12 Nov 2014

Business Briefs

1:42 pm on 12 November 2014

The Commerce Commission is inviting comment on its draft decision about how much 22 telecommunications providers will pay towards the $50 million telecommunications development levy, for the year ending 2014.

The levy is about 1 percent of telecommunications services revenue and covers the cost of such things as the relay service for the deaf and hearing-impaired, broadband for rural areas and improvements to the 111 emergency service.

The fee is paid by telecommunication companies with sales of more than $10 million a year, although the draft indicates that Spark, Chorus and Vodafone would cover about 90 percent of the total cost.

The Commission will accept feedback to the end of the month and will make a final decision in late December.

Pyne Gould censured

The NZ Markets Disciplinary Tribunal has censured Pyne Gould (PGC) for failing to have at least two directors on the board, who are ordinarily resident in New Zealand.

The company has admitted the breach and will pay a penalty of $8,000 to the NZX Discipline Fund, another $3200 to NZX, as well as the costs of the Tribunal.

Craggy Range wins big

A family-owned Hawke's Bay's winery has won an international award.

Wine Enthusiast magazine has named Craggy Range Winery the winner of the New World Winery of the Year.