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Kiwi agritech Halter valued at $1.65b following $165m cap raise
Hamish McNicol
Tue, 24 Jun 2025
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Vulcan Steel's banking covenant relief extended
NZX-listed steel company Vulcan Steel has been granted another six months of banking covenant relief by its lenders.
The company was granted a relaxation on its covenants in October 2024 which was originally due to expire on 31 December 2025.
But the company announced on Tuesday that this had been extended until the end of June 2026.
“Extending the covenant relief provides the balance-sheet flexibility to navigate the current demand environment while continuing to invest in customer-facing initiatives,” Vulcan chief executive Rhys Jones said.
The company said the additional flexibility would put Vulcan in a better position to meet customer demand when it increases in Australia and New Zealand over the next 12 months.
It also said it continues to operate with strong liquidity and has no debt facilities maturing until 2027 financial year.
Greens say Government is breaching international trade agreement
The Green Party has received legal advice saying the coalition Government’s commitment to invest up to $200 million in new gas fields breaches a trade agreement it signed last November. Under the Agreement on Climate Change, Trade, and Sustainability (ACCTS) – which includes New Zealand, Iceland, Costa Rica, and Switzerland – subsidising fossil fuels is prohibited. Subsidisation can only happen under specific exemptions within the agreement, which the Greens’ legal advice from a KC says is not met by the Government’s policy. Under its policy, the Government is prepared to co-invest up to 10-15% of the cost of developing new gas fields. Greens co-leader Chlöe Swarbrick said there was no grey area here. “This is a blatant violation of our international commitments. If the Government cared about energy security or regional resilience, they would be investing in distributed renewable energy," she said.
Private sector employees more pessimistic than public sector
The private sector is more pessimistic about the employment outlook and job security, compared with the public sector.
The latest Westpac-McDermott Miller Employment Confidence Index rose by 0.5 points to 88.8 in the June quarter. A reading under 100 indicated that pessimists outnumbered optimists.
The index remains close to lows from the first Covid-19 lockdown in early 2020.
Senior economist Michael Gordon said a perceived lack of job opportunities remained the key concern. Notably, confidence among private sector employees declined in this survey, compared with counterparts in the public sector.
McDermott Miller market research director Imogen Rendall said private sector employees were more pessimistic about the current job market and future opportunities. “They continue to remain concerned for their personal job security.”
The survey was conducted earlier this month with a sample size of 1550 people.
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