Logging contractors in New Zealand are letting staff go or are working on reduced hours after the sudden fall in log prices earlier this year, and some are having trouble meeting their loan repayments on capital equipment. The association, which has 200 members who are responsible for about 75 per cent of the annual harvest, said the sudden fall had caught many unawares. Many forest owners have put their harvest on hold in the hope that prices will soon recover. Chief executive Prue Younger said about 20% of the association's membership ...
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