitments and new parents who don’t yet want to go back to a full-time job.”

The challenge, she added, is to strike the right balance with employment regulation, to allow the widest variety of working patterns, including casual, contracting, part-time and project-based or seasonal work.

The report also highlighted the need to ensure that vulnerable workers are protected from unscrupulous employers.

“Flexibility must still provide decent work and remuneration.”

The paper launched Tuesday night in New Zealand also surveyed what attributes business leaders felt to be very important for the future: There was an overwhelming response for communication skills (90 per cent).

Other qualities deemed important are problem solving, adaptability and agility, collaboration, quick building of relationships, resilience, creativity and innovation, the making of good designs even with incomplete information, leadership and empathy.

“These are difficult to replicate with technology,” Magarey said, pointing out that business leaders still feel a human touch remain crucial at work even as technological advancements influence the workplace.

And while agility and adaptability are crucial for workers, “it’s crucial for workplaces too,” Magarey said.

“Businesses need to be flexible in relation to hours, locations and where employees can work. These initiatives help to increase the talent pool and the employees they can attract.”

The paper surveyed 400 leaders from all sectors including agriculture, manufacturing, construction, hospitality, logistics, IT, professional services, accounting, finance and healthcare.

| A HRD New Zeal;and release  ||  November 23,  2017   |||

Nov 23, 2017 -  Auckland based network monitoring technology provider Endace has appointed StarLink as its value-added distributor across Europe, Middle East and Africa to promote its network recording and packet capture tools writes Stuart Corner for Computerworld New Zealand. The move to boost is European presence follows Endace announcing in October 2016 a new feature dubbed Provenance, that it said would be needed to enable traders to comply with European Securities and Markets Authority’s (ESMA) upcoming Markets in Financial Instruments Directive II.

The directive requires traders to record all trade data and ensure trade events are accurately time-stamped to within microseconds of Coordinated Universal Time (UTC) along with information about the reliability of the timing source.

StarLink, headquartered in Dubai, is growing rapidly in Europe through its UK based regional headquarters, according to Endace.

“The partnership will see Endace’s technology distributed by StarLink to help businesses mitigate risks from cyber-attacks and better manage the security of their critical network assets,” Endace said.

Endace CEO Stuart Wilson said network packet capture was essential to enable companies to quickly and accurately analyse security events.

“Network security is paramount in today’s connected world, especially given recent high-profile examples of costly hacks and breaches,” he said.

"Partnering with StarLink, with its deep channel relationships in this market, will enable us to extend our reach and continue to accelerate our growth in EMEA.”

Wilson said interest in Endace network recording solutions had increased dramatically as organisations grappled with how to handle breaches, highlighted by the recent Equifax breach, and in light of growing mandatory breach disclosure requirements.

Interest in Endace’s network recording solutions also increased dramatically last year when Wikileaks outed the company for its role in helping several national governments snoop on citizens' data.

Endace in July this year launched EndaceFabric, billed as a centrally managed, network-wide packet capture and recording fabric that, it said “gives network security and network operations teams the definitive, packet-level evidence they need to rapidly investigate, and respond with certainty, to cybersecurity threats and network or application performance issues.”

A year earlier, in July 2016, the company joined the Cisco Solution Partner Program, saying the move would enable it to quickly create and deploy solutions to enhance the capabilities, performance and management of the network to capture value in the ‘Internet of Everything’ (Cisco’s then preferred name for IoT).

| A ComputerWorld release ||  November 23,  2017   |||

Nov 22, 2017  -  Company to streamline business operations and support a drive for efficiency across the entire organisation.  Coda Group, one of New Zealand’s leading and most innovative logistics companies, has commenced deployment of Promapp’s cloud-based business process management software (BPM) to streamline business operations and support a drive for efficiency across the entire organisation.

Coda Group was established two years ago as a joint venture between Port of Tauranga and freight and logistics company, Kotahi, to boost the efficiency of New Zealand’s nationwide supply chain, remove wasted capacity and reduce the costs of consolidating the cargo necessary for big ships.

The joint venture brought together four of New Zealand’s leading freight brands, including DTL, Tapper Transport, Priority Logistics and MetroPack, each with their own processes, many of which were paper-based and held in a variety of formats. Many of these processes couldn’t be shared, accessed and updated across the entire Coda Group business operation.

“In order to support the overall business in driving continuous improvement, optimising freight flows and creating a leaner, more efficient organisation we needed to ensure that our processes across the business could be easily aligned with business objectives,” said Wendy Mallowes, Business Process Improvement Lead, Coda Group.

Coda Group has company-wide processes, including those involving freight management, import-export procedures, and health and safety. These need to be consistently adhered to while individual customer requirements also add to the complexity of processes and procedures with specific legal and compliance requirements.

David Choong, Coda CFO, says, “As the business has grown and gained momentum, we concluded that we needed a central repository of business processes and documents on anything relating to operations, from staff induction and everyday warehouse operation to import and export procedures. We needed these processes to be universally followed and updated by our 310 staff at any time and from any location."

Promapp was selected to support Coda Group’s requirements based on its ease of use, friendly graphical user interface and its central repository which enables individuals in an organisation to store and update processes, supporting continuous business improvement.

“Being cloud-based also means that Promapp gives us the ability to share processes with our customers and provide staff with the comfort that they are always working with the latest information,” said Mallowes.

“Promapp’s feedback options will support Coda Group’s approach to continuous improvement which will enable customers to provide feedback and remove waste from the logistics network, boost efficiency and help streamline operations."

Coda Group has also set its sights on deploying Promapp’s Process Variant Management (PVM) software which will help the company manage or eliminate process variations.

Coda Group will be able to standardise processes across the entire company, while simply incorporating process variations to meet the requirements of a specific location, product, or customer.

PVM will also enable Coda Group to customise activities and manage service delivery for key customers helping to improve customer service.

“Ultimately, Promapp will support our strategy to remove wasted capacity, reduce the cost of consolidating freight and create real change in the logistics network. The end game is to provide greater value to our customers and logistics partners and to meet our target to handle more than five million metric tonnes of containerised cargo annually,” said Mallowes.

Promapp will be gradually rolled out across all Coda Group business units during 2018.

| About Promapp

Established in 2002, Promapp (https://www.promapp.com) works with hundreds of organisations worldwide to foster a thriving business improvement and process management culture.  Promapp’s cloud-based business process management (BPM) software makes it easy to create, navigate, share and change business processes, enabling continuous improvement, risk management, quality assurance and business continuity. Providing an intuitive online process repository, an integrated process mapping tool, and a process improvement toolset, Promapp’s proprietary software supports the development of smarter and safer ways to work, while encouraging sharing of information by operational teams rather than limiting it to process analysts and technical specialists.

Promapp’s wide range of public and private sector customers includes: Coca-Cola Amatil, Air New Zealand, WesTrac, Lumo Energy, Toyota, Ricoh, McDonald's, Audi Australia, Department of Justice, Victoria, Adelaide City Council, Waikato District Council and Southland Regional Council. The company is headquartered in Auckland, New Zealand. www.promapp.com

| A CSO release  || November 22,  2017   |||

Nov 22, 2017  - Kiwi tech companies urged to ‘eat more of their own dog food’ when it comes to selling – Kiwi technology needs to sell itself smarter to realise its full potential to become the country’s largest export industry, according to the latest Market Measures report.

“We don’t face the same environmental constraints of the other two major export sectors –agriculture and tourism – so the potential for tech is virtually limitless,” says Owen Scott, Managing Director of Concentrate Limited, who organise the study along with fellow tech marketing company Swaytech.

“Improving our ability to sell efficiently is one way of unlocking this potential, and ultimately becoming New Zealand’s primary export industry,” says Scott.

Now in its ninth year, Market Measures gathers information about sales and marketing from over 300 New Zealand technology companies, and compares the results to similar data from the USA.

“In the 2017 study we have found that Kiwi companies are over-reliant on company founders and high-value sales people to sell their products and services. More than 46% of companies said a founder was still closely involved in sales, and the average sales person in an export market was paid a base salary almost 50% higher than the typical equivalent US sales person.”

“It’s not a scalable approach to generating export sales – 40% of the surveyed companies reported that productivity was their main problem when it came to managing their sales teams,” says Scott.

Bob Pinchin, Managing Director of Swaytech, says the fact that US companies used on average three times the number of digital sales tools (e.g. email automation, contact intelligence and similar) than their New Zealand counterparts, was evidence they were more focussed on efficiency.

“In the tech industry we call this ‘eating your own dog food’, but our firms are turning their nose up at these tools at the moment.”

“We have talented tech sales people who convert leads at an incredibly high rate, but it’s the volume of sales that is the issue – this productivity challenge is one we have to solve to overtake the other two big export industries,” says Pinchin.

“Our tech sales people are really ‘artists’, talented and creative and able to craft sales, but what we need more of is scientists – people operating within a rigorous system able to produce repeatable, predictable sales results at a lower cost,” says Scott.

Scott says that more than ever before, New Zealand tech companies must be willing to invest in sales and marketing, which has been a constant trend of Market Measures since it began in 2008.

“It ranges from a stable 25% of annual revenue spent on sales and marketing (including salaries and costs) for established companies, through to an aggressive 86% for start-up tech businesses.”

“NZTE works with an increasing number of internationally successful tech companies but as the Market Measures study suggests, some of them – big and small – are forgetting to cover some of the basics that lead to export growth,” says Charles Haddrell, Customer Director at NZTE, the principal sponsor of Market Measures.

“Getting your sales and marketing strategies right isn’t just a nice to have – it’s a must have. We’ve worked with hundreds of companies and know from experience that implementing robust sales processes, developing sales and execution skills, hiring well, and being aware of the technologies to support the sales and marketing functions are vital to being successful overseas,” says Haddrell.

The full Market Measures 2017 report can be downloaded from www.marketmeasures.co.nz at a cost of $375.

| A Concentrate release  ||   November 22,  2017   |||

Nov 22, 2017 - Scott Technology outbid an overseas buyer when it bought Dunedin-based engineering firm DC Ross out of receivership, a six-monthly report from the receivers shows.  DC Ross, which supplies precision metal formed parts, was tipped into receivership in September 2016 and in June this year Scott Technology said it had entered an unconditional agreement to purchase all the assets of the company for a total purchase price expected to be less than $500,000.

In its annual report, Scott Technology, also based in Dunedin, said it paid $375,000 for DC Ross, and its tool room and tool design capability has already enabled it to undertake significant work for an appliance manufacturer in Australia.

It also noted the inventories, plant and equipment of the DC Ross business were purchased from DC Ross’ receivers for an agreed total value which was less than market value, resulting in a fair-value gain on acquisition.

In today's report, DC Ross's receiver Malcolm Hollis of PwC said they had corresponded with multiple interested parties and attracted an overseas buyer. He did not identify the company and was not immediately available for comment. However, prior to settlement, it received a "large offer from a third party," he said in the report. "We consulted with our appointer, who agreed this was the best possible offer received to date and retained employment for all staff," said Hollis.

Hollis also said the receivers are in negotiations with third secured creditor Fletcher Steel regarding the quantum of its purchase money security interest claim - which gives it the right to receive debtor proceeds up to the value of steel contained in the part sold. According to the report, Fletcher Steel is owed $609,670.

"Once we have undertaken a review of the calculations we intend to make a final distribution to Fletcher Steel," said Hollis.

The first secured creditor is Bank of New Zealand, which is owed $4.3 million while the second secured creditor is Aorangi Laboratories, owed $13.8 million. According to Hollis' report "based on the realisations to date there will be a significant shortfall to the secured creditor and therefore no funds available for a distribution to unsecured creditors."

Scott Technology shares last traded up 1.4 percent at $3.70 and have gained 70 percent this year.

|  A Sharechat release  ||  November 22,  2017   |||

Nov 22, 2017  -  The number of online job advertisements rose slightly with an increase of 0.1 per cent in October 2017 and 8.2 per cent over the year, according to the latest Ministry of Business, Innovation and Employment (MBIE) Jobs Online report.  “Job vacancies increased in five out of eight of the industry groups, with the largest contributor being the medical and healthcare industry, with an increase of 1.1 per cent. Other significant increases were a 2.2 per cent increase for machinery drivers and a 1.6 per cent rise for labourers,” says Stuart King, MBIE’s acting Labour Market Trends manager.

“In October, low-skilled occupations grew the fastest with a 1.0 per cent increase, with semi-skilled and highly-skilled occupations also increasing 0.5 per cent.”

Over the month, the strongest regional growth was in Otago/Southland with a 1.5 per cent increase, followed by Waikato and Nelson/Tasman/Marlborough/West Coast which all increased by 1.2 per cent.

“Over the year, the number of vacancies increased in all ten regions,” says Mr King.

| A MBIE release  ||  November 22,  2017   |||

Nov 22, 2017  - A five-year growth pattern could see alternative proteins lead the way for consumer choice.  The growth of alternative proteins is becoming a contender for sought after analogue products in its rise to rival that of traditional meat products.  

A recently-released global research paper suggested growth of alternative proteins, including plant-based meat substitutes, emerging insect or algae-based products and lab-grown meat products, had started to compete for the ‘centre of the plate’ and was stealing growth from its traditional counterparts.

Authors of the Rabobank report ‘Watch out…or they will steal your growth’ warned a five-year trend could offer the chance for alternative proteins to capture a material share of animal protein demand growth in the EU and an increased market share in the US and Canada.

Report author, Rabobank global sector strategist for animal protein Justin Sherrard also said increasing momentum of the trend would see a move towards a growth in other established markets, such as Australia and New Zealand.

He said: “Three of the strongest demand drivers for alternative protein products are essentially those that are ‘pushing’ consumers away from regular animal protein consumption, namely concerns around health, animal welfare and sustainability. “That said, there is also a number of ‘pull drivers’, such as curiosity to try new products, convenience and personal nutrition. 

“Alternative proteins are not the only answer to the question the market is asking right now. But right now they are the answer that is attracting the most attention.”

| Growth

Based on a prediction of annual growth rates of about 8 per cent in the EU – and the outlook for a relatively flat consumption growth of traditional meat products – Mr Sherrard said alternative proteins could represent one-third of total EU protein demand growth in the next five years.

But Rabobank’s general manager of Food and Agribusiness Research in Australia and New Zealand Tim Hunt said domestic market penetration of alternative proteins would lag that in the EU and US because local food industries were ‘not at the pointy end of the trend towards substitute food’.

“That said, the trends in Australia and NZ often eventually follow what unfolds in the EU and US, and it would be a waste not to learn from the experiences of producers in these markets,” he added.

“In line with their processing partners, meat producers need to recognise what is driving these substitutes, and do what they can to tap into the desire for healthy, sustainable and novel products delivered through a supply chain that consumers trust.”

| A Farmers Guardian release  ||  November 22,  2017   |||

Nov 21, 2017  -  CALHOUN, Georgia, Nov. 20, 2017 /PRNewswire/ -- Mohawk Industries, Inc. (NYSE: MHK) today announced that the Company has agreed to acquire Godfrey Hirst Group, the leading flooring company in Australia and New Zealand, further extending Mohawk's global position. Mohawk presently operates a comprehensive warehouse and sales network in Australia and New Zealand to distribute the company's wood, laminate, LVT, vinyl and carpet products.

Godfrey Hirst is the most vertically integrated flooring operation in Australia and New Zealand, providing broadloom, modular carpet and hard surface products for both residential and commercial applications. Godfrey Hirst's sales were about US$334 million in their most recent fiscal year, which ended June 30, 2017. The transaction is expected to be completed during the first half of 2018, pending customary closing conditions and regulatory approvals. Mohawk anticipates that the transaction will be accretive to EPS in the first twelve months.

Established in 1865, Godfrey Hirst is the premier flooring manufacturer in Australia and New Zealand as well as the market leader in design and innovation. The company has been owned and operated by the McKendrick family for the last 50 years and will continue to be led by R.G. (Kim) McKendrick, the CEO and Chairman.

"This is a great opportunity for Godfrey Hirst, our employees, customers and suppliers," said McKendrick. "Mohawk and Godfrey Hirst share a long history as flooring industry leaders and a commitment to product innovation, design, and superior customer service. This common heritage in our cultures, performance expectations and focus on excellence will enhance our growth opportunities in both soft and hard flooring."

After decades of strong growth in Australia, Godfrey Hirst acquired Feltex, which was the leading carpet manufacturer in New Zealand in 2006. Today, Godfrey Hirst's state-of-the-art operations and distribution assets are the most vertically integrated in the region. The company produces premium carpets of wool, nylon, polypropylene and triexta to satisfy all channels and price points. Its products are sold under the well-known Godfrey Hirst, Feltex and Hycraft brands through specialty retailers, home centers, architects and designers. In recent years, Godfrey Hirst has expanded its product offering to provide a wide range of globally-sourced hard surface products, including LVT, wood and laminate.

Jeffrey S. Lorberbaum, Mohawk's chairman and chief executive officer, stated, "Mohawk's strategy in Australia and New Zealand has been to build a leading position in the flooring market. Godfrey Hirst's marketing, manufacturing and distribution leadership will complement our current hard surface distribution and strengthen our portfolio. We will leverage our global flooring resources and talent to support Godfrey Hirst's outstanding management and accelerate their growth strategies."

Lorberbaum added, "Mohawk is using its strong management team and balance sheet to increase its participation in the global flooring market. With Godfrey Hirst, Mohawk will become the leader in flooring products in both Australia and New Zealand with a platform for significant growth."

Certain of the statements in the immediately preceding paragraphs, particularly anticipating future performance, business prospects, growth and operating strategies and similar matters and those that include the words "could," "should," "believes," "anticipates," "expects," and "estimates," or similar expressions constitute "forward-looking statements." For those statements, Mohawk claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. There can be no assurance that the forward-looking statements will be accurate because they are based on many assumptions, which involve risks and uncertainties. The following important factors could cause future results to differ: changes in economic or industry conditions; competition; inflation in raw material prices and other input costs; energy costs and supply; timing and level of capital expenditures; timing and implementation of price increases for the Company's products; impairment charges; integration of acquisitions; international operations; introduction of new products; rationalization of operations; tax, product and other claims; litigation; and other risks identified in Mohawk's SEC reports and public announcements.

ABOUT MOHAWK INDUSTRIESMohawk Industries is the leading global flooring manufacturer, which creates products to enhance residential and commercial spaces around the world. Mohawk's vertically integrated manufacturing and distribution processes provide competitive advantages in the production of carpet, rugs, ceramic tile, laminate, wood, stone and vinyl flooring. Our industry-leading innovation has yielded products and technologies that differentiate our brands in the marketplace and satisfy all remodeling and new construction requirements. Our brands are among the most recognized in the industry and include American Olean, Daltile, Durkan, IVC, Karastan, Marazzi, Mohawk, Mohawk Group, Pergo, Quick-Step and Unilin. During the past decade, Mohawk has transformed its business from an American carpet manufacturer into the world's largest flooring company with operations in Australia, Brazil, Canada, Europe, India, Malaysia, Mexico, New Zealand, Russia and the United States.

| released by PRPresswire  ||  November 20,  2017   |||

Nov 21, 2017  - MBIE commissioned Market Economics to evaluate the potential economic impact of an Auckland-based 36th America’s Cup. In summary it estimated the following:   · From 2018-2021 provides between $0.6 - $1.0 billion in value add to New Zealand’s economy and an employment boost of between 4,700 and 8,300. The range reflects different assumptions around the number of syndicates competing, visiting super yachts, international tourists and the cost of hosting.   · Impacts positively on sectors like services, manufacturing (mainly around boat building and super yacht refits) and tourism, including food, retailing and accommodation.   · The cost-benefit analysis for the period of the 36th America’s Cup (excluding any future benefits associated with any new infrastructure, or ongoing benefits to the marine industry) is positive, ranging from 1.2 to 1.8. This cost-benefit ratio is for the economy as a whole; the costs included relate to all parties, including for example the Crown, Auckland Council, syndicates, Emirates Team New Zealand, retailers and tourism providers.

The economic evaluation does not capture any of the broader benefits associated with hosting an event of this scale, including showcasing New Zealand to international audiences (and associated reputation impacts), high performance sport outcomes, and participation and engagement of New Zealanders that may have “feel good” effects (increasing national identity and pride).

The study makes no assumptions around location or whether there are any incursions into the harbour or not. It does not, therefore, take account of any loss of value from reducing the available harbour space. At the time of commissioning, the location was undetermined.

The study is consistent with Treasury guidelines for studies of this kind. This is one input into the discussions between government, Auckland Council and ETNZ. Any decision needs to stack up for ETNZ, and the New Zealand ratepayers and taxpayers. A full copy of the evaluation is available on MBIE’s website: http://www.mbie.govt.nz/info-services/infrastructure-growth/americas-cup

| An MBIE release  ||  November 21,  2017   |||