1Hundreds of jobs are in jeopardy tonight because of turmoil at two companies in Canterbury and Taranaki. First south Taranaki and the fate of Yarrows the Bakers, the receiver for Yarrows is Brian Mayo Smith of BDO. The only business in the group is the Manaia factory, and it was done at the request of the directors.

2Craig Ashworth is at the bakers headquarters at Manaia, close to Hawera where the company is still operating. No details available yet as the company are talking to staff first. It is an icoic site in the town and will have a big effect on the town if it closes.

3In Christchurch the bus maker Designline has gone into liquidation. The Engineers, Printers and Manufacturers Union say there are about 500-pople employed by the company. The union heard that the company was shutting its doors at 2-pm today after discussions and court hearings.

4Auckland's mayor, Len Brown, is pushing ahead with the case to build a downtown rail tunnel, despite the government rejecting the council's two-billion dollar plan. The government says the council's case exagerates the benefits and the council has its figures wrong.

5The goverment is looking for savings of at least ten-percent or 20-million dollars from its latest round of public service reforms and won't rule out cutting services if it can't meet that goal. They are looking at merging some entities to achive savings in back office costs, and eliminating others all together.

6The New Zealand dollar rose to a fresh post-float high against its American counterpart early this afternoon reaching a new post-float high of 82.6-cents against the $US. This reflects the business confidence in New Zealand.

7News from the business sector including a market report

85:30pm News

9Hundreds of jobs are in the balance in Canterbury and Taranaki with two companies in trouble. The receiver Brian Mayo Smith says Yarrows the Bakery will keep trading as they try to find a buyer for it.

10The Government's taken another step to rein in public spending, and cut the number of state agencies. A total of 17-agencies, tribunals and authorities will be affected by the proposed mergers and other reforms affecting an estimated 900-staff.

11We've just had the warmest May since records began in 1909 according to the National Institure of Water and Atmospheric Research. La Ninya is mostly to blame but there is some underlying change going on NZ's climate.

12Prison reformers says giving inmates carrot sticks and encouraging them to sing are amusing ways to get them to quit smoking. Prisoners loose the right to smoke from July 1st and there are programmes in place to help them.

13Waatea News

14Plans to build a multi-billion dollar rail tunnel through downtown Auckland have been rejected by the Government. Auckland's mayor, Len Brown, is pushing ahead with the case to build a downtown rail tunnel, despite the government rejecting the council's two-billion dollar plan and is supported by other Auckland entities.

15Shoppers will be forced to pay cash from tomorrow at hundreds of stores which are losing their outdated eftpos terminals. Paymark will pull the plug on 520-EFTPOS machines.

16Japan is mourning the 100s of firefighters who died in the March earthquake and tsunami. Many were drowned trying to shut the sea gates in an attempt to hold back the waves.

17A special service will be held tonight at the Belfast Docks in Northern Ireland to make the 100-year anniversary of the launch of the Titanic.

186:00pm News

19MAF's investigations into a baby formula manufacturer have found it IS in fact complying with strict food safety rules. They are still investigation some of the issues around Heitiki milkpowder, marketed into China by Kiaora International. There is also an issue about the branding itself and using images of Maori taonga to advertise a product.

20Upheaval is looming for several health agencies, as the Government continues cutting back-office bureaucracy. The Alcohol Advisory Council, Health Sponsorship Council, Crown Health Financing Agency and the Mental Health Commission are all and staffing levels are cited as one or the main reasons.They expect to know in July if the changes will go ahead.

21One big change in the public sector shakeup announced today is the merger of the Education Review Office and the Qualifications Authority. This makes no sense according to Dr. Judith Aitkin and there is the risk that key aspects of the operations will be compromised as the organisations have different functions.

22In Australia there is news that two more another its soldiers have been killed in Afghanistan, one-shot by a soldier he was training. This brings the total to 26-Australian personnell killed in the country and questions about Australia's continuing commitment to the deployment.

23A witness for the Ministry of Fisheries has admitted in the Gisborne District Court that a function he organised for his parents 50th wedding anniversary wasn't a traditional maori one. Two fisheries officers and a policeman are defending charges under the 1996 Fisheries Act.

24Business news, including:The country's firms have put February's earthquake behind them, with business confidence jumping in May. The National Bank's chief economist, Cameron Bagrie, says firms are upbeat about their prospects and profits, and intend employing and investing more

256:30pm News

26Five Generals in the Lybian Army have held a media conference in Rome to announce their mass defection.Some Lybian forces have abandoned their posts in the last few days and are calling on others to join them

27The debate about the overhaul of New Zealand Aid has become personal, with accusations the Foreign Affairs minister has an inferiority complex after questioning the value of university degrees in Development Studies.

28Waatea News

29The goverment is looking for savings of at least ten percent or 20-million dollars from its latest round of public service reforms and won't rule out cutting services if it can't meet that goal. This will come at some cost accoring to the Public Service Association.

30Canterbury's earthquake risk has caught up to Wellington's with calculations done in March and just released that there is a 23-percent chance of a 6 to 7 magnitude earthquake over the next 12 months.

31Authorities in Wellington have been accused of not taking responsibility for a historic wartime site that has fallen into disrepair as it waits more than a decade to be sold. The site includes the 1870's Fort Balance, in Miramar which they have been trying to sell.