A new giant Asian free trade negotiation was launched last night (NZ time) at the end of the East Asia Summit in Cambodia, with a goal to complete the deal by the end of 2015.

Prices of dairy products rose in the latest online dairy auction, the third straight gain.

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.

The recent debate over how much of our farmland is overseas owned shows very large differences in estimates, writes Bill Rosenberg.

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