MediaWorks has announced the resignation of its chief executive Michael Anderson. MediaWorks owns television and radio assets, including TV station Three and radio brands The Edge and The Rock. The latest financial result from MediaWorks showed that the company had slumped to $25.14 million loss. The loss was largely attributable to an impairment of $21m, including a $12.13m write down on property, plant and equipment assets. The impact of Covid-19 has severely impacted the business. MediaWorks had obtained $8.6m of wage subsidies and had asked all existing employees to take a voluntary 15 per cent pay cut.
Pretty Penny, the High-cost, short-term lender has agreed to write off all outstanding loan balances after reaching a settlement with the Commerce Commission. The company had also agreed to write off all outstanding loan balances and refund the cost of borrowing to 21 borrowers named in court action filed by the commission in August 2019. As of June 1 changes have been made to the law to cap the interest rates for high-cost, short-term lenders. Interest and fees charged on a high-cost loan are now capped at 100 per cent of the amount first advanced with a daily rate cap of 0.8 per cent.
Dairy auction prices surged overnight, with whole milk powder prices rising 14 per cent to US$3,208 (NZ$4,867) a tonne. In May, Fonterra announced a wide-ranging milk price forecast of between $5.40 and $6.90 a kilo of milk solids. According to the latest trade data from Statistics NZ the value of dairy exports reached about $7.4 billion, compared to $6.5b in 2019 and $6b in 2018, between Feb 1 and June 17. Westpac senior agri-economist Nathan Penny said The price signalled a return to normal prices after the hit taken earlier in the year because of Covid-19.
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