15 Apr 2019

Today's business news: What you need to know

6:28 pm on 15 April 2019

Latest - PGG Wrightson has announced the make-up of its board after its chairman was made to step down earlier this year.

PGG Wrightson

Photo: Facebook / PGG Wrightson

Joo Hai Lee, who represents Agria on the board, announced his resignation as chair in January, after the overseas investment office forced the company he represents to reduce its shareholding in PGG.

He will become deputy chair and be replaced by Rodger Finlay.

Mr Finlay is a director of Ngāi Tahu Holdings and chair of the Independent Advisory Panel of the Provincial Growth Fund.

Three other directors are retiring from the board and will be replaced by David Cushing and Sarah Brown.

Agria was forced to reduce its stake in PGG after it reached a deal with US financial authorities on alleged impropriety on American markets.

Costs piling up for Just Life Group

The water cooler company said it won't post an increased profit this financial year as initially expected due to an increase in the cost of borrowing on its purchase of the skylight ventilation system company, Hometech.

Revenue from that acquisition is also expected to be below expectations.

Just Life has already said it will incur an $800,000 cost to amortise customer contracts this financial year.

Its last financial year result was also impacted by acquisition and restructuring costs.

Hotel international visitor numbers down

The number of international visitors staying in hotels and other commercial accommodation on a short term basis is down, while the number of stays by New Zealanders is up.

International visitors staying in hotels and motels decreased 3.2 percent in February, compared with the same month last year.

Guest nights spent by New Zealanders in commercial accommodation increased, partly offsetting the fall for international nights.

Total guest nights were relatively flat (down 0.4 percent).

Stats New Zealand said the drop in international stays matched the drop in international visitor arrivals.

The statistics did not count the number of people staying in holiday homes, Airbnb and bed and breakfast accommodation.

Biosecurity NZ cracking down on cargo facilities

Cargo facilities now face fines for failing to meet relatively minor breaches of biosecurity rules.

Biosecurity New Zealand officers will be paying particular attention to the movement of uncleared goods, including sea containers that don't have the correct authorisation.

The infringement fee for each offence is $400 for an individual and $800 for a corporation.

Major breaches are still subject to prosecution.

Get the RNZ app

for ad-free news and current affairs