Simon Hartley

Port Otago has initiated a new round-trip rail link between Dunedin and Timaru, beginning yesterday, in the wake of shipping giants Maersk and Hamburg Sud pulling out of Timaru.

Stocks in three separate listed aged-care companies hit new highs yesterday on the New Zealand Stock Exchange.

The controversial emissions trading scheme (ETS) is going pear-shaped, with carbon credits plunging from $20 per tonne of emissions to $4.20 per unit last week. Senior business reporter Simon Hartley talks to ETS supporters who are highlighting the emerging anomalies and are alarmed over the Government's proposed changes to the ETS legislation.

Otago's manufacturing base has dragged itself out of a three-month contraction to post some slight expansion for August, due to an improvement in supply and demand.

Global oversupply of wood chips for paper pulp means Dunedin City Council-owned City Forests' joint venture softwood chipping plant at North Taieri may remain temporarily closed for up to eight months.

West Coast coal mine developer Bathurst Resources faces further potential delays to production with the lodgement of a Court of Appeal challenge yesterday by the West Coast Environment Network.

The sale of the United Services Community Club's building in Dunedin to pay off liquidation debts has fallen through and the building is back on the open market for half its capital value, at $385,000.

Houston-based oil giant Anadarko has committed to test-drilling the first of possibly two deep-water oil and gas exploration holes off Oamaru's coast in 14 months.

Port Otago has become the fastest container handling port in the country for the first time and yesterday delivered a near-record $11.75 million annual dividend to its owner, the Otago Regional Council.

Outgoing Reserve Bank Governor Allan Bollard is expected to keep the official cash rate (OCR) at its present record low of 2.5%, when delivering his final review on Thursday.

Commercial property rents in Dunedin's central business district have increased slightly over the past year, with other data revealing Dunedin offers employers the lowest operating costs and the most space for employees.

Fonterra has gained Commerce Commission clearance to buy the Studholme milk processing plant near Waimate, which has been in receivership for almost four months.

Credit union NZCU South has softened the blow of redundancies announced throughout the South Island a month ago, but Lawrence gets no reprieve from the closure of its last banking facility.

Briscoes has delivered a strong first-half trading result with sales up 5% at $204 million and after-tax profit having gained almost 30% on a year ago, at $13.2 million.

Exploration for oil and gas off the coast of Otago and Southland is entering its next phase, with tenders closing in mid-October for onshore and offshore exploration blocks.