Stock Takes: Contact, Meridian cleared; Cavalier CEO resigns
22 Apr, 2021 05:30 AM
6 minutes to read
Meridian and Contact have been cleared following an investigation into the spilling of water from their South Island dams. Photo / Grant Bradley
Meridian and Contact have been cleared following an investigation into the spilling of water from their South Island dams. Photo / Grant Bradley
The Electricity Authority said it had found that neither Meridian nor Contact had breached trading provisions following an undesirable trading situation (UTS) complaint made by group of power companies. Haast Energy Trading, Ecotricity, Electric Kiwi, Flick Electric, Oji Fibre, Pulse Energy Alliance and Vocus claimed that a UTS involving the spilling of water from November 2019 through to January 2020.
Paul Alston says new wool strategy needs fresh energy.
Just days after securing a $1.9 million government grant towards its all-wool carpet strategy, the CEO of Cavalier Corporation, Paul Alston, has had his resignation “regretfully” accepted by his board.
Alston first joined the listed carpet and textiles company as chief financial officer in 2012 and has served as CEO since May 2015. In the last few years he has driven the restructure of the business and the development of its new, all-wool and natural fibres strategy.
Alston told
NBR he’d been contemplating moving on for a while. He’d been speaking to the board about leaving for a few weeks now,
Market close: NZ sharemarket makes small gain as investors await next results
22 Apr, 2021 05:35 AM
4 minutes to read
Tourism Holdings found favourable buying support, rising 5c or 1.85 per cent to $2.75. Photo / Supplied
Tourism Holdings found favourable buying support, rising 5c or 1.85 per cent to $2.75. Photo / Supplied
NZ Herald
By: Graham Skellern
The strong influence of Fisher and Paykel Healthcare pushed the New Zealand sharemarket to a small gain – as investors wait for the next round of corporate results. The S&P/NZX 50 Index increased 42.13 points or 0.34 per cent to 12,577.48 on steady trading of 35.2 million shares worth $150.35 million. There were 65 gainers and 62 decliners over the whole market.
Photo: 123rf
The carpet company Bremworth has launched a three year programme to research and develop natural and green chemistry-based alternatives to the few remaining synthetic components of woollen carpets.
Bremworth is a subsidiary of Cavalier Corporation Limited. The listed company last year announced a new strategy of moving away from synthetics and only producing woollen carpets.
The Ministry for Primary Industries is contributing $1.9 million from the Sustainable Food and Fibre Futures fund towards the $4.9 million dollar programme.
Agriculture Minister Damien O Connor hoped the research would benefit the strong wool sector and help keep carpet manufacturing in the country, preserving jobs.
Agriculture Minister Damien O Connor says the Ministry for Primary Industries (MPI) will contribute $1.9 million to the three-year project through its Sustainable Food and Fibre Futures fund. The rise of synthetic carpets has overtaken wool dramatically in the last few decades, which has severely affected the wool industry, says O Connor.
Bremworth chief executive Paul Alston says the funding will go towards the project s total costs of $4.9 million and support the research and development of natural and green chemistry-based alternatives to the few remaining synthetic components of woollen carpets.
Alston hopes the move will see more Kiwis return to using woollen carpets in their houses instead of synthetics.