Fonterra fails test – Hugh Stringleman:
Fonterra achieved a positive result in only one of its nine key performance indicators in the 2018 financial year, its Shareholders’ Council says.
That one positive was the milk price of $6.69/kg MS up 9% from the season before.
Negative achievements against targets were recorded for the total amount available for payout, earnings per share, consumer and food service volume, the gearing ratio, working capital days, return on capital, milk volume collected and employee injuries. . .
Farmers and other stakeholders are being asked to have their say on legislation governing the nearly $17 billion diary industry.
In May, the government began a review of the Dairy Industry Restructuring Act (DIRA) 2001, which regulates Fonterra as the dominant player in the market to protect farmers, consumers and the wider economy.
The review will look at how the price of raw milk is set for farmers, how competitive the milk market is – as well as incentives for farmers to move into more sustainable production methods. . .
Fonterra acknowledges the release today of the Government’s options paper on the review of the Dairy Industry Restructuring Act.
The Act is a complex piece of legislation and it’s important to New Zealand that the review is thorough.
We recognise the significant work that the Ministry for Primary Industries and Minister O’Connor have put into the document and we appreciate their high degree of engagement with industry so far. . .
An Auckland businessman has been fined more than $26,000 for offences related to making false therapeutic claims about honey and failing to ensure he was a registered exporter.
Jonathan Paul Towers, 43, has been sentenced in the Auckland District Court and fined $26,300 after earlier pleading guilty to one charge under the Food Act and one charge under the Animal Products Act. . .
To secure a 100-year water supply for Tasman and Nelson through the Waimea Community Dam, a group of local businesses has committed to invest $11 million in Waimea Irrigators Limited. Waimea Irrigators Limited (WIL) is issuing a Replacement Product Disclosure Statement (PDS) to shareholders today detailing its additional investment of $11.5 million in the $102 million Dam project.
In August it was announced that the cost of the project increased by $26 million. Subsequently, Tasman District Council (TDC) approved a revised funding proposal that included a greater WIL contribution. Through an investor vehicle and additional in loan funding from Crown Irrigation Investments Limited (CIIL), WIL can meet its commitment to the project. . .
Off the back of some seriously positive chirping, Air New Zealand and material innovation brand Allbirds have made their collaboratively designed eye mask, dubbed the ‘Bird Mask’, available to purchase online and at selected Nordstrom stores in the United States. . .
From today, fans of the Bird Mask can purchase their very own mask through the Allbirds online store, the Air New Zealand Airpoints™ Storeand Air New Zealand merchandise store, and at Nordstrom stores in New York, Chicago, Los Angeles and San Francisco. . .