Business

WCC vote on $154m convention centre this week

The Wellington City Council will decide on Thursday whether to proceed with a new Convention and Exhibition Centre. Artist’s impression of the proposed convention centre on Cable Street It will consider a proposal that the centre be developed on Council-owned land on Cable Street, opposite Te Papa, at a cost of $154.3million. The building with …

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Fairfax raids Stuff kitty in lead up to Nine merger

Australia’s Fairfax Media Group raided Stuff’s kitty ahead of a planned merger with broadcaster Nine Entertainment Co, which doesn’t see a home for the New Zealand unit. Content provided by BusinessDesk, “the only business news source you need”. A ten-day free trial is available at https://www.businessdesk.co.nz/ by Paul McBeth Stuff paid $22.5 million in dividends to its Australian parent …

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Trade Me attracts another suitor with a sweeter offer

Trade Me has attracted a second private equity suitor willing to pay $2.56 billion for the country’s dominant online marketplace. Content provided by BusinessDesk, “the only business news source you need”. A ten-day free trial is available at https://www.businessdesk.co.nz/ by Paul McBeth The Wellington-based company said yesterday it has received a non-binding indicative offer from Hellman & …

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QV data for November shows Wellington house prices still rising

The wider Wellington region recorded a 4 per cent quarterly increase and an 8.1 per cent annual rise in the latest Quotable Value house price index. Content provided by BusinessDesk, “the only business news source you need”. A ten-day free trial is available at https://www.businessdesk.co.nz/ by Jenny Ruth Quotable Value says its nationwide house price index rose 3.5 …

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Sound and screen consolidation eyed with MediaWorks and QMS merger

Local broadcaster MediaWorks and ASX-listed outdoor advertising firm QMS Media have signed a conditional deal to merge the New Zealand businesses in the latest round of media industry consolidation. Content provided by BusinessDesk, “the only business news source you need”. A ten-day free trial is available at https://www.businessdesk.co.nz/ By Paul McBeth The media companies have entered into a heads …

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Kiwibank customers “appalled” by branch closures

Kiwibank customers are outraged at news their local branches in Johnsonville, Petone and Stoke are being closed. RNZ story by Alex Ashton @AlexGPAshton [email protected] Photo: RNZ The state-owned bank yesterday announced the closures, but plan to open 13 new, stand-alone bank branches, which would not be associated with a post shop. Outside the Johnsonville branch yesterday, locals …

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Tawa flies flags to celebrate vibrant community

Forty-three flags are now fluttering from power poles in Tawa, promoting local spirit and the community. Tawa Business Group, Tawa Residents Association, and Tawa Community Board dreamed up the project to highlight the northern suburb community, and engaged locals to take the project from logo and flag design to completion over a two-year period. Local …

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British private equity firm signals $2.54b takeover of Trade Me

Trade Me Group says British private equity firm Apax Partners has approached it with a non-binding indicative offer to take it over for $6.40 per share. Content provided by BusinessDesk, “the only business news source you need”. A ten-day free trial is available at https://www.businessdesk.co.nz/ By Jenny Ruth The share price offer is a 25.5 percent premium to Tuesday’s close …

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Dignity milestone achieved for second birthday

Wellington startup Dignity NZ celebrates its second birthday tonight, and reached another impressive milestone this week, with 10,000 pads and tampons donated to school girls around the country. The Dignity NZ team, from left: co-founder Miranda Hitchings, Hester Reich, co-founder Jacinta Gulasekharam, and Sophie MacDonald. Wellington entrepreneurs Jacinta Gulasekharam and Miranda Hitchings founded the business …

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WelTec to swallow Whitireia in merger, closing Kāpiti campus

A proposal announced yesterday would see two troubled tertiary institutes in the Wellington region merge, with Whitireia Community Polytechnic integrated into the Wellington Institute of Technology in an effort to strengthen their combined financial position. The organisational change proposal, E Tū Ma Tātou – Our People, Our Challenges, Our Future, would also see the closure of Whitireia’s …

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Bid for Mojo by Cooks Global Foods falls through

The bid by Cooks Global Foods to buy Wellington-based Mojo Coffee Cartel for $19 million fell through yesterday when conditions weren’t met. Content provided by BusinessDesk, “the only business news source you need”. A ten-day free trial is available at https://www.businessdesk.co.nz/ By Rebecca Howard Cooks had offered to pay $11.7 million in cash, about $2 million in …

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Airport expects strong summer traffic as international flights near record highs

Wellington International Airport says it is expecting a strong summer on a mix of new services and increased capacity to and from Australia. Content provided by BusinessDesk, “the only business news source you need”. A ten-day free trial is available at https://www.businessdesk.co.nz/ By Gavin Evans The company, which yesterday reported an almost 5 per cent increase in …

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Wellington’s TeamTalk plans digital radio and fibre expansion

Telecommunications provider TeamTalk is planning to raise up to $8.7 million to help fund the expansion of its digital radio network and the upgrade of its Wellington fibre business. By Gavin Evans Content provided by BusinessDesk, “the only business news source you need”. A ten-day free trial is available at https://www.businessdesk.co.nz/ TeamTalk will raise $2 million through …

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NZ screen sector needs special employment carve-outs to stay competitive

New Zealand’s screen sector needs its own employment framework to remain globally competitive, a working group says. By Paul McBeth Content provided by BusinessDesk, “the only business news source you need”. A ten-day free trial is available at https://www.businessdesk.co.nz/ The Film Working Group was set up by the government in January to deal with concerns of a …

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Your high five events for Tuesday 16 October

This daily feature lists a selection of Wellington events accessible today for $20.00 or less. You may want to check previous entries for recurring events. And there are many more options in the What’s On, Active/To Do, and Community sections of The Wellington App. On the occasion of the 2018 Prime Minister’s Awards for Literary …

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Stuff the laggard among Fairfax businesses

Stuff, parent company of the Dominon Post, Stuff.co.nz, Neighbourly and others businesses, has been the laggard among Fairfax Media Group’s trans-Tasman businesses in recent months and may be sharpened up for divestment if a merger with Australia’s Nine Entertainment Co goes ahead. By Paul McBeth Content provided by BusinessDesk, “the only business news source you need”. A …

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NZ house prices rise to new record as dwindling supply saps turnover

New Zealand house prices rose to a record in September as a lack of listings led to fewer sales in the month and longer closing periods, the Real Estate Institute says. by Paul McBeth Content provided by BusinessDesk, “the only business news source you need”. A ten-day free trial is available at https://www.businessdesk.co.nz/ The REINZ house price index …

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CentrePort to demolish BNZ building after reaching $170M insurance settlement

CentrePort will have the BNZ building on Harbour Quays demolished after reaching a $170 million settlement with its insurers. by Paul McBeth Content provided by BusinessDesk, “the only business news source you need”. A ten-day free trial is available at https://www.businessdesk.co.nz/ The building has been vacant since the November 2016 Kaikoura earthquake and tenant Bank of New Zealand …

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Record year for New Zealand International Film Festival

The New Zealand International Film Festival (NZIFF) has achieved a record year of attendance around New Zealand, breaking the national attendance record set in 2004. There were 263,017 admissions to NZIFF in 2018 superseding the previous record of 262,260 admittances. The complete programme was made up of 181 feature films and short film collections from …

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Biggest season for cruise ships anticipated by burgeoning CentrePort

Wellington’s cruise ship season started this week, with an anticipated 50,000 extra passengers expected to make it the biggest yet, according to CentrePort. Radiance of the Seas berthed on Tuesday, opening the season, and the 330-metre Majestic Princess arrived on Wednesday with 4,900 passengers and crew, playing the theme from The Love Boat on its …

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Ebert Construction’s tradies, subbies won’t claw back much of $33.8M owed

The receivers for Wellington firm Ebert Construction expect most of the $33.8 million owed to tradespeople and subcontractors won’t be repaid. by Paul McBeth Content provided by BusinessDesk, “the only business news source you need”. A ten-day free trial is available at https://www.businessdesk.co.nz/ PwC’s Lara Bennett, John Fisk and Richard Longman said there isn’t likely to be any surplus …

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Sharesies to more than double in size with Trade Me injection

Wellington company Sharesies will more than double in size during the coming year with a $4 million injection from Trade Me to help fund new product development and get its name out to the public. By Paul McBeth Content provided by BusinessDesk, “the only business news source you need”. A ten-day free trial is available at https://www.businessdesk.co.nz/ The …

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Free haircuts give students hands-on experience

The students learning barber skills at Te Auaha are giving Wellingtonians free haircuts to gain practical experience. Story and photos by Luke Jackson The difference between a barber and a hairdresser is hard to explain according to Daimon Johnson, the tutor of Te Auaha’s first-ever New Zealand Certificate in Barber Skills programme. He settles on …

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Wellingtonians among record number of finalists at Sustainable Business Awards

Fourteen Wellington individuals and organisations are among a record number of finalists announced for the 2018 NZI Sustainable Business Network Awards. The finalists include small businesses, large corporates, and not for profit organisations, showing that all types of organisations can make a success out of sustainability. Half of the finalists for the Millennial on a …

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Pay deal struck by PSA and IRD after strikes

Public Service Association members and the Inland Revenue Department have ended months of pay negotiations with union members voting to ratify a new deal. Content provided by BusinessDesk, “the only business news source you need”. A ten-day free trial is available at https://www.businessdesk.co.nz/ By Sophie Boot (BusinessDesk), 10 September PSA members working at IRD went on strike three times …

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Apartment owners frustrated by lack of help with earthquake safety

Wellington apartment owners are still frustrated by a lack of help for those who cannot afford to make their buildings earthquake safe. Report from RNZ by Laura Dooney @ljdooney [email protected] Photo of Oriental Bay supplied by RNZ Last November Wellington Central MP Grant Robertson said he was urging the government to look at all options to help apartment owners. …

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Wellington bucks trend as NZ house values drop in August

Sept. 6 (BusinessDesk) – New Zealand house values shrank in August as the market cooled in winter, according to state-owned valuer Quotable Value. By Sophie Boot Content provided by BusinessDesk, “the only business news source you need”. A ten-day free trial is available at https://www.businessdesk.co.nz/ National residential property values dropped 1.6 percent in the three months through August to $672,504, …

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World class music course ready to roll at Massey

As part of Tertiary Open Day on Friday, the Commercial Music course at Massey University will showcase its brand new studio facilities packed with top-end gear in a music course that’s “shamelessly vocational”. By Mark Cubey.Photos supplied, unless noted. It’s hard to ignore the Neve. No, not the Prime Minister’s baby, though Jacinda and Clarke …

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Porirua Chamber of Commerce wound up with Wellington takeover

A Special General Meeting of the Porirua Chamber of Commerce has voted unanimously to wind up the organisation, with the Wellington Chamber of Commerce taking over operations. Announcing the move, outgoing chairperson Euon Murrell said that small chambers such as Porirua are increasingly unsustainable, and become focused on running back office administration rather than actively …

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Local power company Flick Electric sells majority stake to Z Energy

Z Energy has agreed to acquire a 70 percent stake in spot-based electricity retailer Flick Energy as part of its strategic investment in alternative fuels and mobility. Content provided by BusinessDesk, “the only business news source you need”. A ten-day free trial is available at https://www.businessdesk.co.nz/ By Gavin Evans (BusinessDesk) The country’s biggest fuel retailer has agreed to …

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Mojo swallowed by Cooks in plan for U.S. expansion

Cooks Global Foods will buy Mojo Coffee Cartel for $19 million and support the well-known Wellington chain’s US expansion plans. Content provided by BusinessDesk, “the only business news source you need”. A ten-day free trial is available at https://www.businessdesk.co.nz/ By Paul McBeth (BusinessDesk) Auckland-based Cooks Global Foods will pay $11.7 million in cash, $2 million in shares and …

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PledgeMe nails half-million goal (updated)

Wellington-based crowdfunding platform PledgeMe Limited launched an equity crowdfunding campaign for themselves on Monday evening, and exceeded their minimum goal of $500,000 today. The pledged funds had increased to $521,929 as of Wednesday morning. In our earlier story, PledgeMe co-founder Anna Guenther (above) was excited by the response. “I think this is a real testament to …

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NZ central bank vacating Wellington HQ for three months due to asbestos

Content provided by BusinessDesk, “the only business news source you need”. A ten-day free trial is available at https://www.businessdesk.co.nz/ by Rebecca Howard Aug. 10 (BusinessDesk) – New Zealand’s central bank is vacating its Wellington headquarters for about three months to remediate asbestos issues. The central bank’s currency, payments and settlements, and markets operations will not be affected as …

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Ebert Construction tipped into receivership as ailing Auckland projects threaten ongoing losses

Content provided by BusinessDesk, “the only business news source you need”. A ten-day free trial is available at https://www.businessdesk.co.nz/ By Paul McBeth Aug. 1 (BusinessDesk) – Ebert Construction is the latest local building firm to fall over in the midst of a major boom, with receivers appointed to the parent company as escalating costs in some poorly performing projects …

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Ebert Construction receivership may affect Wellington projects

Leading construction company Ebert Construction Ltd has gone into receivership. Receivers were called in by the company last night, with workers and contractors locked out of the company’s construction sites this morning. Workers and contractors received letters from receivers confirming the company is in receivership, and that they would have to go through the receivership …

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Commerce Commission files proceedings against Wilson Parking, seeks penalty

Content provided by BusinessDesk, “the only business news source you need”; 10-day free trial available at https://www.businessdesk.co.nz/ By Margreet Dietz July 20 (BusinessDesk) – The Commerce Commission has filed proceedings against Wilson Parking, alleging New Zealand’s biggest parking company substantially lessened competition for the supply of car parking in the Boulcott Street area in central Wellington when …

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