Tuatahi First Fibre Extends Service Partner Agreement With Ventia
The new agreement, valued at more than NZD$110 million over an initial five-year term, positions Ventia as Tuatahi's primary service delivery partner for network build, customer connections, and maintenance activities across their fibre network. ... More >>
Tuatahi First Fibre Welcomes Government Announcement To Remove Regulatory Barriers
Thursday, 13 March 2025, 1:31 pm | Tuatahi First Fibre
Announced today, the changes will align the LFC constitutions with the fibre regulatory framework, support competition and encourage investment in opportunities to improve connectivity. More >>
Commerce Commission's Fibre Deregulation Review Welcome, But Falls Short Of Addressing Competitive Realities
Friday, 20 December 2024, 7:20 pm | Tuatahi First Fibre
The Commerce Commission's decision to further investigate the deregulation of select fibre services offered by local fibre companies (LFCs) is a step in the right direction but falls short of keeping up with the competitive realities of today's ... More >>
Fortnite Fans Triple Down On Fibre Speeds
Monday, 28 March 2022, 3:15 pm | Tuatahi First Fibre
New Zealand fans of the popular online video game Fortnite were able to download the latest season at triple the speed if they were connected on a standard fibre broadband plan. The Commerce Commission's Measuring Broadband New Zealand summer ... More >>
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RNZ News
11 hours ago
- RNZ News
Commerce Commission dismisses Federated Farmers complaint on net-zero banking
ANZ, ASB, BNZ, Westpac, and Rabobank are all signatories to the Net-Zero Banking Alliance. Photo: RNZ The Commerce Commission has dismissed a Federated Farmers complaint that five major local banks acted like a cartel, tying lending to climate targets. ANZ, ASB, BNZ, Westpac, and Rabobank are all signatories to the Net-Zero Banking Alliance, which aligns lending policies to climate change goals. Together, the five banks account for 97 percent of agricultural lending in New Zealand. The Commission's general manager competition Vanessa Horne said no evidence of anti-competitive or cartel-like behaviour had been found. "We thoroughly investigated the complaint and concluded that the banks had made their own, independent decisions. "We found no evidence of unlawful co-ordination between the banks or with the Net-Zero Banking Alliance, either relating to the banks joining or in meeting their obligations under this alliance." Federated Farmers alleged the five banks were co-ordinating their agricultural lending with Net-Zero Banking Alliance strategies which could violate the Commerce Act. It also alleged that this could make it harder for farmers to get loans and increase borrowing costs. Its banking spokesperson Mark Hooper called the Commission's decision disappointing but accepted it. "The reason we made the submission in the first place was that we felt there had been some collusion and there was a sort of collective agreement that would have limited farmers' choice. So in that sense we're disappointed, but we still think it was the right course of action to go down." Hooper said they remained concerned that banks were straying from their "core role of lending money based on real risk considerations and not indulging in the climate change space". The Net-Zero Banking Alliance is a United Nations (UN) initiative that guides banks to lead on climate mitigation in line with the goals of the Paris Agreement. Its website claims 127 banks worldwide have signed up, overseeing $74 trillion in total assets. In background information the Commission said the Alliance did not prescribe targets for signatories, gave a framework for target setting, and tools to assess the emissions within their portfolios and how to speed up lending towards low-carbon activity. Rural concerns about the reduction of lending to rural based petrol stations , prompted New Zealand First MP Andy Foster to pursue a private members' bill to prevent banks from refusing to lend for so-called "woke ideology" reasons. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Scoop
12 hours ago
- Scoop
Reefton Distilling Co. Announce Investment Offer To Grow Their Whisky Inventory
Multi Award winning West Coast business Reefton Distilling Co. have today announced a new investment opportunity for investors to secure a stake in the company. Seeking to raise additional capital as they continue to scale their Moonlight Creek whisky production, the company are looking to raise up to $2M NZD. Funds from this raise will be prioritised for further investment in their Moonlight Creek whisky inventory. Founder and Chief executive Patsy Bass commented, 'Whisky is inherently a long horizon product, and our business is ensuring appropriate investment levels until we have sufficient volumes of matured whisky ready for market.' She added, 'We see growing our whisky stocks as the biggest growth catalyst for the business and believe that our continued investment into Reefton Distilling Co.'s whisky vault lays a path forward to deliver products for the global market, which in turn underpins the value of the business as a whole.' The share offer was first released to existing shareholders, who have pre-emptive rights to participate in this investment round. With $738,000 NZD already raised, the offer has gone live to the public today (21 July 2025) via Snowball, an investment platform for private companies and funds (Invest in Reefton Distilling Co. – Snowball). Gold and Category Winner at the prestigious World Whiskies Awards (ROW) 2025 In early 2025 the distillery achieved a significant milestone with both their Moonlight Creek Manuka Smoked, Young Spirit*REF1 and Moonlight Creek New-Make Spirit*REF2, each winning Gold and Category Winner at the prestigious World Whiskies Awards (ROW) 2025. These accolades highlight Reefton Distilling Co. as one of New Zealand's most exciting new talents in whisky production and place them firmly on the list of spirits producers well positioned to benefit from the global trend of consumer's drinking higher quality alcohol. As one of New Zealand's largest independent distilleries with over 100+ global spirits & innovation awards (including 38 Gold/Double Gold/Platinum/Best in Category/Innovation/Design and Consumer's Choice Awards), Reefton Distilling Co. are internationally recognised as an innovative producer of premium spirits. The first B Corp certified whisky distillery in New Zealand, and the first New Zealand distillery to contract distil whisky for the Scots, Reefton Distilling Co. laid down their first Moonlight Creek Single Malt whisky in 2022. With their eyes firmly focused on the future, Reefton Distilling Co. have built a valuable asset base for global whisky sales with hundreds of casks already laid down, and more being added on a daily basis. Their existing whisky stocks are backed up with valuable land, buildings and plant, which are owned by the business. A business firmly established at the forefront of the New Zealand Distilling Industry Having firmly established themselves at the forefront of the New Zealand distilling industry, Reefton Distilling Co.'s core spirit ranges include Gin, Vodka and Single Malt Whisky. As the producers of one of NZ's strongest Gin brands (Little Biddy), they have a proven track record of innovation and new product development. Within 2 years of launch, Little Biddy Gin became the No. 2 Gin brand in the premium plus segment of the NZ gin market*REF3, a position which it retains today. Reefton Distilling Co.'s experienced senior management team is supported by a board with proven track records in international strategic marketing, business development and financial markets. The company has assembled a distinguished panel of international experts, each possessing extensive knowledge and discerning palates. This panel oversees and supports their product development journey, from its inception to its release. In April 2025, international expert, Scotch Whisky Maker, Polly Logan, made the trip to New Zealand to experience Reefton Distilling Co.'s whisky firsthand, she commented, 'The New Make Spirit is incredible, and the casks have been selected carefully. You can tell the care that has gone into creating the spirit, you know the moment it hits your senses. Sensational!' Only 1,000 bottles of the distillery's first ever whisky release, Moonlight Creek 'Pioneer', will be available exclusively by ballot later this year, making its way into the hands of those fortunate enough to have secured a bottle.
Scoop
14 hours ago
- Scoop
ComCom Finds No Evidence Of Cartel Behaviour In Banks' Involvement In Net-Zero Banking Alliance
The Commerce Commission has investigated and found no evidence to support a complaint from Federated Farmers of New Zealand (Federated Farmers) alleging potentially anti-competitive, coordinated, cartel-like behaviour involving five major banks in New Zealand associated with the Net-Zero Banking Alliance. The banks involved are ANZ Bank New Zealand Limited (ANZ), ASB Bank Limited (ASB), Bank of New Zealand (BNZ), Rabobank New Zealand Limited (Rabobank), and Westpac New Zealand Limited (Westpac). These banks collectively account for around 97% of New Zealand's agricultural lending market. Commerce Commission General Manager Competition, Fair Trading and Credit Vanessa Horne says the complaint, received last December, alleged the banks were coordinating their agricultural lending policies to align with Net-Zero Banking Alliance strategies and targets. It alleged that, in doing so, the banks were potentially acting anti-competitively, in breach of the Commerce Act. The complaint also raised concerns that this alleged coordination could reduce farmers' access to capital, resulting in higher borrowing costs and stricter lending terms. 'We know New Zealanders are very focused on the work being done by the Commission (and others) to ensure banks are acting fairly - and farmers are no different,' says Ms Horne. 'If we see activity that falls foul of the laws we enforce, we will not hesitate to act. In this case, however, we thoroughly investigated the complaint and concluded that the banks had made their own, independent decisions. We found no evidence of unlawful coordination between the banks or with the Net-Zero Banking Alliance, either relating to the banks joining or in meeting their obligations under this alliance.' On that basis, the Commission says, it will be taking no further action. The Commission is keenly aware that, in many sectors, New Zealand businesses are working hard to develop and deliver sustainability initiatives together. New Zealand's competition laws can accommodate such collaboration - to help businesses, the Commission has developed Collaboration and Sustainability Guidelines that can be found on its website. Background The Net-Zero Banking Alliance The Net-Zero Banking Alliance is a United Nations (UN) convened initiative, supporting banks to lead on climate mitigation in line with the goals of the Paris Agreement. It was co-launched on 21 April 2021 by the United Nations Environment Programme (UNEP) Financial Initiative and the Prince of Wales Sustainable Markets Initiative Financial Services Taskforce, with 43 initial banks as signatories. Joining the Net-Zero Banking Alliance is entirely voluntary, and any signatory may join or withdraw at any time. Banks that choose to become signatories to this alliance make a public statement of an intention to align the greenhouse gas emissions from their lending and investment portfolios with net-zero pathways by 2050 or earlier. The Net-Zero Banking Alliance does not prescribe targets that signatories should set. Instead, it provides signatories with a framework for target setting, resources, global expertise, and tools to help them individually assess the emissions within their portfolios and understand ways that the shift of capital towards low-carbon activity might be accelerated.
