Port Otago's log exports could double this financial year as
Chinese and Korean demand for southern radiata pine surges,
in turn boosting prices more than 60% for the hard-hit
forestry sector.
Port Otago's 100%
owner, the Otago Regional Council, favours discussion
continuing over a proposed merger with rival Lyttelton Port
of Christchurch - preferably with a decision made by the end
of 2010.
Triple-listed Oceana Gold has raised $C86.3 million ($NZ123
million) in ordinary shares and chess depository interests,
which it will use to buy out its contracted forward orders
hedge book.
Investors in failed Dunedin boutique company St Kilda Finance
have received $1.7 million in disbursements since its
receivership in November 2008 - but for the second time have
been told the overall payouts would be lower than indicated
earlier.
The Government remains tight-lipped on the contents of its
wide-ranging "stocktake" mineral report - likely to be one of
the more contentious environmental issues this year - which
is due to be released by the end of the month.
Southern lending giant South Canterbury Finance's six-month
loss of nearly $155 million was worse than market
expectations and gives little detail of overall
recapitalisation plans or pending loan repayments of more
than $1 billion this year.
South Canterbury Finance's plans for its owner Southbury
Corporation to list on the stock exchange faces headwinds on
several fronts, while the listing remains crucial for it to
maintain its Standard and Poors rating in coming months.
The landmark 90-year-old Majestic Mansions apartment block at
St Clair has been sold for an undisclosed sum, and leased
back to former owner and local developer Stephen Chittock.
The respective state of the economies of New Zealand and
Australia were brought into sharp relief during the
listed-companies reporting season. Business Reporter Simon
Hartley and Craigs Investment Partners broker Peter McIntyre
consider the two economies' effects on company fortunes and
outlooks.
Embattled South Canterbury Finance has made its final payment
to American investors - $24.3 million - a month early in
order to exit a $100 million loan whose terms it yesterday
described as "disadvantageous".
