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

 

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

The Nation: Call For Cross-Party Auckland Housing Plan

Penny Hulse calls for cross-party accord on Auckland housing because “it’s too important to score political points on”. More>>

ALSO:

Flu Season: Overcoming Vaccination Reluctance

While research shows that 40% of New Zealand businesses offer free or subsidised flu vaccinations to employees this time of year, HR professionals say persuading staff to participate is the biggest challenge. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news