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May 22, 2012
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Proposed changes to the oil and gas industry’s exploration permit scheme are part of the government’s Energy Strategy
announced this morning, which emphasises fossil fuels on the back of a
report that states New Zealand could earn up to $12.7 billion in
royalties if current oil exploration rates were to double. While New
Zealand’s renewable energy levels are the second highest in the OECD,
behind Iceland, Acting Minister of Energy and Resources Hekia Parata said fossil fuels will continue to play an important role in the global economy.
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The Earthquake Commission (EQC) has more than
doubled its estimated
Canterbury liability as the scope of the damage becomes clearer – and
that figure is subject to revision as further information comes to
light. The new estimate has climbed by about $4 billion to $7.1 billion following an actuarial valuation
based on available field assessments of damage claims. It includes an
increase of $2.17 billion from the February 22 shock and $1.42
billion from the June tremor and other aftershocks, which were
not previously taken into account.
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The government today approved Telecom’s plan for dividing its assets after its planned
structural separation – the first major step in the company’s proposed
demerger process. It is required to divide itself into two separate companies (New Telecom
and Chorus) in order to be involved in the government’s ultra-fast
broadband project.
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Skyline Enterprises – perhaps best known as the
operator of the Gondola restaurant and luge in Queenstown – is to
purchase fellow tourism and adventure company Totally Tourism. The two companies have entered a sale and purchase agreement that
will take effect on August 31 should closing conditions be
met. Skyline chairman Ken Matthews said Totally Tourism, which
operates sightseeing and adventure brands including Mitre Peak
Cruises, Milford Sound Scenic Flights and Wanaka Flightseeing, would make a
great addition to the Skyline portfolio.
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Sustainability has become somewhat mainstream in business thinking,
with international companies from The Body Shop to seemingly unlikely companies
like BP and Walmart all doing their bit. In New Zealand big companies like
The Warehouse have publicly recognised the importance of
sustainable business practices, but with 99 percent of Kiwi businesses having
49 employees or less, is sustainability viable for them?
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