Thursday, October 15, 2009

The median farm price in Otago dipped to just over $535,000 in September, dropping from more than $930,000 in August.

Peter McDonald of the Real Estate Institute of New Zealand says while it may look like a $400,000 drop, it just means less valuable farms sold during the period.

Only eight farms sold during September, consisting of six special, and two grazing farms.

Fifty lifestyle blocks sold in September, with the median price rising to $385,000 in September, up from $315,000 in August.


Tuesday, October 13, 2009

In August 2009, seasonally adjusted core retail sales were up 1.2%, or $49,000,000, Statistics New Zealand announced today.

Total retail sales also rose, up 1.1% or $60,000,000 with two-thirds of all retail industries showing increases.

The total retail sales trend has been rising since February, following a 13-month period of decline.

Seasonally adjusted sales figures were up for most regions, including Otago. Exceptions included Wellington and Waikato.


Monday, October 12, 2009

Consumer spending is on the increase, if the lastest figures from Statistics New Zealand are anything to go by.

Electronic card transactions increased 0.4% in September compared with August. The industries contributing the most to this increase were automotive fuel retailing, consumables such as food and liquor, and services.

The value of transactions in the retail industries rose 0.7% in September, with automotive fuel retailing the biggest contributor.


Friday, October 9, 2009

Scott Technology reported a before tax profit today of just under $400,000 on operating revenues of $31.3 million dollars, for the year ending in August.

The company says it's satisfied with the result, as it was achieved during a significant economic downturn, which caused many companies to halt or defer investment in capital equipment, such as that which Scott produces.

The company is supported by a strong balance sheet, with total assets of $35.4 million, cash on hand of $1.5 million, and total bank loans of $4.5 million dollars.


Wednesday, October 7, 2009

The Australian Reserve Bank lifted its official lending rate to 3.25% today.

However, a leading New Zealand financial adviser says the move was well signalled, and doesn't believe New Zealand will follow suit.

Haley Paterson of Forsyth Barr doubts Reserve Bank Governor Alan Bollard will lift New Zealand's rate this month, with continuing pressure from the export sector, due to a strong NZ dollar.

Paterson believes the Official Cash Rate will be left at its lowest ever point of 2.5%, when it's reviewed on October the 29th.


Tuesday, October 6, 2009

The New Zealand dollar is currently just over 73c, the highest it's been in 14 months.

Forsyth Barr Investment Adviser, Haley Paterson, says today's rise was helped by positive data coming out of the US, and encouraged investors to seek riskier investments offshore such as in New Zealand and Australia countries well known for their strong commodity based economies.

According to Paterson, a higher New Zealand dollar will
most likely encourage the Reserve Bank to keep the OCR at current levels, meaning short term mortgage rates will stay lower for longer.

However, Paterson says a higher New Zealand dollar is fairly damaging for our local exporters.


Monday, October 5, 2009

A turbulent year for air travel saw Dunedin International Airport record a net after total revenue of $7,548,000

The result is down 1.4% against the previous year, and follows a higher than expected after tax deficit of more than $900,000

Dunedin International Airport Limited Chairman Richard Walls says an 8% increase in passenger numbers is on the positive side of the ledger, while a reduction in revenues from international services, and a reduction in the value of shares held in Fonterra, of nearly $200,000 has kept the company grounded.


Friday, October 2, 2009

Figures released by Statistics New Zealand today show New Zealand's business income continued to improve during 2008.

Total income for all New Zealand businesses increased to just over $560bn for the last financial year.

That's an increase of more than 7% on the total earnings for 2007.

The industries covered in the survey contribute roughly 90% of New Zealand's gross domestic product.


Thursday, October 1, 2009

The government recently lifted the fishing quota for Hoki by 20,000 tonnes.

Fisheries Minister Phill Heatly says that the increase from 90,000 to 110,000 tonnes could bring in $29,000,000 more in export earnings.

The move comes after a reported increase in Hoki population.


Wednesday, September 30, 2009

Fuel taxes will rise tomorrow, bringing an end to the golden weather for motorists who have enjoyed petrol price cuts of 8c a litre since last week.

Excise tax on petrol will increase by 3c a litre, and drivers of diesel vehicles will face a similar average increase in road user charges, depending on vehicle weight.

Mike Noon of the Automobile Association says although nobody liked paying more taxes, these were well signalled and were at least being fully applied to roads and other transport needs.

Operators of heavy trucks will pay 3-6% more, but there will be no increase for truck trailers.


Tuesday, September 29, 2009

Stop Work action at Port Otago is one step closer after proposed redundancies were rejected by the workers at a heated meeting today.

Maritime Union National President Phil Adams says that Port Otago are proposing to make 35 positions at the Port redundant, and if that officially happens it is likely there will be strike action.

Workers are being asked to work two twelve hour shifts rather than three eight hour shifts per day, which Adams says creates a dangerous work environment due to fatigue.

Port Otago's CEO and Chairman failed to show up at today's meeting, creating further resentment from workers.


Monday, September 28, 2009

The price of petrol has dropped for the second time in almost as many days.

Saturday saw a four cent drop, with another four cent drop occurring today.

Shell and BP led the charge, with 91 Octane now just under $1.55 a litre, and 95 Octane just under $1.62 a litre.

Diesel remains unchanged at just under $1.00 a litre.

However, these latest drops will be largely offset by a fuel excise duty increase of 3 cents per litre, which is due to come into effect on Thursday.


Friday, September 25, 2009

Solid Energy says its plans for a new fertiliser venture have the potential to tap into mineral wealth in a big way.

It says the combination of southern lignite and urea could boost New Zealand's large scale coal gasification capability.

The proposal fit with the government's push for more aggressive exploitation of New Zealand's minerals.

The use of southern lignite has been criticised by New Zealand's sustainability council, due to its carbon intensity.


Thursday, September 24, 2009

The recession may be technically over with yesterday's announcement of weak growth in New Zealand's Gross Domestic Product, but one major retailer is still hurting.

Hallenstein Glasson Holdings Ltd., owner of the men's and women's clothing chains, confirmed a slump in its annual profit, and saying its too difficult to provide guidance for the current year.

The company's net income fell 19% to just over $12 million for the 12 months ended August 1.


Wednesday, September 23, 2009

New Zealand's Gross Domestic Product figures for the June quarter, released today, show weak growth in the New Zealand economy, bringing the country technically out of recession.

The .1% growth is the first time growth has been recorded in over a year.

But Forsyth Barr financial analyst Haley Paterson is sceptical; she says whilst this is good news and helps with the initial steps of recovery, the Reserve Bank will still be sending cautionary reminders to the New Zealand public about jumping on the bandwagon of debt.

The current account deficit, as a percentage of GDP, is at its lowest levels since September 2004.