Work has resumed on preparing the South Dunedin site for hardware firm Bunnings' $11 million premises, one of six Bunnings projects under construction across the country worth more than $150 million.
Tough trading conditions have taken a toll on 14 of the 32 NZX-listed South Island companies, whose value fell $166 million during the past three months, with financial services company Pyne Gould Corp and rural supplier PGG-Wrightson bearing the brunt of the downturn.
Related party loans and the potential for increasing bad debts at South Canterbury Finance have been raised in its prospectus, issues international rating agency Standard and Poor's will probably want dealt with sooner rather than later.
Related party loans and the potential for increasing bad debts at South Canterbury Finance have been raised in its prospectus, issues international rating agency Standard and Poor's will probably want dealt with sooner rather than later.
South Canterbury Finance - stung by plummeting profits, rising bad debts and paying back a cancelled $US100 million funding facility - announced sweeping operational changes yesterday in efforts to recapitalise itself in the months ahead.
Dual-listed oil and gas company Cue Energy - which has a 5% stake in the offshore Maari crude oil field - is listing on the New Zealand stock exchange today.
Delta Utility Services and its striking linemen staff are hoping to reignite stalled negotiations but further industrial action has not been ruled out.
Dunedin businesses are preparing to be promoted to the oil and gas exploration sector in a publication and DVD giving a snapshot of the city's resources and attractions.
L&M Group subsidiary Coal Seam Gas Ltd has announced it has New Zealand's "first ever independently verified" coal seam (methane) gas reserves at its Ohai coalfield - an estimated potential resource of 173 petajoules of energy.
Seventeen linemen at Dunedin City Council-owned Delta Utility Services will stage a 24-hour strike on Tuesday following failed mediation talks yesterday.
South Canterbury Finance has bought itself crucial breathing space by negotiating to pay back a $US100 million ($NZ135 million) loan, staggered over five and a-half months.
The country's annual rate of inflation has eased to 1.7% - the lowest in five and a-half years - but the quarterly rate rise of 1.3% went surprisingly against analysts' expectations.
Market speculation that South Canterbury Finance is about to re-release its August prospectus for debenture bonds could be overshadowed if a United States funding consortium withdraws its $US100 million ($NZ135 million) debt facility, and additionally asks for penalty interest payments.
South Canterbury Finance preferential shares - issued at $1 nearly three years ago - traded down 11% yesterday to equal their all-time low for the year at 23c.
Allegations of a conflict of interest and unfair financial gain have been rejected by Dunedin City Council trading company Delta Utility Services, which has completed an internal investigation after concerns were raised by a staff member.
Retail sales bucked a two-month downturn to better market expectations and delivered a 1.1% increase worth $60 million in August, largely on the back of clothing, fuel and hardware sales.
The former Graeme Lowe Otago fellmongery at Green Island is for sale with tenders closing at the end of the month.
A Wanaka-based film company is going into a second print run of its award-winning Once in a Blue Moon fly fishing DVD, with two-thirds of its first 3000 disks having sold overseas since its release in May.
Auckland International Airport is considering issuing an offer of up to $125 million in bonds later this month, which would take its total bond issuance beyond half a billion dollars.
Coal-seam gas explorer L&M Petroleum will not resume its summer season test drilling programme in Southland until a decision is made on a merger with sister company L&M Coal Seam Gas Ltd, or another combined, new entity is formed.
