A decade of shallow economic recovery looks like it is coming to a messy end, as the cheap credit that fuelled an international housing boom dries up. Weakness in the US economy has become obvious as a record number of homeowners faced foreclosure on their properties in May. To make things worse, food prices around the world have increased drastically. In New Zealand, companies are closing factories. Dunedin-based PPCS Ltd., the nation's biggest meat processor, said in April it would shut two abattoirs and fire 604 workers. Fisher & Paykel Appliances Ltd. announced at the same time it was closing its Mosgiel dishwasher manufacturing plant, with the loss of 430 jobs. Dunedin’s Tamahine Knitwear sacked a further 50 workers when it shut down in April. |
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