Emirates and Korean Air have been stung with millions of dollars in fines for their part in a long-running international fuel and security pricing cartel.

Update, 4:45pm: New Zealand's worst maritime environmental disaster has been fully realised, says environment minister Nick Smith.

Air New Zealand must now play a waiting game while a High Court judge considers arguments made in its case to remove suppression orders placed on staff by the Commerce Commission – a decision that could dictate how the commission runs future investigations.

Counsel for the two parties spent two days in the High Court at Auckland this week arguing the case. Justice Pamela Andrews retired yesterday afternoon to consider her decision.

Lawyers have today defended the Commerce Commission against allegations by Air New Zealand it has been misusing suppression orders in its investigations.

Counsel for the commission, Francis Cooke, QC, this morning argued in the High Court at Auckland for the right to keep in place suppression orders placed on a number of the airline’s employees in its investigation into an alleged cargo cartel.

Air New Zealand chief executive Rob Fyfe will play a prominent part in an international aviation meeting in Malaysia today as the industry looks to fight off the financial crisis.

Mr Fyfe will be one of five panellists on the chief executive forum at the two-day International Air Transport Association annual meeting in Kuala Lumpur.

More than 500 aviation industry bigwigs from around the world will attend the conference and the struggles of many airlines will likely dominate discussion.