Simon Hartley

Otago gas fire manufacturer Escea - making its first shipment of fires to the US this week - is forecasting a nearly 60% increase in turnover to $10 million this financial year.

Silver Fern Farms' restructuring plan to sell its Silverstream lamb cut plant at Mosgiel to Scales Corp, of Christchurch, and lease it back is going ahead.

Air New Zealand is well placed to weather the fuel crisis affecting airlines around the world but it may come at high cost with slashed profits and a period of no dividends, a research report by brokers ABN Amro Craigs says.

The Hills golf clubhouse near Arrowtown, understood to have been built for just $3 million, will compete against some of the world's most expensive buildings - including the Beijing Olympic WaterCube and Wembley Stadium in London - in the World Architecture Festival awards in Barcelona in October.

Home building permits have plummeted a further 20% during the past month - following a 40% decline in May - and are now sitting at their lowest levels in more than 20 years.

ANZ shares were rocked yesterday with a more than 12% decline in value after it announced the potential for a 25% decline in profit because of mounting concerns over bad debts.

Australian hardware giant Bunnings has secured resource consent from the Dunedin City Council to go ahead with its $27 million project on the 2.3ha Strathallan St site it bought from the council last December.

Tumbling global oil prices may see further price falls at the petrol pump, but that is likely to be dependent on the ferocity of the forthcoming US hurricane season and perception of simmering tensions in the Middle East.

Silver Fern Farms has sold its Silverstream lamb-cut plant at Mosgiel to Scales Corp, of Christchurch, but will lease it back as part of a restructuring process which will mean about 50 seasonal jobs lost next season.

The first Europe-bound consignment of what may become a $23 million export order is leaving Dunedin this week for Hamburg from Australian-owned Dunedin foundry Newlcast.

Global oil prices have retreated almost 15% in recent days, following a record of almost $US148 ($NZ191) eight days ago.

Listed Dunedin biotech company Botry-Zen's chief executive John Scandrett has resigned to pursue interests outside the biotechnology sector.

Auckland International Airport (AIA) stock valuation has been downgraded 22% on a forecast of fewer international passengers because of the global credit crunch, rising fuel prices and strengthening NZ dollar.

Recession fears in New Zealand are likely to prompt a resurgence in black economy activities as financially-stressed households try to rein in costs in any way possible.