Contact Energy has toppled Telecom from the No 1 spot on New Zealand's Top 10 companies list by market capitalisation, but collectively the group of 10 have averaged a more than 17% decline in share values during the past 30 days.
The manufacturing sector has just notched up its longest period of contraction during the past six years, it was revealed in the Bank of New Zealand-Business New Zealand performance of manufacturing index yesterday.
Fears of an imminent global recession plunged sharemarkets into another tailspin yesterday, despite the United States, European and Asian governments pouring hundreds of billions of dollars into the ailing banking sector during the week.
The sale of Fisher and Paykel Appliances' manufacturing sites in Mosgiel, East Tamaki and Brisbane appears set to underpin its overseas relocation plans, according to research by brokers ABN Amro Craigs.
Up to 50 staff may be laid off just before Christmas from Fisher and Paykel Appliances' Mosgiel plant, in the first official round of redundancies.
The Government has cancelled a $4 billion bond issue because of recent market volatility, but the move could be an indicator of problems ahead for the Government's $150 billion retail deposit guarantee scheme.
World sharemarkets swung from some of the biggest losses in decades last week to the Dow Jones, Nasdaq and S&P 500 in New York booking record gains of more than 11% each on Monday trading as European governments' intervention in banking ills got investor support.
The Government's decision not to include a guarantee on wholesale interbank lending in its $150 billion retail deposit guarantee scheme is a major issue with "complex layers and fish-hooks" yet to be unravelled.
Transtasman government guarantees on personal savings during the weekend have bolstered the New Zealand and Australian sharemarkets compared to the hammering last week following panic selling in the United States and Europe.
Gold plunged more than $US100 per ounce overnight to $US827 ($NZ1389) - its largest percentage decline in 25 years - as investors cash up amid turmoil sweeping world markets.
City Forests chief executive Grant Dodson has been appointed chairman of the Southern Wood Council, an independent organisation encompassing 140,000ha of Otago and Southland forestry interests.
Listed Dunedin manufacturer and exporter Scott Technology - which booked a more than $800,000 full-year loss earlier this week - has had its two-year profit forecasts downgraded by brokers ABN Amro Craigs.
Panic selling in the United States sharemarkets overnight sparked massive Asia-Pacific losses yesterday as cash-hoarding investors propelled the credit drought to crushing dimensions.
The Reserve Bank of New Zealand followed the lead of the world's major central banks yesterday, not in cutting its interest-driving official cash rate, but in offering a temporary lending facility to banks which has no ceiling for approved applicants.
Overnight carnage on Wall St for a fifth consecutive day - pummelling indexes to fresh five year lows - has prompted the United State's Federal Reserve central bank to expand its lending programme in a surprise move.
Port Otago subsidiary Chalmers Properties is defending ground-lease increases of up to 200% for some Dunedin building owners.
Asia-Pacific sharemarkets remained cautious yesterday after Monday's global freefall again wiped billions of dollars in value off company values and markets notched up record losses.
Listed Dunedin manufacturer and exporter Scott Technology booked a loss of more than $800,000 for the year's trading to August, as the escalating global credit crunch sparked a downturn in United States appliance manufacturing, Scott's main customer base.
Port Otago intends applying for resource consent from the Otago Regional Council to extend its container wharf a further 140m at a cost of between $5 million and $10 million.
Commodity exchanges have reputedly been around since the 6th century BC, when sheep and goats were traded in southern Mesopotamia, but now encompass exchanges around the world.