Business News

Tesla CEO drops bombshell with $72B buyout proposal

Tesla CEO Elon Musk is gearing up to lead a buyout of the electric car maker in a stunning move that would end the maverick company’s eight-year history trading on the stock market. In his typically unorthodox fashion, the eccentric Musk dropped his bombshell on his Twitter account, which he has used as a platform for pranks, vitriol and now for a proposal to pull off one of the biggest buyouts in U.S. history. Musk got the ball rolling Tuesday after the stock market had already been open more than three hours with a tweet announcing he had secured funding to buy all of Tesla’s stock at $420 per share with no further details. At that price, the buyout would cost nearly $72 billion, based on Tesla’s outstanding stock as of July 27, but it’s unlikely the deal would cost that much because Musk owns a roughly 20 percent stake in the Palo Alto, California, company. He also said he intends to give Tesla’s existing shareholders the option of retaining a stake in the company through a special fund, if they want. “Am considering taking Tesla private at $420. Funding secured,” Musk wrote in his first tweet, following up with “good morning” and a smiley emoji. He later tweeted that the only uncertainty about completing the deal is whether he can gain shareholder approval. The first tweet came hours after the Financial Times reported that Saudi Arabia’s sovereign wealth fund had built a significant stake in Tesla Inc., but it was unclear if that was the funding Musk was referring to. The Financial Times, citing unnamed people with direct knowledge of the matter said Saudi Arabia’s Public Investment Fund had built a stake of between 3 and 5 percent of Telsa’s shares. Musk’s announcement was initially met with widespread skepticism, with many people connecting […]

Showa 707HVO: Highly Visible, safe for users

The inventors of the world’s first biodegradable single use nitrile glove now bring you a new addition to their biodegradable hand protection range: Showa 707HVO – a chemical resistant glove engineered with revolutionary Eco Best Technology (EBT), in high-visibility orange. Investing in tomorrow Showa, which translates to “finding a balance between different elements” in Japanese, has paved the way in biodegradable innovation within the PPE glove market. Driven by the desire to make a positive impact on the planet, a large proportion of research is devoted to biodegradable products and to developing fibers that have no impact on the environment. In 2012, Showa’s Research & Development reached a major breakthrough with the invention of the world’s first biodegradable single-use nitrile glove. Showa 707HVO blends the best of single use and chemical resistant technology to deliver optimum fit, feel and comfort while protecting against chemicals. The 0.23mm thick unsupported, unlined biodegradable nitrile complies with EN ISO 374-1 (JKOPT) and 374-5, and is impermeable to protect against oils, hydrocarbons, grease, chemicals and abrasions. The 305mm long glove is chlorinated for easy donning and doffing, with a rolled cuff to prevent dirt from entering the glove. Typically to Showa, the gloves are manufactured using a unique hand former, allowing for a lightweight protection that fits like a second skin. The bisque finish on palm and fingers offers long-lasting grip and excellent tactility. Its fluorescent orange colour makes it highly visible and an excellent choice for food, janitorial or sanitation environments, or to separate applications on processing floors.

Alternative protein reports published

The Ministry for Primary Industries (MPI) and Plant & Food Research have released their joint report: The evolution of plant protein – assessing consumer response. The report was commissioned to assess consumer responses to protein and highlight the potential impacts to the New Zealand agricultural industry. New Zealand’s social, environmental, and economic well-being is linked to New Zealand’s ability to supply the rest of the world with protein. New Zealand’s animal-based protein export revenue alone accounts for 60% of New Zealand’s total primary exports. This demand will grow as the global population is set to increase to 8.1 billion by 2025. “This is the very first exploratory piece of work MPI has done in this area. The report explores how consumers have become more aware of the long-term impacts of food production and signals change for traditional animal protein producers. “The findings will inform our work programme to support primary sector resilience in the face of these impacts and changing consumer habits. “The report also includes opportunities to create value through a point of difference for traditional New Zealand products,” says Jarred Mair, acting deputy director-general for policy and trade. “In order for New Zealand to retain a competitive edge in our primary exports, we want to ensure we are looking ahead at what the future consumer might demand in our products and what opportunities are available for our sector,” says Dr Jocelyn Eason of Plant & Food Research. To assess where markets are heading in the next 5 years the report analysed consumer responses to plant-based proteins released in the United States and consumer attitudes to proteins in China. Our research has shown that wealthy western economies such as the US will require an innovative product that meets consumer needs. Key findings of the report include: Progress towards new protein […]

What do field service workers have to do with manufacturing?

Companies that deliver outstanding service and repair experiences include KONE or Fisher & Paykel. -Paul Baptist, Senior Director, Solution Engineering, APAC, Salesforce We’re seeing manufacturers increasingly invest in their customer service and field service teams as customers demand the types of experiences companies like Airbnb provide. Anytime, anywhere, frictionless and personalised experiences are what customers demand. The lines between B2C and B2B customers have also blurred, meaning your experience must match the very best that’s out there, no matter your end buyer. The stakes have never been higher. The Salesforce 2018 State of the Connected Customer report, revealed 66 per cent of buyers say they are likely to switch brands if they are treated like a number instead of an individual. Every touch point a manufacturer has with a customer has to deliver the best possible, personalised experience. In-between buying cycles, field service is often your most important and regular touch point with customers. That’s why we’ve seen our manufacturing customers like KONE, Schneider Electric and Fisher & Paykel invest in their customer service experience. What’s the impact of field service workers in manufacturing? A good example of investing in your field service team is KONE. It is working towards a future where the operating condition of more than 1.1 million of its escalators and elevators is linked with real-time customer information and maintenance schedules. This will be provided to its team of 20,000 field service technicians around the world. By owning the quality of service and empowering its field service technicians, KONE is turning a service request or product break down into an opportunity to provide an outstanding customer experience. What is the ‘customer experience crisis’? Customers judge your business based on their most recent and best interaction. Think of the companies that deliver outstanding service and repair […]

Boosting your bottom line with a safer workplace

Authored by Helen Masters, senior vice president and general manager, Asia Pacific, Infor It’s the sound you dread: a bang, crash or shout heralding that one of your employees has been injured. In that moment, you know that many things have been lost — a person’s wellbeing (and possibly their life), the morale of other employees, and possibly, their confidence in the safety of their workplace. Underlying it all, the productivity, cohesion, and workflow you depend on to deliver a competitive, profitable product may also be impacted. The effects are a serious drain on companies and on the wider economy — work related injuries and fatalities cost the nation $61.8 billion in 2012, nearly 5 percent of GDP. Safer operations mean higher productivity The old line about prevention being better than cure has never been more important than when talking about workplace safety. A safe workplace is essential to ensuring reliable, uninterrupted operations. With strong safety programs, companies can significantly improve their productivity, while reinforcing their bottom line and not only boosting morale and wellbeing among their employees but also having a positive impact on the families and close friends of their employees. There are no accidents The question for many businesses is how to get from here to there. In the transport industry, there is an assumption that there are no accidents, just collisions that could have been prevented with foresight and planning. It is hard to think of a sector where that basic principle does not apply. An end-to-end approach to workplace safety begins with a dedicated effort to keep equipment in safe working order, develop workplace procedures and rigorous training plans, and deploy sensors that set off alarms or simply shut down equipment when it is being misused. A safer workplace with enterprise asset management Most companies have […]

EMA’s CEO Kim Campbell steps down

Kim Campbell will step down from his role as CEO of the EMA. After leading the EMA since 2011, Mr Campbell has announced he intends to resign as CEO at EMA’s annual general meeting on November 22. “Kim is an outstanding advocate for business, and the needs of business. He has done a sterling job in leading the organisation through significant change in the past seven years and leaves the EMA in great shape, says Andrew Hunt, President, EMA. “His belief in the work of the EMA and focus on helping businesses succeed has been uncompromising. “He now wishes to step away from the day-to-day role of leading the organisation. Through his directorships and extensive network I’m sure he will remain active in the business community. “Under Kim’s leadership, we have seen the EMA grow and transform. He has achieved numerous policy successes. “Some of his highlights include being an active participant in the formation of what is now known as Resource Reform NZ, which is leading the charge on the broad consensus to reform our resource management systems. “He led a coalition to have the car park tax stopped and has always been a leading voice in the trade agenda debate. “And of most recent note, the above the line campaign which galvanised our members to ask Government to consider the ramifications of the raft of employment relations changes in the pipeline. “In addition to the government relations and advocacy work EMA is renowned for, Kim also oversaw the development of our award-winning business and conference centre which is a visible hub for all our members. “He has lead the review and enhancement of EMA’s accounting and customer management systems. He has expanded the EMA’s service offering to members in the area of employment relations and health and safety, […]

PNG’s APEC venue has NZ involvement

PNG’s Star Mountain Plaza, will host leaders from around the world at the APEC forum, and is expected to open ahead of its planned schedule according to developers. The venue, was designed and project managed by a New Zealand architectural and project management firm. The landmark Star Mountain Plaza conference, accommodation and retail development is a multi-use facility, designed to help PNG attract more overseas visitors in future generations. Mineral Resource Development Companies (MRDC) managing director Augustine Mano says construction on the venue is now expected to be completed in September – two months prior to the start of APEC. Mr Mano says the project is on schedule due to the efforts of more than 800 team members who have worked in shifts 24 hours a day to ensure its early completion. This workforce is expected to increase by a further 200 over the next six weeks as the interior fit out progresses. “Our project will be delivered in multiple phases enabling Hilton to gradually assume control, It is with great pleasure that we can officially handover the the first area of the new five star hotel and Kutubu convention centre to Hilton. “Over the coming weeks, more areas of the development will be handed over in the lead up to the final construction completion date on 13 September 2018,” he says. Mr Mano says in addition to the conference venue the introduction of the Hilton Hotel brand to the PNG market marks a coming of age for the nation. “The opening of the 212 room Hilton Port Moresby will have wide ranging and long term benefits for the country. “The first guests will be welcomed at the hotel soon after the construction is completed,” he says. Data from independent reports project the Star Mountain Plaza development to bring […]

Kiwi insurance provider introduces comprehensive manufacturing cover for emerging threats

With the manufacturing sector experiencing strong growth and exports exceeding NZ$49 billion, the industry is in good shape. However, with the global trend for increased innovation and efficiency, new challenges and risks face the industry in relation to quality control. For Delta Insurance, this trend highlights the need for manufacturing companies to continually assess and minimise these increasing and evolving risks and they have developed what they believe to be a New Zealand-first – liability coverage specific for the needs of manufacturing companies, giving them comprehensive cover for risks such as product defects and related financial losses. Senior underwriter and casualty lines manager Dinesh Murali elaborates: “events such as product recalls or pollution incidents, can be prohibitively expensive and seriously impact a manufacturer’s bottom line.” The manufacturer’s liability package takes a modular approach and carries some unique coverage sections which are usually not addressed in such policies. “It can be a tedious and expensive exercise for typical SME businesses when they need to purchase several insurance products independently” says Mr. Murali. “Multiple insurance covers usually make the cost prohibitive. We have put everything under one package at a more affordable premium.” According to Mr. Murali, the cover addresses the risk of product recall and product defects unique to the manufacturing sector, as well as cover for financial loss, slow and gradual pollution, crisis management and consequential loss. It can also be packaged with other cover such as cyber liability. With a 62% increase in recall rates for food products last year and a trend that looks set to continue, manufacturers need to ensure they are covered for such an event. Delta’s policy covers a range of scenarios that result in a product recall, including accidental contamination from pathogens, undeclared allergens and other foreign matter, malicious product tamper and incorrect labelling. […]

A circular future with stewardship at the centre

Adele Rose – 3R Chief Executive Mention the term ‘product stewardship’ to the first person you bump into on the street and chances are you will be met with a blank look. The truth is, it’s not a widely known concept in New Zealand. It also is and isn’t a simple one either. Suggest that manufacturers and retailers should take responsibility for the products they make and sell throughout the lifetime of those products (the definition of product stewardship), and the blank look will probably turn into a puzzled one. Fast-forward to the year 2050 and this will be a different story. The terms ‘sustainably produced’, ‘fair trade’, ‘organically grown’ and the like were little known or not even coined 20 or 30 years ago but are now part of everyday life. In the same way talking about product stewardship will certainly be common place 32 years from now. The reason for this is product stewardship is a cornerstone of the circular economy – another little-known phrase which will certainly become common place long before 2050. The circular economy is the economy of the future, and ironically also one from the past. Circular principals In generations past there was a far higher value placed on things. When your TV broke you didn’t immediately throw it away, you had it repaired if possible. Things like children’s toys were more durable and weren’t bought on mass. We generally had less stuff, and the stuff we had lasted longer, was repaired and reused. Simply getting rid of something and buying new wasn’t the knee-jerk reaction it is today. Moving to a circular economy isn’t about nostalgia or an ideologically nice thing to do. It’s also not because it’s the environmentally responsible thing to do, but rather because the linear economy and its […]

Tooling up to manufacture a circular economy

James Griffin leads the Sustainable Business Network’s Circular Economy Accelerator (CEA) to hasten the adoption of a circular economy in New Zealand. He says the challenges awaiting manufacturers are both significant and exciting. Circular economy thinking is already producing real world tools to change the way we make things. In the process we could remake our world. We need a fundamental transformation in design, manufacture, procurement and supply chain management. Otherwise humanity will find itself pumping waste and pollution around its economic system for aeons to come. The principles of this shift are well-established. If we are going to design the waste and pollution out of our way of life, all products need to be designed for longevity. They must incorporate the ability to repair, upgrade, reuse and disassemble them. And at the end of their life precious materials must be harvested and re-cycled in closed loops. This requires careful design thinking from the outset and throughout the manufacturing process. Otherwise we tend to lock ourselves into linear pathways and approaches. Think renewable energy. Think recycled and recycled materials. Think manufacturing for leasing and product stewardship rather than sale and disposal. The potential benefits of this approach have been clearly identified. And they are enormous. In May we released a ground-breaking economic study completed by Sapere Research Group in partnership with ATEED. We discovered that Auckland could be up to $8.8 billion better off in 2030 if the city adopted a circular economy approach. To make this happen, and reap the rewards, leading manufacturers will need to partner with system thinkers and academic institutions. This is what is driving the development of the CEA’s Institute for Innovation in Remanufacture & Reuse. Once established, this will bring together business people and academics, working together to address the many technical and systemic […]

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