26 January 2002 Transit NZ has let an $11.5 million contract to build the Puhinui interchange on the Southern Motorway by 2003. It will form part of the future South-western Motorway (State Highway 20) link to State Highway 1, providing a key section of the western ring route and better airport access. Auckland Regional Council […]
Read more →Archive - local business
Snapshot on local business, week to 4 February 2001
Latest: No new blood at Fletcher Building board table, Hallenstein raises Christmas revenue 3%, Fletcher Challenge breakup programme. 1 February 2001 Fletcher Challenge has introduced no new blood to the board for the launch of the new-look, revitalised Fletcher Building, carrying on with the same team of six who have headed the conglomerate in its […]
Read more →Snapshot on local business, week to 2 December 2001
2 December 2001 Sky City Entertainment Group Ltd/ was named company of the year in Deloittes/Management magazine’s top 200 awards. Sky chief executive Evan Davies, who was named executive of the year in 2000, said the award was “the culmination of a challenging and rewarding year. We set tough financial targets, and again exceeded them. […]
Read more →Snapshot on local business, week to 22 June 2003
22 June 2003 Strategic Finance Ltd expects to make $13 million net profit after tax for the year to 30 June, almost double the 2002 result. But chief executive Jock Hobbs said growth on that scale wasn’t likely to continue, as the result included fees from 2 significant transactions. Shareholders’ funds have grown 55% to […]
Read more →Snapshot on local business, week to 22 September 2002
17 September 2002 Air New Zealand cut its domestic passenger space by 8.2% but recorded only a 6.6% fall in passenger revenue in July, compared to July 2001, resulting in a 1-point rise in load factor to 68%. The airline said its capacity was high a year ago after Qantas NZ’s April 2001 collapse. Air […]
Read more →Snapshot on local business, week to 23 September 2001
20 September 2001 Royal & SunAlliance Insurance NZ Ltd is to buy AMP Ltd’s general insurance business in New Zealand for $60 million. The sale includes GIO NZ and its 50% of the AA joint venture. AMP described the sale as “the establishment of a partnership”: an exclusive distribution agreement will enable AMP to brand […]
Read more →Snapshot on local business, week to 1 December 2002
1 December 2002 Auckland City Council will hold a special closed meeting on Thursday 5 December to discuss the process of selling its 25.7% stake in Auckland International Airport Ltd. Cllr Doug Armstrong, who chairs the sale working group, said staff & commercial advisors would give a full briefing. The Auckland Regional Council is establishing […]
Read more →Snapshot on local business, week to 12 October 2003
8 October 2003 Fletcher Challenge Forests Ltd must get to sell its 100,000ha forest estate out of this: The Campbell Group, negotiating a $685 million deal, has agreed Fletcher can also negotiate with the Kiwi Forests Group, offering $725 million. Fletcher has put down $8.5 million, half Campbell’s break fee, and must front up with […]
Read more →Snapshot on local business, week to 6 April 2003
31 March 2003 Air NZ has cancelled 21 flights in May-June between Auckland & Los Angeles (the withdrawal of United Airlines hasn’t been followed by a transfer of business), and to Hong Kong & Japan. Bookings to the 2 Asian markets were down 5-10%, and the fall at the end of June may be higher. […]
Read more →Snapshot on local business, week to 6 October 2002
6 October 2002 Auckland is 1 of 3 New Zealand ports (Napier & Port Chalmers are the others) which will get the regular scheduled business of new-generation 4100-TEU (20ft-equivalent unit) containerships, and Auckland will be the only New Zealand port of call for 2200-TEU ships. The new services will start in December, the result of […]
Read more →Snapshot on local business, week to 24 June 2001
Latest: Shore council reschedules works to cut rate rise, Environment chief heads to nursery, tax review details on view. 24 June 2001 Transport Minister Mark Gosche and Minister for Auckland Judith Tizard turned the first sods on Friday on the $20 million Puhinui interchange which will link Auckland’s Southern Motorway and State Highway 20, the […]
Read more →Snapshot on local business, week to 16 March 2003
14 March 2003 The Securities Commission has found the initial public offering by Vertex Group Holdings Ltd was likely to mislead investors because it didn’t adequately disclose the risks, but didn’t find evidence to suggest the directors believed the offer document was misleading. Commission chairman Jane Diplock made some observations which are probably more widely […]
Read more →Snapshot on local business, week to 22 February 2004
20 February 2004 Fletcher Challenge Forests Ltd shareholders passed the necessary resolutions today to sell the bulk of its forests to the Kiwi Consortium and for the capital return scheduled for March. The company also announced it had renamed itself Tenon Ltd – 1st definition in the online dictionary is “a projection on the end […]
Read more →Snapshot on local business, week to 3 March 2002
The Securities Commission has recommended significant changes to the law relating to investment advisers, after getting 40 submissions to a discussion paper, Law Reform: Investment Advisers, issued last August. Commission chairman Jane Diplock said there was strong support for the paper’s reform proposals relating to disclosure of important information that might indicate conflict of interest, […]
Read more →Snapshot on local business, week to 25 March 2001
Latest: Colonial lifts stake in Sky, Fletcher separation complete. 25 March 2001 Colonial First State Investment Managers NZ Ltd has lifted its stake in Sky City Ltd from 14.5% last September to 18.92% on Thursday. 24 March 2001 Trading in Fletcher Challenge Building and Energy division,/B> shares ended on Friday. The new Fletcher Building and […]
Read more →Snapshot on local business, week to 16 December 2001
15 December 2001 Pacific Retail Group Ltd increased September half net profit after tax by 124% to $5.4 million on an operating surplus before unusuals & tax up 23.2% to $7.5 million, from revenue up 7.2% to $214.3 million. Earnings/share rose 124% ot 10.67c. No interim dividend will be paid — chief executive Peter Halkett […]
Read more →Snapshot on local business, week to 29 June 2003
29 June 2003 Eoin Johnson (Aratas Investment Trust) increased his stake in Savoy Equities Ltd from 8.274% to 9.15% after taking up his full entitlement in the company’s cash issue. Mr Johnson, a Savoy director, is a former director of Works Infrastructure Ltd, Opus International Consultants Ltd and Wilson Neill Corp Ltd (now in receivership […]
Read more →Snapshot on local business, week to 16 June 2002
15 June 2002 New Zealand was 1 of 9 countries elected to the governing body of the 170-member/affiliate member International Organisation of Securities Commissions, which NZ commission chairman Jane Diplock said was “important international recognition of New Zealand as an increasingly well regulated market and one suitable for international investment.” I’m sceptical about the recognition […]
Read more →Snapshot on local business, week to 30 September 2001
26 September 2001 Something to take the Securities Commission a year getting nowhere useful: It announced an inquiry into “the circumstances” surround the trading/suspension thereof/reinstatement of trading in Air NZ shares. It would cover “the effects on the market of various announcements & disclosures” and “the role of market participants & others”. 25 September 2001 […]
Read more →Snapshot on local business, week to 8 December 2002
3 December 2002 The Auckland Regional Council intends to adopt capital value as the basis for general rates, will have no uniform annual general charge and will have no business or rural differentials. Ratepayers living in areas with public transport will pay more for that part of the regional rates bill than those without. The […]
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