Austrian oil major OMV is continuing its evaluation of data gleaned from ship-borne seismic surveys in the Great South Basin, in the wake of United States oil giant Exxon Mobil pulling out of the same area earlier this week.
Spot global gold prices touched on a record $US1364 ($NZ1820) in New York as jittery investors reacted to the weakening US dollar and more money-printing by the US Government to boost the economy after weak economic data.
Deposit insurance for New Zealand banks appears set to come under consideration again as the Government winds down its emergency retail deposit guarantee scheme during the next 14 months.
The multibillion-dollar proposal for oil exploration in the frontier Great South Basin is over after cornerstone companies United States giant Exxon Mobil and partner Todd Energy relinquished their permit yesterday, citing technical risks and lack of a third partner.
The Government's emergency retail deposit scheme ends today, prompting Reserve Bank Governor Allan Bollard to remind investors to take "full account of the risks, returns and credit ratings associated with their deposits" in the future.
A workshop costing up to $1 million is under construction at the Ward St roundabout, with Atmos Engineering expected to relocate there by March next year from its premises in the industrial foreshore precinct.
A doubling of Southland's dairy herd to more than 300,000 cows to boost economic prosperity would require a "trade-off" between economic growth and environmental sustainability, according to South Port chairman John Harrington.
Hard-coking coal specialist Pike River Coal has been provided a short-term facility of up to $25 million by majority owner New Zealand Oil & Gas.
Gold has surged to a record high, with the United States dollar being pummelled by major currencies around the world.
Debt-laden agri-chemical manufacturer Nufarm has booked a slump in operating profit, with by one-off costs of $A67.6 million ($NZ88.5 million) helping drag its after-tax profit of $A58.6 million down to a loss of $A24 million.
A third report by Government-appointed statutory manager GrantThornton on Allan Hubbard-controlled companies and trusts is expected tomorrow.
Singapore-based Olam International's offer on New Zealand Farming Systems Uruguay has closed after the commodity trader gained 78% acceptances from shareholders.
Dual-listed agri-chemical manufacturer Nufarm - staggering under debt and profit downgrades - has secured further debt covenant waivers from its banks.
Global spot gold prices continue to hover just under the $US1300 ($NZ1783) per ounce mark.
Singaporean company Olam International has secured its takeover of New Zealand Farming Systems Uruguay having gained more than 61% of its shares - for $104 million - with its offer to shareholders formally closing today.
First payments towards a total $350 million owed to South Canterbury Finance's bond holders started yesterday - 25 days after the southern lending giant was placed in receivership owing $1.6 billion to 35,000 investors.
Meat industry cool storage company Polarcold is considering mothballing one of its two Dunedin plants and laying off up to half its staff in the wake of plummeting stock numbers - a problem further compounded by this week's storm.
Hellaby Meats plans to establish an "old-fashioned" fruit, vegetable and high-quality butchery outlet in the first stage of a multimillion-dollar redevelopment in Princes St, Dunedin.
The change for the oil and gas industry from uncertainty to certainty during the past two years was highlighted by the Petroleum Exploration and Production Association New Zealand (Pepanz), in summing up the state of the petroleum industry.
Southern lignite and New Zealand's economic recovery led by the oil and gas sector were the major talking points during presentations at the New Zealand Petroleum Conference in Auckland yesterday.
