Dene Mackenzie

More signs are emerging about the weakening of the Otago economy and the South Island in general taking a hit in the three months ended June.

Medical treatment company Fisher & Paykel Healthcare has upgraded its earnings guidance for the financial year and, at the same time, announced the retirement of its chief executive, Mike Daniell.

Air New Zealand is expecting significant earnings growth in the coming year after posting a record profit yesterday for the year ended June.

The New Zealand sharemarket is again expected to take its early lead this morning from the Dow Jones before looking at Asian markets.

Genesis Energy has followed the lead set last week by Meridian in reporting an improved profit and an increased dividend, going some way in deflecting criticism of the Government selling down its stake.

Chorus will not pay out a dividend after seeing its revenue and profits falling across most measures in the year ended June.

Auckland International Airport was congratulating itself yesterday on a great year but brokers were less than impressed with the financial results for the year ended June.

Billions of dollars were wiped off the Asia Pacific sharemarkets yesterday but worse could come when the United States, the United Kingdom and European markets open today.

Otago has a two-speed economy, Queenstown racing along while Dunedin struggles to keep up, according to the latest ASB Main Report.

Central and local government together are expected to spend $110 billion over the next 10 years on infrastructure and Finance Minister Bill English does not seem averse to a users-pay arrangement.

China was growing its presence in the global economy and what it announced in terms of monetary policy was becoming important to financial markets, Hayes Asset Management portfolio manager Craig Robins said.

Sir Michael Hill, the chairman of the company which bears his name, will retire from that role on November 3 to be succeeded by his daughter Emma Hill, the current deputy chairwoman.