OPINION: The public's trust in Pharmac must surely be at an all-time low, and the ‘fortress mentality' identified in the Pharmac Review will continue without the introduction of new leadership. NBR columnist Rachel Smalley speaks with Hamish McNicol. There is an important role that senior public servants play in government -- identifying and mitigating risk. The most experienced members of the bureaucracy can sniff out a communications or operational issue from a mile away. It's nipped in the bud quickly before it becomes an issue for the Want to read more? It's easy.

https://www.nbr.co.nz/on-the-record/at-pharmac-sorry-seems-to-be-the-hardest-word/

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Lender Senior Trust wins case over Wanaka apartment, a remnant of Roy's Bay retirement village project. The unit in this apartment block at Roy's Bay, Wanaka, was used as a show home for the retirement village development. The High Court has refused to grant an interim injunction preventing the mortgagee sale of a Wanaka apartment by lender Senior Trust Capital, financier of a related failed retirement village project. In a judgment issued on January 19 and published yesterday, Justice Kiri Tahana declined the Want to read more? It's easy.

https://www.nbr.co.nz/law/court-declines-developers-injunction-over-mortgagee-sale/

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Naomi Ferguson has been appointed to the role that Rob Campbell exited. Naomi Ferguson. Minister of Health Ayesha Verrall has appointed Naomi Ferguson as the interim board chair for Te Whatu Ora – Health New Zealand. She replaces Rob Campbell, who was sacked by Verrall a week ago for criticising the National Party's Three Waters policy on social media.  'Naomi Ferguson is a highly Want to read more? It's easy. Choose your best value subscription option Get two weeks free access to NBR's Premium Online Subscription, which includes full access to all of NBR's great content on any device.

https://www.nbr.co.nz/comings-and-goings/former-ird-commissioner-appointed-te-whatu-ora-interim-chair/

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Still a risk workers could be poached by Australia. The Infrastructure Commission is reviewing the City Rail Link project. The Infrastructure Commission has warned New Zealand still risks having its construction workers poached by Australia. Commission chief executive Ross Copland told Parliament's finance and expenditure select committee today that New Zealand could not build infrastructure without the necessary Want to read more? It's easy. Choose your best value subscription option Get two weeks free access to NBR's Premium Online Subscription, which includes full access to all of NBR's great content on any device.

https://www.nbr.co.nz/politics/the-infrastructure-commissions-worries-about-the-workforce/

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And Jerome Powell delivers some unwelcome news for the stock markets. US President Joe Biden. Welcome to Wednesday and some headlines from the worlds of business and politics from overnight.   Federal Reserve Chairman Jerome Powell   has warned interest rate hikes are likely to be steeper than first thought as a result of a string of strong economic data; the hikes will likely be larger than Want to read more? It's easy. Choose your best value subscription option Get two weeks free access to NBR's Premium Online Subscription, which includes full access to all of NBR's great content on any device.

https://www.nbr.co.nz/morning-brew/us-president-biden-proposes-more-tax-on-the-rich/

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Local Government Minister confirms a reset of the reforms is being considered. The Government is being urged to withdraw legislation while it considers changes to its three waters reforms. The Government is considering making changes to its Three Waters reform but is not yet ready to pull the plug on legislation currently going through Parliament. The Water Users' Group is urging the Government to withdraw the legislation while it decides what changes it might make to the Want to read more? It's easy.

https://www.nbr.co.nz/politics/water-users-want-three-waters-legislation-withdrawn/

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Problems with new software system compound difficulties with customer demand and cost pressures. A two-year recovery plan will now take three, says Synlait. Milk processor Synlait has warned its turnaround plan is taking longer than expected and profit for the year to July will be significantly lower than previous guidance. In a statement to the NZX this morning, Synlait said it was now expecting full year net profit of $15 million to $25m, down from Want to read more? It's easy. Choose your best value subscription option Get two weeks free access to NBR's Premium Online Subscription, which includes full access to all of NBR's great content on any device.

https://www.nbr.co.nz/investment/synlait-issues-profit-warning/

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will join Pāmu as an associate director and observer on its board and Jillian Laing joins the board of Spring Sheep Milk Co. Pāmu has announced two new appointments to governance roles at the organisation. will join Pāmu as an associate director and observer on its board. The state-owned enterprise has also appointed Jillian Laing to the board of Spring Sheep Milk Co , a limited liability partnership jointly owned by Pāmu and SLC Group.  Pāmu chief executive Mark Leslie said Laing would bring expertise in marketing and sales, a global lens and connections, and commerciality in the demand generation space.

https://www.nbr.co.nz/comings-and-goings/pamu-announces-changes-to-governance-roles/

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Telematics company seeks capital, expertise, and access in lucrative target market. Eroad CEO Mark Heine. Eroad has hired Goldman Sachs to advise it on a strategic review designed to find partners to help it crack the North American market. The ASX and NZX-listed trucking telematics company said the review aims to 'identify partnership options to contribute capital, expertise, and additional market Want to read more? It's easy. Choose your best value subscription option Get two weeks free access to NBR's Premium Online Subscription, which includes full access to all of NBR's great content on any device.

https://www.nbr.co.nz/investment/eroad-hires-goldman-sachs-for-northam-strategic-review/

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Chief operating officer role to be refocused as ‘network and operations director'. Spark's outgoing customer director Grant McBeath. Spark New Zealand has cut Grant McBeath's customer director role from its top leadership team, meaning he will depart the company. In his place, the NZX-listed telecommunications company will appoint two roles in its place: a customer director enterprise and government, and an SME and consumer Want to read more? It's easy. Choose your best value subscription option Get two weeks free access to NBR's Premium Online Subscription, which includes full access to all of NBR's great content on any device.

https://www.nbr.co.nz/comings-and-goings/spark-leadership-changes-see-customer-director-mcbeath-depart/

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Michael Gray has more than 20 years of investment and wealth management experience. Michael Gray. JMI Wealth has announced the appointment of Michael Gray to the role of investment strategist, reporting to JMI Wealth director Andrew Kelleher.  Gray is a highly experienced investment professional with more than 20 years of investment and wealth management experience. He has held a number of senior investment roles in both New Zealand and Australia, including time with Macquarie Asset Management (previously AMP Capital), Caliber Investment, Suncorp, ASB, and CommInsure.

https://www.nbr.co.nz/comings-and-goings/michael-gray-joins-jmi-wealth/

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MinterEllisonRuddWatts conference reflects on NZ's infra pain points. MinterEllisonRuddWatts' Sarah Sinclair. New Zealand needs to sharpen its focus if it wants to get the required level of investment and skilled labour for a growing list of infrastructure projects, according to experts. The pinch points facing the country were discussed at law firm MinterEllisonRuddWatts' construction and infrastructure Want to read more? It's easy. Choose your best value subscription option Get two weeks free access to NBR's Premium Online Subscription, which includes full access to all of NBR's great content on any device.

https://www.nbr.co.nz/business/spotlight-on-nzs-infrastructure-pinch-points/

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The Prime Minister said Nash would have been sacked over this incident even if he had not had previous form. Disgraced former minister Stuart Nash. Prime Minister Chris Hipkins has sacked Stuart Nash from Cabinet after new revelations about Nash's conduct as a minister. Hipkins said he had been made aware by a news outlet of an email that Nash sent to two contacts in March 2020 in regard to a commercial rent relief package that the Cabinet Want to read more? It's easy. Choose your best value subscription option Get two weeks free access to NBR's Premium Online Subscription, which includes full access to all of NBR's great content on any device.

https://www.nbr.co.nz/politics/stuart-nash-loses-his-job-over-new-revelations/

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The Westpac McDermott Miller Employment Confidence Index indicated employment opportunities remained positive for now, with signs the labour market may have passed its peak. Service sector roles increased in February, according to Stats NZ. Employment confidence has sparkled amid a tight labour market and wage growth. The Westpac McDermott Miller Employment Confidence Index climbed by 1.5 points to 109.5 in the March quarter. The index remained below a recent peak of 115.2 recorded in the September quarter.

https://www.nbr.co.nz/economics/employment-confidence-inches-up-slightly-amid-tight-labour-market/

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Station said to be bleeding cash and hosts in open revolt after MediaWorks board made a proposal to shut it down. Apparently financially beleaguered Today FM is off the air. Rumours of the imminent demise of Today FM, MediaWorks' ‘middle of the road' talkback station, appear to be turning into reality this morning with hosts Tova O'Brien and NBR columnist Duncan Garner telling audiences this morning 'this is it folks', after an earlier expletive from Want to read more? It's easy.

https://www.nbr.co.nz/business/today-fm-appears-to-be-pulled-off-air/

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OPINION: Have any lessons been learned following period of intense scrutiny of legal profession's conduct? This week has once again shown us the internal failings of the legal profession. The New Zealand Law Society yesterday announced it was launching what it is diplomatically calling a 'Legal Workplace Environment Survey'. It did the same thing five years ago in the wake of the devastating allegations against Russell McVeagh and its handling of former partner James Want to read more? It's easy.

https://www.nbr.co.nz/last-word/tingey-case-raises-bigger-questions/

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Media and private equity have never been great bedfellows.  Journalists like words. Financiers are more interested in numbers. And so it was this week that MediaWorks' board pulled the ripcord on TodayFM, and replaced the station's high-profile news and talk hosts with Billy Joel and Want to read more? It's easy. Choose your best value subscription option Get two weeks free access to NBR's Premium Online Subscription, which includes full access to all of NBR's great content on any device.

https://www.nbr.co.nz/on-the-record/here-today-gone-tomorrow/

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Judge rules ‘grossly unfair' for April trial to begin, with 7800 pages of intercepted conversations now in evidence. A six-month trial featuring infamous Kiwi businessman Mark Bryers over his alleged role in a multi-million-dollar tax conspiracy connected to an Australian crime syndicate has been delayed again.  The former Blue Chip boss was  in mid-2020 arrested  on allegations he helped an Aussie crime network Want to read more? It's easy. Choose your best value subscription option Get two weeks free access to NBR's Premium Online Subscription, which includes full access to all of NBR's great content on any device.

https://www.nbr.co.nz/law/mark-bryers-six-month-tax-scam-trial-pushed-to-2024/

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Software company Zuora pays US$75m to settle claims alleging false and misleading statements to investors. NYSE and Nasdaq-listed Zuora denied liability but said it settled to avoid the expense and uncertainty of litigation. A US class action led by the New Zealand Methodist Trust Association, alleging false and misleading statements by executives at one of the world's biggest tech companies, has won a US$75 million settlement. The claim, initially filed in June 2019, followed the float of software company Zuora on Want to read more? It's easy.

https://www.nbr.co.nz/law/methodists-win-us-class-action-settlement/

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Eating ice cream on Rome's fountains is a no-no. New UK Prime Minister Liz Truss was previously the foreign secretary. Mōrena and welcome to Wednesday's Morning Brew news fix, to get your 'hump day' rolling.Liz Truss has been sworn in as the United Kingdom's new Prime Minister – the third female in British history to hold the office. Truss takes the role at a tumultuous time for the UK, although Want to read more? It's easy. Choose your best value subscription option Individual Group membership NBR Marketplace NZ Aviation News $30 per user - Pay by monthly credit card debit $25 per user - Pay by monthly credit card debit $20 per user - Pay by monthly credit card debit $15 per user - Pay by monthly credit card debit © All content copyright NBR.

https://www.nbr.co.nz/morning-brew/truss-takes-office-juul-settles-440m-case/

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The company needs to raise capital to remain a going concern. Greenfern managing director Dan Casey. NZX-listed medical cannabis business Greenfern Industries is launching a $1.2 million wholesale offer as part of a plan to raise $5m to fund growth and remain solvent. The wholesale offer is for 11.5c a share, a 30% discount to the 30-day value weighted average price and 29% lower than Want to read more? It's easy. Choose your best value subscription option Individual Group membership NBR Marketplace NZ Aviation News $30 per user - Pay by monthly credit card debit $25 per user - Pay by monthly credit card debit $20 per user - Pay by monthly credit card debit $15 per user - Pay by monthly credit card debit Contact the Writer: andrew@nbr.

https://www.nbr.co.nz/investment/greenfern-launches-1-2m-wholesale-offer/

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'Differences of opinion' cited, with Tim Boyd only at the Christchurch Airport owner for six months. Christchurch City Holdings owns Christchurch Airport and other council owned assets. Christchurch Council's holding company's chief executive has announced he will leave the company just weeks after the resignations of its chair and a director.Christchurch City Holdings (CCHL) controls six trading companies on behalf of the council, including Christchurch Airport and Lyttleton Want to read more? It's easy.

https://www.nbr.co.nz/business/christchurch-city-holdings-ceo-follows-directors-out-the-door/

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Supermarket startup sets record for largest number of investors in a single raise on this crowdfunding platform. Online supermarket Supie has some 600 new investors. Supermarket upstart Supie has managed to raise almost $4 million towards its further expansion, including the possible development of a wholesale arm to rival those the Government is forcing the incumbent duopoly to open up to all retailers.Supie opened its latest funding round through Snowball Want to read more? It's easy. Choose your best value subscription option Individual Group membership NBR Marketplace NZ Aviation News $30 per user - Pay by monthly credit card debit $25 per user - Pay by monthly credit card debit $20 per user - Pay by monthly credit card debit $15 per user - Pay by monthly credit card debit © All content copyright NBR.

https://www.nbr.co.nz/business/-7/

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Deal includes distribution agreement with Kiwibank, but not the Kiwi Wealth brand. Fisher Funds chief executive Bruce McLachlan. Fisher Funds has signed a deal to buy fund manager Kiwi Wealth for $310 million, subject to Overseas Investment Office approval.Kiwi Wealth, a sister company of Kiwibank, is being sold by its owners NZ Post, the Super Fund, and ACC.A seven-year distribution agreement with Kiwibank is included in Want to read more? It's easy. Choose your best value subscription option Individual Group membership NBR Marketplace NZ Aviation News $30 per user - Pay by monthly credit card debit $25 per user - Pay by monthly credit card debit $20 per user - Pay by monthly credit card debit $15 per user - Pay by monthly credit card debit © All content copyright NBR.

https://www.nbr.co.nz/business/fisher-funds-buys-kiwi-wealth-for-310m/

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The Retirement Village Association says a review of governing legislation would be waste of resources. Retirement Village Association president Graham Wilkinson. The Retirement Village Association has played down the need for a review of the sector's governing legislation while accusing the residents' association of misleading select committee members.Last week, the Retirement Village Residents Association of New Zealand (RVRA) presented its ‘Address Want to read more? It's easy. Choose your best value subscription option Individual Group membership NBR Marketplace NZ Aviation News $30 per user - Pay by monthly credit card debit $25 per user - Pay by monthly credit card debit $20 per user - Pay by monthly credit card debit $15 per user - Pay by monthly credit card debit Contact the Writer: andrew@nbr.

https://www.nbr.co.nz/politics/rva-calls-out-misleading-select-committee-appearance/

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Famous prognosticator Burry believes the ‘mother of all' stock market crashes is coming. Michael Burry. Mōrena and welcome to Tuesday, and a summary of the top business and political news from around the world overnight.  China's central bank has unexpectedly cut interest rates by 10 basis points overnight in a quest to stimulate demand after a slew of data showed the economy slowed in July. The Want to read more? It's easy. Choose your best value subscription option Individual Group membership NBR Marketplace NZ Aviation News $30 per user - Pay by monthly credit card debit $25 per user - Pay by monthly credit card debit $20 per user - Pay by monthly credit card debit $15 per user - Pay by monthly credit card debit © All content copyright NBR.

https://www.nbr.co.nz/morning-brew/-2/

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Taxpayers face huge remediation bill if no investment forthcoming, says administrator. Ruapehu Alpine Lifts called in administrators from PwC late Tuesday. Liquidation of skifield operator Ruapehu Alpine Lifts is 'the worst possible outcome' and would leave taxpayers with a huge bill for remediation, says administrator John Fisk.The company called in administrators from PwC late yesterday after what it described as 'a very difficult last three Want to read more? It's easy. Choose your best value subscription option Individual Group membership NBR Marketplace NZ Aviation News $30 per user - Pay by monthly credit card debit $25 per user - Pay by monthly credit card debit $20 per user - Pay by monthly credit card debit $15 per user - Pay by monthly credit card debit Contact the Writer: thunter@nbr.

https://www.nbr.co.nz/business/liquidation-worst-possible-outcome-for-ruapehu-ski-fields/

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And Netflix reveals pricing on its first-ever ad-supported service. Freddie Mercury. Welcome to the last day of the week and a wrap of what's been going on overnight around the world in business and politics.The US consumer price index has increased by more than was expected for the month of September, gaining 0.4% and rattling financial markets, despite aggressive Federal Want to read more? It's easy. Choose your best value subscription option Individual Group membership NBR Marketplace NZ Aviation News $30 per user - Pay by monthly credit card debit $25 per user - Pay by monthly credit card debit $20 per user - Pay by monthly credit card debit $15 per user - Pay by monthly credit card debit Contact the Writer: dita@nbr.

https://www.nbr.co.nz/morning-brew/fed-moves-dont-stop-us-inflation-freddie-mercury-gem-uncovered/

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International operations return to pre-Covid levels, domestic recovery slower. Qantas A380 fleet has come out of storage. Qantas Group is predicting a sustained rebound in its international operations as more aircraft are delivered or return from storage amid rising demand.In a market update, it said the first half-year would produce an underlying profit before tax of A$1.2 billion to A$1.3b, with pre-pandemic levels Want to read more? It's easy. Choose your best value subscription option Individual Group membership NBR Marketplace NZ Aviation News $30 per user - Pay by monthly credit card debit $25 per user - Pay by monthly credit card debit $20 per user - Pay by monthly credit card debit $15 per user - Pay by monthly credit card debit Contact the Writer: nevil.

https://www.nbr.co.nz/nz-aviation-news/-9/

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The company announced it had appointed an advisor to review strategic operations. The Cav Gastropub is one of the bars operated by Good Spirits. Good Spirits Hospitality has appointed investment bankers to carry out a strategic review to address its financial position, with its lender yet to extend its support.The NZX-listed publican, which owns The Better Bar Company portfolio of pubs around Auckland and Hamilton, has a $32.1 million debt Want to read more? It's easy. Choose your best value subscription option Individual Group membership NBR Marketplace NZ Aviation News $30 per user - Pay by monthly credit card debit $25 per user - Pay by monthly credit card debit $20 per user - Pay by monthly credit card debit $15 per user - Pay by monthly credit card debit Contact the Writer: andrew@nbr.

https://www.nbr.co.nz/investment/good-spirits-lender-seeking-plan-to-address-financial-position/

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