marlindean's posterous
word on the street is that city fitness coming to Hamilton
Big changes coming to the NZ fitness industry in 2010. Watch this space
Another victim of the Church of Global Warning - Foolish NZX
NZX flags $20m hit
NZPA
New Zealand sharemarket operator NZX is signalling a $19.9m hit to its balance sheet from a carbon trading business it has sold, blaming a lower priority given to carbon trading and "lack of a global political agenda around carbon".
The reduction is to the valuation on its balance sheet for a prospective 2012 performance payment from the sale of its TZ1 Registry business last year. It will appear as a reduction in the gain on disposition of assets.
"Macro conditions have moved against carbon trading compared with where the world was when the registry business was sold," NZX said in a statement after the sharemarket closed.
"Whilst some corporates - including key New Zealand companies - continue to assign a high priority to "" environmental concerns, in general the lack of a global political agenda around carbon, coupled with the global financial crisis, has made such 'discretionary' expenditure a lot more contestable and scarce."
Falling industrial output had also reduced the corporate need for voluntary carbon issuance activity, which a carbon registry business revenue model depended on.
The TZ1 registry business continued to lead the field in customer acquisition worldwide. NZX "" remained confident around the long-term success of this business.
NZX said in July last year it was selling its TZ1 Registry business to global financial services company Markit overnight for $US37.1 million ($NZ26m).
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This time a deserving victim. NZ Stock Exchange losses $20 million after canning its planned Carbon Trading Scheme.
COMMERCIAL MORTGAGE BACKED SECURITIES
New Les Mills gym to open at $7.75m Auckland site
Fitness centre chain Les Mills is soon set to open a second central
Auckland gym to relieve pressure on its booming CBD facilities, at the
Grafton property it has just purchased for $7.75 million from ING
Property Trust. Anybody who has tried to exercise at the Victoria St gym before work
on a weekday will know it is a battle of the fittest to secure a spot
in any of the group fitness or spinning classes that finish by 8.10am
- then there's the fight to get your hands on a hairdryer in the
changing rooms. The property at 269 and 369 Khyber Pass Rd boasts 125 car parks,
welcome news to members of Les Mills Victoria St where a free space is
about as common as a four leaf clover. “Our plan is to build a world class fitness facility on the site using
the existing two buildings as the core structure,” Les Mills chief
executive Reece Zondag told NBR. “We think the Newmarket, Epsom, Parnell, Remuera catchment area would
benefit from a facility in Grafton.” Warren and Mahoney Architects have been hired by the fitness firm to
draw up designs for the new gym. The refurbishment and equipment is estimated to cost millions of dollars. While Mr Zondag declined to reveal the exact number of new members who
have signed up to Les Mills in the past year, he said membership was
“growing” and attendance was at “an all time high”. The two other existing Les Mills Auckland branches are at New Lynn and
Takapuna. The Victoria St branch will remain the flagship gym, being
the largest and most widely equipped facility. Mr Zondag said it was too early to say when the new gym would be open
for business. “It’s a work in progress.”
Auckland gym to relieve pressure on its booming CBD facilities, at the
Grafton property it has just purchased for $7.75 million from ING
Property Trust. Anybody who has tried to exercise at the Victoria St gym before work
on a weekday will know it is a battle of the fittest to secure a spot
in any of the group fitness or spinning classes that finish by 8.10am
- then there's the fight to get your hands on a hairdryer in the
changing rooms. The property at 269 and 369 Khyber Pass Rd boasts 125 car parks,
welcome news to members of Les Mills Victoria St where a free space is
about as common as a four leaf clover. “Our plan is to build a world class fitness facility on the site using
the existing two buildings as the core structure,” Les Mills chief
executive Reece Zondag told NBR. “We think the Newmarket, Epsom, Parnell, Remuera catchment area would
benefit from a facility in Grafton.” Warren and Mahoney Architects have been hired by the fitness firm to
draw up designs for the new gym. The refurbishment and equipment is estimated to cost millions of dollars. While Mr Zondag declined to reveal the exact number of new members who
have signed up to Les Mills in the past year, he said membership was
“growing” and attendance was at “an all time high”. The two other existing Les Mills Auckland branches are at New Lynn and
Takapuna. The Victoria St branch will remain the flagship gym, being
the largest and most widely equipped facility. Mr Zondag said it was too early to say when the new gym would be open
for business. “It’s a work in progress.”
Tiger in the rough
Rival gyms flexing muscle?
Tax break for fitness a good idea
Tax break for fitness a good idea
Friday, 4 September 2009, 5:02 pm
Press Release: Les MillsMedia Release,
4 September 2009Tax break for fitness a good idea
New Zealandshould look at how Australiais considering a tax break for gym membership, says Les Mills New Zealand CEO Reece Zondag.
Supporting people to become more active is an obvious thing for any country to do. However, New Zealandmay need to take a different approach given its different tax structure to Australia.
Mr Zondag says one approach would be for the New Zealandgovernment to support businesses in providing health and fitness benefits for their staff, such as gym memberships.
“With fringe benefit tax on gym memberships paid for by employers up to 64%, it’s an active deterrent for many companies.” says Mr Zondag.
However membership on its own is not the ideal metric – attendance to the gym is the thing employers should look at.
“I know of some companies who do contribute to the employee’s membership, however the contribution can only be accessed if minimum attendance levels are reached” says Mr Zondag. “Almost any gym in New Zealandcould supply attendance records to employers if requested to do so”.
He says Kiwis seem to be continuing to value their personal health and fitness despite recessionary times. And equally businesses recognise that healthier employees mean less sick days and increased productivity. Put very simply ‘Fit people cost less to run’.
Australia’s Preventative Health Task Force has recommended Australians should get tax breaks if they can show they are attending exercise classes. The recommendation is one of a number aimed at promoting good health and wellbeing.
“Our goal is to have our members make the most use they can of their membership,” he says. “Our focus is making fitness fun – members just have to get through the door and we’ll ensure they get and stay active.”
Mr Zondag says he can vouch for the value of joining a gym, or team or group to improve fitness outcomes. He is one of 120 people, including many corporate teams and a celebrity team, currently participating in Les Mills Boobcamp to raise money for breast cancer research. The programme involves team exercise three mornings a week for one month. www.lesmillsbootcamp.com
ENDS
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