Dene Mackenzie

Wage settlements of up to 13.5% for Engineering, Printing and Manufacturing Union members were likely to avert industrial action in an election year, union national secretary Andrew Little said.

New Zealand Oil and Gas shares took a dip this week but the company was still the best performer on the NZX-50 in the six months ended June, according to figures compiled by Forsyth Barr.

The bitter battle between two factions of Labour Party supporters in Dunedin South worsened this week with the resignation of a branch official as allegations of mismanagement came to light.

More than $830 million was wiped off the value of the New Zealand Stock Exchange top 50 shares yesterday as global markets reacted to crude oil prices racing to record highs above $US145 ($NZ190).

Employment confidence has fallen to a four-year low although it remains in optimistic territory.

Shoppers turn to Pak 'N Save as grocery prices increase.

The introduction today of flexible working rights was unlikely to result in a major change on the way Otago businesses operated, Otago Chamber of Commerce chief executive John Christie said.

Entrepeneurial spirit in Dunedin is not something to be truffled with.

Reduced discretionary spending by households hurting from increased fuel, energy and food costs has started to affect New Zealand's largest listed retailers.

The Reserve Bank may have to intervene in the economy and lower interest rates as soon as next month, economists said yesterday.

The Westpac Otago Chamber of Commerce Business Excellence Awards should help lift any economic gloom around the region as businesses came together to celebrate success, chamber chief executive John Christie said last night.

The slowing global economy hurt New Zealand's trade balance in the three months ended March, as the country's earnings from foreign investment declined.

Property developers, particularly those involved with residential projects, would find money harder to come by as cash from finance companies and banks dried up, Myles Wealth Management director Craig Myles said yesterday.

Consumer confidence throughout New Zealand slid sharply in the three months ended June, with Otago and Southland slumping to the bottom of the pile.

Invercargill-based Southland Building Society (SBS) reported an operating profit of $21.3 million for the year ended March, down on the $22.2 million reported in the previous corresponding period (pcp).

The week ahead is unlikely to bring any relief to investors around the world, with markets expected to continue to fall or stagnate ahead of a United States Federal Reserve meeting.