Pyne sells out of EPIC
Pyne Gould Corporation has sold its entire holding of 41.89 million shares in EPIC for £12.6 million.
Managing director of PGC, George Kerr, said it sold its shares because it no longer had the opportunity to control EPIC.
PGC also said it had agreed to a settlement deed with EPIC to create a clean break between the companies and put an end to their legal disputes.
Air freight volumes expected to take off
The International Air Transport Association expects international air freight volumes to increase an average 4.1 percent over the next five years.
This comes after 3 years of little growth in air freight - 0.63 percent since 2011.
The association said the Middle East will be the fastest growing region over the period (4.7 percent), followed by Africa (4.4 percent), and then Asia-Pacific and Latin America (3.8 percent).
The United Arab Emirates will have replaced Germany as the third largest market by 2018.
The United States will continue to be the largest international freight market followed by China.
New crane for Lyttelton Port
Lyttelton Port will soon be able to service two vessels at the same time after a new $12 million crane started operating today.
The port will ramp up its operations in December when a second container vessel berth is due to be completed.
The new crane has the biggest reach of all the port's cranes, and can lift up to 70 tonnes, which is also the most of any of its cranes.