With New Zealand entering a second year of recession, companies going into the forthcoming financial reporting season may have some unsavoury news for investors. Business reporter Simon Hartley profiles the upcoming season with Forsyth Barr brokers Suzanne Kinnaird and Tony Conroy and ABN Amro Craigs broker Peter McIntyre.
Harsh economic conditions through to 2010 are expected to take the gloss off a much-improved first-half result for listed company South Port.
For the first time in six years, more than 100,000 New Zealanders are out of work as unemployment eases up 0.4% to 4.6%, within most analysts' expectations.
New Zealand's economic predicament has prompted wide-ranging Government-driven changes to the business environment, including a potential $480 million boost in tax-associated savings.
Australian retailer Harvey Norman, planning to close up to 10 stores because of slumping sales, appears not to be considering closures in New Zealand.
The scope of yesterday's government relief package for businesses was welcomed by Dunedin business organisations, not least for the Government taking a stance on pressing economic issues.
Tax concessions worth $480 million make up the lion's share of Prime Minister John Key's business relief package and have been described by Dunedin tax specialists as "eclectic" and "balanced" - but there should be more to come.
Two years of value-building by 34 listed South Island companies have been dashed in six months with more than $1 billion shed from their overall market capitalisation.
The New Zealand dollar fell below US50c for the first time in six years yesterday as investors see further signs of the country's economic weakness, ASB economist Chris Tennent-Brown said.
The Reserve Bank of Australia yesterday cut its interest-driving cash rate target 1% to 3.25% - a 45-year-low - as the global downturn bites harder on several fronts.
Oceana gold has announced an almost 50% increase in gold produced from its East Otago and West Coast mines, but production is slightly down on earlier forecasts.
Damages claims by farmer co-operative Silver Fern Farms against listed PGG-Wrightson - following its failed $220 million merger proposal with the country's largest meat processor - could potentially reach several millions of dollars.
A breathtaking 25-year record fall in Japanese industrial activity is likely to underpin a further 1% cut by the Reserve Bank of Australia to its interest rates today.
A contestable Dunedin City Council business expansion fund - recently boosted 175% to $661,000 - may move toward three funding rounds in the next financial year.
West Coast-based Pike River Coal has announced encouraging results that a second coal seam of potentially eight million tonnes lies beneath its existing operation in the rugged Paparoa Range, 50km northeast of Greymouth.
Silver Fern Farms - the country's largest meat processor - admitted yesterday it needs recapitalisation following last year's failed $220 million merger proposal.
For the second time in eight weeks, fertiliser supplier Ravensdown has reduced prices to farmers by 20% to 30% on its three mainstay products.
Oceana Gold's share price has seen a much needed resurgence, having in the past fortnight gained 50% in value to trade close to 55c, after languishing in the low to mid-20s in recent months.
Contact Energy's shock almost 25% profit downgrade this week - which wiped more than $400 million off its market capitalisation - has had its profit outlook further downgraded by brokers and its target price revised.
Receivers of Dunedin boutique company St Kilda Finance have advised investors may see an initial 21c in the dollar payout by early February, following settlement of a $1.5 million loan due today.
