The tourism sector is in support of Immigration NZ's removal of its certified translation requirements for visitor visa applications. Cutting the requirement, which added time and cost to the application process particularly for Chinese and Indian applicants, was signaled today by Tourism Minister Louise Upston and Immigration Minister Erica Stanford. Upston said while translations would still be required, visitors wouldn't need to pay for certified translation services. Applicants would also need to provide the credentials of the translator. NZ Airports chief executive Billie Moore said the move, effective from May 26, was a right step in making travel to New Zealand more seamless.
Dairy co-op Fonterra says it will invest a further $70 million in electrode boilers to replace coal-fired boilers at its Edendale site in Southland.
The new boilers are expected to be running by August 2027.
Fonterra announced the investment as its first electrode boiler at Edendale was officially opened by Energy Minister Simon Watts.
It follows a $150m investment in a new UHT cream plant at Edendale announced in September 2024.
The co-op’s North Island operations turned off their last coal-fired boiler in November last year and now use electrode or biomass boilers.
The Reserve Bank is consolidating its executive leadership team effective from May 12, with two senior leaders set to depart the central bank. The new structure includes four assistant governor roles for financial stability, money group, enterprise services, and operations. Governor Christian Hawkesby said the new structure was designed to make the RBNZ “more efficient, more focused, and more agile”. Karen Silk will continue as assistant governor ‘money group’, while Angus McGregor will continue as acting assistant governor of financial stability while Hawkesby is governor for six months. John McDermott has been appointed to the new role of assistant governor of operations. Senior staff Greg Smith and Nigel Prince will leave the RBNZ. The RBNZ is currently in a consultation process about a new ‘directors’ leadership team structure and will consult with staff about any changes next month.
Thursday May 8
Salt Funds agrees to sell Marsden Maritime stake
Salt Funds Management has agreed to sell its 3.49% stake in the NZX-listed owner of Northport, Marsden Maritime Holdings, to the consortium looking to take it private. In February, Marsden's board recommended a deal that would buy out minority shareholders and take the company private. It owns half of Northport, more than 150ha of land adjacent to it, and the Marsden Cove Marina. Northport is a private company half-owned by Marsden and NZX-listed Port of Tauranga. Under the deal, however, Northport would become a wholly owned subsidiary of Marsden, which would delist from the NZX. In turn, Marsden would be 50% owned by Port of Tauranga, 43% owned by Northland Regional Council, and 7% owned by Crown-owned investment company Tupu Tonu. The scheme of arrangement is offering $5.60 a share in cash. The deal was last month backed by Northland Regional Council, which was one of the conditions, while on Thursday, Salt Funds said it had agreed to sell as well. A vote will be held on May 29.
AgriZeroNZ is trying to mitigate emissions from cattle.
AgriZeroNZ invests $1.5m in Queensland-based Bovotica
AgriZeroNZ, the public-private partnership developing tools to help farmers cut methane emissions, is investing $1.5 million (A$1.35m) in Bovotica as lead investor in the Australian agtech startup’s seed funding round. Bovotica researchers have identified microbes that naturally occur in the rumen of low methane-emitting cattle. Spun out of Queensland University of Technology, the startup is developing a probiotic containing the microbes given to cattle to reduce methane emissions while simultaneously increasing weight gain and milk production. It’s targeting a 50% reduction in methane and a 5% increase in production, with two solutions in development for different farming systems. AgriZeroNZ CEO Wayne McNee said the latest investment complemented its $61m portfolio as part of its efforts to provide Kiwi farmers with a range of affordable and effective mitigation solutions. Private sector funding is matched by the Government to provide $191m for AgriZeroNZ's first four years.
Cooks Coffee inks franchise agreement in India
Cooks Coffee Company has signed a deal to launch café chain Esquires into the Indian market. The dual-listed company has inked a master franchise agreement with Indian food and beverage company Sterling Coffee House Ltd, which will manage the venture. Under the terms of the agreement, Sterling will be responsible for the establishment and operation of the Esquire’s business in India, with ongoing support from Cooks Coffee. That support will include providing systems, processes, and best practices for the Esquires brand. Cooks Coffee Company chair Keith Jackson said India represented "a dynamic and growing market, and we are confident that Sterling Coffee House Ltd will be a great partner in bringing the Esquires Brand to new customers across India."
TruScreen device.
TruScreen auditor resigns
NZX and ASX-listed med-tech company TruScreen has changed its auditors. Through a market update, the Kiwi cervical cancer screening device company said Hall Chadwick NZ had been appointed as auditor with immediate effect. It followed the resignation of RSM Hayes Audit (a firm within the broader RSM New Zealand group) after five years in the role. Last November, TruScreen signalled a capital raise would be required to take place before September this year in order to support the company. TruScreen said it had cash and cash equivalents of $1.7m at the end of September 2024, and its net operating cash outflow had reduced to $900,000 from $1.4 million in the first half of last year. In March last year, the company raised about $2.6m before costs, with $1.2m of that through a placement and $1.4m through a 1:3 pro rata renounceable rights issue. Its chief executive, Beata Edling, resigned in the middle of the rights issue and was replaced by former CEO Martin Dillon.
Rams Logistics owes IRD more than $3m
Failed Auckland transport company Rams Logistics owes Inland Revenue more than $3 million, according to the first liquidators’ report by PwC. The report, published yesterday, said the company had 50 employees and two contractors when it went into liquidation. PwC said it had not been able to access company records about outstanding employee ‘preferential’ entitlements but had been informed that it was just over $760,000. That amount was subject to review. PwC also said some employees were pursuing the company through the Employment Relations Authority. Overall, IRD’s claim for outstanding GST, PAYE, and other employee deductions was estimated at $3.23m. Last month, NBR reported that liquidators were appointed to the company by the High Court in Auckland on March 28, after an application was made by IRD. Companies Office documents showed the company was incorporated in January 2013 and Bipendra Dheeraj Ram and Radhika Lata Ram each held a 50% shareholding.
Friday May 9
Auckland Airport chief infrastructure officer resigns
Carrie Hurihanganui.
Auckland Airport has announced the resignation of its chief infrastructure officer, Susana Fueyo Suarez.
The NZX-listed airport reported Fueyo Suarez would step away from her position this week and the search for a replacement would begin soon.
Auckland Airport CEO Carrie Hurihanganui said Fueyo Suarez's engineering expertise has been "invaluable" as the airport had advanced its infrastructure programme and reached key milestones such as the contract signing for the domestic jet terminal build and other developments such as roading, utility, and airfield works.
Fueyo Suarez was appointed as chief infrastructure officer in March last year.
CK dodges CDL’s takeover bid, for now
CDL Hotels Holdings NZ says it received acceptances under its revised $2.80-a-share offer for Millennium & Copthorne Hotels (MCK) for 8.29 million ordinary shares, taking its tally to 88.3 million shares. It represents an 83.7% holding in the hotel group, up from its prior 79.6% but fails to get to the 90% level requiring mandatory acceptance by minorities for the offer. The offer closed on May 8. Last month, minority shareholder Accident Compensation Corporation, said it won’t accept the offer for its 4.5% stake, after suggesting it represents "less than half the value" CDL will acquire. On April 23, ACC said the offer was "unreasonable and opportunistic", representing a 40% discount to the mid-point determined by an independent valuation. CDL's Singaporean owner, City Developments, has said the offer was the "final and best" price CDL was willing to pay, and it wouldn't vary the price again for at least nine months.
