Monday, July 19, 2010

KiwiRail announced late on Friday that they had reached a short list of four potential suppliers to build trains for the Auckland Rail Network, following an expression of interest process in May.

The decision has enraged the Rail and Maritime Transport Union Rail.

General Secretary Wayne Butson says workers are gutted that the trains are not being built in New Zealand, despite the capacity existing at Hillside and Woburn workshops.

Butson says both facilities provide a comprehensive economic case backing a local build.


Thursday, July 15, 2010

Bayer Animal Health and Paraco Technology today announced that they have signed an option agreement allowing Bayer access to Paraco's lead molecules for testing and development in animal health.

Paraco Technology, a subsidiary of AgResearch, is a start-up biotech company looking to develop new animal health drug molecules, specifically dealing with parasiticides.

Both companies see the partnership as a way of continuing their tradition of providing research and products to the field of animal health.


Wednesday, July 14, 2010

Seasonally adjusted retail sales rose in May of this year, according to figures released today by Statistics New Zealand.

This rise was led by a 2.3%, $33m increase in vehicle-related sales.

Vehicle-related industries recorded both the largest increase and the largest decrease of the 24 retail industries this month.

Motor vehicle retailing rose 7.5%, or $43m, while automotive fuel retailing fell 1.9%, or $11m


Tuesday, July 13, 2010

BNZ's latest survey of readers of its weekly overview has identified a continued fall in business confidence.

The survey result is being seen as a failure of the economic recovery to live up to expectations.

Held every month, the survey results found confidence had fallen for the third month in a row.

A net 2% of respondents expected the economy to improve during the coming year, down from 26% in June.

BNZ chief economist Tony Alexander believes the most logical conclusion to draw from the data is that hesitance towards optimism was continuing following evidence a depression scenario had been avoided.


Monday, July 12, 2010

Dunedin's property values are going against the norm, according to this month's QV residential property index survey.

Unlike many of the main centres, Dunedin's property values haven't consistently decreased, with the past month showing a 1% growth in the gap between higher and lower values.

Auckland and Wellington prices have slipped slightly over the past year, nearly 1% and almost 2% respectively.

Hamilton and Tauranga values have been relatively static for most of the year, showing no significant increase in the second half of 2009.


Wednesday, June 30, 2010

The Cadbury confectionery company has fallen from grace according to this year's Readers Digest survey of trusted brands, however spokesperson Daniel Ellis says

He believes the company takes all feedback seriously, including from a 500 person survey, saying the company doesn't take customer support for granted.

Ellis says although its been a tough twelve months for the Cadbury brand, the company is proud of the $69 million dollar investment in their Dunedin factory.

Daniel Ellis says the takeover of Cadbury by UK-based Kraft Foods didn't factor into the result, as it was after the Readers Digest survey.


Monday, June 28, 2010

Pay negotiations for one of the country's largest private sector collective agreements begin tomorrow, with Westpac workers seeking to 'inflation-proof' their pay in the face of significant cost of living increases.

Finsec Campaigns Director, Andrew Campbell, who is a past president of the Otago University Students Association, says workers want their agreement to at least match the predicted inflation figure of 5.9%

Campbell says the Australian-based bank made $125m in the first six months of this year, and their pay claim will only cost around 2.5% of that profit.

He says a pay increase now, and an inflation adjustment next year, is an accurate and fair way to make sure worker's pay doesn't go backwards.


Thursday, June 24, 2010

Dunedin based company Pacific Edge Biotechnology has been awarded a New Zealand patent for its colorectal cancer prognostic technology.

The technology enables the detection of aggressive cancer in patients already diagnosed with colorectal cancer.

The colorectal cancer prognostic gene signature is the company's second commercial product, joining its recently launched bladder detection test, Cxbladder.

Following the announcement Pacific Edge shares rose 1c, to 24c.


Wednesday, June 23, 2010

National data suggesting workers are confident about their current and future prospects isn't reflected in Dunedin, according to the head of the Otago Chamber of Commerce.

The Westpac McDermott Miller Employment Confidence Index showed that the June quarter has seen a notable improvement in perceptions of current employment conditions.

48% of respondents now believe that jobs are hard to get, compared with 60% in March and 65% in June last year.

Otago Chamber of Commerce Chief Executive John Christie believes that trading conditions are still difficult in Dunedin, and while prospects may be better, that isn't resulting in increased profitability or sales.


Thursday, June 17, 2010

ASB Bank today became the first bank to lift lending rates after last week's quarter-point increase in the official cash rate, a move that will capture most borrowers.

From tomorrow, the bank will boost its variable, six-month fixed and 12 month fixed rates to 6, 6.1 and 6.45% respectively for new customers, with existing borrowers following on from July the 5th.

The hikes will capture more than two-thirds of mortgage holders, with 69% of residential mortgages on either floating or fixed rates for less than a year, according to Reserve Bank data.


Wednesday, June 16, 2010

New Zealand's only customer-owned community bank, SBS Bank has announced a solid profit result, greater liquidity and stronger capital ratios in its first full year of trading as a registered bank.

In what has been widely recognised as a trying year in the finance and savings sector, SBS Bank has posted an operating surplus of $19.4 up from $18.5 million the previous year.

SBS Bank chief executive Ross Smith says it was a solid and pleasing performance, especially when the testing financial times are taken into account.


Tuesday, June 15, 2010

Despite pending tax changes and the anticipated rise in the Reserve Bank OCR, there was no real reduction in residential property prices or the number of sales in May.

According to figures released by the Real Estate Institute of New Zealand, the median residential property price nationally dropped to $350,000 in May from $356,000 in April.

The median price in Dunedin City eased to just over $241,000 from $248,000 in April, but was up on the May median last year of $235,000.


Thursday, June 10, 2010

The Consumer and Trade Union is disappointed at the 1.25 percentage point rise in the OCR, which will lift the cost of a $200,000 floating rate mortgage by about $10 per week.

Interest rates are forecast to continue to rise, with 90 day interest rates predicted to increase from the current 2.9% percent to 4.2% percent in March 2011, and 5.6% percent in March 2012, further increasing the cost of mortgages.

CTU Economist Bill Rosenberg says that banks are continuing the tighter lending criteria they established during the financial crisis, and the rise in interest rates will not help.


Wednesday, June 9, 2010

Many financial commentators are predicting Reserve Bank Governor Alan Bollard will lift the Official Cash Rate, when he makes his quarterly fiscal announcement tomorrow morning.

If Dr Bollard lifts the OCR, it will the first rise since late July 2007, when he lifted the rate to 8.25% the highest rate since the introduction of the OCR in 1999.

A survey conducted by Reuters had 15 out of 18 financial institutions surveyed believing Dr Bollard will raise the cash rate by a quarter point, to 2.75%.


Tuesday, June 8, 2010

Builders from across the country are competing in the Registered Master Builders 2010 House of the Year.

The competition has a total of 530 entries nationwide, a result that Registered Master Builders Federation chief executive Warwick Quinn believes shows an underlying strength in the value of the competition.

Quinn adds that the entry numbers also demonstrate that despite difficult market conditions, people continue to trust Registered Master Builders.

The competition will showcase the talent of 38 Registered Master Builders, across 57 entries in the Southern region.