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Morrison strikes mammoth deal with Japan’s largest trust bank
NBR Staff
Tue, 07 Jul 2026
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Tue 07 Jul 2026 11:47:05am
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Tue 07 Jul 2026 11:47:05am
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Tue, 07 Jul 2026
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Qube keeps the ball rolling, buys Wallace Investments
Qube Holdings has followed up last year’s purchase of Nexus Logistics from Port of Auckland by snapping up stevedoring company Wallace Investments.
No price was disclosed for the privately held company, owned by John and Sharyn van Aalst.
The purchase was completed on Monday and a Qube spokesperson said the company was pleased to welcome the Wallace team – about 240 employees – as handlers of a diverse range of cargo across cargo vessels, cruise ships, refrigerated vessels, and breakbulk.
Qube NZ, the local offshoot of the ASX-listed company, pushed its after-tax profit up more than three-fold last year to just under $20 million, from $6m in 2024.
Its revenues were also up more than a fifth at $319.3m – led by stevedoring, log marshalling, and logistics services. The company is also involved in warehousing of finished products and transport services.
Scandal forces WiseTech chair Richard White to resign
The founder of ASX listed WiseTech Global, Richard White, will step down as the company's chairman after recent allegations of human trafficking in his relationship with a Brazilian former employee.
White was managing director of WiseTech but left the executive role in 2024 over another sex scandal, and then took the role of chairman. He controls more than a third of the company.
White said today that his position as chair was a "distraction" for WiseTech, but he would remain on the board and retain involvement with the company as chief innovation officer.
Around A$2 billion ($2.4b) was wiped off the value of WiseTech shares last week when it was revealed that Australian Federal Police are investigating White over claims he used his leverage in providing financial and immigration status support to the woman in exchange for sex.
White has denied the claims and said any relationship with the woman was consensual.
A2 Milk updates market on impact of supply shortfall
Infant formula specialist A2 Milk is projecting a slight improvement on its previous profit guidance for the year to June, despite a shortage of China label product in the fourth quarter.
In an update provided to the NZX, the company said it was expecting full year revenue of about $1.97 billion, up 12% on 2025, with an earnings margin at the high end of the 14-14.5% range guidance provided in April.
Net profit was expected to be “slightly up” on last year’s $192.1 million, where its April guidance had indicated a similar or slightly lower result.
A2 Milk said the availability of its China label product had been materially affected by freight problems, a production backlog at supplier Synlait, additional customs clearance and testing, and extended product release times, leading to many customers switching brands in the fourth quarter.
The problems had “substantially been resolved”, the company said, and it was working on initiatives to win back customers.
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Tue 07 Jul 2026 11:42:27am
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