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A painting by Pablo Picasso has set a new record for the most expensive art work sold at auction, fetching $US106 million.

Friday's headlines: flooding expected in Queenstown; ruling against police in Kahui investigation by IPCA.

Europe's debt crisis has widened as Spain was hit with a credit downgrade and Germany came under further pressure to agree quickly to a financial rescue plan for Greece.

Senior executives of United States investment bank Goldman Sachs have been grilled at a Senate committee about deals they did as the US housing market was about to collapse.

Emails have been released in the United States showing executives at Goldman Sachs, boasting about the money the investment bank was making while the US housing market was collapsing in 2007.

United States President Barack Obama has attacked critics of proposed banking reforms in a speech which warned that without change, the financial crisis will be repeated.

A former Fiji Human Rights Commissioner says no-one should be above the law despite a decree which grants immunity from prosecution to those involved in the country's recent coups. The...

Thai security forces have retaken a satellite television transmission station that was overrun by anti-government protesters. A state of emergency still exists in the capital, Bangkok.

The former police chief commissioner of Victoria in Australia is facing criticism after it emerged she went to a pub for dinner on Black Saturday. Christine Nixon failed to mention her night out at… Audio

The chief adjudicator of the Building Disputes Tribunal says the process for resolving leaky home disputes is not working and the Government needs to step in. Audio

Talks between the United States and Israel, aimed at healing a recent rift between the two sides, have ended with no sign of a breakthrough.

The Northern Marianas House of Representatives has passed a contentious austerity bill that will cut government work hours from the regular 80 to 70 hours per pay period. The Saipan...

The Reserve Bank has left the benchmark interest on hold at 2.5% and reiterated it expects to start hiking the cost of borrowing from the middle of the year.

Eight youth delegates from across the Pacific and eight young ni-Vanuatu have come together ahead of the conference on the Human Face of the Global Economic Crisis in Port Vila,...

Houses are growing in value in Australia. Average house prices nationwide rose 12% last year.

Interest rate rises later this year could cause a second dip in the economy, the New Zealand Institute of Economic Research warns.

The White House says it is confident of Ben Bernanke's confirmation as Federal Reserve chairman for a second term.

The chairman of US bank Goldman Sachs has admitted to a hearing that financial innovation has put the US economy at risk.

China's city governments and ministries have been told to build more low cost housing and speed up construction to help ease property prices.

New Zealand could be pushed back into recession if banks move quickly to raise short-term or floating mortgage rates, an employer group believes. Audio

The US House of Representatives has approved what is described as the biggest overhaul of financial regulation since the 1930s Great Depression.

The US Federal Reserve chairman Ben Bernanke has defended the central bank's response to the global crisis, at a Senate committee sitting to consider his nomination for a second four-year term.

A report from the Organisation for Economic Cooperation and Development warns New Zealand's economic recovery could yet be hampered by private debt, the high dollar and rising unemployment.

The Marshall Islands government is considering how to reduce its spending. This comes as the Government tries to find another nine million US dollars a year to put into the...

Building products and construction firm Fletcher Building says it has yet to see a significant recovery in demand, and is unlikely to experience a major recovery in trading until 2011.