September 01, 2020 04:38 PM NZST
United States to Slash Steel Imports from Brazil and Mexico
Trump Administration introduces new plans to curb steel imports from Brazil and Mexico, boosting protection for the US steelmakers.
- The United States Trade Representative’s office notified that it would reduce the remaining 2020 quota for semi-finished steel imports to 60,000 metric tonnes from Brazil as compared to the previous quota of 350,000 tonnes.
- The move is undertaken to keep U.S. steelmakers hit by the demand plunge from COVID-19 outbreak afloat.
September 01, 2020 04:38 PM NZST
Trump Administration to Ease Drilling Permits in National Forests
The Trump administration purposes to ease permits for oil & gas drilling operations in national forests, infuriating environmentalist groups.
- Various environmentalist groups are now coming forward with woes citing that the move would harm wildlife and increase GHG emissions.
- The United States Forest Services released proposed rules that would fast track timelines for approving drilling leases.
August 31, 2020 04:19 PM NZST
Aramco Discovers New Oil & Gas Fields – Prince Abdulaziz bin Salman
The Saudi oil giant – Aramco identifies two new oil & gas fields in the northern regions of the kingdom – says the Energy Minister.
- The Energy Minister – Prince Abdulaziz bin Salman mentioned to the state media that Abraq al-Toloul oil field flows with a daily rate of 3,189 barrels per day of Arab light crude oil.
- Apart from that, the field also contains a flow of 3.5 million cubic feet of natural gas.
- According to the minister, the Hadabat al Hajara gas field in al-Jof region has a daily production rate of 16 million cubic feet of natural gas, along with 1944 barrels per day of oil condensate.
August 31, 2020 04:18 PM NZST
U.S. Energy Companies Restaff Operations At The Gulf Of Mexico
United States energy companies continue to restaff offshore oil & gas production facilities in the Gulf of Mexico.
- As per the data released by the United States Department of Interior, about 122 facilities were reoccupied as of midday.
- The crude oil production was off 82 per cent or 1.5 million barrels a day while the natural gas production slumped by 59 per cent or 1.6 billion cubic feet a day.
August 30, 2020 12:03 AM NZST
Govt Backing Businesses, Guarding Jobs
The NZ government is supporting the businesses as well as jobs with the new wage subsidy provided to nearly 50,000 business bank accounts.
The government has acknowledged that the latest restrictions will have an impact on companies. Hence, they are providing early support to businesses and households through payments into bank accounts to boost cashflow, manage costs and pay wages.
New Zealand has been at Alert Levels 3 and 4 for seven weeks, with Auckland at just over nine weeks. In total, the wage subsidies and leave support schemes have paid out more than NZD 13.6 billion to companies.
August 30, 2020 12:00 AM NZST
Marsden Maritime Announces FY20 Report
Marsden Maritime Holdings Limited (NZX:MMH) today announced its full-year report for FY20, the key highlights are:
- Total revenue was NZD 15,116,788 as compared to NZD 14,795,759 in FY19.
- Total expenditure for FY20 was NZD 5,413,644 on NZD 5,518,529 in the previous year.
- Closing cash balance was NZD 144,503 as compared to the previous year's NZD 306,322
- Net Surplus after taxation was NZD 6,680,592. In FY19, it was NZD 9,691,152.
- Total comprehensive income added at NZD 5,353,162 as compared to NZD 9,912,664 in FY19
August 29, 2020 12:03 AM NZST
STU Full Year Results In-Line with the Guidance
For the full year ended 30 June 2020, Steel & Tube Holdings Limited (NZX:STU) reported total revenue of $417.9 million, indicating the impact of COVID-19 in 2HFY20 and after the first half year impacts of a softening stainless steel market, reduced vertical construction activity, and competitive pricing pressures.
The company had strong net operating cashflow of $39.6 million (pre-IFRS 16 $26.6m) due to working capital. The total borrowings reduced to $10.0 million and the company had total cash of $17.4 million at year end.
August 29, 2020 12:00 AM NZST
POT’s Full Year Results Impacted by COVID-19 Pandemic
For the full year ended 30 June 2020, Port of Tauranga Limited (NZX:POT) reported Group Net Profit After Tax of $90.0 million on 24.8 million tonnes of trade. Despite the ongoing interference caused by the Covid-19, container volumes grew by 1.5% to 1,251,741 TEUs.
Other key highlights:
- Annual revenue stood at $302.0 million and the company declared final dividend of 6.4 cents per share;
- Imports decreased by 7.8% to 9.0 million tonnes and exports decreased by 8.0% to 15.8 million tonnes.
August 28, 2020 05:11 PM NZST
California Approves Largest Utility Program To Expand EV Infrastructure
California approves USD 437 million to build EV chargers, an effort to expand the EV charging infrastructure.
- The approved fund would go to Southern California Edison to assist them in funding the installation of ~ 40,000 chargers – says the California Public Utilities Commission.
- Moreover, the program would further assist the state with its goal to put 5 million zero-emission vehicles on road by 2030.
August 28, 2020 05:11 PM NZST
Bills Gates’ Venture Aims At Lowering Utilities Emission
TerraPower LLC- Bill Gates’ nuclear energy venture, hopes to build small advanced nuclear power stations which are able to store electricity in order to supplement grids supplied by intermittent renewable sources.
- The is part of the ongoing effort to help fight against the climate change with an aim to assist utilities to slash their emissions without undermining grid reliability.
- The venture by the billionaire philanthropist plans to commercialise stations called Natrium across the United States.
August 28, 2020 12:46 PM NZST
VHP’s Manager Issues Incentive Units
NorthWest Healthcare Management Properties Limited, the Manager of Vital Healthcare Property Trust (NZX:VHP) has confirmed that 2,565,076 units in the company were issued to it pursuant to the incentive fee arrangements under the company’s Trust Deed.
The Trust Deed offers that the Manager is given an incentive fee, which it must instantly use to subscribe to the company units, each financial year based on increases in the company’s net tangible assets.
August 28, 2020 12:45 PM NZST
Stats NZ Data Suggests fall in Job Numbers in July to 2.2 million, Largely Reflecting Seasonal Effects
Stats NZ has announced that filled jobs plunged by 7,418 in July in comparison with June 2020, and stood at 2.2 million, majorly demonstrating seasonal rather than COVID-19 effects.
Notably, the decline was followed by a surge in May and June amid lifting of COVID-19 restrictions, and filled jobs were around 30,000 lower in July than they were in March 2020.
In July 2020, filled Jobs in administrative and support services (including fruit packing and employment placement services) declined by 5,907.
During March to July 2020, filled jobs in government and health-related industries soared by 5,405 jobs; and retail, accommodation, and food services noted a fall of 4,762.
Furthermore, Gross earnings (comprising of salaries and wages paid where employers were subsidised by the COVID-19 wage subsidy scheme) for January to July 2020 were $77.9 billion versus $76.5 billion in 2019.
August 28, 2020 12:44 PM NZST
DGL Reports NPAT Growth of 20%
For the full year ended 30 June 2020, Delegat Group Limited (NZX:DGL) reported global case sales of 3.277 million, up by 9%. Operating NPAT increased by 20% to $60.8 million and Operating EBIT stood at $95.2 million, up by $11.9 million than last year.
The company reported Operating Revenue of $302.9 million on global case sales of 3,277,000 in the year. The Company has also decided to pay fully imputed dividend of 17.0 cents per share.
August 28, 2020 12:44 PM NZST
APL Enters into an Agreement with RBD
Asset Plus Limited (NZX:APL) has entered into a conditional Agreement to Lease (ATL) with Restaurant Brands Limited (NZX:RBD) to construct a new building on existing bare land at Eastgate Shopping Centre.
Key estimate metrics for the development include:
- Development expenditure of $1.3 million (without already held land);
- Projected development margin of 20%;
- Forecast yield on cost of 6%.
August 28, 2020 12:43 PM NZST
New Zealand Oil & Gas Declares A Steady Financial Report For FY20
New Zealand Oil & Gas Limited (NZX:NZO) declared its financial report for FY20, with the following highlights:
- 2P (proved and probable) reserves were upgraded across the portfolio.
- A net loss of NZD 0.8 million, up from NZD 2.9 million in FY19
- The NPAT attributable to NZO shareholders was a loss of NZD 1.4 million. In the previous year, it was NZD 7.5 million.
- Revenue was NZD 37.3 million, down from NZD 43.3 million for the year before.
- The cash balance grew to NZD 110.8 million on 30 June 2020, up from NZD 105.6 million.
August 28, 2020 12:42 PM NZST
Auckland Council to Support Hospitality Venues During Level 2
The Council has acknowledged the challenges faced by the hospitality sector and announced some measures to support them, which includes:
- Allowing more space for physical distancing by using the area immediately outside their shopfront.
- The Council shall fast-track new food-only outdoor dining license applications
- The Council shall extend the expiry date for existing and new food-only licences for the period Auckland is at these alert levels.
- Businesses need to ensure spaces are safe for pedestrians.
August 27, 2020 12:44 PM NZST
Investigation Begins into The Acquisition of Wallace's North Island Rendering Assets
The acquisition of the North Island animal rendering assets of Wallace Group GP Limited (Wallace) is facing an inquiry by the commerce commission in lessening the competition in any relevant market in the breach of section 47 of the Commerce Act.
The Commission shall examine whether the acquisition is likely to have primarily reduced competition in any related market as Glenninburg and Wallace both have shares in businesses that execute animal materials into finished products. The Commission did not get an application for approval for the acquisition, which was completed on or about 8 June 2020.
August 27, 2020 12:35 PM NZST
VGL Reports Stellar Growth in Operating Cashflow
For the six months ended 30 June 2020, Vista Group International Limited (NZX:VGL) reported strong positive operating cashflow of $16.7 million, up by 123% on 1HFY19, which includes $3.8 million of local and international wage subsidies and $3.8 million of tax deferrals.
- Revenue decreased by 34% to $44.8 million and the company reported EBITDA loss of $6.5 million.
- The company maintained 51% market share of the 20+ screens segment excluding China.
August 27, 2020 12:34 PM NZST
Pact Group Strives Clearance For The Acquisition Of Packaging Assets Of Flight Plastics
The Commerce Commission received a clearance application from Pact Group Holdings Limited (Pact) ( a packaging solutions business) to acquire both business as well as assets of Flight Plastics Limited (a manufacturer of plastics sheets and packaging in NZ and AU) in New Zealand and the packaging-related assets of Flight Extruded Plastics LP in Adelaide, Australia (jointly, Flight).
In the kiwi nation, both the entities compete to bestow rigid plastic packaging.
The Commerce Commission would administer clearance to the proposed merger, upon its satisfaction that it would not considerably lessen competition in a market.
August 27, 2020 12:34 PM NZST
NZK Delivers EBITDA of $25.1 million, In-Line with the Guidance
For the 12 months ended 30 June 2020, New Zealand King Salmon Investments Limited (NZX:NZK) reported operating EBITDA of $25.1 million, despite the challenges of COVID-19 and a drop in harvest volume. Key highlights:
- Sales volumes stood at 6,331mt, down by 16% from FY19.
- The company registered revenue of $155.3 million, down by 10% on FY19.
- Net profit increased by 59% to $18.0 million.
- Strong pricing achieved of $24.54/kg, up 7% on FY19.