Pauanui owing more than $100,000 to Coromandel businesses

Pauanui Lakes Resort

The failed Pauanui Lakes Resort owes more than $100,000 to Coromandel businesses, which include a liquor retailer, a Pauanui electrician and a local radio station. It seems that all of them would lose tens of thousands of dollars and won’t receive pending payments. 

It should be noted that these three companies are not the victims alone, in fact there are many other which suffered due to the collapse of the plush golf resort and associated companies which went into liquidation on Friday.  

NZ shares experience modest gains

New Zealand share market

Despite worries about the state of US banks; modest gains were posted by the New Zealand share market. 

Since the Australian market turned negative and future prices hinted a fall in the US market when it opens, the benchmark NZX-50 index closed up 12.309 points or 0.437 percent at 2831.36. 

Today, the turnover was worth $94 million of which $28.7m was in Telecom shares. Among the 116 stocks traded, there were 44 rises and 30 falls. 

Among the best performers of the leaders, Telecom came up rising 5c to 283.

NZ expansion planned by McDonald’s

McDonald’s

30 additional fast food restaurants have been planned to be constructed by McDonald's in New Zealand and during the next three years it would also employ another 6000 staff.

Local managing director Mark Hawthorne told that in the year 2009 the chain will open 10 new outlets. 

He further informed that this year approximately $100 million would be spent by the company and its franchisees on constructing new stores and refurbishing existing ones.

NZ medical diagnostics to get investment from new partnership

New Zealand Venture Investment Fund

An investment of between $8 million and $10 million might be made by a new investment partnership between government-supported fund manager the New Zealand Venture Investment Fund (NZVIF) and private investment company New Zealand Diagnostics (NZDx) in order to develop globally focused medical di

Upturn in Auckland housing market pointed by figures

Barfoot & Thompson

The city's largest real estate agency group, Barfoot & Thompson has informed that April was comparatively strong month for house sales volume and said that the strength is another encouraging sign of market recovery.

809 sales in April at an average price of NZ$502,726 was reported by Barfoot and Thompson.

The sales recorded in the year 2006 and 2007 were still higher than the number of sales over the month, which recorded 829 and 899, respectively. In April 2008 the sales were 453 recorded by Barfoots.
 

Cash rate left by RBA at 3%

Reserve Bank of Australia

Despite further signs of deterioration in the economy, the Reserve Bank of Australia (RBA) has left the cash rate unchanged that could witness the unemployment rate hit six per cent this week.

The cash rate has been widely tipped by economists and financial markets, being left at a 49-year low of 3.0 per cent following Tuesday's monthly RBA board meeting in Sydney.

In the month of April the central bank reduced rate by 25 basis points, bringing total reductions since September to 425 basis points.

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