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Ashburton Guardian
Thursday, November 10, 2016
9
■ INLAND REVENUE DEPARTMENT
Tough line on loan recovery
Ngatokotoru Puna, 40, the nephew of Cook Islands Prime Minister Henry Puna and first person to be arrested for student loan default. since. Ferguson said there had been a 17 per cent increase in loan repayments from overseas
borrowers in the year to June 30, and IRD had been working to better communicate with bor-
Guardian Shares & Investments
■ MANUKAU DISTRICT COURT
Compiled by
Teremoana Kimiangatau gating factors of the voluntary repayment, along with her previous good character and evident remorse. However, it was offending that was premeditated, repetitive over three and a half years, involved an abuse of trust and caused significant loss to Auckland Airport. Kimiangatau’s lawyer, Peter Winter, said after a long period with the company, the offending began when her family suffered financial blows in 2012.
■ BUILDING SKILLED AND SAFE WORKPLACES
Govt lifts apprenticeship funding The government has lifted funding for new apprenticeships and is looking at ways to reduce the country’s reliance foreign workers as it prepares to adjust immigration policy settings to try to make the workforce better. Ministers Steven Joyce and Michael Woodhouse yesterday updated the Building Skilled and Safe Workplaces chapter in the government’s Business Growth Agenda outlining a series of initiatives to develop the nation’s labour mar-
ket and raise productivity. Among those was an increase in the apprenticeship target to have 50,000 in training by 2020, which attracted an extra $10 million on top of what was announced in the budget to add 1400 places next year. The chapter describes a new sector workforce engagement programme where the government has engaged with the building, tourism, dairy, horticulture/viticulture, and transport industries to try and match skilled staff to local
employers, with a priority on New Zealanders in lieu of immigration. At the same time, the chapter signals a government review of immigration policy over the next year will seek “to improve the long-term labour market contribution of temporary and permanent migration”, name-checking temporary work settings to increase incentives for firms to hire and train locals, and skilled migrant settings to give priority to higher-skilled and higher-paid migrants. - NZME
197 189 2900 102.5 649 354.5 925 455 1655 861 951 587 635 190 123 143 296 145 197 145 1850 299 256 550 204 245 102 300 376 124.5 160.5 505 830 317 422 345 343 183 478 150 85 460 465 318 570 208 297 3080 1700 766
Last sale
196 189 2735 102.5 649 354 930 452 1635 860 950 587 634 190 122 142 296 145 197 143 1850 295.5 254 544 201 245 101 300 375 123.5 159 505 830 312 417 344 343 182 465 147 85 437 465 316 575 205 296 3080 1695 741
Daily Volume move ’000s
–10 –4 –104 –4 –23 –14 –20 –16 –5 –40 –37 –4 –12 –6 –4 –8 –4.5 –4 –4 –4 –12 –4.5 –12 –11 –11 –1 –1 –11 –9 –2 –1 –7 –33 –8 –9 –19 –14 –4 –25 –5 –1 –18 –5 –6 –23 –2 –4 –92 –105 –36
4.6m 860.0 69.08 1.6m 1.7m 236.1 42.73 1.5m 105.4 1.6m 1.6m 509.9 177.3 815.7 634.7 430.0 2.1m 129.0 141.6 477.0 90.08 923.1 1.4m 162.9 320.2 256.8 408.0 49.32 261.8 758.4 176.6 124.7 236.6 116.6 701.0 2.0m 2.8m 306.4 174.9 262.8 257.3 1.8m 93.81 171.1 3.09 1.5m 18.22 65.87 110.5 414.2
S&P/NZX 50 Index Gross 7160 7050 6940 6830 6720 6610
9/11
196 185 2721 102 642.5 353 900 451 1625 856 950 586 630 189 121.5 142 295 140 196 143 1801 287 254 544 201 238 101 295 375 123 158 500 825 312 417 344 342.5 182 465 147 84 432 459 316 – 205 295 3000 1690 741
Sell price
4/11
a2 Milk Company ATM Air NZ AIR ANZ Banking Gr ANZ Argosy Prop ARG Auckland Intl Airpt AIA Chorus CNU Comvita CVT Contact Energy CEN Ebos Gr EBO F&P Healthcare FPH Fletcher Building FBU Fonterra Share Fund FSF Freightways FRE Genesis Energy GNE Goodman Prop Tr GMT Heartland Bank HBL Infratil IFT Investore Property IPL Kathmandu Hldgs KMD Kiwi Property Gr KPG Mainfreight MFT Mercury NZ MCY Meridian Energy MEL Metlifecare MET Metro Perf Glass MPG NZ Refining NZR NZX NZX Orion Health Gr OHE Port of Tauranga POT Precinct Properties PCT Prop For Industry PFI Restaurant Brands RBD Ryman Healthcare RYM Scales Corp SCL Sky Network TV SKT Sky City SKC Spark SPK Stride Prop & Inv SPG Summerset Gr Hldgs SUM Tegel Gr Holdings TGH Tower TWR Trade Me Gr TME TrustPower TPW Vector VCT Vista Gr Intl VGL Vital Hlth Prop Tr VHP Warehouse Gr WHS Westpac Banking WBC Xero XRO Z Energy ZEL
Buy price
0
Company CODE
At close of trading on Wednesday, November 9, 2016
0
S&P/NZX 50 Index Gross constituents
28/1
When the fraud was uncovered, Kimiangatau admitted the offending and set about repaying the money through selling her house, using her superannuation and her savings. Winter told the court Kimiangatau and her family were now in a significantly worse position than before the offending and had significant remorse, shown through her voluntary repayment. He submitted a starting point of 4.5 to 5.5 years was appropriate with discounts for the mitigating factors. Judge Bergseng said Kimiangatau’s fraud involved a “relatively high degree of sophistication” and the motivated was “lifestylerelated”. He gave a starting point of six years in prison, with discounts given for her guilty plea, remorse and previous good character landing at a final sentence of three years, two months. - NZME
NEW ZEALAND SHARE MARKET
Source: NZX and Standard & Poors
21/1
Worker jailed for $1.8m fraud A woman who defrauded Auckland Airport of $1.8 million has been sent to prison for three years and two months. Teremoana Kimiangatau, 54, was sentenced today at the Manukau District Court after earlier pleading guilty on all three charges of “obtaining by deception”, laid by the Serious Fraud Office [SFO]. The former airport accounts clerk, of 18 years, had transferred funds from the company’s bank account to her own account. She did this by changing the client bank account numbers to her own within the airport’s accounting system. After the offending was uncovered, Kimiangatau repaid all of the money except for a shortfall of about $200,000. Yesterday, Crown prosecutor Gareth Kayes submitted a starting point of six to seven years imprisonment was appropriate with discounts given for the miti-
rowers and make it easier for them to repay their debt, but couldn’t say whether there had been an increase in the second half of the financial year after the first arrest was publicised in January. “We certainly have an increased amount of contact from overseas-based borrowers following the arrest at the border, as we continue to grow our social communications,” White said. Green MP James Shaw asked whether the new IT system the IRD is in the process of building would be able to handle a progressive rate of repayments for loan borrowers, as one hypothesis was that a variable rate would encourage low earners to stay and make repayments sooner. Ferguson said the system would be able to do that, but not for the next couple of years. “The new system has got the ability for us to be more flexible in how we are thinking about tax administration,” she said. - NZME
0
lar jurisdictions like the UK or Canada. “We are already working with some of those parties and indeed have debt collection agencies working in those countries,” commissioner and chief executive Naomi Ferguson said. Deputy commissioner Arlene White told the committee the department was talking to the UK’s HMCR “right now, and we’re looking at a bilateral that we could engage with them and share data with them.” “It’s always a matter of them wanting to share with us,” she said. “Around 65 per cent of overseas-based borrowers are in Australia so we do think we’re getting the majority of them, but other jurisdictions are also part of our planning.” In 2014, the government amended the Student Loan Scheme Act to allow for the border arrest of borrowers in default on their loan repayments. The first arrest under this amendment was made in January this year, with two further arrests
14/1
Inland Revenue says it’s in talks with foreign tax departments including the UK’s HM Revenue & Customs as it steps up efforts to recover money owed by overseas-based student loan borrowers. Kiwis living overseas accounted for more than 90 per cent of the $1.07 billion in overdue repayments to the Student Loan Scheme as at June 30. Some $15.34b is owed under the scheme by 731,754 borrowers, of which overseas borrowers owe 21 per cent, or $3.24b by 110,739. Earlier this month, IRD said an information exchange agreement with the Australian Tax Office (ATO) had identified 10,400 student loan borrowers living across the Tasman, and it would contact them about repaying their loans. At the finance and expenditure select committee yesterday, National MP Chris Bishop asked whether that debt collection could be extended to other simi-
S&P/NZX 50 Gross q
6,664.21 –230.14 –3.34%
q S&P/NZX 20 index
4,656.21 –173.56 –3.59%
q S&P/NZX All Gross
7,214.53 –241.74 –3.24%
p Rises 14 q Falls 117
WORLD MARKETS
q S&P/ASX 200 index
5,156.6
–101.2
–1.92%
At close of trading on Nov 9, 2016
p Dow Jones Indust.
18,332.4 +72.76 +0.40% At close of trading on Nov 8, 2016
p FTSE 100 index
6,843.1
+36.23
+0.53%
At close of trading on Nov 8, 2016
q Nikkei 225 index
16,251.5 –919.84 –5.36% At close of trading on Nov 9, 2016
METAL PRICES
Source: interest.co.nz
q Gold
1,282.35
London – $US/ounce
–0.7
–0.05%
p Silver London – $US/ounce
18.26
+0.04
+0.22%
p Copper London – $US/tonne
5,044.0
+12.0
+0.24%
NZ DOLLAR
Source: BNZ
Country
As at 4pm Nov 9, 2016
Australia Canada China Euro Fiji Great Britain Japan Samoa South Africa Thailand United States
TT buy
0.9769 1.0079 5.3203 0.6769 1.5484 0.6025 77.10 1.9178 9.9414 26.15 0.7525
TT sell
0.945 0.9714 4.6729 0.648 1.4282 0.5817 73.90 1.683 9.5841 24.95 0.726
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