Fletcher's Steve Evans and Nga Maunga Whakahii o Kaipara CEO Daniel Clay turn the first sod at Okahukura. (Image: Fletcher) Staff reporters Tue, 30 Aug 2022 Fletcher Building has formed a joint venture with the environmental arm of Ngati Whatua o Kaipara, Nga Maunga Whakahii o Kaipara Whenua Hoko Holdings, to build more than 160 homes in Albany, north of Auckland.Steve Evans, Fletcher's chief executive of the residential and development division, said: 'The 9.7 hectare site formed part of the Massey University campus and is situated along Albany Highway close to transport links and retail outlets.

https://businessdesk.co.nz/article/infrastructure/fletcher-forms-jv-to-build-more-than-160-homes-at-albany

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The company is partly owned by Xero co-founder Rod Drury. (Image: Jason Oxenham) Atomic.io, a Wellington-based software company, has raised $5 million to fund its expansion into Australia.The round was led by Movac, a tech-focused investment firm, joined by Xero co-founder Rod Drury who is Atomic.io's largest shareholder with 19% of the company.Fellow Xero co-founder Hamish Edwards also took part in the raise, along with investment firms K1W1, Hoku, and former Xero executives Paula Jackson, Alistair Grigg, Paul Williams, and Ben Styles.

https://businessdesk.co.nz/article/technology/atomicio-raises-5m-backed-by-xero-alumni

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Fifteen homes were opened in the first ACCORT development in West Harbour. (Image: ACCORT) Staff reporters Fri, 07 Oct 2022 The first of more than 100 planned houses funded under a partnership between community housing provider CORT (Community of Refuge Trust) Community Housing and the Accident Compensation Corporation (ACC) have been opened.The first 15 of the 104 houses planned in Auckland were officially opened by housing minister Megan Woods, minister for ACC Carmel Sepuloni, CORT chief executive Stephen Hart and its chair, Sue Watson, in West Harbour this morning.

https://businessdesk.co.nz/article/policy/first-homes-of-acc-and-community-housing-partnership-opened

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New Zealand's market fell in tandem with Fisher & Paykel Healthcare shares after the healthcare products manufacturer said it expects its first-half revenue to drop by 26% and net profit to more than halve as covid-related sales continue to fade.The S&P/NZX 50 index fell 129.5 points, or 1.1%, to 11,684.81. Turnover on the main board was $110.1 million.Fisher & Paykel Healthcare now expects operating revenue to be $670m in the six months ending Sept 30, versus $900m in the same period a year earlier.

https://businessdesk.co.nz/article/markets/fp-healthcare-drags-market-down-with-lower-half-year-profit-expected

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Property Sponsored by Supply issues may be abating slightly, but building product inflation is marching on, with suppliers expecting price hikes of 9% over the coming six months.That's in addition to across-the-board increases for housing materials of a third over the past 12 months.The latest construction supply chain update, based on a survey of more than 200 product suppliers, suggested the root causes remain as they contend with rising international costs and mounting pressure to have more product on hand.

https://businessdesk.co.nz/article/property/not-out-of-the-woods-yet-on-supply-chain-costs

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Humm NZ's website now displays a message about the closure and what it means for current customers. (Image: Humm website) Humm, a buy now, pay later (BNPL) provider, will be shutting down in Aotearoa New Zealand following the Humm Group releasing its results on the Australian Securities Exchange (ASX).According to an email sent to customers today, Humm Group is 'consolidating its customer products in New Zealand' and so its BNPL service 'will no longer be available in New Zealand from 25 September 2022'.

https://businessdesk.co.nz/article/retail/humm-buy-now-pay-later-to-close-in-nz

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Big exporters struggled on New Zealand's benchmark index today thanks to the NZ dollar lifting against the greenback while the overnight fall from the tech-heavy Nasdaq also bled into technology stocks across the board.The NZ dollar was sitting at 62.42 US cents on Monday and was up almost 2 US cents to 64.57 by the end of today – up from 63.95 US cents on Thursday.The S&P/NZX 50 index fell 29.4 points, or 0.25%, to 11,730.52. Turnover on the main board was light at just $81.1 million.Jarden wealth management director Greg Main said it had been a mostly quiet week for the market and investors were waiting for Monday to roll around so earnings season could finally kick off.

https://businessdesk.co.nz/article/markets/nz-dollar-rise-pinches-big-exporters

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I worry that readers think I am overly positive about cars (except the electric Mini) and that I am some sort of captured shill for the high-end motoring industry.But this is the kind of car you want to take home to meet your parents.This is the kind of car that has you telling your friends after the first drive: 'I think it might be the one.'This is the electric car that makes you feel things you didn't know were still possible.This is the BMW i440 M50 – the first M series EV.It is like my own 2016 BMW 330e plug-in hybrid has taken a tonne of steroids to prep for the Tour de France, transforming from a fun, fast car to a super nova.

https://businessdesk.co.nz/article/the-life/review-hey-mum-this-bmw-may-just-be-the-one

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My love for Penfolds Bin 389 dates to the late 80s. I wanted to taste more fine wines than I could afford, so I formed 'The $100 Club'. Nineteen wine enthusiasts each paid $100 to join me for a monthly tasting of wines with a total value of $2,000. My search for suitable wines led me to Penfolds. I told them about 'The $100 Club' and asked if I could buy a vertical collection of one of their classic red wines spanning 12 vintages. The Australian wine producer generously gave me 12 consecutive vintages of Penfolds Bin 389 Cabernet Shiraz.

https://businessdesk.co.nz/article/the-life/two-of-australias-top-reds-go-head-to-head

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Opinion Group deputy chief executive Chris Flood failed to 'articulate' the end of the Harmoney partnership. (Image: NZME) What Heartland Group has previously described as a 'strategic partnership' with Harmoney effectively ended in early 2020, but Heartland has been unable to point me to when it disclosed that fact.Because of that, Heartland's funding of retail personal non-bank lender Harmoney is in runoff mode, even though Heartland was talking about 'limited loan growth' of personal loans when it reported its first-half results in February.

https://businessdesk.co.nz/article/opinion/heartlands-key-partnership-with-harmoney-effectively-ended-in-2020

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Finance The priority to keeping irrigation water flowing stopped creditors closing down an indebted project. (Image: Deposit Photos) Riley Kennedy Fri, 05 Aug 2022 Creditors of a North Otago irrigation scheme owed more than $50 million have approved a deed which staves off liquidation.In May, the Kurow-Duntroon Irrigation Company (KDIC) was put into receivership and voluntary administration by government entity Crown Irrigation Investment Ltd (CIIL).This followed an adjudication process which found KDIC was liable to pay Monadelphous (MENZ) about $12.

https://businessdesk.co.nz/article/finance/kurow-duntroon-irrigation-company-saved-from-liquidation

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The government is backing a new programme to study New Zealand's pastoral and regenerative farming practices.Minister of agriculture Damien O'Connor today announced the $26.1 million programme, Whenua Haumanu, which will aim to prove to the world why NZ food and fibre should 'always be the number one choice'.O'Connor described it as the 'most comprehensive' study ever undertaken of pastoral farming in NZ, looking at the system from field to fork including both conventional and regenerative farming pract.

https://businessdesk.co.nz/article/primary-sector/programme-to-prove-nzs-food-should-be-number-one-choice

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Unusually strong winds forced Air New Zealand's direct New York-to-Auckland service to make an unscheduled stop in Fiji.The airline said flight NZ1 will refuel in Nadi: 'a short stop in what we call a 'gas and go''.The direct route, which is roughly 18 hours long, launched last weekend and tonight's flight is only the third service since it started.Air NZ chief operational integrity and safety officer David Morgan said all 210 customers were advised of the delay prior to departure and the airline was working to r.

https://businessdesk.co.nz/article/listed-companies/strong-winds-force-air-nz-to-divert-ny-flight-to-fiji

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Law & Regulation The FMA's Paul Gregory said investors often relied on 'a leap of faith' when choosing. (Image: Supplied) Ethical investment funds are not providing enough information for customers to make an informed decision about where to invest, the Financial Markets Authority (FMA) says.The regulator has reviewed claims made by 14 Kiwisaver and other managed funds that use words such as sustainable, responsible, or ethical in their names.It found that all the funds fell short of expectations in at least one area, with most funds needing multiple improvements.

https://businessdesk.co.nz/article/law-regulation/financial-markets-authority-report-says-ethical-fund-disclosure-is-insufficient

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Unlock all stories free for 10 days Trustworthy, balanced journalism every day from our growing team of New Zealand business reporters and commentators, plus more in our weekend magazine section, The Life. Instant News Alerts based on keywords you choose or journalists you follow Our Daily Digest of all stories at 6am, midday or 6pm Comprehensive business and markets coverage News via email, web and Apple/Android apps Try for 10 days without paying and if you're not convinced cancel with just two clicks.

https://businessdesk.co.nz/article/primary-sector/govt-pumps-money-into-tech-to-reduce-ag-emissions

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Listed Companies OceanaGold will delist from the ASX at the end of next month. (Image: NZME) Riley Kennedy Fri, 29 Jul 2022 OceanaGold will delist from the Australian Securities Exchange (ASX), leaving it with just one listing left, in Canada.The mining company, which operates the South Island's Macraes mine and the North Island's Waihi mine, made the announcement today as it released its second quarter financial results.The company has been dual-listed on the ASX and the Toronto Stock Exchange (TSX).

https://businessdesk.co.nz/article/listed-companies/oceanagold-quits-asx-saying-its-not-in-shareholders-best-interests

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Technology Sponsored by Interacting with a digital health assistant could look like this. (Image: Soul Machines) Digital talking heads could soon be used to provide enhanced access to healthcare around the clock for New Zealanders, thanks to a $5.1 million research grant.The Ministry of Business, Innovation and Employment's Catalyst fund grant will be split between three international research projects led by NZ teams that will look into mental health support, chronic disease management and help for people with autism.

https://businessdesk.co.nz/article/technology/mbie-gives-51m-to-three-nz-research-projects-to-use-ai-in-health

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The government is going to require digital platforms providing services such as ridesharing and food delivery to collect and pay GST.The Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Bill introduced into Parliament today requires digital platforms to collect GST on ridesharing, food and beverage delivery, and short-stay and visitor accommodation provided in New Zealand and return it to the Inland Revenue Department (IRD).Another proposal is to exempt public transport from fringe benefit tax (FBT).

https://businessdesk.co.nz/article/law-regulation/govt-moves-to-widen-gst-net

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Infrastructure Carmel Sepuloni stood in for housing minister Megan Woods yesterday. (Image: BusinessDesk) The government insists Kāinga Ora's ballooning debt is manageable and that it has no concerns about the agency's financial sustainability.Social development and employment minister Carmel Sepuloni faced questioning from National's spokesperson for housing and infrastructure Chris Bishop in parliament on Thursday.Bishop was tackling the government over a June ministerial briefing paper by the Ministry of Housing and Urban Development (HUD) – leaked to BusinessDesk – that expressed strong concerns about Kāinga Ora&rs.

https://businessdesk.co.nz/article/infrastructure/kainga-ora-financially-sustainable-minister-sepuloni-tells-parliament

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Energy company Mercury said it's on track for 15 straight years of dividend growth in its full year result today as the earnings season starts to warm up and New Zealand's market ended the day in positive territory.The S&P/NZX 50 index rose 58.1 points, or 0.49%, to 11,847.15. Turnover on the main board was just $87.9 million – a pinch higher than yesterday's $81.1m.Mercury said adding the NZ windfarms previously owned by Tilt Renewables to its asset base helped push to $581 operating earnings in the year to June 30, up from $463m in the previous financial year.

https://businessdesk.co.nz/article/markets/mercury-shares-fall-3-after-release-of-full-year-result

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Marama Labs co-founders Matthias Meyer and Brendan Darby (Image: Marama Labs) After blending physics with the art of winemaking, a New Zealand start-up has been chosen to showcase its wares in Silicon ValleyMarama Labs was spun out of Victoria University of Wellington in 2019. Its flagship product Cloudspec has gone down well with NZ winemakers and is now being marketed internationally. It is an advanced spectrometer developed to analyse hitherto hard-to-measure cloudy samples, making it especially useful in the wine industry.

https://businessdesk.co.nz/article/technology/nz-tech-start-up-selected-for-silicon-valley-showcase

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Woolworths New Zealand faced skinnier margins in the 2022 financial year, as rising costs outpaced increased sales at its Countdown supermarket chain.  New Zealand food sales rose 5.8% to $2.7 billion in the 52 weeks ended June 26, but weren't enough to offset rising costs as the supermarket chain's earnings before interest and tax (Ebit) shrank 12.5% to $316 million. Depreciation and amortisation costs rose 8.7% to $295m, and earnings before interest, tax, depreciation and amortisation (Ebitda) fell a more muted 3.

https://businessdesk.co.nz/article/retail/woolworths-nzs-earnings-shrink

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Opinion NZ's economic potential comes mainly from its natural endowments. The rest is up to us. (Image: Supplied) New Zealand is being undermined by its poor productivity.The population and participation levers that we have relied on for economic growth in the last 50 years, as an alternative to productivity growth, are now less effective.On our current trajectory, it is impossible to reconcile how improved government services, budget surpluses, reduced government debt, social justice and tax cuts can all be achieved.

https://businessdesk.co.nz/article/opinion/nz-is-failing-we-need-fast-focused-action-to-solve-low-productivity

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DGL founder Simon Henry has bought half a million dollars' worth of shares in the chemical company after its share price tanked last week. The purchase was made on Friday last week, the day after he told the Australian Financial Review that investors had overreacted to DGL's earnings guidance.DGL reported remarkably strong earnings growth in the 2022 financial year but simultaneously warned it would not repeat the result in the coming year. Henry said the company was still growing, but he wanted investors to dial down their.

https://businessdesk.co.nz/article/markets/simon-henry-bought-550k-of-dgl-shares

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South Port announced its project to deepen its harbour last year. (Image: Getty) A successful dredging campaign could 'significantly reduce' the cost of South Port's project to deepen the channel of its harbour's entrance.Last month, the Bluff-based listed port company was given consent by Environment Southland to dredge and remove seabed material to deepen the harbour entrance channel to 9.7m, the Island Harbour berth basins to 10.7m and the swinging basin to 9.45m.South Port first announced the project last year, called Kia Whakaū, to help improve safety for ship movements and offer greater capacit.

https://businessdesk.co.nz/article/finance/south-port-dredging-could-significantly-reduce-cost-of-project

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Housing Minister Megan Woods says the investment was made possible due to strong economic management and an advantageous global fiscal position. (Image NZME) Staff reporters Thu, 13 Oct 2022 Housing Minister Megan Woods has announced the government will invest $192 million for several housing developments and infrastructure projects across parts of regional New Zealand.This will enable 11,500 homes to be built over the next 10 to 15 years, including public, affordable, market and papakāinga housing (housing on ancestral Māori land), the minister said today in Hastings.

https://businessdesk.co.nz/article/policy/govt-dishes-out-192m-for-projects-across-the-regions

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The Youth Hostel Association NZ (YHA) has sold nine of its 10 remaining properties to an offshore buyer, with one understood to be going to a local buyer.The hostels, located in 'prime' tourist locations on both the North and South Islands, had been on the market since early this year after YHA shut up shop following pandemic-related border closures. The association had been operating in NZ for about 90 years, and continues to operate via a network of 17 hotels.Colliers' national director of hotels and tourism Dean Humphries co.

https://businessdesk.co.nz/article/property/international-buyer-snaps-up-youth-hostel-properties

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New Zealand's largest general aviation company, Airwork Holdings, is in discussions to sell its helicopter division to Salus Aviation, BusinessDesk understands. The deal remains subject to some conditions. Former NZ Bus chief executive Shane McMahon leads Airwork's helicopter division.Salus Aviation is owned by NZ investment bank Bancorp and operates two trading companies: Oceania Aviation and Heli Parts Network.Oceania has more than 120 employees and operates in NZ and the United States. Heli Parts Network is a specialist helicopt.

https://businessdesk.co.nz/article/news-in-brief/airwork-to-sell-helicopter-division-to-salus

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Wellington Airport's first-half profit more than tripled as the capital's airborne gateway returned to life from the restrictions of pandemic controls. The airport – which is majority owned by Infratil with the Wellington city council as a junior partner – reported a net profit of $11 million in the six months ended Sept 30, up from $2.9m a year earlier as the return of international travellers started bearing fruit. Earnings before interest, tax, depreciation, amortisation and fair value adjustments climbed 28% to.

https://businessdesk.co.nz/article/finance/wellington-airport-profit-more-than-triples

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David Bortolussi earned a $2.25m payment under his short-term incentive plan. (Image: A2) Staff reporters Wed, 19 Oct 2022 The A2 Milk Company says it's reviewing its executive remuneration practices to align across its Australian and New Zealand operations.The review is still ongoing, but the board has committed to making changes leading into the next financial year, including revising its short-term incentive plan, allowing the board to defer part of chief executive David Bortolussi's incentive payment, assuming that he qualifies for one in 2023.

https://businessdesk.co.nz/article/news-in-brief/a2-ceo-incentive-payments-under-review

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