Capital Markets: ‘Big picture' group advising on Invest New Zealand
Morrison has had a lengthy career in international capital markets and chairs Morrison, a New Zealand-headquartered global investment firm with more than $25 billion in assets under management.
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RNZ News
17 minutes ago
- RNZ News
Private donation of thousands of Japanese kimonos sends op-shoppers into buying frenzy
A generous private donation of thousands of colourful Japanese kimonos has sent Christchurch City Mission op-shoppers into a buying frenzy. Bargain-hunters descended on the mission's Barbadoes Street and Sydenham stores, rifling through bins and boxes full of long, short, floral, checked, bright, pastel, metallic, patterned and plain kimonos. City Mission retail team leader Josie Cox said its Facebook post on Tuesday about a "treasure trove" of kimonos for sale for $2 each had spread far and wide, resulting in queues at the Barbadoes Street door. Photo: RNZ / Nate McKinnon "It's a kimono frenzy. We've had a huge donation of kimonos, thousands. We haven't been able to keep up," she said. "We're selling them for $2 each and they've just gone mad. This morning there were probably 40 people waiting to come in. We've had two days of madness." Photo: RNZ / Nate McKinnon Staff said the kimonos had arrived at the op shops in three trucks and two vans and had been snapped up so fast that restocking had been difficult. No two kimonos were the same, with shoppers also buying the garments for fabric. Cox said all op shop proceeds went to the work of the City Mission so she was thrilled by the volume of sales. Photo: RNZ / Nate McKinnon "We had a ground-breaking day yesterday, big sales for the shop, it's amazing," she said. The City Mission declined to comment further about the identity of the donor. Photo: RNZ / Nate McKinnon Shopper Nicky Page said she was admiring the kimonos' texture and contemplating how she might be able to repurpose them. "I can't believe what I'm seeing. Having spent time in Japan I know the value of these things, so I'm quite blown away by what I'm seeing here," she said. "I was just coming for a look but I've already got a pile of about 10 and I think that pile keeps growing." Photo: RNZ / Nate McKinnon Michelle Boardman was looking for something special for her granddaughter. "My granddaughter loves anything Japanese and eventually wants to go to Japan. She's studying Japanese, what a great opportunity to get her something that's really special," she said. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
17 minutes ago
- RNZ News
McDonald's Basin Reserve workers strike for better pay
By Kajal Nair , RNZ File photo. Photo: 123rf McDonald's workers at the franchise's Basin Reserve restaurant in Wellington have staged a strike on Thursday afternoon, launching a campaign for better pay. The hour-long strike ran from 3pm to 4pm outside the Adelaide Road restaurant and was attended by almost 20 McDonald's employees from all across Wellington. Unite Union members said they were striking for a new collective agreement after their previous two-year deal expired. The Union rejected McDonald's latest pay offer, which they said fell below inflation during a cost of living crisis. "Everyone deserves a living wage especially when you are working for a company as profitable as McDonald's," Unite Union assistant secretary Ben Peterson said at the strike. Lead delegate Cody Paulsen, who began working at the Basin Reserve branch when he was 15, said wages had barely moved in the five years he had been there. "We are being continuously underpaid. We've been at negotiation for the last few months but it has come to a standstill because their offer has been significantly under what we expected," he said Paulsen said the workers were prepared to keep striking until there was meaningful change. Despite the protest, the restaurant continued to operate with a reduced number of staff. McDonald's was approached for comment. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Scoop
an hour ago
- Scoop
Ravensdown 2025 Financial Results Reflect Reshaping Of The Business
Ravensdown has announced its financial results for the year ending 31 May 2025, delivering an operating profit before impairments*, tax and one-off adjustments of $13 million. After impairments and one-off adjustments, but before tax, the co-operative reported a net loss of $2 million. Flat year-on-year revenue of $764 million, and volumes up 71,000 tonnes on the previous financial year to 962,000 tonnes, resulted in lower margins. Garry Diack, Ravensdown CEO, said that the co-operative again worked hard to deliver competitive pricing throughout the year and focussed on keeping prices lower while customers emerge from the economic downturn. 'The co-operative has absorbed increasing international fertiliser prices and rising input costs to delay passing them on to customers, even as our own margins have come under pressure,' said Mr Diack. 'Impairments of $9 million from the closure of manufacturing in Dunedin, the divestment of five lime assets, and the sale of C-Dax are an outcome of our strategy to size the business to meet the market.' Cautious support of the rejuvenating industry Bruce Wills, Ravensdown Chair, said the co-operative's underlying performance continued to ensure a stable funding base that saw the balance sheet equity ratio lift to 80%, up 1% on the previous financial year. The co-operative again reported positive inventory and debt management building on improvements achieved in the previous two years. Inventories at year-end reduced further by $22 million to $128 million with debt reduced by 67% to $26 million. But Mr Wills said a third year of difficult trading does not allow payment of a shareholder rebate. 'In this environment it has been prudent to continue our conservative approach to capital expenditure and conserve funds. 'Although fair pricing was at the expense of a rebate, the business was able to leverage the strength of its balance sheet to ensure we're well positioned for any market upturn.' Mr Diack said: 'This autumn, following the fortunes of the dairy sector, we saw the beginning of an upturn in the red meat sector, and expect that to translate to improved volumes in the coming spring.' While it is anticipated that volumes will increase over the coming year, Ravensdown has also adapted its operating model to better position for the emerging environment. Product and capacity to meet New Zealand farming systems Ravensdown's total manufacturing capacity has been adjusted to meet future market volume requirements with the closure of manufacturing in Dunedin earlier this year. The site is now in operation as a port store and continues to serve the region as a key distribution centre. The 2025 financial year also marked the completion of significant capital works programmes at Ravensdown's two manufacturing sites in Napier and Christchurch, shoring up total manufacturing capability to around 550kmt per annum. Over the past year, sales of New Zealand-manufactured product increased 17% (382kmt) and the co-operative is anticipating a further lift during the 2026 financial year. Mr Diack said: 'Superphosphate is still the most consistently affordable means to return phosphorus and sulphur nutrients to New Zealand soil and pastures. 'Ravensdown has remained steadfast in its strategy to shore up sourcing and diversify supply of raw materials that can be manufactured locally to specifications suitable for pastoral farming systems.' Strategy to deliver products and services 'The co-operative's impairments over this past financial year reflect that we are a business adapting to changing market conditions,' said Mr Diack. 'While the closure of manufacturing in Dunedin has had a significant impact on our financial result this year, ongoing we will realise the benefit of reduced operating and capital maintenance costs.' In the 12 months to 31 May 2025 Ravensdown has implemented a targeted programme of projects to enhance operational efficiency and support customers to 'do more with less' nutrients. 'Farmers are adapting to modern technology around variable nutrient placement. Our investments in our digital interface are keeping pace with the release of HawkEye Pro, and we continue to invest in technology and innovation through Agnition.' Looking ahead Although Ravensdown foresees increased volumes and profitability as the rural economy returns to a more stable period, the outlook for the global economy is more volatile. The international fertiliser market remains tight and prices are trending upwards. Mr Diack said: 'To ensure the long-term viability of our shareholders and the wider sector, we will pursue our strategy to maintain security of supply and invest in the local manufacture of superphosphate – which remains the most affordable and most effective choice for New Zealand farmers and growers.' *Total reported impairments of $10.3 million* The year at a glance 2024-25: numbers for 2023-24 in brackets Total revenue: $763.9 million ($756.8 million) Net profit from continuing operations before impairments and taxation: $8.3 million ($27.4 million) Net loss from continuing operations after tax: -$5.4 million ($2.8 million profit) Operating cashflow: $103.2 million ($127.5 million) Equity ratio: 80.3% (79.4%).
