Brazilian oil company Petrobras is to hand back exploration licences it holds for deep sea oil and gas prospects in the Raukumara Basin, off East Cape, in what appears a reaction to a string of difficulties which have seen the global scale oil major report losses for the first time in 13 years. Prime Minister John Key told reporters for …

Reserve Bank governor Graeme Wheeler has scotched claims by the Green Party that he has a bias in favour of the country’s Australian-owned banks, and defended statements saying the lenders’ return on equity is still below pre-crisis levels. Wheeler, who delivers his maiden monetary policy statement on Thursday, released bank profitability figures given to the Greens, which he used to …

New Zealand commodity prices rose for a fourth straight month in November, led by pelts, beef and wood pulp. Lamb prices fell to a 31-month low. The ANZ Commodity Price Index rose 1 percent last month with 10 commodity prices gaining, four declining and three unchanged. A firmer New Zealand dollar meant the gain in the ANZ NZD Commodity price …