Latest news with #Gardyne
Scoop
3 days ago
- Politics
- Scoop
Chair Refuses To Apologise, Rejects Use Of ‘Kia Ora' In Council Email
A chair of a southern council group is unrepentant about his behaviour at a recent meeting, which was dubbed "disrespectful" by a council leader. Mataura catchment liaison committee chair Hugh Gardyne has also rejected the use of 'kia ora' in an email reprimanding him for his actions. The committee Gardyne oversees is one of eight in the region that supports Environment Southland with local river work. In May, Gardyne gave a blunt presentation to councillors, alleging catchment management was in "a state of paralysis" under the watch of the council chief executive and that communication was ineffective with the general manager in charge. He was shut down at the end of his talk, when he mentioned an abatement notice later revealed to be one issued by Environment Southland against itself. A letter from Environment Southland chair Nicol Horrell on 28 May warned Gardyne of his behaviour, saying parts of his presentation were factually incorrect and disrespectful. "My intention is both to correct your understanding of the facts, and to inform you that councillors will not tolerate any criticism levelled at staff in public meetings or disrespectful behaviour," Horrell wrote. He added it was incorrect to suggest catchment work was in a state of paralysis and accused Gardyne of not having all the facts. "I would be interested to know from where you are getting your information." The letter ended with a suggestion that Gardyne apologise to the chief executive and manager in question, but Gardyne has defended his actions, saying his criticism was about questioning professional ability. "It doesn't, in my opinion, deserve a response or an apology." Gardyne said he would speak at council again in the future and the response from the general manager had been "great", following the presentation. Separately, he also took exception with the use of 'kia ora' in the email sent by Horrell, which delivered the reprimanding letter. Gardyne requested he instead be addressed with 'hello' or 'dear'. Horrell told Local Democracy Reporting using the te reo Māori greeting was commonplace and he didn't think its use would be Gardyne's biggest issue. "I would have thought that that's almost a wee bit racist." In a letter back to Horrell, Gardyne doubled down on perceived issues with river management and questioned whether the chair's concerns were shared by other members. Environment Southland oversees eight catchment liaison committees, which help the council develop annual maintenance programmes and budgets, as well as provide a local point of contact. Gardyne has been involved with the Mataura group since the early 1990s. Last month, the council said it was working to improve communication with its catchment committees.
Otago Daily Times
4 days ago
- Politics
- Otago Daily Times
Catchment chair refuses to apologise; rejects use of ‘kia ora'
Hugh Gardyne is the chair of the Mataura Catchment Liaison Committee, which helps Environment Southland with river management. Photo: Supplied A chair of a Southern council group is unrepentant about his behaviour at a recent meeting which was dubbed "disrespectful" by the council boss. Mataura Catchment Liaison Committee chair Hugh Gardyne has also rejected the use of "kia ora" in an email which reprimanded him for his actions. The committee Gardyne oversees is one of eight in the region which supports Environment Southland with local river work. In May, Gardyne gave a blunt presentation to councillors alleging catchment management was in "a state of paralysis" under the watch of the council chief executive, and that communication was ineffective with the general manager in charge. He was shut down at the end of his talk when he mentioned an abatement notice — later revealed to be one issued by Environment Southland against itself. A letter from council chair Nicol Horrell on 28 May warned Gardyne of his behaviour, saying parts of his presentation were factually incorrect and disrespectful. "My intention is both to correct your understanding of the facts, and to inform you that councillors will not tolerate any criticism levelled at staff in public meetings, or disrespectful behaviour," Horrell wrote. Horrell added that it was incorrect to suggest catchment work was in a state of paralysis and accused Gardyne of not having all the facts. "I would be interested to know from where you are getting your information." The letter ended with a suggestion that Gardyne apologise to the chief executive and manager in question. But Gardyne has defended his actions, saying his criticism was about questioning professional ability. "It doesn't, in my opinion, deserve a response or an apology." Gardyne said he would speak at council again in the future and the response from the general manager had been "great" following the presentation. Separately, he also took exception with the use of "kia ora" in the email sent by Horrell which delivered the reprimanding letter. Gardyne requested he instead be addressed with "hello" or "dear". Horrell told Local Democracy Reporting it was common practice to use the te reo Māori greeting and didn't think its use would have been Gardyne's biggest issue. "I would have thought that that's almost a wee bit racist." In a letter back to Horrell, Gardyne doubled down on perceived issues with river management and questioned whether the chair's concerns were shared by other members. Environment Southland oversees eight catchment liaison committees which help the council develop annual maintenance programs and budgets, as well as provide a local point of contact. Gardyne has been involved with the Mataura group since the early 1990s. The council said last month it was working to improve communication with its catchment committees. - LDR is local body journalism co-funded by RNZ and NZ On Air
The Herald Scotland
02-06-2025
- Business
- The Herald Scotland
Scottish firm purchases ‘renowned' floating oil platform
Amplus announced the selection of Astican Shipyard in Las Palmas de Gran Canaria to undertake a major multi-million-pound work scope in preparation for the redeployment of 'one of the offshore industry's most iconic Floating Production, Storage, and Offloading (FPSO) units'. The Petrojarl I - most recently in operation offshore Brazil - will undergo a "critical reactivation and readiness programme" at the Spanish facility. As the "most frequently redeployed FPSO in the industry, the vessel continues to attract strong market interest thanks to its renowned operational flexibility and proven performance". The vessel from above. (Image: Amplus) Amplus Energy said it has now completed formal closure on the purchase of the Petrojarl I. Amplus also welcomed the new lay-up team from strategic partner Offshore, who are now supporting safe and efficient operations during the vessel's reactivation. Earlier this year, Amplus announced its agreement to acquire the Petrojarl I from Altera Infrastructure, marking a significant milestone in the company's evolution and introducing a unique, high-value asset into its portfolio. Steve Gardyne, managing director at Amplus, said: 'The addition of Petrojarl is a transformational step for Amplus. It takes us beyond our established position as a provider of field development floating solutions into direct asset ownership, a move that significantly enhances our strategic capabilities and strengthens our ability to meet growing client demand. 'As we prepare for the vessel's next chapter, Astican Shipyard offers the services and expertise needed to support a complex, fast-paced mobilisation. We're pleased to be working together on this important phase, and we're focused on ensuring a safe, efficient turnaround that gets the unit back in the field quickly.' Amplus is in active discussions with several field owners and operators regarding the Petrojarl I's next deployment. The FPSO is well-suited for early production system applications, extended well tests, and standalone marginal field developments. Mr Gardyne also said: 'We have strategic plans to expand our owned fleet, with the ambition to become the redeployment vessel contractor of choice. There's a clear market opportunity for a trusted, entrepreneurial FPSO contractor operating at the flexible, niche end of the spectrum - offering fit-for-purpose units at highly competitive rates, backed by a leadership team with deep operator experience and supported by a scalable and aligned network of subcontractors.' From prisons to property: 'Success is building your own ladder' Monday Interview Duncan Ure is the founder of The Portfolio Brokers, which specialises in the sale of tenanted property portfolios, and is also part of Compass Estates Group, a growing agency covering the whole of Scotland. Compass Estates is headquartered in West Lothian and Mr Ure lives and works in Castle Douglas covering residential property sales locally in Dumfries & Galloway. Through The Portfolio Brokers he helps landlords maximise their returns with a tailored off-market approach. MONEY HQ 💷 What is the seven year rule in Inheritance Tax for UK? This article appears as part of the Money HQ newsletter.
Scoop
24-05-2025
- Politics
- Scoop
Council Slaps Itself With Abatement Notice Over River Work
Environment Southland has landed itself in hot water for undertaking work at a stream which resulted in a self-inflicted abatement notice. The August 2024 notice came to light last week during a pointed presentation to council from Mataura Catchment Liaison Committee chair Hugh Gardyne. Gardyne's submission on a review of river management funding was interrupted by council chair Nicol Horrell, and ended with a question about what would happen to an abatement notice — now revealed to be in relation to Waimea Stream, rural Southland. The question was shut down by councillor Lyndal Ludlow who called for a point of order. Local Democracy Reporting has obtained a copy of the notice, which shows the council took action against itself after a complaint was lodged by Fish & Game New Zealand. The council was contacted by the organisation in March 2024 over concerns there had been a heavy-handed approach to removing willows within the stream, likely at the hands of the council. Fish & Game accepted some willow control was necessary, but felt the outcome far exceeded a selective and considered approach, the notice said. Council enforcement officer George Gericke said the work included excavating gravel to control erosion and stabilise the bank. He reached the conclusion the Resource Management Act had been breached, with a possibility of prosecution. The notice was issued just months before a December 2024 council press release said there was 'steady improvement' in environmental compliance across the region. A total of 30 abatement notices were issued in 2023/24 compared to 60 for 2022/23, it said. In response to questions, council integrated catchment management general manager Lucy Hicks said the council's move to issue an abatement notice against itself was not something it had done often. The compliance team investigated two complaints from the public in relation to the stream, and the investigation was now closed, she said. "An abatement notice provides a transparent way for Environment Southland to instruct someone, even its own teams, to ensure that the rules are being followed.' Gardyne's question about the notice followed an impassioned speech where he said catchment management was in 'a state of paralysis' that had evolved under the chief executive's watch. He also took aim at Hicks, alleging she had not communicated effectively with the liaison committees and ignored three requests to meet between December and February. Gardyne was critical of the abatement notice for the Waimea Stream which he felt stopped essential work. In response, Hicks said catchment liaison committees played an important role and the council was working to improve communication with them. Since taking on the general manager role in August, she said she had met regularly with a range of groups and people in the Mataura catchment. There are eight catchment liaison committees in Southland, tasked with helping the council develop annual maintenance programmes and budgets, as well as involvement with river and land drainage issues. The Mataura committee has as many as 40 members, with Gardyne a part of the action since the early 1990s. On Tuesday, the council voted to introduce a regional rate for river management, based on capital value.
NZ Herald
13-05-2025
- Business
- NZ Herald
Capital Markets: Fisher Funds seeks global opportunities amid market volatility
'We may see a few bad corporate earnings and their share price slides. We are waiting for the chance to buy in as events unfold in the US. 'We want to put our money to work and we are continuing to get in front of companies and looking for investment opportunities.' Fisher Funds had three staff members in the US fitting in 20 meetings in a week, talking with companies they have invested in, their competitors, suppliers and industry experts. Two more staff members were travelling to Australia and another two to Europe. They were portfolio managers and investment analysts. 'It's important to be in front of the people running the businesses and build a wealth of knowledge in any given market and domestic economy,' Gardyne said. 'We may come across companies we haven't heard about that have interesting products and growth prospects. It's a fact-finding mission to discover the companies we should be investing in.' Fisher Funds has already found some interesting companies such as Edwards Lifesciences, which makes artificial heart valves to do the work of the aorta; luxury handbag manufacturer Hermes; and US flooring retailer Floor & Decor. Fisher Funds had earlier invested in the US Dollar chain stores, which had benefited from the recession. Gardyne says there is still growth potential in the Magnificent Seven technology stocks. Alphabet (the owner of Google) and Meta (Facebook, Instagram and WhatsApp) will benefit from the rise in digital advertising, and Amazon and Microsoft from the move to cloud infrastructure. 'The US is still a great place to invest in when you consider digital advertising, artificial intelligence, e-commerce and medical devices. The country has a band of phenomenal businesses with structured growth – you just have to make sure you don't overpay for them.' Fisher Funds has $26 billion in assets under management spread over three KiwiSaver schemes and eight managed funds, with investments by more than 500,000 Kiwis. After buying Kiwi Wealth in late 2022 and adding 270,000 members, Fisher became the third-biggest KiwiSaver provider and reclaimed its default provider status. Fisher offers a total of 17 unique KiwiSaver fund options across three schemes, providing flexibility to align with various investment preferences and life stages. Gardyne said the KiwiSaver strategy is to run diversified portfolios that help reduce volatility. 'When the tariffs were announced [on April 3 NZT] and markets were falling, we rotated our sharemarket targets – adding some new names to capitalise on the weaker prices. 'We also took some money out of government bonds [at a 4.5% rate] and bought more corporate bonds, which are yielding 6-8% – a spread we haven't seen for a while. 'We made some reasonably significant changes in the portfolios, largely in the US during April. 'When share prices of big technology and high-growth companies fell up to 25-30% off their highs, we bought some and sold more defensive stocks that had held up better. They are still great companies.' Advertise with NZME. Gardyne said the market volatility was a good reminder that KiwiSaver is a long-term investment vehicle and 'if you hang in and ignore the ups and down, you can come out unscathed'. There have been a few examples of the volatility over the last five years. 'Markets were down 30% in the first four to five weeks of the Covid outbreak,' Gardyne said. 'They fell in 2022 [as inflation surged and interest rates rose] and again last month. But since 'Liberation Day', the markets have quickly bounced back. 'We have long-time clients who have been through the ups and downs and have learned to sit tight. If there is another period of volatility, they don't call us. They just hang in and it's a strategy that has worked over the last 10-15 years. 'Clients close to retirement might want to reassess their risk tolerance and we will be in touch to ensure they are in the right fund.' Gardyne says markets were now waiting for the end of the 90-day pause on tariff implementation and seeing the new trade rules and the lay of the land. 'During the pause we've seen [in the US] businesses pulling back on investment decisions and consumers pulling back on spending such as holiday travel. The more it drags on, the more the economy will be impacted. There could be some collateral damage.' He says the initial estimate is that US gross domestic product could be impacted 1%-1.5% as inflation rises, company profit-making and revenue fall and consumers hold off spending. 'But it's still early days until we see the lay of the land,' Gardyne said. 'I don't think the tariffs will be agreed in 90 days. We will see some brinkmanship between countries and some lines drawn. 'There will be some concessions and we will see some trade barriers put in place. Some businesses will look to source goods from different markets, such as Apple producing more iPhones in India than China. There will be adjustments in the supply chain and it will get back to more normal levels as we go through the year.' Gardyne says 10% tariffs are sustainable and can be handled by the consumer, but if they are too high, they can damage the economy. 'One of the key things we are watching out for in the outcome of the negotiations is the level of trade friction that has been planted. We will then make assessments on different countries and companies. 'We are closely watching the talks with India, Japan and other Asian countries, and the negotiations between the US and China.' Some commentators have been predicting a recession in the US but the latest economic data has proved otherwise. The economy added 177,000 jobs in April, beating the expectations of 138,000. But there were net downward revisions of 58,000 to the prior two months. The unemployment rate remained steady at 4.2%, while average hourly earnings grew by a modest 0.2% month-on-month. April's jobs report underscored the labour market's resilience in the face of trade policy uncertainties and the market volatility. Gross domestic product in the US fell at a 0.3% annualised pace in the March quarter, driven by a surge in imports before Donald Trump's tariffs deadline. It was the first quarter of negative growth since 2022. While the US economy is slowing down, China's annual growth rate steadied at 5.4% in the first quarter, the strongest rate of expansion since the second quarter of 2023 and well above estimates for a slowdown to 5.1%. Gardyne says the 90-day pause has been important and there's nothing in the data that suggests the US is hurtling towards a recession. 'Imports are only a 15% portion of the US economy and tariffs are not a tax on all the gross domestic product, just on the goods bought from offshore,' he says. 'Some prices will go up but not on domestically-produced goods. A 1-1.5% economic impact on gross domestic product is not enough to drive the US into a recession.' Gardyne says clients have asked whether Fisher Funds will be more cautious towards US investment and not have as much exposure. 'Over the last 15 years, the US market has outperformed the rest of the world, up 200% on Europe. Europe is finally starting to stimulate growth and the US is looking more expensive on multiple valuations. 'There's a bit of an argument in moving money from the US at the margin, but you can't be too hasty. The US has successful companies like Netflix, Amazon and Nvidia and they aren't going anywhere. 'Some companies will put up impressive financial results and you don't want to be black-and-white in picking markets. We will find opportunities in each market as we go along and create a diversified portfolio,' says Gardyne.
