In case you missed it: News bites for the week.
Saum Vahdat.
Bridgewest Ventures has completed the first close of its first venture capital fund at $55.3 million, following commitments from 25 wholesale investors.
The US-owned venture firm has committed $5.5m into the fund as a limited partner on the same terms as other investors and plans to raise that to $10m if the fund hits its $100m target. An NZ institution has also committed $30m as a cornerstone investor.
The capital raise will remain open through the rest of this year.
The new fund comprises 11 Kiwi companies within Bridgewest’s existing portfolio, including TestMart, which has shifted to the US.
Bridgewest has not yet had any exits from its New Zealand portfolio although the 26-year-old US investment firm has made 18 significant exits from companies it grew offshore from seed.
Bridgewest Ventures CEO Saum Vahdat said he was pleased with the strength and diversity of support surpassing its target for the first close.
He said the raise is now being expanded offshore.
NZX and ASX-listed outdoor retailer KMD Brands, in response to media reports, has confirmed it had engaged Goldman Sachs to assist with its treasury and capital management strategy, but it had not made a decision regarding recapitalisation and no refinancing terms had been agreed to.
USX-listed New Zealand Merino Company has changed its name to Zentera Wool Company.
The name combined Zen (a symbol of balance and harmony) and Tera (derived from the Latin for earth).
Zentera chief executive Angus Street said the transformation represented a pivotal shift for the company and for the growers and brands it works with.
“We have a proud legacy as a leader for the wool and textile industry - we had a significant role in banning mulesing in New Zealand and we established the world’s first ethical and sustainable wool standards with our ZQ certification. It’s important that our company name and brand is a true reflection of who we are and what we do."
In 2007 NZ Merino established ZQ, an on-farm certification programme to produce ethical wool. It requires growers to meet strict standards with regard to animal welfare, environmental integrity, social responsibility, fibre quality, and traceability.
Zentera uses more than 600 growers and supplies more than 100 brands.
Listed food delivery company My Food Bag expects an increase in its full-year net profit after tax after forecasting a 4.9% uptick in revenue for the year to March 31.
The company said on Tuesday its second-half revenue was up 6% on the same period last year, and despite ongoing ingredient cost inflation, its second-half gross margin had also improved.
It forecast net profit after tax for the 2026 financial year to be between $6.4 million and $6.8m, which would be an improvement on the previous year's $6.3m.
The company said it was pleased to grow its profitability but it was too early to assess how the escalation of conflict in the Middle East would impact it.
"We remain closely connected with our suppliers and we will keep the market informed of any material impacts including providing a trading update at the release of our full year financial results."
The Commerce Commission is proposing targeted improvements to the rules governing fibre networks as part of its first review of the Fibre Input Methodologies regime.
One key proposal in the draft decision is to introduce a clearer investment test for large fibre network expansion projects, which would be assessed using a cost-benefit framework including analysis of the value consumers place on fibre services through measures such as willingness to pay.
The draft also proposes changes to improve the capital expenditure proposal process, including clearer information requirements and adjustments to regulatory timelines.
Other changes could include refinements to the treatment of connection capital expenditure and insurance.
The draft decision covers issues relevant to the next fibre price-quality reset, which will apply from 2029. Further issues will be considered in the second stage of the review. Submissions on the draft decision are open until April 16.
Promisia Healthcare’s largest shareholder will step down from his executive role and become a non-executive director at the company.
The small NZX-listed aged care provider this morning announced that Tom Brankin will relinquish his position as an executive director following its 2026 annual meeting. It comes as the New Zealand Shareholders’ Association previously raised concerns about the company’s heavy reliance on Brankin for everything from strategic advice to supplying assets. Today, Promisia praised Brankin, who owns 42% of the company, for his contributions, saying shareholders have benefited from his work.
It also announced that Craig Percy has been reinstated as an independent director, one year after he held an executive role with the company.
While official guidelines suggest a former executive might not be deemed ‘independent’ until three years after they have left their post, the board disagreed because his role was temporary, operationally focused, and part-time.
Mark O’Regan.
Retired Supreme Court judge Sir Mark O’Regan has been appointed chair of the Government inquiry into the fatal landslides in Tauranga in January.
He will be assisted by a former Ministry of Research, Science, and Technology CEO Dr Helen Anderson as well as Steve Symon, who was recently chair of the Ministerial Advisory Group on Transnational, Serious, Organised Crime.
Emergency Management and Recovery Associate Minister Chris Penk said the inquiry would establish how the landslides occurred, report on whether relevant authorities took appropriate steps to manage the apparent risk before the two fatal landslides, and identify any lessons that can be learned.
Penk expects the inquiry to deliver its final report with recommendations by December 3.
Monthly food price inflation has fallen slightly as discounts flow through at the supermarket checkout, but economists warn of ongoing price volatility arising from the Middle East war.
Statistics NZ data today showed food prices dropped 0.1% in February, when compared with January, driven by declines for the grocery category; fruit and vegetables; as well as meat, poultry, and fish.
Those falls helped to outweigh an increase in prices for restaurant meals, ready-to-eat food, and non-alcoholic beverages.
ASB economists cautioned that there was ongoing volatility, and the March data will likely see a “sharp jump” in fuel prices and airfares amid the Middle East conflict.
Meanwhile, Stats NZ corrected its January food price index. Previously, it said food prices were up 2.5% in January, when compared with December. The correct increase was 2.1%.
“Specifically, for one supermarket data provider, only 18 of the 31 days were included. This was due to human error,” Stats NZ said.
TeMihi Contact geothermal power station.
Regional Development and Resources Minister Shane Jones said $50 million from the Regional Infrastructure Fund (RIF) has been ringfenced to pay for the development of geothermal projects. That is in addition to the $60m ringfenced in the fund in 2024 to invest in exploring the potential of supercritical geothermal technology.
Jones said today’s announcement was about de-risking investment in geothermal projects.
Three projects had so far been successful in getting funding from the RIF, totaling $23m.
“Through this ringfenced funding, two $10m loans have been granted to two projects – the Taumanu and Kopura geothermal projects near Rotorua and Kawerau,” he said.
Those projects, if successful, had the potential to develop additional renewable, reliable, low-emissions energy, while boosting Māori economic development, jobs, and long-term regional growth and resilience, he said.
The price of key export commodity whole milk powder has reversed course and edged lower for the first time this year. Data overnight showed the commodity fell 4% to US$3709 per metric tonne, following consecutive increases since late last year. The overall GDT index was flat, recording only a 0.1% gain, to US$4330 per metric tonne. Dairy farmers have benefited from higher commodity prices and increased global demand, but uncertainty is building with the current Middle East conflict. Even so, Rabobank’s latest Rural Confidence Survey, out today, edged higher because of improved dairy sentiment. The latest survey, completed between February 16 and March 6, found 39% of New Zealand farmers were now expecting the performance of the broader agri-economy to improve in the year ahead. Importantly, the number expecting conditions to worsen had fallen to 8%, from 12% previously.
The Fisheries Amendment Bill has been introduced to Parliament today, with Oceans and Fisheries Minister Shane Jones saying it will ensure sustainability while removing obstacles to growth. Jones said the Bill would streamline science-based decision-making, address concerns about private and commercially sensitive footage from cameras on boats, and give fishers more options about what to do with their catch. “A key part of the reforms is changes that allow us to be more agile in response to changes in fisheries abundance. Being able to quickly adjust catch limits up or down is good for the fishery and people who use it,” he said. Jones said the Bill, along with operational changes, would make it easier to harvest fish in a sustainable way. He urged people to make submissions when the Bill went to select committee for consideration.
ASX-listed mining giant BHP has announced the appointment of Brandon Craig as its new chief executive. Craig has been with BHP since 1999, and his most recent role was heading up the company’s increasingly important copper and potash divisions. He will take over as chief executive on July 1 from Mike Henry, who has served in the role for just over six years. BHP is the world’s largest mining company, with a market capitalisation of A$252.6b ($305.8b).
New Zealand continues to hold healthy stocks of petrol, diesel and jet fuel, according to the Government. Finance Minister Nicola Willis said at midnight on Sunday, combined petrol, diesel and jet fuel stocks equated to about 49 days. This included fuel already in storage terminals and fuel on ships already bound for New Zealand. “Levels are down slightly from last week, but the changes reflect normal patterns of consumption and shipping,” Willis said. Associate Energy Minister Shane Jones, who is responsible for fuel security, said the Government was working closely with industry to strengthen the quality and timeliness of fuel stock and shipping data. “All indications are, so far, that New Zealand is well-placed to deal with the fallout from the closure of the Strait of Hormuz. We are working closely with other countries and our suppliers to ensure this continues,” Jones said. He said he wanted to be clear that at this stage, there was no need for fuel restrictions.
Listed automotive dealer Turners has upgraded its earnings guidance for the financial year to March 31, off the back of a stronger summer trading period. The company now expects net profit before tax, before goodwill adjustments, to be about $63 million, an increase from the previous guidance of about $60m, and approaching the previously stated profit target of $65m in FY28. Turners noted strong vehicle sales volumes and an improvement in vehicle margins in the auto retail division. It also benefited from disciplined purchasing, competitive pricing, and market share gains. Finance lending activity also improved in January and February, with several new lending records. CEO Todd Hunter said it planned to update the market on its five-year business strategy next week, with a new target for earnings over that period.
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