Forecasts for Fisher and Paykel Appliances' after-tax profit for the full year remain 3% above the same period a year ago at $65.1 million, but the worldwide economic downturn appears set to bite harder.
Listed Dunedin company Scott Technology has purchased Auckland-based mining industry manufacturer Rocklabs for an undisclosed mix of cash and Scott Technology shares.
An 11th-hour purchase of Tamahine Knitwear will see 22 jobs resurrected under a new parent company.
Scott Technology's forecast performance has been downgraded by brokers ABN Amro Craigs - after its booking of a $800,000 loss for the first six months to February - and predictions are of another loss for the second half of the year.
New Zealand's economy is heading towards a "serious crunch'' or a "grinding halt'', according to economists analysing a quarterly survey of business opinion which indicates a 33-year low in business confidence.
Government agency Crown Minerals is revamping its oil and gas exploration permit programme in response to an increasing scarcity of seismic ships and oil rigs around the world.
Investor sentiment in the wake of ongoing concerns from the US subprime fallout has wiped almost 35% of the value from Fletcher Building shares during the past six months.
South American dairy farm operator New Zealand Farming Systems Uruguay has increased its Uruguay land holdings more than 7% to 36,300ha during the past six months at a total cost of $US16.2 million ($NZ21.1 million).
New Zealand's goods trade deficit of $334 million for April is more than double analysts' expectations, with oil-related items accounting for boosts in both imports and exports.
Ten University of Otago and Otago Polytechnic students with fledgling business ideas were each awarded $1000 in the latest round of the 2008 NBR Audacious Business Plan Challenge
Pump prices of $2.50 per litre of fuel are on the horizon as global oil prices surge to more than $US130 ($NZ167.30) and the New Zealand dollar further weakens.
Retirement village operator Ryman Healthcare has booked a record full-year $72.6 million after-tax profit - up 22% on last year's result - with its assets around the country topping $1 billion for the first time.
Shares in oil and gas explorer L&M Petroleum spiked more than 100% yesterday on news of the potential of viable coal seam gas in the Western Southland basin, which is prompting an "aggressive" $2 million exploration programme by the company in the area, starting next month.
Scott technology's move to its new $3 million purpose-built development in Kaikorai Valley is well under way, prompting a separate $1 million redevelopment of its former site in Cumberland St for a new large retail tenant and corporate offices.
Southern oil exploration company L&M Petroleum has been granted a 650sq km exploration permit in the onshore Westland basin, near its existing West Coast exploration permit near Hokitika.
The Immigration Service - under the cloud of four separate investigations - is not beyond repair, but Immigration Minister Clayton Cosgrove hopes an independent inquiry by the Auditor-general can be completed "as soon as possible".
The nationwide launch of a new government publication - Start, Manage and Grow your Business - was held in Dunedin last night, attended by Small Business Minister Clayton Cosgrove.
Shares in Fletcher Building, which touched a two-year low yesterday, recovered after it said its forecast after-tax profit will be underpinned by a one-off $43 million gain, while its Formica division in the United States is expected to be down $21 million on profit.
Fisher & Paykel Appliances is expected to deliver an increased after-tax profit up 3% on last year's full-year result at $65.1 million, but is also expected to face increasingly tougher trading conditions in the second half of the year.
Wickliffe Ltd printers will move its production facility to the Kaikorai Valley premises of Tamahine Knitwear in July.
