Dunedin City Council subsidiary Delta Utility Services - which employs more than 500 people across Otago and Southland - is not expecting any downturn with the imminent loss of its Queenstown Lakes District Council (QLDC) contracts.
Recession fears for New Zealand have loomed large with a meltdown of equity stocks around the world and mounting anxiety about how much exposure United States' companies and banks have to further battering from subprime disclosures.
The New Zealand sharemarket flatlined yesterday - having lost 2.1% the day before to a two year low - in response to worldwide markets shedding billions in value during the previous 24 hours trading.
The Otago and Southland service sector leads all areas nationally following expansion last month, according to a Bank of New Zealand and Business New Zealand performance of services index.
A $1.2 million remotecontrolled loader remains buried under 50 tonnes of rock at Oceana Gold's Frasers underground development after a non-injury rockfall last Sunday at the East Otago Macraes site.
The 2008 Young Enterprise Scheme began for 10 Otago schools and 110 pupils in Dunedin yesterday, with teams meeting mentors and brainstorming business ideas for the eight-month project.
Subdued economic activity around the world has been reflected in New Zealand, with both the national and Otago manufacturing sectors showing a downturn in expansion.
Government oil and gas permit granting agency Crown Minerals appears set to seek a second tranche of more than $15 million to undertake further seismic data gathering programmes in its effort to promote New Zealand to overseas petroleum explorers.
New Zealand's petroleum industry was portrayed in a positive light as the 11th biennial Petroleum Conference began in Auckland yesterday.
More than 60 national and international speakers are attending the three-day biennial New Zealand Petroleum Conference, which starts in Auckland today.
New Zealand retail fuel prices appear set to remain in mid to upper $1.70-plus range for some time as the high New Zealand dollar continues to cushion consumers from a devastating blow to their wallets from escalating global oil prices.
Oil company giant BP says petrol and diesel could rise at least 7c a litre at the bowser if new biofuel requirements come into force on July 1.
Port Otago and rival Lyttelton Port of Christchurch appear set to go head-to-head again to become the South Island's preferred deep-water port - vying for new-generation ships carrying 6000 to 8000 containers - with both ports now proposing dredging to deepen navigational channels.
Glass Earth Gold believes results from recent exploration around Otago may indicate the presence of two large orebearing structures similar to the Oceana Gold Corp holdings at the Macraes mine in East Otago.
Excavations are expected to begin next month for the construction of concrete foundations for a multimillion-dollar, 26-room hotel at St Clair Esplanade.
Investors on both sides of the Tasman have been punishing the share prices of some companies reporting financial results, including those coming in above guidance with multimillion-dollar profits.
The Careys Bay Historic Hotel has been sold for an unconfirmed sum of more than $1.2 million.
To a backdrop of new record spot gold prices, Oceana Gold Corp has booked an after-tax loss of $US69 million ($NZ84.3 million) for its full year to December - a 190% increase on last years $US23.4 million loss.
The weak US dollar continued to bolster the New Zealand dollar strength with the latter at a 23-year post-float high trading around US81.5c yesterday before closing up US0.34c up on the previous close, at US81.16c at 5pm.
Fisher & Paykel Appliances' 12-month share price target by brokers ABN Amro Craigs has been downgraded almost 30% on expectations Australia will be the only sector showing growth next year, albeit significantly lower than this year.
