Author: Press Room

Fletcher Building has reported another full year loss, with a number of large one-time costs as well as a drop in revenue.Chief executive Officer Andrew Reding said the year just ended had been one of the most demanding in recent memory, with tough market conditions as well as costly measures to address legacy issues.Key numbers for the 12 months ended June compared with a year ago:Net loss $419m vs $227mRevenue $7.0b vs $7.683bUnderlying profit $384m vs $509mNet debt $999m vs $1.77bFull year dividend nil vs nilReding said the outlook was more positive with a strategy to focus on manufacturing and…

The morning’s headlines in 90 seconds, including teachers walking off the job, explosion at vet clinic caught on camera, and a diamond heist doesn’t pay off. Teachers are striking for a day today, as they reject a 1% pay offer from the Government. US President Donald Trump has confirmed American troops won’t be on the ground in Ukraine as part of any security guarantee. A dramatic explosion at a North Carolina vet clinic has been caught on camera. The upcoming Women’s Rugby World Cup final is already setting records. Dubai police foiled an elaborate heist, as three thieves attempted to…

The New Plymouth Power Station chimney has dominated the city’s skyline since 1972, but it has not been used for about two decades.For many locals, the 198m stack — which was for many years New Zealand’s tallest structure — was a symbol of home, while for others it’s a blight on the landscape.The Power Station chimney was actually five brick flues surrounded by a 27.5m in diameter concrete windshield.It took 16,400 tonnes of concrete, 1200 tonnes of reinforcing steel, and almost one million bricks to build. The bricks were laid at a rate of 10,000 a day.Craig Cardie trained as…

Beneath the waves off New Zealand’s east coast, scientists have uncovered a hidden network of ancient faults that may hold the key to understanding mysterious slow-motion earthquakes.A new international study, published in Science Advances, identified hidden fault structures called polygonal fault systems (PFS) as a major influence on the behaviour of the north Hikurangi subduction zone.Earth Sciences NZ marine geologist Philip Barnes said the discovery would help explain why slow earthquakes occurred where they did.”It also shows that these events may be influenced by the reactivation of old fault structures that formed much closer to the surface than the present…

One of the largest planes in the United States Air Force is due at Auckland’s Whenuapai air base today. A C-5M Super Galaxy was set to touch down at the Auckland base, delivering components for a new C-130J Hercules simulator. The aircraft were among the largest military planes in the world, with a wingspan of 67.89m and a length of 75.3m. It stood at 19.84m tall. The C-5M Super Galaxy’s primary mission was to transport cargo and military personnel, and was capable of carrying 127.5 tonnes of cargo. The aircraft’s nose was used as a door, and could be lifted…

A national kitchen appliance chain has gone into receivership because of weak consumer demand and tough competition.The directors of the Kitchen Things group asked its bankers to call in the receivers as the business made continuing losses despite cost cutting and restructuring.Receiver Stephen Keen of Grant Thornton said efforts to keep the chain going have not countered the drop in sales and shrinking margins.”Over the past two years, the group has faced sustained pressure from weaker consumer demand and increased competition on pricing, leading to ongoing trading losses.””Despite efforts to restructure and reduce costs, including exploring possible sales avenues, these…

The Reserve Bank has cut its benchmark cash rate by 25 basis points to a three year low of 3-percent, as expected. While the question remains if any more drops are on the horizon, there was an overwhelming expectation the central bank’s monetary policy committee would cut on Wednesday, after pausing in July. The central bank on Wednesday said it was watching economic numbers and the global outlook which will influence whether a further rate cut is needed. The RBNZ aggressively cut the Official Cash Rate by 225 basis points from 5.5 percent to the current 3.25 percent from August last year.…

Seven more potential victims linked to a pair charged with defrauding more than $1 million over the past two years for cancer treatment that was allegedly never needed have been identified, police say.A search warrant was executed at an address in Wānaka on Thursday following an investigation into the pair, who had recently moved from the West Coast.”They had been living the high life with rented properties and high end European cars”, Detective Senior Sergeant Shane Dye said.”Their lavish lifestyle has been funded with money allegedly defrauded from family, friends and associates, for cancer treatment that inquiries show was never…

The National Emergency Management Agency has revealed why some people received multiple emergency alerts – while other received no alerts at all – during the tsunami event caused by the 8.8 earthquake off Russia last month.Two emergency mobile alerts were issued during the Kamchatka tsunami event of July 30-31 to warn people of dangerous tsunami activity in coastal areas.NEMA’s Director Civil Defence Emergency Management John Price said the agency has now identified why some people received multiple alerts, or no alerts at all.”NEMA only issued two alerts – at 4.13pm on July 30 and 6.30am on July 31 — but…

A national kitchen appliance chain has gone into receivership because of weak consumer demand and tough competition. The directors of the Kitchen Things group asked its bankers to call in the receivers as the business made continuing losses despite cost cutting and restructuring. Receiver Stephen Keen of Grant Thornton said efforts to keep the chain going have not countered the drop in sales and shrinking margins. “Over the past two years, the group has faced sustained pressure from weaker consumer demand and increased competition on pricing, leading to ongoing trading losses.” “Despite efforts to restructure and reduce costs, including exploring possible sales…