logo
Fletcher discloses huge new costs to hit full-year result

Fletcher discloses huge new costs to hit full-year result

Fletcher Building has flagged another huge loss ahead with newly disclosed restructuring and impairment costs of $300-$500 million for the year to June.
In presentation documents released to the NZX for the company's investor day, which is closed to media, Fletcher said it was expecting earnings

Hashtags

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Inaugural Volunteering NZ Awards Announced
Inaugural Volunteering NZ Awards Announced

Scoop

time19 minutes ago

  • Scoop

Inaugural Volunteering NZ Awards Announced

Press Release – Volunteering New Zealand Michelle Kitney, Chief Executive of Volunteering New Zealand says, These prestigious awards recognise volunteer leadership at its best, and will help develop volunteer management as a profession. We are excited to be offering these awards for the first … For the first time, Volunteering New Zealand is proud to announce the NZ Volunteering Awards 2025 presented by Rosterfy. These awards will be a national celebration of outstanding impact and leadership in volunteer engagement. Award Categories Volunteer Programme of the Year Emerging Leader of Volunteer Engagement Enter now and be in to win monetary prizes, and recognition at the Volunteering Leadership Hui October 2025. Michelle Kitney, Chief Executive of Volunteering New Zealand says, 'These prestigious awards recognise volunteer leadership at its best, and will help develop volunteer management as a profession. We are excited to be offering these awards for the first time and will build on them in future years.' Rosterfy, as presenting sponsor, is proud to support this initiative that aligns closely with its mission 'To connect communities to events and causes they are passionate about'. 'Supporting the NZ Volunteering Awards is a natural extension of our commitment to recognising and empowering those who lead and support volunteering across Aotearoa,' said the Rosterfy team. Bennett Merriman, CEO and Co-Founder of Rosterfy, adds: 'At Rosterfy, we believe that strong volunteer leadership is the backbone of thriving communities. We're honoured to sponsor these awards and celebrate the individuals and organisations shaping the future of volunteering in New Zealand.'

Metlink Fares Increasing As Public Transport Funding Squeezed
Metlink Fares Increasing As Public Transport Funding Squeezed

Scoop

time23 minutes ago

  • Scoop

Metlink Fares Increasing As Public Transport Funding Squeezed

Metlink fares increase by 2.2% and the off-peak discount on Snapper cards reduces from 50% to 30% from Tuesday 1 July. Greater Wellington chair Daran Ponter says a modest increase in line with inflation was decided in February, when the regional council agreed a reasonable discount for travel outside peak hours should continue. 'To keep rates affordable, we need to increase fares at a time when public transport funding is being squeezed,' Cr Ponter says. 'We know the cost of living remains stubbornly high for our communities but Metlink is also facing fiscal headwinds, including Private Share targets confirmed by the government this month.' The Private Share is the proportion of public transport operating costs funded from sources including passenger fares. The remainder is the Public Share, derived from rates, taxes and other income. 'We pushed back on the initial targets, and we're grateful our interim targets have been accepted,' Cr Ponter says. 'But a number of Metlink projects that would improve public transport, increase patronage and Private Share revenue have not been funded, suggesting a degree of misalignment in government strategy.' Metlink estimates it is facing a $134m shortfall after more than 40 new projects it put forward for funding from the National Land Transport Programme were holistically rejected. With the 2.2% fare increase and an off-peak discount of 30%, an adult using a Snapper card to travel 3 zones will pay $3.17 from 1 July, up from the current fare of $2.22. At peak times from 1 July, the same journey will cost $4.53. Fares will be refunded on some Wairarapa rail line services from 1 July, however, for passengers travelling on buses replacing trains. The services are: 3.38pm departingMasterton, 6:18pm departingWellington, 8.14pm departingMasterton (Fridayonly), 10.25pmdepartingWellington (Friday only). Greater Wellington deputy chair and Wairarapa councillor Adrienne Staples says the fare relief acknowledges passenger frustration over the performance of the Wairarapa Line. 'We've heard Wairarapa passengers loud and clear, and with partners KiwiRail and Transdev, we're working hard to improve both the rail line and passenger services,' Cr Staples says. 'The refunds will be available until a sufficient numberof train managerscan be trained to resume all rail services, which we hope are back on track in September.' SuperGold card users will continue to travel for free off-peak, and existing concessions still apply. Off-peak discounts do not apply to harbour ferry and Airport Express services. Off-peak travel times are before 7am for buses, and between 9am and 3pm, after 6.30pm, and all-day weekends and public holidays on buses and trains. For more information:

Ex-financial adviser pleads guilty to $1.7m theft from elderly clients
Ex-financial adviser pleads guilty to $1.7m theft from elderly clients

1News

time26 minutes ago

  • 1News

Ex-financial adviser pleads guilty to $1.7m theft from elderly clients

A former financial adviser has pleaded guilty after misappropriating $1.7 million from two sets of "elderly clients" and issuing false statements to cover up the fraud. Murray McClune pleaded guilty to two charges of theft by a person in a special relationship under the Crimes Act 1961 following an investigation by the Financial Markets Authority. He had worked in the insurance industry since the late 1960s and had an established book of clients, including some who had used his services for decades and considered him a friend. Between 2016 and 2022, McClune procured around $1.7 million from two sets of elderly clients on the basis he would invest the funds on their behalf. The FMA investigation found he used some of those funds for his own personal purposes and issued false statements to cover his tracks. ADVERTISEMENT His offending was detected when he was unable to repay the funds on demand. Margot Gatland, FMA Head of Enforcement. (Source: Supplied) FMA head of enforcement Margot Gatland said McClune took advantage of elderly, vulnerable investors with which he had a close relationship to misappropriate their funds. "New Zealand's financial system relies on trust, transparency and fairness. In addition to being devastating to the victims, offending of this nature undermines public confidence in registered advisers and harms their reputations. She said the FMA would respond to serious misconduct of this type where required and to the "fullest extent of the law". Theft by a person in a special relationship carried a maximum penalty of seven years' imprisonment.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store