NZ sharemarket flat despite export growth, Fletcher Building down again
The New Zealand sharemarket dipped slightly as the fallout of Fletcher Building's investor day continued, offsetting new trade data that showed a growth in exports year-on-year.
The S&P/NZX 50 Index closed down 0.052% or 6.52 points, falling to 12,460.96, with 32.87 million shares changing hands to the value of $127.48
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NZ Herald
11 hours ago
- NZ Herald
NZ sharemarket flat despite export growth, Fletcher Building down again
The New Zealand sharemarket dipped slightly as the fallout of Fletcher Building's investor day continued, offsetting new trade data that showed a growth in exports year-on-year. The S&P/NZX 50 Index closed down 0.052% or 6.52 points, falling to 12,460.96, with 32.87 million shares changing hands to the value of $127.48
Techday NZ
17 hours ago
- Techday NZ
LG launches Radio Optimism to boost meaningful digital bonds
LG Electronics has launched a campaign titled Radio Optimism with the aim of addressing social disconnection in digitally-focused societies by encouraging more meaningful interactions through music. The initiative aligns with the company's Life's Good brand promise and allows individuals to compose and send customised songs to friends or family using artificial intelligence-enabled tools. Through this interactive platform, participants are able to generate unique musical creations and associated album artwork by inputting personal prompts, with the intention of supporting deeper relationship building. By introducing Radio Optimism, LG is seeking to challenge the prevalence of superficial online exchanges, such as social media likes and short comments, which have increasingly replaced genuine interpersonal communication. The campaign builds on the company's prior efforts to engage younger audiences and create positive digital environments, following last year's campaign that aimed to promote uplifting content via social algorithms. Kim Hyo-eun, Head of Brand Management Division at LG, commented on the importance of the campaign's intentions. "As technology advances, meaningful human connections become increasingly vital to enrich our lives. LG continues its commitment to bringing optimism into customers' daily lives, staying true to our enduring brand promise of 'Life's Good.'" A global survey commissioned by LG, conducted through Focaldata and spanning the United States, United Kingdom, Australia, India and Canada, underscores the extent of social disconnection experienced by many. The research found that 68 percent of respondents reported increased difficulty in forming real friendships. One third of those surveyed indicated they had one or fewer meaningful connections in the past month, with 8 percent stating they had had none at all. Jean M. Twenge, Professor of Psychology at San Diego State University, commented on the findings and their broader social context. "One of the most reliable predictors of happiness is having deep and meaningful relationships. Yet today, many people are spending more time online and less time connecting in person. Social media in particular tends to create shallow relationships rather than the deep connections people need. It's common for people to have hundreds of followers but no one to talk to in real life if they need support. We need to build more meaningful connections with those around us. That might turn around the pronounced decline in happiness that's occurred over the last decade." The concept behind Radio Optimism is said to be inspired by the role traditional radio has played in creating shared experiences, using music and storytelling to bridge distances between listeners. LG's adaptation of this idea allows users to craft and distribute digital songs, which can also be shared more widely for global discovery via the platform. According to the survey, nearly 90 percent of respondents believe that having meaningful personal bonds contributes to a more optimistic attitude towards life. The Radio Optimism campaign aims to respond to this view by providing a medium for self-expression through music, enabling users to reach out to loved ones and, potentially, to form richer social networks. The company has ensured the campaign's accessibility by launching the platform in both English and Spanish, with plans to add further language support in subsequent months, encouraging participation from a broader international audience. LG states that the AI-powered tools draw on a carefully selected music dataset to help interpret user instructions, resulting in the generation of diverse and individualised content within the platform's interface. The survey, which included 5,000 participants equally distributed across the United States, United Kingdom, Australia, India and Canada, was conducted among adults aged 18 to 45, offering a representative snapshot of attitudes to connection and optimism in five major markets. The Radio Optimism campaign reflects LG's ongoing approach to engaging with digital-native audiences and responding to concerns about well-being and fulfilment in a highly connected, but at times isolating, digital environment.
RNZ News
2 days ago
- RNZ News
Fletcher Building announces hundreds of millions more in restructuring costs
Fletcher Building chief executive Andrew Reding said a strategic review of the business revealed its losses. Photo: Supplied Fletcher Building has announced hundreds of millions of dollars of new restructuring and impairment costs, and continued a suspension of its dividend as it focuses on paying down debt. At an investor day briefing it disclosed estimated losses for the current financial year between $573 million to $781m of significant items which will hit its full-year results to be announced in August. Chief executive Andrew Reding said a strategic review of its businesses revealed the losses. "We expect FY25 EBIT (earnings before interest and tax -- before significant items) to be in the range of $370m to $375m." Specific provisions detailed included the already disclosed $251m writedown of its Australian plumbing business Iplex; $58m lost on the sale of Australian distribution business Tradelink; $12m-$15m on the International Convention Centre; $10m-$15m for defending legal action for the West Australian leaky pipes issue; and just disclosed $16.4m loss on the Puhoi to Warkworth highway. Reding said the additional losses related to restructuring and redundancy costs, goodwill and brand impairments, closure costs and exiting onerous technology contracts. The company said there would be no dividends for shareholders until its net debt level has fallen to the mid-range of $400m to $900m, when the dividend policy would be reviewed. The new guidance was subject to market conditions for the remainder of June which is Fletcher Building's financial year-end. The uncertainty in the estimates related to the timing of housing settlements in its Fletcher Living unit. The company's share price tumbled nearly 4 percent to $2.96 in early trading. In materials presented for the investor day the company said it had made savings of about $200m and cut staff by about 620 full time positions. It said its medium term focus would be on manufacturing and distribution of building products and materials, in a simple and decentralised structure. In February, Fletcher Building reported half-year losses of $134m, and said it expected economic pressures to persist for the remainder of the year. The strategic review has been aimed at streamlining its businesses in New Zealand and Australia, but it did not release any details of businesses that might be sold. The company is also being sued by Sky City Entertainment for hundreds of millions of dollars over delays in completing the International Convention Centre in Auckland. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
