Got business news? Email carmen.hall@nzme.co.nz or zoe.hunter@nzme.co.nz Photo / Getty Images
Pacific Business Village launched in Tauranga
A new Pacific Business Village that aims to grow Pacific businesses, fundamental to the country's Covid-19 recovery, was launched by the Minister for Pacific Peoples Aupito William Sio in Tauranga last week.
Hon Aupito William Sio said the Government wants the village used as a strategic framework for any long-term economic development work in the regions for Pacific business.
"A key priority of the Pacific Business Village using the Tauola Business Fund is to provide direct investment into businesses to accelerate their long-term growth and assist with the economic recovery from the impact of Covid-19.
"The Fund provides up to $100,000 grants to support existing small and medium-sized businesses in the regions outside of Auckland to create immediate employment, stimulate growth, increase productivity, and ensure Pacific businesses thrive in response to the impacts of Covid-19."
A $16.2 million multi-year appropriation in Budget 2021 to support economic development for Pacific communities, has been used by the Ministry for Pacific Peoples (MPP) to create the Pacific Business Village.
"At the centre of the village's vision is the creation of a circular Pacific economy using Pacific business networks, Pacific business providers, and Pacific businesses.
"By collaborating with networks and providers, the village can provide better access for Pacific businesses and improve Pacific economic development across Aotearoa.
"The village is complementary to existing services and meets unmet demand in the regions."
Auckland Pacific businesses are already supported by the Pacific Business Trust through their partnerships with Amotai and Auckland Unlimited.
"I am excited to be supporting regional Pacific economic development projects. They are at the core of our rebuild of the economy," the minister said.
Apprentice graduate transforming young lives
Te Puke apprentice Israel Hapi is helping kids turn their lives around.
The 20-year-old is employed as a Rangatahi support worker with kaupapa Māori provider Ngā Kakano.
He has completed the Level 4 Apprenticeship in Health and Wellbeing, with support from the industry training organisation Careerforce.
At Ngā Kakano, Hapi is a co-facilitator for youth programmes, specialising in fitness and wellbeing. In this role, he inspires young people who have disengaged from mainstream schooling or maybe at risk.
He helps to re-engage these young people, to build their identity and confidence and make healthy choices. He supports them to transition back to school, or training or employment and equips them to make positive decisions.
"We work with young people who may have behavioural issues or are considered high-risk," said Hapi. "We also work with in-school students who may have experienced challenges in their lives."
"I enjoy being a role model for the kids, showing them that they can make mistakes when they are younger, but that they can also get out of it as well.
"It's really rewarding when you see the outcomes. You see them progress. I love to see them gain more confidence."
Hapi says he was excited to start his Careerforce apprenticeship.
"Honestly, I loved it way better than school. It's different to learning in the classroom because you apply it, while you're learning it. Whereas at school, it's just straight theory, and you're not really getting deep into the subject. But this does. This is cool.
"I just wanted to get all of it done straight away, but Covid kept getting in the way. I did kind of struggle at times because of Covid, but with the help of Richard [Coad], my Careerforce apprenticeship advisor, I still managed to get learning modules finished within a reasonable time."
Hapi is keen to enrol in the Careerforce's Level 5 Health and Wellbeing Diploma. He has his sights set on completing a Bachelor in Social Work after the Diploma and would like to move into working within the mental health field.
Mercury's acquisition of Trustpower's retail business now unconditional
Mercury NZ Limited's acquisition of Trustpower Limited's retail business for the final acquisition price of $467 million is now unconditional.
Trustpower's retail business sells electricity, gas, fixed and wireless broadband, and mobile phone services, totalling about 416,000 connections. The combined business will have about 787,000 connections creating New Zealand's leading multi-product utilities retail business.
The final acquisition price of $467m is made up of an underlying purchase price of $426m, plus a working capital contribution of $41m. This is an increase in the price previously announced of $441m explained by a higher working capital contribution mostly due to Trustpower retaining its accounts payable obligations.
Mercury chief executive Vince Hawksworth says the acquisition of Trustpower's retail business will enable Mercury to accelerate its retail strategy, delivering the right product mix and enhanced value for customers on a faster trajectory.
"Going from a dual utility provider to a truly multi-product retailer adds material value for our customers in terms of convenience, cost efficiencies and the delivery of innovative and exciting products.
"Multi-product bundling is a market where Trustpower has had great success and we know nearly half of Mercury customers like the idea of having a single utility provider."
The greater scale will also allow Mercury to invest in the underlying technology platform, enabling better services and improved customer experience, Hawksworth says.
About 570 new colleagues will be welcomed to Mercury, taking the company to about 1400 employees nationwide.
"My executive team is growing too, with the addition of Fiona Smith, Trustpower's general manager of customer operations, and Paul Bacon, Trustpower's general manager of markets.
"Our focus moves quickly to how we integrate the two retail businesses supported by our outstanding generation assets, and how we can be innovative, responsive and streamlined in the way we operate."
Mercury initially announced it had entered into binding agreements with Trustpower to acquire its retail business for NZ$441 million, payable in cash in June 2021.
The transaction was conditional on several matters, including Commerce Commission clearance, completion of the proposed restructure of Tauranga Energy Consumer Trust and Trustpower shareholder approval.
Millennial misery: Younger workers most at risk of quitting
New research shows the biggest drop in workplace wellbeing is being seen in Kiwis aged 25 to 34, who are potentially the most likely to leave their current employment.
The Skills Consulting Group Work Wellbeing Index surveyed more than 1800 New Zealand workers, revealing millennials have dropped nine points since the inaugural Work Wellbeing Index report was released in 2021.
Of the 390 millennials asked, 42 per cent were very likely to look for a new job in 2022.
The Index points to the significant risk employers are facing as the long-term impact of Covid, rising living costs, and offers from overseas recruiters take hold.
Millennial respondents revealed almost half of employers did not have any structures or programmes in place to ensure their well-being at work was being cared for (down 8 per cent on 2021).
More than a third of companies they worked for did not enable them to care for their own wellbeing (down 11 per cent) and 53 per cent of employers did not provide them with well-being solutions that were specific to them (down 10 per cent).
Skills Consulting Group's general manager of well-being, Jane Kennelly, said "millennial misery" needs to be addressed now.
"If it isn't, companies will start to see the impact on their bottom line as they struggle to find good people and their recruitment costs spiral.
"It's clear that millennials are looking for more than just a pay rise. The research shows their need for recognition, flexibility to meet their changing life stage and a growing desire to be in a role they see as worthwhile.
"All of this speaks to the rise of "OK-nomics" – the concept that staff will stay if they are OK, be more productive and deliver to the bottom line if their wellbeing needs are met. If they aren't, they'll leave."
The Index identifies "Genuine care" ranking highest of all the well-being drivers, but the bad news is that it has dropped in score from 68 per cent to 56 per cent in 12 months.
The news isn't all bad, says Kennelly.
"Knowing the issues points us to solutions. The key is unlocking the well-being drivers and instituting changes in your business that deliver on them.
"I'm not talking about fruit baskets and care packages; I'm talking about systemic change beginning with training managers around wellbeing so they can make a meaningful impact through their teams.
"Managers are not psychologists, and we shouldn't expect them to be. Managers need the skills to understand and identify wellbeing issues and then be in a position to share access to professional wellbeing programmes if needed."
Acorn Foundation launches new research into supporting Western Bay youth
The Western Bay of Plenty's community foundation, the Acorn Foundation, has released new research into supporting rangatahi (youth) in our region to thrive.
The Western Bay of Plenty Vital Signs Youth 2022 report was launched earlier this month in an online event featuring local MP and Associate Minister for Education Jan Tinetti along with representatives from youth-focused charities working across the region.
The report uses data collected and analysed by the Acorn Foundation and local research agency Growth Development Ltd to provide a rich insight into the challenges, opportunities, and collective priorities for supporting young people aged 14 to 24 in the Western Bay.
Acorn's donor and community engagement manager Margot McCool says the foundation hopes the insights presented in the report will help to guide, inspire and support local charities, service providers and policymakers.
"The Acorn Foundation strives to be a catalyst for strengthening community well-being, now and for future generations, by promoting generosity, creating partnerships and supporting diverse charitable organisations that are truly making a difference.
"We hope this report will help to identify how best we can deliver the resources our youth need to live lives that they value. They are our future."
Thanks to the generosity of local donors, including the late Roy and Mary McGowan, the Acorn Foundation distributes a substantial pool of funds each year directed at supporting young people in the Western Bay.
This report is the latest in a series of research reports provided by the Acorn Foundation since 2015, which aims to better understand our communities' needs in order to
deliver impactful funding.
Acorn Foundation chief executive Lori Luke says the completion of Vital Signs research over the years is just one of the ways the foundation helps donors make a bigger impact in their communities.
"Acorn donors are local people who care deeply about our community. Some of our donors name specific charitable groups to receive annual distributions from their Acorn endowment fund, while others leave the decision up to our volunteer Acorn Distributions Committee."
New Waka to elevate protection of taonga species
Te Arawa lakes have a new defender on the water from this week, with the official blessing and launching of a new 5.3 metre-long waka to support Te Arawa Lakes Trust biosecurity, monitoring and taonga protection mahi.
But Te Arawa Lakes Trust biosecurity manager, William Anaru says the waka is "not just a boat".
Blessed with the name Kōura, coloured in kōkōwai red and covered in mangopare kōwhaiwhai, it will be the first in a series of Te Arawa Lakes Trust commercial waka to be named after a freshwater taonga.
"Kōura is to be more than just a boat, we want it to be a vessel that carries and reinforces an important key message and in this instance, referencing the protection of our taonga species."
Kōura or freshwater crayfish are one of five freshwater taonga species protected under Te Arawa Lakes (Fisheries) Bylaw, which was introduced in 2020 to help protect and replenish taonga species across Lakes Rotoehu, Rotomā, Rotorua, Ōkataina, Rotoiti, Ōkareka, Rerewhakaaitu, Tarawera, Rotomahana, Tikitapu, Ngāhewa, Tutaeīnanga, Ngāpouri and Ōkaro.
"Operationally our waka will be used to carry out monitoring and biosecurity mahi, but we also hope our waka helps prompt and lead positive, thought-provoking conversations around traditional kai, pūrākau and climate change solutions.
"The design of our waka is simple, but it carries traditional Te Arawa patterns, which we hope pushes our narrative that extra step further to encourage connection and generational responsibility for the protection of these taonga."
The Supreme Court found a detective's evidence on gang heirarchies was inadmissable.