Otago bucked several national economic trends in the quarter to September by having the third-highest economic activity and being in positive territory, but business and consumer confidence fell short of national averages.
The proposed merger between Port Otago and Lyttelton Port of Christchurch (LPC) took a major step forward yesterday with a tantalising offer to minority LPC shareholders, laying a foundation for a delisting from the New Zealand stock exchange.
Dunedin businessman Graeme Marsh was chosen as the business personality at the Westpac Otago Chamber of Commerce Business Excellence Awards last night, honouring a long and distinguished career in a myriad of southern businesses.
A $700 million Auckland development of the McEwan Group - which is seeking a joint-venture partner for a separate multimillion-dollar Dunedin Hilton hotel proposal - has been put on hold and some of the land may be sold.
L&M COAL Ltd is seeking partners for a multimillion-dollar coking coal development northeast of Westport.
Freight forwarding company Mainfreight is likely to increase its after-tax profit more than 40% and deliver a slightly increased dividend for its half-year to September result, brokerage ABN Amro Craigs has forecast.
The dairy industry can expect further volatility following an "unprecedented roller coaster" of global milk powder prices ranging from $US5000 ($NZ9000) per tonne almost a year ago to around $US2600 at present, Fonterra chairman Henry van der Heyden said in the dairy giant's annual review released yesterday.
The volume of national housing sales have slumped a record more than 40% during the first half of the year - surpassing a 1974 record low - with Otago, Central Otago and Southland among several provinces or regions forecast to have the largest house price falls by June next year.
Dunedin clothing supplier Silkbody is expecting a 200% increase in export turnover after clinching three separate European deals for distribution in Germany, Belgium and Sweden.
Plunging global oil and commodity prices are set to slash inflation from 5.1% to near 1% within a year's time, which will offer some relief to recession-hit households.
St Kilda Finance has been placed in the hands of receivers by its directors, with almost $7 million owed to 358 mainly southern investors.
Manufacturing in Otago is faring slightly better than the national outlook, which has registered a record sixth consecutive rating decline, mirroring the worst global manufacturing reports of the past 10 years.
Oil prices have weakened below $US55 a barrel, further fuelling anticipation of motorists paying less at the pump during the Christmas holidays.
No further details of a proposed merger between Port Otago and rival Lyttelton Port of Christchurch (LPC) were released when the latter held its annual meeting in Christchurch yesterday.
Fletcher Building has warned of a volatile year ahead and given a clear indication its expected after-tax profit for the year would be well down on previous results.
Tourism Holdings Ltd was battening down the hatches for a tough six months and predicting that its after-tax profit for the present financial year would be "well below" last year's $14.3 million, shareholders were told at its annual meeting in Auckland yesterday.
Two Columba College old girls - successful businesswomen associated with online marketing and animal breeding - were yesterday inducted into the college's Business Hall of Fame, which was inaugurated last year.
Pressure is mounting for the Reserve Bank to cut its interest-driving official cash rate by at least 1% as its counterparts around the world slash their rates in the face of rising recession fears.
The New Zealand dollar is expected to trend lower against the United States dollar to "trough" at $US50c early next year, but there remains some risk a bleaker than expected global recession could push it down to an eight-year low of about $US40c.
Fisher and Paykel Appliances is forecast to book a 50% decline in after-tax profit on Thursday, in line with management expectations, when delivering its first-half 2009 result.
