Thursday, February 11, 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, February 5, 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, January 28, 2016

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, January 25, 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, January 12, 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, December 24, 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.

Wednesday, December 23, 2015

An additional $3.6m is being budgeted for the latest stage of the Leith Flood Protection scheme.

It's part of an almost $40m total redevelopment project being undertaken by the Otago Regional Council.

The extra money will go towards a section of work on Leith Street near the St David Street footbridge.

Regional Council staff are yet to calculate the final costings of the entire project.

The work is set to start next month.

Wednesday, December 16, 2015

The government has just announced there will be no new oil and gas exploration off Otago's coast in relation to the latest round of permits.

Ministers have granted nine permits in the 2015 block offer.

All of them are for exploration in the Taranaki basin.

In the past few years international companies have drilled for oil and gas off Otago's coast through the annual block offer process.

That's brought a mix of support and opposition from locals.

Some residents are encouraged by the prospect of economic gains, while others are concerned about the environmental impact.

Wednesday, December 16, 2015

Dairy giant Fonterra is selling its Australian yoghurt and dessert business.

Another Australian company is buying the operation and taking on existing staff.

Fonterra is still heavily invested across the Tasman, recently committing more than $120m to a factory rebuild in Victoria.

It's also commissioning a new beverage plant and expanding its popular brands throughout the country.

Australia is Fonterra's largest milk pool outside New Zealand.

The changes are aimed at delivering stronger returns to farmer shareholders.

Tuesday, December 15, 2015

Survey results show this year's main concerts at Forsyth Barr Stadium have generated almost $20m for the local economy.

Stadium managers have just released the economic impact data, after surveying thousands of ticket holders.

They say the Rod Stewart, Neil Diamond and Fleetwood Mac concerts have provided a significant boost to the city's businesses.

Last month's Fleetwood Mac concert was attended by almost 35,000 people, many of whom were visiting from out of Dunedin.

The other two main concerts were smaller, but still attracted thousands of visitors to the city.

Hundreds of locals also gained work in relation to the events.

Tuesday, December 15, 2015

The government is committing to several more years of funding for a programme aimed at growing small businesses.

Hundreds of local firms are benefiting through the programme, being delivered by the Otago Chamber of Commerce and Dunedin City Council.

And its continuation is set to be worth millions.

Monday, December 14, 2015

The owners of local McDonald's restaurants are moving away from tradition with a multi-million dollar investment.

Justin and Eterei Stonelake are taking on 30 new staff at their South Dunedin location.

That's where they're offering customised burgers through a new digital kiosk.

In total the couple are employing more than 200 staff across their three Dunedin restaurants.

They've spent almost $5m over the last few years developing the franchises.

Wednesday, December 9, 2015

A Dunedin-based game development company is reporting a sixfold increase in one avenue of its business.

Runaway director Tim Nixon says during the relaunch of a game called Splash, the number of daily active users rose by 600%.

Revenue from the cellphone game is up accordingly.

It follows Runaway's move to control its own publishing and marketing.

The company is a division of local television production firm NHNZ.

It was set up in 2009 and has since doubled its staff, with most working from Dunedin.

Tuesday, December 8, 2015

A local MP is weighing into the fight for South Dunedin's Work and Income office to be reopened.

The office in Hillside Road was flood-damaged in June and has been closed since.

Some South Dunedin residents have been complaining about having to travel into the city to the nearest WINZ office.

Dunedin South MP Clare Curran is calling on the government to offer up some answers about when the service will resume.

She says the Dunedin South electorate has more than 18,000 people on income support.

More than half the community earns less than $35,000 per year.

The Ministry of Social Development hasn't said when, or if, the office will be reopened.

Tuesday, December 8, 2015

Local businesses are being challenged to issue at least one positive press release per year, under a new council-led programme.

The positive press challenge was recently launched by the Dunedin City Council's Grow Dunedin Partnership.

It's aimed at supporting the city's growth, generating business and attracting more people to live and work locally.

Enterprise Dunedin is helping by supplying businesses with a list of contacts and protocols for media content.

It will also be publishing positive press about Dunedin businesses on its website.