Author: MIL-OSI Publisher

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Steel and Tube still in the red but outlook brightens

Source: Radio New Zealand

RNZ / Nate McKinnon

Steel manufacturer and distributor Steel and Tube has posted another bottom-line loss, but says it’s seeing signs of light at the end of the tunnel.

Key numbers for the 6 months ended December compared with a year ago:

  • Net loss $12.4m vs net loss $14.0m
  • Revenue $211.9m vs $196m
  • Operating earnings $1.2m vs $0.6m
  • Product margin 31.1% vs 28.7%
  • No dividend

Chief executive Mark Malpass said trading had been lumpy but the edge of a tough marketplace had been taken off by its purchase of a business last year.

“The acquisition of galvanising business Perry Metal Protection – a measured and strategic buy at the bottom of the cycle – has done exactly what we wanted: providing consistent high value earnings.”

He said the core steel business continued to struggle amid the stop-start nature of the recovery, and tighter margins as competitors fought for market share.

Malpass said Steel and Tube was a cyclical business and the broader economy was showing improvement.

“We are starting to see some positive signs – manufacturing demand is on the rise, Fast-Track projects will support the near term infrastructure pipeline, and the rollover of fixed mortgages to lower interest rates and easier access to credit will help to stimulate construction,” he said.

Steel and Tube has been trimming expenses, cutting $3 million in costs over the past year, and said it was focused on holding market share and keeping debt down.

Malpass believed the company was well-placed to benefit as conditions continued to improve.

“As a cyclical business, Steel and Tube is positioned for the upside, with significant operating leverage, a strong market position, a high-quality team, and a broad product and service offer that has been further enhanced by recent acquisitions.”

The company did not give any forecast but expected trading to keep improving in the second half.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

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UK police finish search of Andrew Mountbatten-Windsor’s property in Berkshire

Source: Radio New Zealand

Andrew Mountbatten-Windsor. Max Mumby/Indigo

British police say they’ve finished searches of Andrew Mountbatten-Windsor’s property in Berkshire following his arrest on suspicion of misconduct in public office.

The former British prince was released last Thursday, pending further investigation, after he was questioned at a Norfolk police station about his links to the late sex offender Jeffrey Epstein.

The US Department of Justice published millions of files related to Epstein last month, which revealed information that’s put a cloud over numerous high-profile figures in the UK and US.

It’s believed Mountbatten-Windsor was under investigation for his time as a trade envoy from 2001 and 2011.

Emails appeared to show him discussing confidential information obtained in that role with Epstein.

Mountbatten-Windsor had not commented on the latest allegations but had repeatedly denied any wrongdoing.

The New Zealand government yesterday said it would back a move to remove him from the line of succession, should the UK government propose to do so.

Mountbatten-Windsor had already been stripped of his royal titles by his brother, and New Zealand’s head of state, King Charles.

Thames Valley Police Assistant Chief Constable Oliver Wright today said “Officers have now left the location we have been searching in Berkshire. This concludes the search activity that commenced following our arrest of a man in his sixties from Norfolk on Thursday.”

He confirmed their investigation is ongoing, but there were unlikely to be further updates “for some time”.

Searches of Mountbatten-Windsor’s property in Norfolk concluded last Thursday.

Former UK ambassador to the United States, Peter Mandelson, was also arrested on suspicion of misconduct in public office, relating to his time as UK Business Secretary on Tuesday.

Emails released by the US Department of Justice appeared to show him discussing confidential information with the disgraced financier too.

He was released on bail later the same day, pending further investigation.

Mandelson hadn’t commented on the latest allegations, but had previously denied any wrongdoing.

He was removed as UK Ambassador to the US by Prime Minister Sir Keir Starmer last September, when it emerged he’d maintained a relationship with Epstein after his conviction.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

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Two people critically hurt as train and car collide in New Plymouth

Source: Radio New Zealand

The crash on Mountain Road in Lepperton was reported at 8.45am on Wednesday. Google Maps

Two people are critically injured after the car they were in collided with a freight train near New Plymouth on Wednesday.

Emergency services responded to the crash off Mountain Road, State Highway 3A in Lepperton around 8.40am.

A spokesperson for Hato Hone St John said a helicopter, two ambulances, and one operations manager attended.

Two patients in a critical condition were taken to Taranaki Hospital, one by helicopter, and one by ambulance, they said.

Fire and Emergency shift manager Alex Norris said firefighters had to cut the car’s occupants free from the wreck.

The Serious Crash Unit was investigating and the road was down to one lane.

Kiwirail chief operations officer Duncan Roy said the accident happened on the Marton-New Plymouth Line at a private level-crossing.

He said the train was heading north to New Plymouth and the crossing is controlled by stop signs.

“In line with our standard practice our driver will be given leave, and all of our staff involved will be offered support from KiwiRail,” he said.

“Emergency services are attending the scene and any further comment should come from the police.”

– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

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Banks must provide cash services to customers, Reserve Bank says

Source: Radio New Zealand

Services should include cash withdrawals, deposits and change, the RBNZ says. RNZ / Marika Khabazi

  • The Reserve Bank says banks should provide basic cash services
  • Services should be walkable distance in urban areas or driveable in rural areas
  • Services should include cash withdrawals, deposits and change
  • The RBNZ suggest banking hubs in addition to what individual banks provide
  • It says banks earn big enough profits to cover costs
  • The RBNZ is seeking submissions, which close on 10 April

The Reserve Bank (RBNZ) is suggesting the banking industry should be forced to provide basic cash handling services to consumers and businesses throughout the country.

The central bank has opened a six week consultation process to get public views on ensuring and maintaining a minimum level of cash in districts.

RBNZ director of money and cash Ian Woolford said providing and handling cash should be a basic banking service.

“We believe banks must provide cash services to customers, free-of-charge, because cash is an essential part of a customer’s relationship with their bank.”

He said banks had been reducing the places where customers could get cash, bank cash or get change, especially in rural areas, with about 40 percent of bank branches closed over the past decade.

“We want this to change, and we are open as to how,” Woolford said.

“Cash benefits society, as it is used for economic, social and cultural reasons, and as the steward of cash we are focused on ensuring the cash system is healthy and available.”

The bank cash hub – walkable, driveable

The RBNZ said the most efficient way to provide minimum access standards was a ‘multi-bank, full-service cash site’.

Such hubs would offer customers of any bank three types of cash service – cash withdrawals, cash depositing, and cash swapping of high denomination bank notes for lower notes and coins.

123RF

It said five full service hubs currently existed in Martinborough, Ōpōtiki, Twizel, Waimate and Whangamatā, but were only available to ANZ, ASB, BNZ, Kiwibank, TSB, and Westpac customers.

Several other locations offered only partial services, or were open only to account holders of the bank providing the service.

The RBNZ has been running a trial in Waipukurau with an automated teller machine which offers 24 hours a day allowing people to swap cash for bigger or smaller denominations, to withdraw cash, and soon to be able to deposit business takings direct into accounts.

The proposal said banks should be responsible for ensuring enough cash service sites around the country, it suggested 2.5 sites for every 10,000 people.

Urban sites should be in areas where there were at least 1,000 people within three kilometres walking distance.

Rural sites would cater for between 200 and 1,000 people and be within 15 kms drive, or no more than 30 kms for remote areas.

The RBNZ produced 66 district maps with suggested urban and rural locations for the hubs.

It said arrangements for supplying and collecting cash from districts should be worked out later.

The banks should pay, they make enough profit

Woolford said the benefits of making cash available outweighed the costs.

He said cash services provided benefits to the country of $2.83 billion a year, with an estimated annual cost to the banks of around $104m.

“This cost is negligible when compared to the more than $10bn annual pre-tax profits earned together by the banking sector.”

Woolford said several other countries were moving in the same direction, and research showed a high level of demand for cash with more than 70 percent of small businesses saying they would be adversely affected if cash was unavailable.

The RBNZ’s own research showed 80 percent of adults used cash sometimes, more than half store cash and 8 percent relied on cash as their sole means of payment.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

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Taranaki composting company fined $71k for stinking out its neighbours

Source: Radio New Zealand

Remediation NZ’s Uruti site. Supplied

A controversial North Taranaki composting company has been fined more than $71,000 for discharging offensive odours described by neighbours as smelling like “faecal and pig effluent” from its site near Uruti.

The company pleaded guilty at the New Plymouth District Court to discharging odorous compounds between March and May 2024, when the discharges were not permitted by the resource consent held by Remediation NZ.

Site inspections from March to June 2024 by Taranaki Regional Council officers found a number of issues with the management of the site operations which contributed to “odour generation”.

This included uncontrolled venting of odours from compost piles due to insufficient capping materials and poor management of associated site operations resulting in the generation and subsequent discharge of offensive odours beyond the site.

Remediation NZ holds 10 resource consents at the site and conditions for these include that discharges of odour beyond the site’s boundary should not be “offensive or objectionable”.

Following the 2024 inspections, officers said the odour had an “unpleasant pig effluent character” and an “unpleasant faecal character” and was assessed as “offensive and objectionable”.

One inspection on 19 April 2024 detected an odour linked to the RNZ facility about 2.5km from the site’s entrance.

Assessments on 7 March and 24 April by the council were proactive monitoring while monitoring on 19 and 23 April, 11 May and 18 May were in response to complaints.

screenshot

‘Offensive odour can be pervasive and life altering’ – judge

Prosecutor Karenza de Silva told the court that on five of the six dates, the alleged occurrences of the odour was assessed as offensive and objectionable at a residential address.

The court heard a victim impact statement from a neighbour who rated the odour’s severity as between six to eight out of 10 when he made several complaints.

Judge MJL Dickey said there was no doubt the odour was objectionable during the site assessments and it was likely the offensive odours were also emitted at other times.

“Offensive odour can be pervasive and life altering. It is difficult to escape, and I have no doubt that those experiencing it would have been revolted and distressed. I find the effects of the offending were serious.”

Judge Dickey took into account measures the company put in place to improve systems and infrastructure, but the offending demonstrated the site was not being adequately managed. The company’s culpability was “highly careless”.

While a 25 percent sentencing discount was applied to the $95,000 fine starting point for Remediation NZ’s guilty plea, no discount was applied for the “belated” remedial steps which were necessary and not a circumstance for a discount.

A discount for good behaviour was also denied by the judge due to the company’s long enforcement history at the facility.

TRC had issued Remedation NZ 16 abatement notices and 34 infringement notices between July 2009 and January 2024.

Remediation NZ had eight previous convictions under the RMA, including a conviction in 2010 for five discharges from its site.

‘A hugely detrimental impact’

Council compliance manager Jared Glasgow welcomed the fine imposed on Remediation NZ given the company’s long history of failing to comply with its resource consent obligations.

“We are pleased with the outcome of this case as the odours have made life very difficult for those living near to the composting site,” Glasgow said.

“The victim impact statements show that the offending had a hugely detrimental impact on residents in the Uruti Valley. Our officers saw this for themselves during the inspections and this was why it was important to bring this prosecution.

“The level of the fine and the fact no discounts were allowed for mitigation or good behaviour reflect the seriousness of the case.

“Hopefully the $71,250 fine will act as a deterrent and a reminder to resource consent holders that they have a duty to follow the rules and ensure discharges are not negatively impacting people living nearby.”

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

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Consultation opens on keeping cash local

Source: Reserve Bank of New Zealand

We are asking the public for feedback on a proposal that banks must provide a minimum level of cash services so people, businesses, and community groups can withdraw cash, deposit cash, and get change free-of-charge close to where they live.

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Scales corporation profits off the scale

Source: Radio New Zealand

Harvest of Posy apples is under at Mr Apple’s Meeanee orchard near Napier. SUPPLIED/Mr Apple

Strong sales of premium apple varieties into Asia and the Middle East has led Scales Corporation to report a massive jump in profit.

The company’s net profit for the 2025 financial year was $117.7 million – a 137 percent lift on the year before.

Revenue was $899.9 million, up 54 percent on 2024.

The company’s horticulture division, Mr Apple, produced an underlying result of $65.2 million up 73 percent on the year before.

Managing director Andy Borland said horticulture delivered an outstanding result driven by increased apple export volumes and average prices.

“Mr Apple’s own-grown export volume was 21 percent up on last year, with our strategically important markets of Asia and Middle East comprising 84 percent of total fruit sold.

“Premium volumes accounted for approximately 74 percent of total export sale volumes, with significant growth in Dazzle and Posy as well as Red Sports varieties. We estimate that Premium apple varieties will account for around 80 percent of export volumes by 2027.”

Last year Scales also bought 240 hectares of apple orchards from Hawke’s Bay company Bostock.

Borland said the acquisition was a key component of this result, allowing it to fast-track its long-term strategy of investing in apple varieties targeted to the Asia and Middle East markets.

He said the company’s juice business, Profuit delivered another exceptional performance underpinned by strong sales prices in export markets.

Scales pet food business saw increased sales to South East Asia and The United States – the underlying result lifted 33 percent to $73.9 million.

It’s logistics arm which provides international freight services delivered another record underlying result of $7.6 million, an increase of 10 percent.

Borland noted logistics processed a significant increase in volumes due to strong volumes from the dairy sector and a positive cherry season, providing an extremely robust result for the division. It also benefited from strong apple volumes.

The outlook for the year ahead remains positive.

Company chair Mike Petersen said In FY2026, global proteins is expected to perform strongly and continue to realise the benefits of its increased investments.

“Mr Apple has commenced picking and packing for the 2026 apple season, with a crop of around 3.5 million TCEs forecast. Pricing is expected to be favourable.

“Logistics is expected to contribute positively and has seen continued strong air freight demand in the year to date,” he said.

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Pay equity backlash is ‘hyperbole’, Finance Minister says

Source: Radio New Zealand

Finance Minister Nicola Willis. RNZ / Samuel Rillstone

Finance Minister Nicola Willis has dismissed claims the coalition’s pay equity changes amount to an abuse of power as “hyperbole”.

An unofficial select committee run by 10 former MPs from across the political spectrum has condemned the changes, arguing the government had violated the rule of law in retrospectively cancelling existing rights and remedies.

The law cancelled 33 claims from female-dominated workforces which sought to prove they were underpaid in comparison to similar male-dominated industries, and raised the threshold for future claims.

Willis went head to head with Labour’s Tangi Utikere on Morning Report’s weekly political panel this morning.

Labour’s Tangi Utikere. RNZ / Samuel Rillstone

Asked how the criticism “flagrant and significant abuse of power” sat with her, Willis said it was “hyperbole”.

“The legislation passed with a majority of support from Parliament and the reason it did is that there was agreement across the three parties of government that pay equity [is] important, we need to continue it in New Zealand, but the scheme that had been designed by Labour had gotten out of control, had become far too expensive, so we tightened up the scheme.

“That has resulted in $10.8 billion which was made available in last year’s budget, being invested in additional help for children with education needs and the health system and the police system and critical frontline services.”

Utikere pushed back.

“This is not hyperbole and I’ll tell you what, Nicola is right about one thing when she says this is how the parliament works; it works this way under the current government in not having a select committee process and ramming things through all stages under urgency in an attempt to avoid clear scrutiny at all costs.

“To hear that the minister responsible is simply not going to bother reading the report is hugely disrespectful to the many, many, many women who are directly impacted by this terrible decision that this government has taken.”

Pushed on how Labour would pay for the pay equity scheme, foregoing the roughly $10b in savings, Utikere did not address the question.

“We need to understand which claims have been paid out already, which new claims have started, but let’s have no doubt about this, Labour is absolutely committed to paying women what they deserve, unlike the current government.”

Willis said it was “typical” from Labour.

“Make the promise with no idea how to pay for it and actually, we know from history how Labour would pay for it. They would borrow more and they would tax more.

“The challenge that we have with that is that that is exactly the wrong recipe for our economy right now, simply borrowing and adding to the national debt, which they more than doubled last time they were in office, simply taxing New Zealanders more, destroying their disposable income, is not a way to solve problems.”

On the coalition’s introduction of ‘move-on’ orders for homeless people, Utikere said it was a “short term band aid” solution.

“[This] government has gutted public housing. Our focus is simple, on building more homes and making housing more affordable. And if you sort out those issues, then move on orders effectively become redundant.”

He did not say Labour would commit to scrapping the move-on orders.

Willis said the coalition had built more new state homes this term than the last government had in a “previously comparable period”.

“I don’t accept the case that this government isn’t working really hard on social housing for vulnerable communities. We are, this is an ‘and’ issue.

“It’s saying, do that support but also, if there are people who continue to disrupt the peace of others, who terrorise retail shops to the extent that some have closed down here in Auckland because it’s not safe for their staff, then actually there needs to be a social response to that.”

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

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Dozens of jobs on offer at coolest place on Earth

Source: Radio New Zealand

New Zealand’s Scott Base in Antarctica, in 2023. Antactica NZ/ Anthony Powell

Antarctica New Zealand is on the hunt for 40 people willing to brave the sub-zero temperatures and work in one of the most remote places on Earth.

The organisation is looking for everything from medics to chefs, electricians and engineers for its next summer and winter seasons at Scott Base.

Antarctica NZ chief executive and scientific advisor Professor Jordy Hendrikx told Morning Report it’s not necessary to have been to Antarctica,

“Basically, we are running a small town down there. We have to manage our own water, we have to manage our own power, manage our own sewage and also all the food and all the services will be provided to support science,” he said.

“Any of those support roles are really critical for us to ensure that we can be successful with our mission down in Antarctica.”

Hendrikx said the majority of roles are for the ‘summer season’, which runs in Antarctica from September through to February. During summer in Antarctica, the sun doesn’t set.

About 12 staff stay all through winter until October, which is a 13-month season at Scott Base.

The positions are in hot demand, as going to Antarctica, for many people, is a bucket-list opportunity.

Hendrikx said successful applicants will have specific qualifications and a good, can-do attitude.

“We need that real can-do attitude and a willingness to be part of a family, and to work down there and to live down there as part of a really tight community,” he said.

“It’s more than a job.”

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Delays, cancellations expected for Auckland trains after trespass incident

Source: Radio New Zealand

LDR

Auckland Transport is warning passengers to expect delays and cancellations after a situation with trespassers near The Strand.

A travel alert issued this morning says passengers should check live departures and on platform information displays for more information.

Police and Auckland Transport have been approached for comment.

More to come…

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand