Multimedia Investments Ltd
Auto Added by WPeMatico
Source: ANZ statements
The class action related to certain interest charged on certain ANZ personal credit cards in the period from 1 July 2010 to 1 January 2019.
ANZ will pay $57.5m in the settlement, which is covered by a provision held at 30 September 2023. The settlement is without admission of liability and remains subject to court approval.
Approved for distribution by ANZ’s Continuous Disclosure Committee
Source: ANZ statements
The portfolio comprises eight wind, solar and battery storage assets across five states in Australia, which total 1.5 gigawatts (GW) of generation capacity.
The assets will include the Collie Battery Stage 1 (219 MW / 877 MWh) which is currently under construction in the south west region of Western Australia (WA). As Neoen’s first major project in WA and the company’s first four-hour long duration battery globally, the asset will provide grid-scale services locally, storing high density, low-cost renewable energy.
ANZ continues to play a key role in supporting the clean energy transition in alignment with its ESG goals. The transaction aligns with ANZ’s strategy of funding and facilitating at least AU$100billion in environmental and social outcomes by 2030.
ANZ Global Head of Project and Export Finance, Aaron Ross said: “This transaction is one of the largest renewable-energy financings in Australia and provides the capital to support Neoen’s goal of building a future powered by clean energy. Investments in wind farms, solar projects and battery storage are collectively key to helping lower carbon emissions in Australia, and will also bolster grid stability and the reliability of energy for Western Australian residents and businesses.”
Collie Battery, together with other wind and solar assets under development, will contribute to Australia’s 82% renewables penetration by 2030. The project’s construction is on track for completion in Q4 2024.
This is the second Australian transaction ANZ has supported Neoen in, the first being for its 209 MW Goyder South Stage 1 Wind Farm in South Australia.
About Neoen
Neoen develops, builds and operates wind, solar and energy storage projects with a total capacity in operation and under construction of 7GW across 17 countries. It’s the largest renewable energy company in Australia, with 3.75GW of assets currently under construction or in operation.
Source: Council of Trade Unions – CTU
GDP numbers released today show that the economy shrank into a technical recession with the economy declining by -0.1% in the December 2023 quarter, following a -0.3% decline in the September quarter. GDP per capita also fell by 0.7%, continuing its recent run of declines.
7 out of 16 economic sectors saw annual declines in output, including most of the goods producing sectors like manufacturing and construction. Public administration increased its output, caused mainly by the general election during this period. On a quarterly basis, New Zealand now finds itself alongside the UK in having negative growth. Australia (+0.2%), the US (+0.8%), Japan (+0.1%), and the OECD average (+0.3%) all saw positive economic growth.
“This data confirms what many other economic indicators have been showing – that the economy is slowing, and growth is well below its historical trend. That should worry working people, as lower economic growth generally leads to higher unemployment and lower wage growth” said CTU Economist Craig Renney.
“The data illustrates the current weakness in the economy. While we shouldn’t over interpret one datapoint, the broader economic data points to a stronger case for some timely investment in the economy. This would both tackle our chronic infrastructure gap, enhance our low productivity, and both support business investment and boost flagging demand. The worst way to achieve that would be with tax cuts.
“This should act as a wake-up call about our economic direction. Those countries with an active economic plan based on investment – like the US – are seeing strong economic growth and employment growth. This Government is heading in the opposite economic direction. Central government expenditure in New Zealand fell -2.2% on average across the past year, so excuses about government spending shouldn’t hold any weight.
“This is not the time for cuts, it’s the time for investment that will benefit all New Zealanders – not just a select few,” said Renney.
Source: ANZ statements
Consumer confidence was broadly unchanged last week, falling just 0.5pts. The four-week moving average declined 0.3pts.
‘Weekly inflation expectations’ fell 0.1ppt to4.8%, and the four-week moving average dipped to 4.9%.
The financial conditions subindices declined. ‘Current financial conditions’ fell by 0.6pts and ‘Future financial conditions’ dropped 3.8pts after rising 4.4pts the week before.
‘Short term economic confidence’ (about the economic outlook over the next 12 months) was mostly stable. ‘Medium term economic confidence’ (about the economic outlook over the next five years) rose 0.9pts.
The ‘time to buy a major household item’ subindex gained 0.8pts.
Source: Reserve Bank of New Zealand
The Reserve Bank of New Zealand’s 2019 Capital Review focused on improving the quality and quantity of bank capital to make the banking system safer for New Zealanders and to ensure that bank owners have a meaningful stake in their businesses.
Source: BNZ statements
BNZ today announced that Douglas McKay, ONZM, is retiring as a director of BNZ, effective 31 May 2024. Mr McKay has been a member of the BNZ Board since 5 March 2013 and has been the Chair since 1 August 2015.
The BNZ Board has appointed Warwick Hunt, MNZM, to replace Mr McKay as the new Chair, effective 1 June 2024. Mr Hunt joined the BNZ Board on 1 November 2022 and is currently the Chair of the Board Audit Committee and a member of the Board Risk and Compliance Committee and the Board Due Diligence Committee.
BNZ Chief Executive Officer Dan Huggins has acknowledged the outstanding contribution made by Mr McKay as a director and as Chair of the BNZ Board over a considerable number of years and wishes him well for the future.
The post Douglas McKay to retire from the BNZ Board appeared first on BNZ Debrief.
Source: BNZ statements
Sustainability is increasingly front of mind for New Zealand businesses, from small startups to large corporates. Surveys by the Sustainable Business Network (SBN) reveal a strong commitment to sustainable practices among NZ corporates, while Stats NZ has found that a third of local businesses are investing in climate change measures. Yet, as RNZ reports, a significant gap remains: While the vast majority of the country’s small to medium sized enterprises (SMEs) are concerned about sustainability, more than 40 per cent report that they lack the knowledge and resources to become more sustainable.
Recognising this gap, BNZ has announced a refresh of its Green Business Loan proposition, including a limited time, low-cost rate Green Asset Finance Loan. This initiative is designed to help SMEs finance no and low emission vehicles and machinery such as electric forklifts, cars, trucks and buses, at a market leading fixed interest rate of 5.5% p.a. for up to five years, capped at $500k per customer.
“At BNZ, we’ve made a strategic commitment to help build a resilient, regenerative and inclusive Aotearoa for the long term and helping our SME customers reach their sustainability goals plays a huge role in achieving that,” says Alex West, BNZ’s Head of Sustainable Finance – Growth Sectors.
Supporting businesses to be more sustainable is not only key for New Zealand to achieve its climate change commitments, but also brings a range of other benefits, from supporting biodiversity and enhancing water quality to improving labour practices and delivering better social outcomes for our communities.
And as West points out, it also makes strong business sense.
“Switching to electric and plug in hybrid vehicles with BNZ’s Green Asset Finance Loan can significantly reduce fuel and maintenance costs, in addition to the emissions benefits. Being sustainable doesn’t mean sacrificing your bottom line – it’s actually crucial for long term financial success,” he says.
While BNZ’s Green Asset Finance offer is focused on clean transport and machinery assets, West says that the Bank’s wider Green Business Loan proposition can support a diverse range of sustainability initiatives.
“At BNZ, we’re seeing a growing desire among our customers to embark on their own sustainability journeys. They range from those who are already incorporating sustainability into their businesses to many who are keen to make a difference but don’t know exactly where to start.
“Our role is to be there as a trusted advisor, to guide and support them through the process. We collaborate closely with our customers, understanding their unique needs and aspirations, and together, develop sustainable finance solutions to not only benefit their businesses but also contribute positively to our communities and environment.”
South Island Forklifts’ sustainable shift with BNZ
South Island Forklifts, a forklift rental company in Christchurch that has been operating since 1999, has made a major move towards sustainability, investing heavily in eco-friendly electric forklifts, with the help of a Green Business Loan from BNZ.
“We saw adopting green electric forklifts as a logical step for us,” says the owner of South Island Forklifts, Jason Donnithorne. “These forklifts are the future of our industry, and we are dedicated to assisting our customers switch to a more sustainable fleet.
In addition to the environmental benefits of eliminating the need to regularly change used engine and transmission oils, green electric forklifts also have lower operating costs than fuel-powered forklifts. This is because the electricity they use is typically much cheaper than diesel or gasoline.
“With BNZ’s Green Business Loan, we’ve been able to purchase these environmentally friendly machines, which not only match our sustainability values but also offer cost savings to our customers.
“Our aim is to set an example,” he says. “We want to show the industry that making sustainable choices is not just beneficial for the planet – it’s good for business too.”
To discover how a BNZ Green Business or Green Asset Finance Loan can help your business reach its sustainability goals, visit our website or speak to your banker.
Summary: BNZ Green Asset Loan
The post BNZ’s new low-cost rate loans make it easier for businesses to invest in green assets appeared first on BNZ Debrief.
Source: ANZ statements
Consumer confidence rose 1.2pts last week. The four-week moving average declined 0.1pts.
‘Weekly inflation expectations’ was unchanged at 4.9%, and the four-week moving average was unchanged at 5.0%.
‘Current financial conditions’ rose 3.1pts. ‘Future financial conditions’ jumped 4.4pts rising above the neutral 100 level to its highest since January 2023.
‘Short term economic confidence’ (about the economic outlook over the next 12 months) was practically unchanged with a 0.1pt increase.
‘Medium term economic confidence’ (about the economic outlook over the next five years) was down 1.4pts.
The ‘time to buy a major household item’ subindex softened 0.3pts.
Source: ANZ statements
The bespoke solution, with a minimum AUD$50m investment, provides clients access to an individual bond mandate managed directly by ANZ’s Chief Investment Officer, Lakshman Anantakrishnan.
Unlike a traditional portfolio, the assets are held in an entity name rather than a fund structure and can be tailored to the individual needs of each client, with an initial focus on AUD denominated bonds from global and domestic issuers.
The agreement with IAM follows the appointment of Mr. Anantakrishnan to ANZ’s 15-person CIO in late 2021, and the bolstering of a specialist family office function within the bank.
In previous roles, Anantakrishnan managed institutional bond portfolios and ran a similar solution for close to a decade while Head of Portfolio Management at Credit Suisse. His experience an important factor in ANZ Private offering the solution to clients.
ANZ Private General Manager, James Dunlop said: “It was critical we had someone with Lakshman’s background running bond portfolios, a rarity in the private wealth market.”
“We’ve seen strong investment from clients already and we expect this demand to continue given the current yields on offer and relative security provided by the asset class,” Mr Dunlop said.
The offering comes as clients continue to ask for new opportunities amidst the higher rate environment and ahead of a potential easing cycle commencing later this year.
Commenting on the offering, Mr Anantakrishnan said: “With the equity risk premium under pressure, the yield available on high quality bonds is an attractive proposition and the offering allows us to tailor individual portfolios that are unique to the needs of each client.”
ANZ Private utilises the IAM platform to build portfolios and trade bonds held with sub-custodian JPMorgan.
IAM Chief Executive Officer, Jon Lechte said: “With bonds offering the best yields in decades, we have witnessed a shift in the asset allocation preferences of high-net-worth investors seeking to diversify away from equities.”
“There has been a significant expansion in the investment appetite for high quality, investment grade bonds and we are pleased to be working with ANZ to provide access to this in a portfolio solution for their clients,” he said.
Source: ANZ statements
The Community Foundation grants are designed to offer direct and tangible benefit to projects aimed at advancing financial wellbeing, housing, environmental sustainability and additional initiatives that help Australian communities to thrive.
Funding for the grants come from the donations of ANZ and its staff and in 2023, ANZ provided grants to 20 charitable organisations totalling $440,000 – the highest number of grants and funds distributed since the Community Foundation was established in 1988.
This year, grants will be given to organisations which help their communities in the following areas:
Chair of the ANZ Community Foundation, Christine Linden said: “The ANZ Community Foundation continues to forge partnerships with inspiring community organisations, whose dedication and tireless efforts resonate deeply with our core values.”
“Last year marked a significant milestone, as were able to increase both the number of grants awarded and the total funds distributed. We look forward to helping more charities who are focused on empowering communities, while making a lasting difference in the lives of many,” she said.
The Community Foundation is funded by ANZ and its employees, with every dollar contributed through the Workplace Giving program matched by the bank with an additional two dollars.
Applications are open from 8 March until 5pm AEST on 5 April 2024.
To find out more or to make an application please visit Equity Trustees.