Mortgagee sale Hilton option
Mortgagee sale Hilton option
A mortgagee sale is one possible option for the $85 million Hilton Hotel development in Dunedin after Otago Finance issued a Property Law Act notice to Auckland developer the McEwan Group.
Simon Hartley
NZ companies likely to mirror American woes
NZ companies likely to mirror American woes
A weak financial reporting season in the United States - highlighted by a 26% decline on year-on-year earnings so far of more than $US11 billion ($NZ19 billion) - is likely to be reflected in third quarter New Zealand company results due out in mid-November.
OCR likely to remain among highest
OCR likely to remain among highest
The Reserve Bank's interest-driving official cash rate (OCR) appears set to remain the highest in the developed world for some time, especially with kiwis stubbornly resisting messages to save more money.
Reserve Bank cuts interest rate by 1%
Reserve Bank cuts interest rate by 1%
The Reserve Bank of New Zealand has swung into line with central banks around the world to slash the interest-driving official cash rate (OCR) by an unprecedented 1% yesterday, to 6.5%, potentially offering some relief to mortgage seekers and dampening recessionary effects.
World markets give back gains but less volatile
World markets give back gains but less volatile
United States share markets lost half their Monday gains as the major companies reported bleak outlooks for the beginning of the reporting season.
DCC confident of funding sources
DCC confident of funding sources
The Dunedin City Council is confident it can raise funds for its fortnightly operational borrowing requirements and will have several debt-raising options available next February for the planned Otago Stadium in Awatea St, in the face of the global credit crunch.
Flight of capital causing concern
Flight of capital causing concern
Concern - on both sides of the Tasman - that investors will flee from unguaranteed funds to the recently government-guaranteed deposit schemes have been raised in Australia.
Reserve Bank focused on credit crunch risks, likely to cut OCR
Reserve Bank focused on credit crunch risks, likely to cut OCR
Inflation has reached an 18-year high of more than 5% but that is not expected to dampen the likelihood of the Reserve Bank cutting the interest-driving official cash rate by up to 1% tomorrow.
Spectacular volatility has traders gasping
Spectacular volatility has traders gasping
Brutal stock losses in the United States have been turned around, but Europe and Asia-Pacific booked a battering in volatile trading conditions described as "breathtaking" before going into flat trading mode yesterday.
Contact now the top stock by market capitalisation
Contact now the top stock by market capitalisation
Contact Energy has toppled Telecom from the No 1 spot on New Zealand's Top 10 companies list by market capitalisation, but collectively the group of 10 have averaged a more than 17% decline in share values during the past 30 days.
Otago manufacturing best of bad bunch
Otago manufacturing best of bad bunch
The manufacturing sector has just notched up its longest period of contraction during the past six years, it was revealed in the Bank of New Zealand-Business New Zealand performance of manufacturing index yesterday.
Global markets continue plunge
Global markets continue plunge
Fears of an imminent global recession plunged sharemarkets into another tailspin yesterday, despite the United States, European and Asian governments pouring hundreds of billions of dollars into the ailing banking sector during the week.
Interest in sites bodes well for relocation plans
Interest in sites bodes well for relocation plans
The sale of Fisher and Paykel Appliances' manufacturing sites in Mosgiel, East Tamaki and Brisbane appears set to underpin its overseas relocation plans, according to research by brokers ABN Amro Craigs.
50 F&P staff could go before Christmas
50 F&P staff could go before Christmas
Up to 50 staff may be laid off just before Christmas from Fisher and Paykel Appliances' Mosgiel plant, in the first official round of redundancies.
Government cancels $4m bond issue
Government cancels $4m bond issue
The Government has cancelled a $4 billion bond issue because of recent market volatility, but the move could be an indicator of problems ahead for the Government's $150 billion retail deposit guarantee scheme.
Sharemarkets experience resurgence
Sharemarkets experience resurgence
World sharemarkets swung from some of the biggest losses in decades last week to the Dow Jones, Nasdaq and S&P 500 in New York booking record gains of more than 11% each on Monday trading as European governments' intervention in banking ills got investor support.
Excluding interbank loans flaw in NZ plan
Excluding interbank loans flaw in NZ plan
The Government's decision not to include a guarantee on wholesale interbank lending in its $150 billion retail deposit guarantee scheme is a major issue with "complex layers and fish-hooks" yet to be unravelled.
Australian, NZ guarantees lift markets
Australian, NZ guarantees lift markets
Transtasman government guarantees on personal savings during the weekend have bolstered the New Zealand and Australian sharemarkets compared to the hammering last week following panic selling in the United States and Europe.
Gold dives amid uncertainty
Gold dives amid uncertainty
Gold plunged more than $US100 per ounce overnight to $US827 ($NZ1389) - its largest percentage decline in 25 years - as investors cash up amid turmoil sweeping world markets.
Dodson named to chair wood council
Dodson named to chair wood council
City Forests chief executive Grant Dodson has been appointed chairman of the Southern Wood Council, an independent organisation encompassing 140,000ha of Otago and Southland forestry interests.