Business

The hemp industry, once touted as the next billion dollar industry, is contracting as companies are hamstrung by legislation, Bradley Lake says. Photo: A hemp company says it's dumping tonnes of a by-product that could be used as animal feed. Christchurch based The Brothers Green processes hemp for its oil, hearts and meal. The meal is milled down and about 40 percent is turned into protein powder, however, the by-product, the other 60 percent of the meal, is dumped. Managing director Bradley Lake said they were dumping tonnes of the nutritious rich meal which he would like to see saved from landfill and used as animal feed. "We just want the opportunity at least to explore what the options could be, overseas it's used in the equine industry. "The meal is very similar to other meals fe...

In the year to the end of June, 629 people had been adjudicated bankrupt. Photo: 123RF The number of people being made bankrupt has fallen sharply over the past decade, although there are warnings more trouble may lie ahead. Data shows that from a peak of about 2000 a year through 2014 to 2016, the number of people being adjudicated bankrupt per year dropped to a low of 525 in 2022. It has picked up a little since then, to 629 in the year to the end of June. Debtfix co-founder Christine Liggins said people were realising there were other options. The not-for-profit organisation helps people with problem debt and assists about 3000 people a year. Last year, it cleared roughly $20 million of debt for clients. Read more: Liggins said she encouraged clients not to pursue bankruptcy except ...

Uber drivers rallying outside the Court of Appeal in Wellington on 19 March 2024. Photo: RNZ / Pretoria Gordon The multi-billion dollar global rideshare company Uber has lost a landmark appeal against a New Zealand Court, which has ruled that drivers should be treated as employees not contractors. In 2022 the Employment Court made a historic ruling against Uber, when four Uber drivers were granted workplace protection. This gave the drivers employee benefits such as leave entitlements, minimum wage and holiday pay. Uber appealed against the decision in June 2023, but today the court dismissed the appeal, ruling in favour of the drivers. Nurredin Abdurahman, one of the four drivers who took the original court case, said the decision is a hopeful one. "This is a win for all working people...

Inside Selaks' Hawke's Bay site. Photo: RNZ / Alexa Cook One of New Zealand's biggest wine brands is celebrating its 90th birthday. The Selaks brand began in 1934 when Croatian immigrant Marino Selak first sold wine made from the 300 grape vines growing in his West Auckland market garden. Marino was the great-uncle of Michael Selak, who said the family only started making wine so they could drink it with friends. "It sort of grew from there. People said 'well this isn't bad compared to what we can buy elsewhere - can you make some more for us', so they started selling to friends and friends," he said. The company now sells more than one million litres of wine a year. "It's one of the largest wineries in New Zealand now, with grape holdings and size of production. It's a value brand so...

Steel & Tube says underlying profit was in line with expectations. Photo: RNZ / Nate McKinnon Steel manufacturer and distributor Steel & Tube says its full year result reflects weak economic conditions, but is poised to take advantage of the rebound. The company's full year net profit for the year ended June fell 85 percent to $2.6 million, with revenue down 19 percent to $479.1m. However, underlying profit was in line with expectations at $14.5m, reflecting a 21 percent drop in volumes. "While the timing and pace of an economic recovery remains unclear, our expectation is that conditions should start to improve in the 2025 calendar year," chief executive Mark Malpass said. "We are navigating a challenging trading environment, but we are well positioned for demand growth when it...

File pic Photo: Sorin Gheorghita for Unsplash A Hamilton dairy company has been fined $420,000 for using false claims on its packaging. Milkio Foods Limited had descriptions like '100 per cent Pure New Zealand' and 'from the clean green pasture based dairy farms in New Zealand' on its ghee products - despite using butter imported from India. It also used false and incomplete information to retain approval to use the FernMark logo - a trusted symbol to identify products made in New Zealand. The Commerce Commission was referred the case by the Ministry for Primary Industries and charged Milkio with 15 breaches of the Fair Trading Act. The company pleaded guilty to the charges. When handing down the sentence Judge Thomas Ingram emphasised the significant damage the misrepresentations could...

Uber drivers rallying outside the Court of Appeal in Wellington on 19 March 2024. Photo: RNZ / Pretoria Gordon The multi-billion dollar global rideshare company Uber has lost a landmark appeal against a New Zealand Court, which has ruled that drivers should be treated as employees not contractors. In 2022 the Employment Court made a historic ruling against Uber, when four Uber drivers were granted workplace protection. This gave the drivers employee benefits such as leave entitlements, minimum wage and holiday pay. Uber appealed against the decision in June 2023, but today the court dismissed the appeal, ruling in favour of the drivers. Nurredin Abdurahman, one of the four drivers who took the original court case, said the decision is a hopeful one. "This is a win for all working people...

Port Taranaki. Photo: Supplied / Port Taranaki Challenging economic conditions and production difficulties in the energy sector have impacted Port Taranaki's financial result for the 2023-24 year. For the year ended 30 June, Port Taranaki recorded net profit after tax (NPAT) of $6.88 million, down from the previous year's all-time record of $13.87m. Chief executive Simon Craddock said the result was lower than budgeted and a reflection of difficult times, particularly for the port's energy customers and rising costs. "High interest rates and inflation, increased insurance costs, reduced gas production, lower log export volumes, and increased operational costs, have all combined to impact our result." A tax law change, in which the government removed tax deductions of industrial and comm...

Photo: 123rf Auckland developer Property for Industry (PFI) has reported a half-year profit of $21.2 million. Chief executive Simon Woodhams said PFI's leasing of industrial property in Auckland continues to generate cashflow and maintain stability. "While vacancies for industrial property in the Auckland market have begun to rise slightly, weakening demand is expected to be somewhat mitigated by high levels of new supply already being pre-committed," Woodhams said. An analyst said the solid result reflected higher financing costs and a dip in the value of its property portfolio to $2.1 billion. PFI changed its balance date and reported adjusted funds from operations for the six months to June, slightly below the prior year. Its portfolio is 98.6 percent occupied (1.4 percent vacancy) wi...

File pic Photo: 123RF Retirement village operator Summerset's bottom line profit has fallen 23 percent as it faced higher tax costs and due to a smaller increase in property values, but leaving aside one-offs, its underlying profit was steady. Key numbers for the six months ended June compared with a year ago: Net profit $102.2m vs $133.1m Revenue $151.6m vs $128.2m Underlying profit $89.9m vs $87.2m Income tax (expense)/credit ($18.6m) vs $5m Interim/final dividend 11.3 cents per share vs 11.3 cps The NZX-listed company's underlying profit was at the upper end of the $87 million to $90m guidance it provided in July. "We feel, in the current market, we've shown the continued strength of our sales pipeline, our disciplined approach to costs and the demand for our retirement living opti...