Simon Hartley

Collapsed Queenstown-based Western Pacific Insurance Ltd, which now owes about $41.1 million, held thousands of policies covering more than $10 billion.

Embattled Australian mining company Greywolf Resources - which has pulled out of exploration plans in New Zealand - has rejected allegations of fraud attached to its permit applications, at present being investigated by the Serious Fraud Office (SFO).

Singaporean commodities giant Olam's $37.6 million takeover bid for New Zealand-listed Farming Systems Uruguay crept to just 82.9% in acceptances yesterday.

As predicted the Reserve Bank held the interest-driving official cash rate at 2.5% yesterday, but Reserve Bank Governor Alan Bollard's more bullish comments on a recovering economy could prompt an interest rate rise sooner rather than later.

Liquidators of failed Queenstown-based Western Pacific Insurance have revealed the collapsed company has an almost seven-fold increase in exposure to outstanding insurance and creditors claims - not $6 million as first estimated, but totalling $41.1 million and possibly rising.

American oil giant Anadarko remains committed to its $US30 million ($NZ36.5 million) pledge to a deep-water test drilling programme in the Canterbury Basin 65km off the coast from Dunedin, but is yet to make a final decision on the drill date.

Greece's financial future remains in the balance, with international rating agency Moody's further downgrading its credit rating just five notches short of a default rating.

The Serious Fraud Office has launched an investigation into Australian exploration and mining company Greywolf Resources over allegations some of its 10 mining permit applications may have been fraudulent.

The Canterbury Earthquake Recovery Authority (Cera) has rejected anonymous allegations Fletcher Building and the Government are jointly benefiting from the demolition and rebuilding of Christchurch.

Claims through an anonymous email circulating the country that the mainstay company of the Christchurch earthquake demolition and rebuilding, Fletcher Building, has been taken over as a state-owned enterprise holds no credence, according to stockbrokers.

Fisher & Paykel Appliances' positive full-year result last week has prompted upgrades and a cautiously optimistic outlook by brokerages.