South Port New Zealand Reports Pleasing Results Despite COVID-19 | NZ Market Update

For the year ended 30 June 2020, South Port New Zealand Limited has reported total cargo throughput of 3,269,000 tonnes, down by 7.2% y-o-y. Despite these impacts, the company has reported an operating after-tax profit of $9.43 million, down by 3.6% y-o-y. Operating revenue for the year was 1.4% higher than FY19 at $44.6 million. Total log volumes exported through the Port were down by 33% on FY19 and total container volumes decreased by 2% to 47,500 TEU (Twenty-foot equivalent unit).

After reviewing the latest alert level settings, the government has announced these changes - Auckland will move to alert level 2 on 23 September 2020, and the rest of the country already moved to alert level 1 on 21 September 2020.For Auckland: Gatherings of up to 100 people will be permitted. The face mask is mandatory on public transport and planes going from or to Auckland. Rest of New Zealand: Face coverings and 3 S’s – seated, separated, single server restrictions are not required.

New Zealand's two banks ASB and BNZ, have been targeted in an international investigation for their involvement in processing US$1.8 million worth transactions identified as suspicious. In response to the allegations, ASB said it was committed to reduce or prevent money laundering and report suspicious transactions. The BNZ on the other hand compared it to the situation in 2011 and 2013 and said that there weren't any concerns identified with the way they were handled during that time. According to Buzzfeed, these reports and such allegations shared with the International Consortium of Investigative Journalists, pressurizes the banks to shut the money laundering processes.

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