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Friday 04th March, 2016
The receivership of a locally-owned accommodation company is being wound up after almost six years.
Stevens Motels Ltd was placed in the hands of receivers in July 2010, owing almost $400,000 to the Southland Building Society.
That debt remains outstanding, despite the sale of all assets and property worth over $1m.
The company is owned by Colin and Julie Stevens, of Dunedin.
Insolvency Management Ltd finished with the case last week although substantial debt and liabilities remain.
Tuesday 01st March, 2016
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More than 700 local businesses are having to adapt to new legislation which is taking effect today.
All companies and organisations dealing with food must comply with a new act and the changes within.
Existing companies have a grace period in which to adjust systems in line with the updated law.
It covers any firms that make, sell, grow or transport food commercially.
There's about 715 affected businesses in Dunedin.
Most changes relate to managing food safety and risk.
Monday 29th February, 2016
International trade is growing, with more goods being imported and exported compared to this time last year.
Statistics New Zealand has revealed the latest figures, showing a $261m jump in the value of imported goods.
The total value of exports also increased by more than $200m.
Both markets were worth just under $4b in January alone.
Crude oil was one product bucking the trend, slipping about 8%.
Meanwhile cherries have led export growth to China, setting new records for value and quantity.
Wednesday 24th February, 2016
Agricultural firm PGG Wrightson is posting profit losses as the dairy downturn continues to have an effect.
The company reported a 19% drop in its surplus for the last half of 2015.
That's almost $4m less than the profit for the corresponding period in the previous year.
Farmers are being more conservative with their spending as a result of falling dairy prices and fears of ongoing drought.
PGG Wrightson is expecting full year earnings to be at the lower end of its forecast range of around $60m before costs.
Thursday 11th February, 2016
There's no sign of a slowdown in retail spending, with electronic card transactions up in the last month.
Just under $5b was spent electronically in January.
That's an increase of about 5% on a year ago.
Hospitality is a leading industry, bringing in an extra $10m last month.
Spending in some sectors has fallen, most noticeably in relation to fuel purchases.
But booming tourism and record low interest rates are expected to keep retail businesses afloat.
Friday 05th February, 2016
Investors in a Milton wool mill are unlikely to be reimbursed through the company's liquidation.
Receivers say Bruce Woollen Mill Ltd owes just over $4.7m.
About a million dollars is owing to secured and preferential creditors, including employees and Inland Revenue.
But the majority of the debt relates to shareholder loans and unsecured investments.
The company's assets are being sold but they're not expected to generate enough money to cover liabilities.
A liquidation hearing is scheduled for the High Court at Dunedin on the 3rd of March.
Thursday 28th January, 2016
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A former luxury hotel is being listed on the market for keen investors.
Corstorphine House is for sale, for $3.8m.
The privately-owned property in Milburn Street used to be a high-end hotel and function venue.
Famous guests include Prince Charles, Gwyneth Paltrow and Chris Martin.
Property broker Adrian Chisholm says the house would be a smart investment for hospitality vendors, with increasing interest in the local tourism sector.
The house was built in 1863 and sits on a 3ha section.
Monday 25th January, 2016
Falling oil prices are having a marked impact on local exports.
The shipping rate to China is 26% lower than a year ago, and 7% lower than last month.
Some exporters are reporting the lowest rates in over 20 years.
That's as the New Zealand dollar is declining, making goods more attractive to overseas buyers.
The kiwi has slid more than 5% against the greenback so far this year.
Tuesday 12th January, 2016
The growth in residential building hit an all-time record of a billion dollars in November last year.
Figures from Statistics New Zealand show the value of consents issued in Otago rose consistently from $42M in August to $52M in November.
Dunedin was up from 269 dwelling consents in October to 337 in November.
Thursday 24th December, 2015
Automotive company 2 Cheap Cars is looking to sell its stake in Kiwi Regional Airlines.
The car reseller today said it wants to sell its 10.4% holding.
The company initially owned 23% of the airline, but its shareholding was diluted several times during the year as Kiwi Regional Airlines issued more shares.
There are currently four other investors who each individually own various percentages.
Kiwi Regional Airlines was set up by Ewan Wilson in December 2014, after Air New Zealand announced it was abandoning several regional services.