Hostile takeover target Comvita has turned around its previous half-year result to post a $2.2 million profit, as investors consider whether to sell out the company to Singaporean food giant Cerebos.
Retail sales values for the quarter to September - encompassing 80,0000 overseas visitors for the Rugby World Cup - posted its largest quarterly increase for almost five years; up 2.1%, or $358 million.
Otago's service sector has booked a 10th consecutive month of contraction, while nationally the index slipped 2.3 points to remain only just in expansion territory at 50.6 points.
European sovereign debt issues - reflected in Greece and Italy's faltering financial predicaments this week - have prompted the Reserve Bank to defer for six months a requirement New Zealand's banks increase their core funding ratios.
Mainfreight's dividend has been boosted after the global freight company posted record before and after tax results on an almost 40% increase in revenue, during the six months to September.
Manufacturing in Otago bucked a national dip in activity for October, with local production and new orders underpinning a third consecutive strong result.
Dunedin-based Cook Brothers Construction was announced the Otago winner of the annual Deloitte Fast 50 Index last night.
Mainfreight's first-half trading and profit result to September is expected to be hugely boosted by its European acquisition earlier this year, but trading for the global logistics operator might weaken during the second half of the year.
Shareholders in New Zealand honey products company Comvita have 45 days to consider a hostile $71.6 million bid by Singapore-based food giant Cerebos.
Two separate consented multimillion-dollar projects in Princes St, Dunedin, are on hold as the respective building owners deal with Christchurch earthquake damage and the recession.
The concept and technology of deep underground carbon capture and storage (CCS) facilities globally is still in its infancy, and some would say it is only fledgling technology on a wish list of major polluters from a variety of industrial sectors. Business reporter Simon Hartley looks at CCS and a new report released this week which specifically considers options for it in New Zealand, including a controversial southern lignite-to-fertiliser scenario.
The world's largest asset management company, United States-based Black Rock, has grabbed a 5%, $250 million stake in Telecom after 16 of its global subsidiary companies purchased shares recently.
Three companies of former Wanaka-based developer Andre Prassinos have had liquidation proceedings terminated, after he settled with the sole creditor, SBS bank, for an undisclosed sum.
The Serious Fraud Office has dropped its investigation into Australian miner Greywolf Resources' attempts to gain exploration permits in New Zealand.
New Zealand and Australia's sharemarkets followed global markets down yesterday, after the world-wide bourses went into a tailspin after Greece announced an unexpected referendum on whether to accept part of a $US1 trillion ($NZ1.26 trillion) European bail-out package.
More than $2.4 million has been raised from sales of St Clair developer Stephen Chittock's property assets within the Esplanade block.
A hostile bid of $71.6 million for New Zealand honey products company Comvita by Singapore-based Cerebos has been rejected by Comvita's six-person board, all of whom are independent.
Losses of failed Queenstown boutique insurer Western Pacific Insurance appear to have almost doubled again, with an almost $30 million shortfall in funds available to pay a total $63.4 million in estimated unsecured claims.
Global stock exchange indexes have surged in value as the European bail-out fund was boosted to 1 trillion ($NZ1.72 trillion) and investors agreed to a voluntary writedown of 50% of Greece's bank debt.
The company of former Dunedin property developer Geoffrey Kennedy - sentenced to 11 years' jail in Australia on drug charges - has been placed in the hands of liquidators.
