Nequient – unable, not being able.
Dairying must take a long-term view – Chris Lewis:
There’s no doubt in anyone’s mind that Fonterra’s announcement last Friday was a blow.
The politics that followed was not surprising either, but disappointing nonetheless.
But underneath all that noise, what this means for our economy and what the government should be doing, are the dairy farmers directly affected. Most importantly, we need to be talking about what this means for them and how we can support them.
While some dairy farm businesses will exit the industry following consecutive low pay-outs, the vast majority will be able to farm through the next few seasons with the support of their banks, but farmers need to engage. . .
South Island farming operation New Zealand Pastures Ltd, which owns seven farms in Otago and Canterbury, has announced it is putting up half of its shares for sale.
New Zealand Pastures’ largest shareholder is a Netherlands-based pension fund, which will keep its 50 percent stake. The other shares are held by a small group of professional and institutional investors. . .
The country’s largest rural insurer, Farmers Mutual Group, has announced an after tax profit of $26.7 million, its sixth consecutive profit.
Farmers Mutual Group (FMG) chief executive Chris Black said the result was underpinned by investment income of about $23 million.
“Eighty percent of our investments are cash and bonds, so very secure and relatively stable. We take a conservative view, and the other 20 percent is in equity investments. We use that profit in a range of ways, firstly adding to reserves.” . . .
Premium US beef supplier likes SFF – Sally Rae:
Lenny Lebovich has travelled the world to see where the best grass fed beef was to be found.
The founder and chief executive of Chicago based company Pre Beef ended up in New Zealand, where he talked to some key companies and felt his company had the most in common with Silver Fern Farms.
Mr Lebovich, who started his career as an investment banker and has traded that for a role in the meat industry, was looking for high quality beef. . .
Whether you’re in the market for a Hereford or hay, fodder beet or firewood, the Gore A&P Association’s Spring Ball is the place to be.
The ball is being held in the James Cumming Wing on August 22 to raise money for 16 new horse boxes at the showgrounds. It was hoped about 200 people would attend.
The A&P committee needed to raise about $50,000 for the development, committee member Tryphena Carter said. . .
One message from CEOs last week was the government needs to form Plan B in case the dairy slump worsens.
Lisa Owen put this to Finance Minister Bill English on The Nation and he responded:
. . . We run economic policy that underpins a flexible, resilient economy, so if prices are down in one area, we would expect people to— we’ve got a set of rules that enable them to react fairly quickly to that, and we don’t try and hide the message the world is sending us, for instance, about dairy prices. And lots of other countries, they’re increasing subsidies to farmers in order to brush over and hide that price signal. So this economy will diversify if there are other markets which are willing to pay more for our products. That’s where the investment will flow. And the good news on the horizon is that the US economy is recovering. It’s the world’s largest economy. It’s showing signs of sustainable growth. And that New Zealand businesses are responding to that positively, and I don’t agree with politicians—
But, Minister, that’s your plan A. That’s your plan A. Where’s your plan B?
Plan A is a flexible, resilient economy. If plan B is about politicians sitting on the sideline deciding where hundreds of millions of investment should go next, then we’re not interested in that sort of plan B. It will fail, as it’s failed in the past.
But business people who are on the front lines – 75% of the top business minds in the Mood of the Boardroom – they want you to have a plan B. Are they wrong?
Well, I’ve asked them about what their plan B is, and none of them have a plan B. They’re certainly inviting—
Maybe they’re relying on you for plan B, Minister.
They’re certainly not inviting politicians to say, ‘Right, we’re going to shift a couple of hundred billion— a couple of hundred million of investment from industry A to industry B.’ They are backing the Government approach, which is to ensure that we keep our costs down, the Government invests in infrastructure, because no one else can do that, we work on the pipeline of skills into the labour market so there’s people there that they can employ, and they make their risky commercial investment decisions, and that’s what they’re doing right now. Right around the country, businesses will be thinking about where to direct their investment, given that dairy’s not looking so good for the next year or two; tourism, wine, ICT is all looking better for the next two or three years. And they’ll make those decisions a bit more precisely and more sensibly than government would. . .
Plan A is what got New Zealand through the GFC and the economy growing again.
We need more of it – lower government spending, concentrating on addressing the causes of welfare dependency, investing in education and infrastructure, opening more trade opportunities . . .
That’s the business of government and private enterprise isn’t as Mike Hosking reminds us:
What’s a bloke buying a farm got to do with the government?
What has any person setting up a business got to do with the government?
When a shop closes is it the government’s job to mop it up?
When a factory down sizes… Is the govt supposed to do something?
Dairy, like all business products and markets is beyond a government scope.
A government is there to provide over arching policy direction… Like tax and trade deals and welfare.
It’s not there to milk the cows, man the tills and set the price for commodities. . .
If the CEO’s know what’s good for them and their businesses they won’t be asking government to get involved in them.
We don’t need Plan B and we definitely don’t need government minding the business of business.
Thought is the wind, knowledge the sail, and mankind the vessel. – Augustus Hare
293 BC The oldest known Roman temple to Venus was founded, starting the institution of Vinalia Rustica.
1587 Virginia Dare, granddaughter of governor John White of the Colony of Roanoke, became the first English child born in the Americas (d.?).
1634 Urbain Grandier, accused and convicted of sorcery, was burned alive in Loudun France.
1848 Camila O’Gorman and Ladislao Gutierrez were executed on the orders of Argentine dictator Juan Manuel de Rosas.
1864 American Civil War: Battle of Globe Tavern – Union forces tried to cut a vital Confederate supply-line into Petersburg, Virginia, by attacking the Wilmington and Weldon Railroad.
1868 – French astronomer Pierre Jules César Janssen discovered helium.
1877 Asaph Hall discovered Martian moon Phobos.
1885 Nettie Palmer, Australian poet and essayist, was born (d. 1964).
1891 Major hurricane struck Martinique, leaving 700 dead.
1903 German engineer Karl Jatho allegedly flew his self-made, motored gliding aeroplane four months before the first flight of the Wright Brothers.
1904 – Max Factor, Polish-born cosmetics entrepreneur, was born (d. 1996).
1909 Mayor of Tokyo Yukio Ozaki presented Washington, D.C. with 2,000 cherry trees.
1917 A Great Fire in Thessaloniki, Greece destroyed 32% of the city leaving 70,000 individuals homeless.
1920 Shelley Winters, American actress, was born (d. 2006).
1920 The Nineteenth Amendment to the United States Constitution was ratified, guaranteeing women’s suffrage.
1935 Sir Howard Morrison, New Zealand entertainer, was born (d 2009).
1935 Robert Redford, American actor, was born.
1938 The Thousand Islands Bridge, connecting New York State, United States with Ontario, Canada over the St. Lawrence River, was dedicated by U.S. President Franklin D. Roosevelt.
1941 Adolf Hitler ordered a temporary halt to Nazi Germany’s systematic euthanasia of the mentally ill and the handicapped due to protests.
1950 Julien Lahaut, the chairman of the Communist Party of Belgium was assassinated by far-right elements.
1952 Patrick Swayze, American actor, was born (d. 2009).
1955 – 20 year-old Edward Te Whiu was hanged for murder.
1958 Vladimir Nabokov’s controversial novel Lolita was published in the United States.
1963 American civil rights movement: James Meredith became the first black person to graduate from the University of Mississippi.
1965 Vietnam War: Operation Starlite began – United States Marines destroyed a Viet Cong stronghold on the Van Tuong peninsula in the first major American ground battle of the war.
1966 Vietnam War: the Battle of Long Tan – a patrol of 6th Battalion, Royal Australian Regiment encountered the Viet Cong.
1969 Jimi Hendrix played the unofficial last day of the Woodstock festival.
1971 Prime Minister Keith Holyoake announced to Parliament the decision to withdraw New Zealand’s combat force from Vietnam before the end of the year.
1976 In the Korean Demilitarized Zone at Panmunjeom, the Axe Murder Incident resulted in the death of two US soldiers.
1977 Steve Biko was arrested at a police roadblock under the Terrorism Act No 83 of 1967 in King William’s Town, South Africa. He later died of the injuries sustained during this arrest.
1982 Japanese election law was amended to allow for proportional representation.
1983 Hurricane Alicia hit the Texas coast, killing 22 people and causing over USD $1 billion in damage (1983 dollars).
1989 Leading presidential hopeful Luis Carlos Galán was assassinated near Bogotá in Colombia.
2000 A Federal jury finds the US EPA guilty of discrimination against Dr. Marsha Coleman-Adebayo, under the Civil Rights Act of 1964, later inspiring passage of the No FEAR Act.
2005 Massive power blackout in Java, affecting almost 100 million people.
2008 President Of Pakistan Pervez Musharaf resigned due to pressure from opposition.
Sourced from NZ History Online & Wikipedia