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A Synlait milk truck. Photo: Synlait/supplied Shareholders in embattled dairy company Synlait Milk have voted overwhelmingly to approve a range of measures to restore its finances and save the company. A special meeting has approved a $218 million issue of new shares to its two largest shareholders and a $450m finance package from a consortium of banks. The future of the debt-laden infant formula maker was hanging in the balance and needed shareholder approval to avoid the company likely going into insolvency. Chair George Adams said a 'no' vote would have sunk the company that "was worth saving", but saddled with debt totalling $565m. "To be clear, the board does not believe insolvency is the best option for Synlait or that creditors are paid and returns are delivered to shareholders,"...

Jetstar aplogised for errors made regarding compensation in 2022 and 2023. Photo: 123rf The Commerce Commission is filing charges against Jetstar for misleading consumers about compensation for flight delays and cancellations. The commission said under aviation law customers must be reimbursed when flights were disrupted for reasons within an airline's control, such as staffing and mechanical issues. Costs that may be reimbursed included meals, accommodation or replacement travel. The commission claims Jetstar discouraged consumers from seeking compensation and likely denied legitimate claims in 2022 and 2023. In a statement general manager Vanessa Horne said airlines should not mislead their customers. "The Commerce Commission expects large businesses to take their responsibilities und...

Photo: AFP Inland Revenue (IR) says it has paused sharing people's personal data with social media giants. RNZ revealed last week Inland Revenue shares the details of up to half-a-million taxpayers with Facebook, Google, and LinkedIn, several times a month for targeted advertising campaigns. The department is reviewing the practice after warnings that its hashing method does not protect personal data. "Inland Revenue has received a number of complaints since the story first ran," it said on Tuesday. "Our review into the use of hashing is ongoing and as part of that IR has paused the creation and uploading of new custom audience lists." This puts a block on its ability to run social media ad campaigns. It was also now working with the Privacy Commissioner's Office which "has contacted IR ...

Photo: Jessica Hopkins/RNZ Workers at the Oji paper recycling mill in Auckland will find out Wednesday whether they will keep their jobs. Oji Fibre Solutions said it was considering closing its Penrose mill, partly due to high power prices. Up to 75 workers would be affected. Earlier this month, 230 workers at Winston Pulp International were told the sawmill and pulp mills near Ruapehu were both closing for good. A meeting was due to start at 8am. E Tu union spokesperson Joe Gallagher told Morning Report the mood at the mill head of the meeting was "pretty sombre". "I think people are resigned to the fact that this morning they're going to be told there's a closure, that's yet to be confirmed." He said a combination of factors was behind the current situation, including power and gas p...

The software many councils use to process building consents may cost more in the future, with the increased fees likely to passed on. File photo. Photo: 123rf An Australian company fined more than a million dollars for muscling into the market for software that processes building consents is making IT changes that could push up consenting fees in many cities and districts. Objective Corporation's new moves could push up IT costs at cash-strapped councils. When Objective took over the two closest local competitors in the building consent software market in 2019, the court said it was advised this "would effectively hand over the New Zealand market to Objective". The listed Sydney company went ahead with the takeovers, but later admitted its move had "substantially lessened competition" a...