The NZX-listed Lyttelton Port Company owned by Christchurch city and Port Otago has received $53 million from its insurers but it needs $465 million to re-establish its earthquake-damaged facilities.

Chairman Trevor Burt and chief executive Peter Davie told the share holders at the annual meeting today about plans for redevelopment worth $500 worth to be completed over the next 20 years in addition to the reinstatement.

Today, Christchurch-based Independent Fisheries Ltd, which  has seen a sharp decline in its sales over the last three years, confirmed the closure of its Woolston plant . The Woolston facility primarily produces crumbed and battered fish products for the Australian and New Zealand markets.

The plant will see its closure on December 18 this year.

The Auditor General Lyn Provost has given a mixed report to the EQC's performance on dealing with homeowners who were  affected by the Canterbury earthquakes.

According to her the programme managed to control costs reasonably well but however did not deal with the homeowners efficiently.

A research has been carried out by Mentos Gum. As per the same, it has been unveiled that women handbag's bottoms can contain many things that can cause problems.

Competition was so stiff at Trade and Enterprise's International Business Awards that the deciding panel had a difficult time in choosing the winner's name.

They have named Tru-Test, an Agri-tech company, as the winner. But has also praised ARANZ Geo, which is a Christchurch based company.

A major new commercial development in the Christchurch CBD has started with full zeal.

Property developer Antony Gough and Canterbury Earthquake Recovery Minister Gerry Brownlee marked the start of the work today on the first stage of The Terrace.

It is the first private development which is to be built in the city's retail precinct. This project is located on the banks of the river Avon.