In case you missed it: News bites for the week.
Piyush Goyal.
Indian Minister for Commerce and Industry Piyush Goyal and Trade Minister Todd McClay have signed the India New Zealand Free Trade Agreement in New Delhi. McClay said the FTA supported New Zealand’s goal of doubling the value of exports in 10 years. “This deal will deliver thousands of jobs and billions of dollars in additional exports,” McClay said. He said the signing ensured New Zealand could benefit from a Most Favoured Nation clause whereby the better access the European Union has secured for its wine and services would be extended to New Zealand exporters, if the agreement came into force first. Two-way trade between India and New Zealand is currently worth $3.95 billion, but McClay has pointed to growth in trade with China as example of what could happen once the India FTA comes into effect. The agreement eliminates or reduces tariffs on 95% of New Zealand’s exports to India. New Zealand First opposes the deal, but the Labour Party came out in support of the FTA last week.
Fletcher Building has agreed to sell its Reinforcing & Wire business to Singapore-owned competitor United Industries for $15.7 million.
In a statement to the NZX on Monday, Fletcher said it would recognise a loss of $20m to $23m on the deal.
Managing director Andrew Reding said the sale was consistent with its strategy to simplify the group.
“Fletcher Reinforcing & Wire is a well-regarded business with strong brands,” he said.
“However, it is not aligned with our targeted return profile, and we did not see a clear path for it to achieve satisfactory levels of contribution within an acceptable timeframe.”
The Reinforcing & Wire unit sells steel mesh products for use in construction.
The transaction is subject to conditions including Commerce Commission clearance.
United Industries New Zealand parent United Steel Merchants reported a loss of $82m for the year to December 2024, from revenue of $187m.
From tomorrow, the Auditor-General’s two business units – the Office of the Auditor-General and Audit New Zealand – will be merged and renamed the Audit Office. Auditor-General Grant Taylor told Parliament’s finance and expenditure select committee today that 13 people had lost their jobs because of the restructuring out of a total staff of about 500. Taylor said the two business units had technical support staff doing the same job, so once they merged, not all those staff were needed. He said three members of the senior leadership team were among those losing their jobs. Taylor said that by merging the two business units to create the Audit Office, he believed the organisation could do a better job.
Synlait chief quality officer Hila Mory has resigned and will leave the company on July 31. Mory joined the milk processor in March 2025 from Yili Oceania and became chief quality officer in December. Synlait gave no reason for her exit. In a statement to the NZX, chief executive Richard Wyeth said the company had significantly lifted its quality performance under her leadership. “Through this work, Synlait has strengthened its quality and compliance operating model, governance and regulatory readiness, including clearer accountabilities, more consistent standards, and improved risk-based decision making across the organisation. We wish Hila all the best.” Mory’s resignation follows that of chief supply chain officer Robert Stowell in April, on-farm excellence director Charles Fergusson in March, chief revenue officer Naiche Nogueira in October and chief operating officer Paul Mallard last July.
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