The SNAPSHOTS series is designed to keep you abreast of events without providing much detail. This series is organised into property and more general business news, locally and internationally.
26 July 2000
UnitedNetworks said today it would install, own and manage underground fibre optic networks in the Auckland and Wellington cbds, as the first stage in three to deliver more ultra-high bandwidth in New Zealand. It should be working early next year. The Auckland network will be linked to the Southern Cross cable linking New Zealand to Australia, Fiji and the US, which should be operating in November.
24 July 2000
Beware of two new get-rich-quick schemes — Millionaires of the World (part of the Hope Foundation Members Association SA) and the Wairua Tahi Trust (Goldrush) schemes — says the Securities Commission’s senior operations executive, Norman Miller. Your money goes offshore for a supposedly very high return (tax-free, which of course it will be if you get nothing back) and additional profits are suppsoedly sent to disaster relief.
10 July 2000
Local Government Minister Sandra Lee has set down an ambitious timetable for the review of local government funding powers, and indicated a number of changes which would come into force for the 2001 and 2004 triennial elections. Provisions she wants enacted by May 2001 include the ability to introduce the single transferrable vote for local body elections (though this option would not become available until 2004), proposals to limit campaign spending by candidates, and issues related to multiple candidacy. The minister told the Local Government Association’s conference today she recently approved revised draft terms of reference for the funding powers review begun by the previous government, and that these terms “correct a perceived bias in the review process towards user charging regimes” and incorporate a review of Crown rating exemptions. Ms Lee wants policy decisions on the review completed by next April and the bill enacted by November 2001 so it can be used in the March 2003 financial year.
1 July 2000
Northland Port Corporation has unveiled plans for a $65 million deepwater port at Marsden Pt, to be developed, owned and managed in a joint venture with the Port of Tauranga. Land operations would be run by a second joint venture between the two port companies and Carter Holt Harvey. The proposal will go to Northland Port shareholders at their annual meeting in Whangarei on 17 July. Carter Holt is building a laminated veneer lumber (lvl) plant at Marsden Pt. Assuming approval, Fletcher Construction would start work about October for April 2002 completion.
13 June 2000
Designer Textiles managing director Kerry Harding said today weak consumer demand in New Zealand and Australia, plus continuig rationalisation of Australia’s textile and apparel industries, impacted significantly on the company’s sales in the three months to April and sales for the June half were likely to be 10% down on the first half at $30 million. He said taxpaid trading profit should be about $1.3 million.
6 June 2000
The Securities Commission has found Kerry Hoggard breached insider trading law on 15 December 199, when he was Fletcher Challenge chairman. He resigned his directorship after the event was revealed and arranged to compensate people who sold shares to him that day. The commission found JB Were, which handled the transactions, did not rely on the inside information from Mr Hoggard for any purpose. The insider trading occurred between a 14 December Fletcher board meeting and the 16 December announcement that the company would dismantle its letter-share structure. The commission says it is for Fletcher Challenge and its shareholders whether to pursue a financial penalty against Mr Hoggard under the Securities Amendment Act. Go to External links/Government/Securities Commission for full report.