Doubts are being raised about the future of mining in Coromandel after the Overseas Investment Office declined a mining company’s bid to buy land for expansion.

The Reserve Bank has cut its benchmark interest rate for the first time in more than two years as it tries to stimulate growth and protect against a slowing world economy.

Chris Heaslip’s departure announcement came as the mobile payments provider revealed its annual results.

The Reserve Bank could deliver the first cut in interest rates in more than two years this afternoon as it looks to counter a slowing economy, low inflation, and uncertain international outlook.