Steel & Tube has acquired 20 owned and leased trucks and eight owned trailers from Roadex Logistics, its long-term provider of freight delivery services, for $700,000.
The trucks are specialist units designed for steel freight and lifting operations, and 20 Roadex drivers have joined S&T as employees as a result of the transaction, effective April 30, 2024.
CEO Mark Malpass said freight was the third largest cost element of the steel supply chain and freight services an important part of S&T's service proposition.
"Direct ownership of this element of specialist freight services to our customers is strategically important and part of our “strengthening the core” strategy," he said.
S&T said the transaction was expected to be immediately earnings accretive, and payback on the initial investment is less than one year. The acquisition complements the six existing trucks in Steel & Tube’s fleet, bringing the total to 26.
The man who had to shut Newshub, Warner Bros. Discovery ANZ VP and head of networks, Glen Kyne, will leave his role on July 5.
Kyne said he was proud of the work he’d done at WBD but felt the time was right for him to step down and allow someone else to lead the newly remodelled business.
“It goes without saying that it’s been a particularly challenging year for our teams, but the grace and professionalism with which they’ve carried themselves is a true indication of the people and culture here,” he said in a statement.
“I want to thank all of our people, and especially the leadership team for their trust, patience and support of me to lead through these years. It’s been the highlight of my career.”
Juliet Peterson, current senior director of content, will take Kyne’s role.
Kiwi Property's general manager of development Ian Passau will leave the company following a restructure of its development division, the commercial property firm announced to the NZX on Wednesday. Passau had made a huge contribution to Kiwi Property over the past seven and a half years, leading major initiatives such as the Sylvia Park galleria expansion, the construction of its Resido build-to-rent scheme and the successful upzoning and commencement of development at its Drury landholding, CEO Clive Mackenzie said.
"Unfortunately, given our focus on cost reduction and with no new development projects commencing in the short term, we've been forced to make some tough decisions."
Passau will remain at Kiwi Property until mid-August.
Restaurant Brands market results were divided during the first quarter, with weaker trading from Australia and California.
The fast food retailer reported total sales of $333 million for the first quarter ending March 31, up 8% year-on-year.
New Zealand sales totalled $149m, up 11% on a same-store basis.
Sales were reported to have increased across all brands, driven by additional store openings, marketing initiatives and an improvement in trading hours.
Australian sales totalled A$68.9m ($73.9m), an increase of 1.4% in total year-on-year but down 2.7% on a same-store sales basis.
Sales in Hawaii totalled US$41.1m ($67.1m), with same store sales up 6.7%.
California trading for the first quarter totalled US$26.3m ($43m), down 7.7% on a same-store basis.
Cost of living pressures were said to have continued to significantly impact the market and discretionary spending.
Restaurant Brands would hold its annual meeting on May 24 in Auckland and online.
By the time of the next election, MPs will be earning $181,200 a year, up from their current annual income of $163,961.
The Remuneration Authority released its latest determination today on MPs’ salaries, saying they would rise immediately to $168,600, backdated to October 15 last year, the day after the election. They would then rise each year before reaching $181,200 in 2026.
It noted that MPs’ salaries and allowances had been effectively frozen since 2017.
“It should be noted that the criteria do not mention the performance of MPs; therefore, the Authority has no mandate to consider MPs’ performance.”
Salaries of ministers, party leaders, the Speaker, deputy speakers, select committee chairpersons, and others who hold more responsibility also went up.
By election day, Prime Minister Christopher Luxon will be earning $525,500 a year. His income this year rises to $484,200.