Key's positioning was smart politics given the upside for New Zealand when - not if - the TPP is concluded, writes Fran O'Sullivan.

Prime Minister John Key had an informal discussion with US President Barack Obama in Phnom Penh this morning and the issue of Kim Dotcom appears to have been discussed.

United States President Barack Obama will open Trans-Pacific Partnership talks in Cambodia while new negotiations offer up India, Japan and South Korea.

Promoters say New Zealand has an international advantage in seven zones but barriers remain.

The New Zealand dollar gained after a report proposed giving Greece two more years to meet budget targets.

"Substandard" NZ-made baby formula and milk powder is being rejected at China's border, raising concerns that media coverage could damage our reputation.

Oysters are more beautiful than any religion," I said airily, plagiarising Saki and E. F. Benson in one pretentious breath.

"Few folk understand money, which is logical as it's enormously complex," writes Bob Jones.