Anne Tolley is apparently the new Minister of IT for New Zealand, following yet another potential privacy breach at the Ministry of Social Development. She has decided a new IT system will be built and ordered the offending system shut down. The press release is a rather poor attempt to spin what is a confidence blow to the data matching efforts of government and non-governmental organisations. The system is part of the highly controversial requirement for social providers to collect and provide client data to MSD. The Privacy Commissioner has slammed the initiative, as we will see.

Read more ($): https://www.nbr.co.nz/opinion/new-zealand-has-new-minister-information-technology

New Zealand firms are overestimating the disruptive impact of start-ups at the expense of other sources of disruption, a new report has found. The findings come from PwC New Zealand’s Global FinTech Report, which highlights 100% of New Zealand respondents in its study thought the most disruptive force in financial services in the next half decade would come from start-ups.

Read more ($): https://www.nbr.co.nz/article/kiwi-companies-too-reliant-tech-start-ups-disruption-jw-p-201631

Campaigners for higher minimum wages – aka Living Wage – have achieved some success, largely through targeting large employers of unionised workforces and, of course, the public sector. The Greater Wellington Regional Council has handed demands for paying a living wage to contractors over to Local Government NZ (LGNZ) for a legal opinion. The Wellington Chamber of Commerce has approved the move, saying a statutory declaration would give definitive guidance to councils.

Read more ($): https://www.nbr.co.nz/opinion/editor%E2%80%99s-insight-living-wages-paper-tigers-transnational-crime-and-more

Donald Trump adviser Chris Liddell is understood to have splashed out on a $15 million penthouse apartment about to be built in central Auckland. The purchase comes amid revelations the expat Kiwi businessman has amassed a fortune worth between $105 million and $280 million, according to financial disclosures in the US.

Read more ($): https://www.nbr.co.nz/article/chris-liddell-splashes-15m-auckland-apartment-db-p-201585

New Zealand firms' stronger profits in 2016 continued to swell the government's coffers in February, helping boost the government's operating surplus beyond forecasts for the first eight months of the financial year. The operating balance before gains and losses (obegal) was a surplus of $1.41 billion in the eight months ended Feb. 28, more than the forecast surplus of $498 million and up from $398 million a year earlier, the latest Crown accounts show. Tax revenue rose 7.7 percent to $48.14 billion, $462 million ahead of the December half-year fiscal and economic update forecast, of which corporate taxes tracked $551 million ahead of expectations.

Read more ($): https://www.nbr.co.nz/article/nz-company-profits-continue-bolster-tax-take-b-201606

The New Zealand forestry industry is staring down the barrel of a drop off in log supply that will put pressure on the country’s already dwindling number of saw mills. Figures from the Ministry of Primary Industries’ Situation and Outlook report show the forestry sector is booming at the moment, with rising log exports the main factor behind a forecast 5.8% increase in the sector’s export revenue, up to $5.4 billion, for the year ending June 2017.

Read more ($): https://www.nbr.co.nz/article/problems-lie-ahead-new-zealands-forestry-sector-jw-p-201621

Oil giant Shell has bought out its partner Todd Petroleum Mining from their long-standing 50-50 joint venture Shell Todd Oil Services, which operates the Maui, Pohokura and Kapuni gas fields. As part of the deal, Shell is selling its 50% stake in the Kapuni field to Todd, which is privately owned by the Todd family.

Read more ($): https://www.nbr.co.nz/article/todd-family-exits-shell-joint-venture-th-201607

Z Energy has backed down from plans to hold its annual shareholders’ meeting virtually via the internet or telephone after concerted opposition from the Shareholders’ Association. Instead, Z now plans to hold its next AGM, due in June, as a hybrid meeting with shareholders invited to attend either in person at Z’s Wellington head office or via the internet or by phone.

Read more ($): https://www.nbr.co.nz/article/z-energy%E2%80%99s-backdown-virtual-annual-meetings-sends-message-others-jr-p-201614

A cloud-based payroll social enterprise is trying to raise up to $600,000 through equity crowdfunding platform PledgeMe, as it changes its business model to accommodate Inland Revenue changes. Thankyou Payroll, which provides a payroll intermediary services to business and charities, is offering up to 9.38% of the company at $1 a share.

Read more ($): https://www.nbr.co.nz/article/payroll-social-enterprise-goes-out-market-cash-cs-p-201618

US President Donald Trump has adjusted the membership of the National Security Council, according to a presidential memorandum. The president removed his chief strategist, Stephen Bannon, from the principals committee and added CIA Director Mike Pompeo as a permanent member.

Read more ($): https://www.nbr.co.nz/article/trumps-beltway-security-council-shakeup-and-pressure-about-syria-chemical-attacks-ns-p