Finance Minister Bill English says New Zealand is still "reasonably well placed" compared to many other countries despite today's weak economic growth news.

The economy grew at an unexpectedly slow rate in the last months of 2011, with GDP stats showing growth of 0.3pc - half what most were predicting.

New Zealand bio-fuel company LanzaTech has been recognised as a world-leader in energy innovation

The Kitchen House chain is understood to have closed its doors and sent staff home.

New Zealand's unemployment rate fell more than expected in the final three months of last year, reflecting a sharp rise in part-time employment.

Sanitarium has indefinitely suspended Weet-Bix manufacturing operations at its Christchurch factory after it was damaged by last year's earthquake. 36 workers will lose their jobs.