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

 

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

It's Spark Now:
Why Telecom Wanted To Change

New Zealand led the world when Chorus demerged from Telecom. It gave us a telecommunications industry structure where the network is completely separated from the products and services it delivers. The changes brought about a new market dynamic and it dramatically changed Telecom’s role. More>>

ALSO:

Glass Half Empty: Dairy Prices Fall To Lowest Since 2012

Dairy product prices slumped to the lowest level since October 2012 in the latest GlobalDairyTrade auction, paced by whole milk powder and cheddar. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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