Vietjet orders 100 Airbus A321neo planes
Vietnamese carrier Vietjet has ordered 100 single-aisle A321neo jets from Airbus, the European plane maker said in the latest deal announced at the Paris Air Show.
The deal would be worth almost US$13 billion ($21.6b) under 2018 catalogue prices.
It includes an option for Vietjet, Vietnam's largest private airline, to
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Otago Daily Times
33 minutes ago
- Otago Daily Times
Corner Store: Over 25 years where style and individuality intersect
People have known it as Base Clothing store, but the Wānaka retailer has changed its name to Corner Store. As it turns out, it is one of the longest-running clothing stores in town. Owner Chris Walsh got his first retail job when he was just 15, working across the Ditch in Newcastle, where he was brought up. That was where he got a taste of fashion and the fun that comes from working in the industry, he says. "There were these cool girls working with me and I was thinking 'Whoa, there's great girls, you can hang out with girls, this is perfect'," he jokes. He dreamed of coming to New Zealand to ski at Treble Cone. When he arrived, he fell in love with Wānaka and the rest is history. In 1999, he and two mates, Brent Harridge and Tim Hudson, brought into the Base clothing store business. At the time it cost them just $50,000 each for the lease in Helwick St. By comparison, sections in Meadowstone Dr at the time were going for about $30,000. "I came to New Zealand and realised there wasn't much in the way of clothing stores." There was little happening at the lakefront end of Helwick St and so they placed themselves on "Plods Patch" (the intersection of Helwick and Dunmore Sts), as it was affectionately named. He recalls PaperPlus was on the diagonal corner, where it still sits today. "More retail in upper Helwick St has helped. The pavements were no good at the start — it was just us and the pharmacy. You had to cross the road, [so] we were a bit of a destination." Over the course of a quarter of a century, he has seen the town change remarkably and plenty of retailers fail, or leave for other opportunities. "In Wānaka, a lot of shops come and go but there's still a lot of independent stores and we have a local vibe, which is pretty cool and special." While there were stores before his, and many have come since, the shops he recalls having done the long-haul are Kai Whakapai, the Dough Bin, PaperPlus, Racers Edge, Wānaka Pharmacy and the Westpac Bank. Mr Walsh puts down the longevity down to necessity and grit. After the 1999 Wānaka floods and the Global Financial Crisis in 2008, he had to borrow money from his parents and sell property to stay on that corner. "My accountants were saying shut the business down." He stayed because he loved the work and "knew it would come right". It did. Once the GFC passed, Wānaka township started to grow at a slow and steady pace; in the past five years it has boomed. The property market and domestic buyers had helped. Tourism been a huge part of his shop's survival. "The quality of international tourism — we are getting more European and Americans and Canadians and they love shopping," he says. "Covid was frightening when it happened. We started our online store more heavily during Covid and then after Covid we had a really awesome couple of years. "I find New Zealanders are my best customers, followed by Aussies. New Zealanders were travelling around and supporting New Zealanders. The last couple of years have been a little tough because the economy has been a little tough on people's spending, mortgages and interest rates." When he looks back on 1999 when the shop first opened, the store was quite "modern" compared with most others, which set it apart. "The store was unique. It was way out there; everything was old and our store was new school and modern." Initial brands stocked were Lee, Huffer, Wrangler and Rusty, all of which carry through today. Mr Walsh says Wānaka is great for shopping because it has more than just chain stores. It is a shopping destination because of its unique independent stores. "In Wānaka, the clothing assortment is fantastic. There are so many good clothing stores. I think we are one of the best places to go shopping. We have more options than anywhere. You go anywhere else and they are all chain stores but here we are all different and independent." He adds that Wānaka people are fashionable. "I think Wānaka people are fit and healthy and they like to wear cool clothes that are comfortable. And the older crew dress younger. It's down to earth." While his prices are mid level, he has enjoyed seeing higher-end fashion come to Wānaka and bring something for everyone. The business trio also started women's clothing store, Bella, as well as the Base ski shop. They have since sold both and they are still in operating. And as for the name change, it's obvious, he says. "I dreamed up all these funky names. Corner Store suits all the ages — we have teens and older customers, we cater for all women and all ages and Corner Store seems to suit that, a place that caters for all."
Newsroom
15 hours ago
- Newsroom
Apologies to Team NZ in settlement over 2020 America's Cup whistleblower affair
A bitter public and legal row over alleged but disproven financial irregularities in the run-up to the 2021 America's Cup has been settled, with a string of apologies to cup defender Team New Zealand. A confidential settlement has been reached between the team (ETNZ), its event arm America's Cup Event Ltd (ACE) and a former contractor Mayo and Calder Limited, with individuals Tom Mayo and accountant Michael Choy. The firm, Mayo and Choy have admitted in a statement agreed by all parties, that 'they breached the confidence of ACE and ETNZ, including by having Michael Choy secretly record confidential internal meetings.' They also admit breaching confidence by 'releasing, and procuring the release, of ACE and ETNZ's confidential information to members of the media' and to the cup event co-funder, the Ministry of Business, Innovation and Employment (MBIE) and its agents. This was done for Mayo and Calder Limited's 'commercial benefit', said the former event management contractors, in a statement released to Newsroom by Emirates Team New Zealand. The settlement ends five years of legal action, with both sides suing the other, after financial allegations were made public in mid-2020, during final preparations for the 36th America's Cup in Auckland. Mayo and Calder used whistleblower provisions under the Protected Disclosures Act, to make allegations to MBIE, which was managing the taxpayers' $40 million contribution to the cup event, sparking a bitter rift between the team and the ministry. MBIE, unbeknownst to Team New Zealand, hired a forensic accountant to investigate ACE's and the team's finances, and considerable detail of the claims was published by media giant NZME. ACE went to the High Court in August 2020 and successfully blocked NZME from publishing the interim report by forensic accountants Beattie Varley, arguing that it pre-dated responses and information given by the team to the investigation. At one point MBIE suspended progress payments toward the cup event costs, but in August after more work by the forensic accounts, 'found that there was no evidence of financial impropriety or misappropriation of funds.' The allegations revealed that the team had lost $2.8 million after a payment meant for a European television contractor had ended up in a scam, paid to a bank account in Hungary. ETNZ blamed that loss on the event contractor, and it formed a large part of a law suit against Mayo and Calder. In the settlement statement: 'Mayo and Calder Limited and Michael Choy acknowledge and accept that they failed to act with reasonable care in managing supplier bank account details and in transacting a payment that caused ACE to suffer a loss in excess of NZ$2,000,000.' Mayo and Calder had counter-sued ETNZ and ACE after being sacked from the event in July 2020, claiming $1.15 million, and an unspecified sum for damage to its reputation and loss of future business. As part of the settlement, 'Mayo and Calder Limited accepted that ACE had good cause to terminate its contract with it, and to terminate the contract in the way, and on the basis, that it did.' 'As part of the settlement, Mayo and Calder Limited, Tom Mayo and Michael Choy have each agreed to pay a confidential sum of money to each ACE and ETNZ.' Further, 'Tom Mayo and Michael Choy unreservedly apologise to ACE, ETNZ, their teams, and their officers for their conduct and for the harm that it caused.' The settlement was agreed in March, ahead of an expected hearing in the High Court but had not been made public until now. Mayo and Calder had been a high profile event company, whose work had included running stopovers for the Volvo Ocean race, before they were hired to join ACE in 2018. One of the firm's founders, Grant Calder, died following a heart attack in January 2023. Team New Zealand successfully defended the Cup in Auckland in 2021, and went on to achieve a third consecutive cup win in Barcelona in 2024. The 38th cup is to be staged in Naples Italy in 2027.
Scoop
a day ago
- Scoop
Former CBL Group CFO Ordered To Pay Penalty And Costs For Continuous Disclosure Breaches
Former CBL Group Chief Financial Officer (CFO), Carden Mulholland, has been ordered to pay a pecuniary penalty of $641,250 for breaches of the continuous disclosure requirements in the Financial Markets Conduct Act 2013 (FMCA), in proceedings brought by the Financial Markets Authority (FMA) – Te Mana Tatai Hokohoko. He has also been ordered to pay agreed costs of $606,216.53. CBL Corporation Limited (CBLC) publicly listed in October 2015, and the contraventions occurred over a five-month period in the lead up to its subsequent collapse in February 2018. The High Court's penalty decision follows a nearly six-week trial in the Auckland High Court before Justice Gault, which commenced in late June 2024 and concluded in early August 2024. The FMA's case against Mr Mulholland centred on his role as CFO of the CBL Group (for which CBLC was the parent company) and as a member of CBLC's Disclosure Committee. He was also a director of CBLC's European subsidiary, CBL Insurance Europe dac (CBLIE). The Judge found that Mr Mulholland had the required level of knowledge and participation in three of CBLC's continuous disclosure contraventions to make him personally liable as an accessory. These related to: The existence and impact on regulatory solvency of approximately $35 million of aged receivables (insurance premiums owed to CBLI but not paid to it). This issue was known to CBLC by 24 August 2017 but not disclosed to the market until 5 February 2018. The need for CBLI to strengthen its reserves by approximately $100 million. This was known to CBLC by 25 January 2018 but not disclosed to the market until 5 February 2018. A direction issued to CBLIE by its prudential regulator, the Central Bank of Ireland, requiring CBLIE to hold additional cash reserves of €31.5 million. This was known to CBLC by 30 January 2018 at the latest but not disclosed to the market until 7 February 2018. After the liability finding, the FMA and Mr Mulholland reached agreement on the recommended level of penalty that the Court has now approved. In his penalty decision Justice Gault said, 'As the FMA submitted, the lack of disclosure by CBLC meant investors were denied timely access to material information and continued to trade, uninformed, for an extended period of more than five months...I have addressed Mr Mulholland's significant involvement in these contraventions. The impact on the market was serious and far-reaching.' In assessing the appropriate penalty, the Judge noted that 'The penalty imposed against Mr Mulholland as a senior officer with specific responsibilities in relation to disclosure needs to reflect the importance of listed companies making prompt and accurate disclosures to the market, as well as his specific involvement in the contraventions.' FMA Head of Enforcement, Margot Gatland welcomed the Court's decision, saying the findings of liability and the subsequent pecuniary penalty imposed set an important precedent for holding a CFO accountable for an entity's continuous disclosure breaches. 'This was the first time New Zealand Courts had considered the liability of a CFO acting as an accessory to a company's contravention under the FMCA. The Court's ruling and penalty demonstrate that such behaviour is unacceptable and will not be tolerated. The FMA will continue to take action when we see this type of misconduct damaging the trust and confidence in New Zealand's financial markets and businesses.' The FMA proceeded to trial against MrMulholland, having reached in-court settlements with CBLC, its Managing Director Peter Harris, and its four former independent non-executive directors in 2023 and 2024, which saw them each admit seven contraventions and the Court make pecuniary penalty orders totalling $11.28 million. A related proceeding brought by the FMA alleging breaches of the FMCA in relation to CBLC's Initial Public Offering in 2015 is set down for a six-week trial commencing 13 April 2026 in the Auckland High Court.
