Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Brownlee invokes quake powers to fast-track port rebuild

Brownlee invokes earthquake powers to fast-track Lyttelton Port rebuild

By Suze Metherell

June 19 (BusinessDesk) - Repairs at Lyttelton Port Co, Christchurch’s ocean trade hub which was damaged in the 2010 and 2011 Canterbury earthquakes, are to be fast-tracked by Canterbury earthquake recovery minister Gerry Brownlee.

Using powers under the Canterbury Recover Act, Brownlee has directed Environment Canterbury and the Christchurch port to produce a Lyttelton Port Recovery Plan draft by July 2015 to speed up the process.

"A recovery plan allows for a streamlined process and will see redevelopment occur in at timelier manner than under the Resource Management Act, while still ensuring robust testing of information," the minister said in a statement. "There have been no decisions made on how the port should be redeveloped, but I have determined that a recovery plan is the best tool for timely redevelopment to be achieved."

Last December, the company said it intends to expand the eastern end of the port to build two berths and a long-term container terminal. In February the port resumed dividend payments for the first time since they were suspended in 2010 following damage sustained in the Canterbury earthquakes. The company reached a $438.3 million settlement with Vero, NZI and QBE, of which it recognised $357.6 million in insurance income in the six months ended Dec. 31, 2013. The settlement covers claims under the port’s material damage, business interruption and contract works policies.

The NZX-listed company's shares were unchanged at $3.13 and have advanced 4 percent this year. The stock is tightly held with Christchurch City Holdings, the investment arm of the council, owning about 80 percent of the company, while Port Otago holds 15 percent.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Callaghan Innovation: Investment To Help Deepen Innovation Reporting

Callaghan Innovation, the government’s high tech HQ for Kiwi business, is to help deepen New Zealand media coverage of the commercialisation of innovation through an arms-length partnership with independent business news service BusinessDesk. More>>

ALSO:

Tax Credits, Grants: Greens $1Bn R&D Plan

In the Party’s headline economic announcement, the Greens have launched their plan to build a smarter, more innovative economy which has as its centrepiece an additional $1 billion of government investment in research and development (R&D) above current spend, including tax breaks for business. More>>

ALSO:

Inflation: CPI Increases 0.3 Percent In June Quarter

The consumers price index (CPI) rose 0.3 percent in the June 2014 quarter, Statistics New Zealand said today. This follows rises of 0.3 percent the March quarter and 0.1 percent in the December 2013 quarter. More>>

ALSO:

Half Empty: Dairy Product Prices Drop To Lowest Since December 2012

Dairy product prices fell to the lowest level since December 2012 in the latest GlobalDairyTrade auction, paced by whole milk powder and anhydrous milk fat. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news