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NBR Rich List, Fieldays, climate challenge and Orr's resignation
Brent Edwards
Sat, 14 Jun 2025
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Immigration changes to fill skills gaps in manufacturing
From August 18, 10 new trades occupations will be added to the Green List’s ‘work to residence pathway’. These are metal fabricator, metal machinist (first class), fitter (general), fitter and turner, fitter-welder, pressure welder, welder, panel beater, vehicle painter, and paving plant operator. Immigration Minister Erica Stanford said these changes would help bring in talent needed to keep the country moving. Small Business and Manufacturing Minister Chris Penk said while business confidence was recovering, some crucial roles were still difficult to fill. “We know these skill shortages must be addressed to support the sector’s recovery. Bringing in overseas talent will help lift productivity and ensure manufacturers across the country can seize opportunities to grow,” Penk said.
Giltrap Group becomes naming sponsor of New Zealand Fashion Week
The Giltrap Group has partnered with New Zealand Fashion Week to become its naming sponsor. NZFW signed a three-year partnership with Giltrap Group, and the investment will see NZFW return as an annual event. It's understood the production budget for the week-long event scheduled for late August exceeds $1.5 million, with projected revenue expected to total about the same. Giltrap Group chief executive Steve Kenchington said while the Giltrap Group was known for backing Kiwis in motorsport, from Formula One to Le Mans, "we’ve also long supported innovation and creativity across industries, including fashion ... We’re proud to help New Zealand’s fashion talent fly on the global stage." Giltrap Group's roots go back to 1966, when Sir Colin Giltrap co-founded Hamilton's luxury car dealership, Monaco Motors. The Giltrap family feature on NBR's Rich List, with a valuation of $400m.
Further delay for Santana fast-track submission
Otago gold prospector Santana Minerals has disclosed further delays in its application for fast-track resource consent.
In a statement to the NZX, Santana said although most of the consultant reports required for its application were completed, “a group of ecological reports are still awaiting consultant finalisation, holding up the final submission”.
The delay meant it would not be able to submit its application by June 30, as previously indicated, but it would work to ensure submission “at the earliest opportunity”.
The company had previously aimed to complete its submission by the end of April but said on April 7 the consultant reports would not be completed in time and it was working towards a June 30 submission date.
Manufacturing sector falls back into contraction
New Zealand’s manufacturing sector fell back into contraction in May, dragged down by weaker orders and employment.
The BNZ-BusinessNZ Performance of Manufacturing Index fell to 47.5 last month, down from 53.3 in April.
A reading below 50 indicated the sector was in contraction rather than expansion. The sector had previously reported four consecutive months of expansion.
Four of the five main sub-indexes were in decline, with new orders down to 45.3, while employment fell to 45.7, which was the lowest level since July last year.
The proportion of negative comments increased to 64.5%, with manufacturers gloomy about falling demand, weak orders, and low business confidence.
BNZ senior economist Doug Steel said the PMI was another indicator that put pressure on the economic growth outlook.
Statistics NZ releases March-quarter GDP data next week and economists pencilled in 0.7% expansion, above the RBNZ’s 0.4% prediction in the May Monetary Policy Statement.
Coalition wants more rooftop solar panels
The coalition Government is changing the rules to make it easier to install solar panels on existing buildings and new homes. It is expanding the permitted voltage range for electricity networks so people with solar panels can send more power back to the grid; it is making it clear a building permit is not needed to install solar panels on an existing building; and it is requiring councils to process building permits within 10 days for new homes with solar panels, down from the standard 20 days. “New Zealand’s residential uptake of rooftop solar is lower than many other countries. This Government wants to change that so more Kiwis can generate, store, and send their electricity back to the market. This will allow them to save on their electricity bills and contribute to a more secure electricity system,” Energy Minister Simon Watts said.
Vector appoints experienced Aussie to its board
Electricity distributor Vector has appointed experienced Australian infrastructure leader Vaughan Busby to its board. Busby is a current director of electricity distributor Energy Queensland, Netlogix Australia, and chair of infrastructure financier SFV. Vector chair Doug McKay said Busby was a “high-quality addition to our board, with industry-leading expertise and a track record of growth and innovation in the energy sector”. Busby will be classified as an independent director.
Synlait extends related party loan facility to 2026
Milk processor Synlait has extended its $130 million loan from 62.3% shareholder Bright Dairy out to July 2026.
The one-year related party loan was approved by shareholders last July as the company sought emergency funding to repay bank debt.
Synlait said its current bank loan facilities were due for renewal by September 30 and refinancing work was under way.
As of January 31, Synlait had debt of $311.2m through working capital, revolving credit, and term loan facilities with its bank syndicate of ANZ, Bank of China, China Construction Bank, Rabobank, Kiwibank, Bank of Communications, and Industrial Bank of China.
Radius Care expects improved underlying earnings for H1
NZX-listed age care provider Radius Care is forecasting a solid lift in its interim underlying earnings.
The company expects its underlying earnings before interest, tax, depreciation, and amortisation (ebitda) for the six months ending September to be between $12m and $15m, compared with $10.6m in the same period a year ago.
Radius also anticipates improved ebitda per bed and interest cost savings of more than $1m, which would boost its net profit.
The forecast lift is the result of occupancy levels hovering around the 94% range in the first 2.5 months of the current year, a more profitable occupancy mix, growth in accommodation supplements, and better resale gains for units.
Radius plans to provide more financial information about its first half at its annual meeting in August.
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