New Zealand

Ministerial housing rules to be reviewed

New Zealand Prime Minister John Key

A review of the rules for ministers was recently announced by Prime Minister John Key - the rules would pertain to accommodation expenses in Wellington. He claimed that, in future, some ministers can get lower allowance.

The Ministerial Services have been asked by Mr. Key to review the current rules for ministers. The instructions come after the last week release of expenses information, including accommodation and travel, claimed by MPs and ministers.

Youth initiatives supported by Business NZ

Business NZ CEO Phil O'Reilly

As per the media reports, the government's proposed $152 million employment scheme is being supported by Enterprise advocacy group Business NZ.

The scheme, which will be launched in the next 18 months, comes with the objective of creating 17, 000 jobs for unemployed youth in the 18 to 24-year-old bracket.

There were 4,000 16 to 24-year-olds on the dole last June, while the figure now stands at 17,000.

$2 SIM cards to be offered by 2degrees

$2 SIM cards to be offered by 2degrees

Retailers of 2degrees have already begun providing SIM cards and devices to consumers, even though there is still one day to go before the company reveals all.

But it should be noted that this move has been taken since the 'big secret' had already been made public by Progressive, which owns a range of supermarkets, via its online shopping website.

It should be noted that $2 SIM cards online are being offered by the website, with $2 already loaded onto the card, while Warehouse Stationary is already offering nine prepay mobile devices and SIM cards.

Gisborne Sawmill not to close

Gisborne Sawmill not to close

After coming on the verge of closing, Gisborne's Prime Sawmill will stay open. However, it will significantly cut on its staff.

A huge reduction will be seen in the operations at the mill; with nearly 40 staff-members being made redundant - the staff numbers will, hence, fall to just 20.

Since the mill had been running at high losses, because of a downturn in international timber prices and the high New Zealand dollar, it was expected that it might close.

Stable outlook for Property For Industry half-year profit

NZ Capital's

In the first result from the top 50 companies, half-year profit expectations were met by Property For Industry Ltd., the investment group managed by AMP Capital Investors, on the NZX in this earnings season.

A fall by 1.6% to NZ$7.9 million was seen in net operating profit after tax for distribution for the six months ended June 30, meeting First NZ Capital's expectations, in the midst of decreasing rental revenues, which plunged to NZ$15.8 million from NZ$16.5 million in the same period a year earlier.

Eftpos Company enters in receivership

Eftpos

As per the media reports, an announcement confirming Eftpos Company ProvencoCadmus entering into receivership has been just made by receivership company KordaMentha. The company said Michael Stiassny and Brendon Gibson have been appointed receivers.

It was forwarded by Stiassny that the subsidiary companies have not been placed into receivership, though they have been appointed receivers to ProvencoCadmus.

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