Rural round-up

September 24, 2018

There is support out there for Hawke’s Bay farmers – Georgia May:

Farmers constantly deal with situations that are out of their control, heavy weather, dairy payouts and stock illness. A vulnerability that doesn’t weigh on the minds of many others.

It’s been nearly three weeks since heavy rain struck the Hawke’s Bay region where some farmers lost up to 25 per cent of their newborn lambs.

While attitudes of farmers generally remain stoic through difficult times, others have spoken out, saying that they feel forgotten about. . .

Plant shows Alliance is serious

Processing has begun at Alliance’s new $15.9 million venison plant at Lorneville in Southland.

The first deer went through the plant last Monday. 

Once operating at peak capacity the plant will employ about 60 people.

It has improved handling facilities and an enhanced configuration. 

The slaughterboard, boning room and offal area are larger than those at Alliance’s venison processing facilities at Smithfield and the company’s former Makarewa plant. . .

Comprehensive interim tax report a useful step:

The Tax Working Group’s (TWG) Interim Report provides a useful resource for how New Zealand’s tax system could be improved says Federated Farmers vice president Andrew Hoggard.

“It’s a good piece of work. The report clearly articulates and explores the issues we raised in our submission – it’s a highlight when you can see you have been heard.”

A big issue explored in the report is whether to extend New Zealand’s taxation of capital income, says Andrew. “Federated Farmers remains opposed to a significant broadening of the capital gains tax particularly if it taxes unrealised capital gains.”

“The report outlines the value of providing ‘roll-over relief’ for farms sold to the next generation and for farmers wanting to ‘trade-up’ to a bigger more expensive farm.  These were two critical issues we raised in our submission to the TWG back in April so we are pleased that it has listened to us on those points. . .

Tax Working Group findings support private land conservation:

QEII National Trust is pleased to see the Tax Working Group’s recommendations acknowledged the scope for the tax system to support, sustain and enhance land protected by QEII covenants.

QEII National Trust CEO, Mike Jebson says “our covenantors know the value of investing in protected private land and we are pleased to see the Tax Working Group include suggestions that costs incurred in looking after land protected by QEII covenant should be treated as deductible expenses for tax purposes in their interim conclusions.” . .

UK farmers have edge on Kiwis – Jack Keeys:

Over the past 12 months I’ve visited numerous farms and agricultural companies throughout Britain. 

That insight provided an opportunity to observe New Zealand agriculture from an outside perspective and get a clear comparison with those on the other side of the world. 

Driving through Scotland, Ireland, Wales and now England I see the farms here exhibit a large variation in size, topography, climatic conditions and pasture management. 

However, some broad commonalities become very apparent.

The farms have insufficient infrastructure, they are under-stocked and have very inefficient pasture management.

Most farms require subsidies s to be profitable.  . .

Hunters under attack again:

Hunters all over new Zealand feel like they under an intense attack from the Conservation Minister Eugenie Sage who has let her personal hatred of wild animals cloud her judgement.

“This mass killing of up to 25,000 Himalayan Tahr is unprecedented in this country and about one million kilos of meat will be left to rot on the mountains of New Zealand. The stench and pollution of headwater streams will be on the Minister’s head. This is our food basket on which many families rely on.” says Alan Simmons President of The NZ Outdoors Party. . .


Rural round-up

September 19, 2018

North Island farmers lose 100,000 lambs after spring storm –  Gerard Hutching:

Farmers have suffered “devastating” lamb losses in eastern and central North Island over the last two weeks with an estimated toll of about 100,000.

At current prices of $144 per mature lamb, the economic hit could be $14.4 million.

By contrast Otago and Southland farmers are expected to escape lightly from the impact of snow that has fallen on Monday.

Federated Farmers high country chairman Simon Williamson said lambing would not begin in the areas where most snow had fallen until the beginning of October. . .

NZ maple syrup industry ‘possible and promising’ – Will Harvie:

Canada produces 71 per cent of world’s maple syrup and 91 per cent of that originates from the province of Quebec. But a clutch of New Zealand academics think this country could have a maple syrup industry, despite a mild climate and no sugar maple forests.

Their preliminary research has “determined that a plantation of maple saplings for use in commercial production of maple syrup is a possible and a promising endeavour in New Zealand”, according to a presentation to be given at a chemical engineering conference in Queenstown on October 1.

The most promising places for maple syrup production are roughly Molesworth Station and inland from Westport, both in the South Island, according to their paper.   . .

Local contract a big arable win :

A big multi-year supply contract to Countdown supermarkets for local wheat and grain is regarded by the arable industry as a breakthrough.

Until this year the in-house bakeries of the more than 180 Countdown supermarkets used premixed ingredients produced here and imported from Australia.

But in a deal Christchurch-based Champion Flour Milling business innovation manager Garth Gillam said is the culmination of years of effort, the supermarkets’ bakeries have switched entirely to premixes made using locally-grown products for all in-store baking of loaves, rolls, buns and scones. . .

Rembering your purpose – the big picture – Hugh Norris:

Farmers have told us that one thing that has helped them cope better with the ups and downs of farming, is to remember why they got into farming in the first place and to think about the contribution they make to their wider community.

Keeping the bigger picture of life in mind, and not just being caught up in the endless day-to-day tasks of farming, can be protection against burnout and loss of physical and mental health.

Having a sense of meaning and purpose in life has been shown in many scientific studies to be better for our mental and physical health and even help us live longer. . .

Deer milk brand gets two food award nods – Sally Rae:

New Zealand’s pioneering deer milk industry has received a further boost by being named a finalist in this year’s New Zealand Food Awards.

Pamu, the brand for Landcorp Farming, is a finalist in both the primary sector award and the novel food and beverage award.

Earlier this year, Pamu deer milk won the Grassroots Innovation award at the national field days at Mystery Creek. . .

M. bovis highlights need to improve, not scrap, rural Adverse Events Scheme

Mycoplasma bovis (M. bovis) highlights that a scheme deferring tax on income from forced livestock sales should be improved not scrapped, Chartered Accountants Australia and New Zealand (CA ANZ) says.

“Ditching Inland Revenue’s Adverse Events Scheme would remove a valuable tool that farmers and rural businesses can use to smooth out the ups and downs of their income and expenditure after an adverse event,” said CA ANZ New Zealand Tax and Financial Services Leader, John Cuthbertson. . . 


Good and bad news in Fonterra’s annual report

September 13, 2018

Fonterra’s annual report has both good and bad news:

The good – last season’s payout dropped a cent but is still the third highest the company has achieved.

The bad – a net loss after tax of $196 million.

Federated Farmers Dairy Chairperson Chris Lewis says the company must do better.

“That’s the first full-year loss in their 18-year history. From a $745 million profit last financial year to a $200 million loss – that’s a big drop and they simply must do better. But I’m confident they’ll turn things around.”

Chris says farmers and shareholders will be looking for the new chief executive and chairperson to hit the ground running.

“I hope those two have a new broom for the shop floor. Good communication will be key.” . . .

Highlights:

  • Total Cash Payout for 2017/18 season: $6.79
    • Farmgate Milk Price $6.69 per kgMS
    • Dividend of 10 cents per share
  • New Zealand milk collections: 1,505 million kgMS, down 1%
  • Sales volumes: 22.2 billion Liquid Milk Equivalents (LME), down 3%
  • Normalised sales revenue: $20.4 billion, up 6%
  • Net loss after tax: $196 million
  • Normalised EBIT: $902 million, down 22% 
  • Normalised gross margin: 15.4%, down from 16.9%
  • Return on capital: 6.3%, down from 8.3%
  • Normalised earnings per share: 24 cents
  • Gearing ratio: 48.4%, up from 44.3%
  • FY19 forecast Farmgate Milk Price: $6.75 per kgMS
  • FY19 forecast earnings per share range: 25-35 cents 

It might be easier for a new chair and new, albeit acting, CEO to make the necessary changes to improve performance than it would had the board and management stayed the same.

Director elections are underway and could bring in some fresh talent that will help the process.

The media release continues:

Fonterra CEO Miles Hurrell says the Co-operative’s business performance must improve.

“There’s no two ways about it, these results don’t meet the standards we need to live up to. In FY18, we did not meet the promises we made to farmers and unitholders,” says Mr Hurrell.

“At our interim results, we expected our performance to be weighted to the second half of the year. We needed to deliver an outstanding third and fourth quarter, after an extremely strong second quarter for sales and earnings – but that didn’t happen.”

Mr Hurrell says that in addition to the previously reported $232 million payment to Danone relating to the arbitration, and $439 million write down on Fonterra’s Beingmate investment, there were four main reasons for the Co-operative’s poor earnings performance.

“First, forecasting is never easy but ours proved to be too optimistic. Second, butter prices didn’t come down as we anticipated, which impacted our sales volumes and margins. Third, the increase in the forecast Farmgate Milk Price late in the season, while good for farmers, put pressure on our margins. And fourth, operating expenses were up in some parts of the business and, while this was planned, it was also based on delivering higher earnings than we achieved.

“Even allowing for the payment to Danone and the write down on Beingmate, which collectively account for 3.2% of the increase in the gearing ratio, our performance is still down on last year.”

Mr Hurrell says when looking at the underlying performance of the business, which you can see in the normalised EBIT of $902 million, progress has been made in moving more milk into higher value products.

“While sales volumes were down 3% in FY18, a larger proportion of milk was sold through Consumer and Foodservice and Advanced Ingredients. In fact, 45% of our sales volumes were through these businesses and this is up from 42% in FY17, despite the higher input-price environment.

“Our Consumer and Foodservice business grew in all regions, except Oceania, with our strongest growth in Greater China. Of particular note, our Consumer business in China broke even this year, two years ahead of schedule. A big contributor to this success is the popularity of Anchor, which is now the number one brand of imported UHT milk in both online and offline sales in China.

“Despite this progress, performance across the Co-operative was below our expectations. Based on this, the Board has decided to limit our dividend to just the 10 cents paid in April and has confirmed the final Farmgate Milk Price for the 2017/18 season at $6.69 per kgMS,” added Mr Hurrell.

Plan for the future:

Mr Hurrell says these results are not just numbers – they’re the livelihoods of the Co-operative’s farmers and their families and the investment of unitholders.

“There are people depending on us – farmers, unitholders and employees who want to be part of a successful Co-operative. We are putting in place a clear plan for how we are going to lift Fonterra’s performance. It relies on us doing a number of things differently.

Fonterra’s Board and Management has outlined a plan based on three immediate actions:

  1. Taking stock of the business Fonterra will re-evaluate all investments, major assets and partnerships to ensure they still meet the Co-operative’s needs today. This will involve a thorough analysis of whether they directly support the strategy, are hitting their target return on capital and whether it can scale them up and grow more value over the next two-three years. This will start with a strategic review of the Co-operative’s investment in Beingmate.
  2. Getting the basics right – Fonterra has already begun taking action and fixing the businesses that are not performing. The level of financial discipline will be lifted throughout the Co-operative so debt can be reduced and return on capital improved.
  3. Ensuring more accurate forecasting – the business will be run on more realistic forecasts with a clear line of sight on potential opportunities as well as the risks. It will also be clear on its assumptions, so farmers and unitholders know exactly where they stand and can make the decisions that are right for them and their businesses.

And the outlook for the coming season:

The forecast Farmgate Milk Price for the 2018/19 season is held at the $6.75 per kgMS Fonterra announced at the end of August and the Co-operative’s forecast earnings per share range for FY19 is 25-35 cents.

At $6.75 per kgMS the forecast Farmgate Milk Price for the 2018/19 season is the third consecutive year of strong milk prices. That’s good for farmers and for rural economies where farmers spend 46 cents of every dollar they earn.

Chairman John Monaghan says the Co-operative is being clear with farmers and unitholders on what it will take for the Co-operative to achieve the forecast earnings guidance.

“For the first time we are sharing some business unit specific forecasts. Among others, these see the Ingredients and Consumer and Foodservice businesses achieving an EBIT of between $850 million and $950 million, and between $540 million and $590 million, respectively.”

“FY19 is about lifting the performance of our Co-operative.

“We are taking a close look at the Co-operative’s current portfolio and direction to see where change is needed to do things faster, reduce costs and deliver higher returns on our capital investments.

“This includes an assessment of all of the Co-operative’s investments, major assets and partnerships against our strategy and target return on capital. You can expect to see strict discipline around cost control and respect for farmers’ and unitholders’ invested capital. That’s our priority.”

The results are here.

 


Rural round-up

September 12, 2018

Methane narrative changes with less need for drastic action – Keith Woodford:

The recent note on methane emissions  put out by Parliamentary Commissioner Simon Upton in late August, and underpinned by a contracted research report written by Dr Andy Reisinger from the Government-funded New Zealand Agricultural Greenhouse Gas Research Centre (NZAGRC), will change the methane narrative. History will look back at Upton’s note as a fundamental contribution that moved the methane debate towards a logic-based science-informed position.

The key message is that short-lived gases such as methane do need to be considered differently than long-lived gases. That does not mean that they are unimportant. But lumping them together with long-lived carbon dioxide and nitrous oxide has led down false pathways . . 

Good to be ‘out there listening’ – Sally Rae:

Federated Farmers’ new chief executive Terry Copeland freely admits he is not a practical person.

Growing up, he was an “urban kid” with no connection to the primary industries, Mr Copeland (50) said. In fact, he had a music degree.

But he had huge respect and admiration for New Zealand’s farming sector and bemoaned how little the country’s food producers were  celebrated, the lack of acknowledgement being “appalling”.

One thing he said he did love was learning and — six weeks into the new role at the helm of the rural lobby group — he had been enjoying attending cluster meetings around the country. . .

Lamb losses likely after heavy rain in Wairarapa :

Stormy weather could not have come at a worst time for Wairarapa farmers, who are in the thick of lambing season.

From rural Masterton to Castlepoint, and down to the South Wairarapa coast, rain has interrupted lambing, with many farmers recording deaths already, along with saturated paddocks causing slips.

PGG Wrightson area livestock manager Steve Wilkinson said the past few days of rain were “a real shame“. . .

 

Access free-for-all grates with farmers:

Common courtesy and sound workplace and biosecurity safety practice is thrown out the window with proposed new employment laws reported back to Parliament this week, Federated Farmers says.

“There’s been little or no fuss with current laws that enable union representatives to enter a farm or any other workplace to talk to workers after liaising with the owner or manager about a suitable time,” Feds employment spokesman Chris Lewis says. . .

LambEx shows kiwis the future – Annette Scott:

Home from the 2018 LambEx conference in Perth, Beef + Lamb New Zealand-sponsored sheep industry ambassadors Katey Craig and David Ingham are firing hot.

The young generation farmers are excited to share their lessons with fellow farmers and looking forward to being a part of their home country hosting LambEx 2019.

While in Australia the pair also visited several farms to study new systems on a road trip from Melbourne to Adelaide. . .

A&P President: young people crucial – David Hill:

He might be the youngest show president, but Tim Black says attracting even younger people is essential to ensuring the future of A&P shows.

Mr Black, aged 44, is the Canterbury A&P Association’s youngest show president.

He is keen to promote wool and encourage more young people to get involved as he looks ahead to the rebranded New Zealand Agricultural Show in November.

”It’s been a great thing for me to be involved in and I would like to see a lot more young people involved. . .

50-Year Plan Needed for Farming Confidence

New Zealand farmers need to take a long-term view if they are to meet the freight train of compliance requirements and other changes heading their way.

Recent farming confidence surveys show a decline in confidence from the rural sector, with Federated Farmers’ results revealing regulation and compliance remain top worries for farmers, along with uncertainty around the future of water regulations under the Government.

Bridgit Hawkins, ReGen CEO, says the farming sector is coming under increasing pressure and the confidence survey results echo what she hears on the farm. . . .

NZ wineries look to continue their stellar performance in the Sydney International Wine Competition – entries for 39th Competition set to close on 21 September:

Entry to the 39th Sydney International Wine Competition – the only international wine show that judges all its finalists in combination with appropriate food – is set to close on 21 September.

After a record year of production in many wine regions, entries to the Sydney International have been flowing in from all districts in Australia and New Zealand and from major wine producers in Europe. Entries to the Competition are capped at a total of 2000 wines to ensure the most rigorous judging process. . .


1080 or death to natives

September 12, 2018

Doc, Federated Farmers, Ospri, Royal Forest & Bird and WWF-NZ are countering the emotion against 1080 with facts:

The Department of Conservation (DOC) is fully committed to the use of 1080 to protect our forests and native wildlife in the face of the current campaign of misinformation and is joined by other agencies in standing up for the use of this pesticide.

New Zealand’s native wildlife is in crisis. The flocks of native birds that used to fill our forests have been killed and replaced by vast populations of rats, possums, stoats and other introduced predators. This is not the future most New Zealanders want.

These animals also carry diseases which pose a danger to people, pets and farm animals.

DOC, OSPRI (TBfree NZ), Federated Farmers, Forest & Bird and WWF-NZ all agree that 1080 is an effective, safe and valuable tool in the fight to protect New Zealand’s forests and native birds, bats, insects and lizards.

The agencies above, along with community groups and volunteers, invest huge amounts of time and effort to protect out native taonga from predation. There are multiple tools and technologies used to control predators of which 1080 is one. 1080 is a highly effective toxin and a necessary tool to help protect our native species.

We use a range of methods including the latest self-setting traps and there is significant research being undertaken into pest control technologies. However, Forest and Bird volunteer trappers agree they could never cover the vast and inaccessible areas that aerial 1080 operations can. Biodegradable aerial 1080 is the most effective tool we have for suppressing rats, possums and stoats in one operation over large, difficult to access wilderness areas—where most of our native wildlife lives.

Huge areas of native bush is inaccessible by foot and the only way currently available to kill pests where trapping is impossible is 1080.

Scientific and technological advances, including genetic modification, might provide alternatives in the future but there are no viable alternatives now.

These organisations use or advocate for 1080 because it is backed by years of rigorous testing, review and research by scientists from Landcare Research, Universities, the Environmental Protection Authority (EPA), Ministry of Health and the independent Parliamentary Commissioner for the Environment.

In 2011, the former Parliamentary Commissioner for the Environment, Dr Jan Wright wrote a comprehensive report on 1080 and the current Parliamentary Commissioner, Dr Simon Upton, stands by Dr Wright’s analysis and recommendations.

The results are clear that where 1080 is used, our birds and native wildlife start to flourish.

We understand that some New Zealanders have genuine concerns and fears about 1080 in relation to the environment, water, animal welfare and wild food sources. We urge them to seek out www.1080thefacts.co.nz that addresses these issues.

New Zealanders have a choice: use 1080 to protect our native species over large-scale wilderness areas or end up with collapsing and denuded forests and our native species restricted to pest-free islands and fenced sanctuaries.

https://www.doc.govt.nz/standupfor1080

Lou Sanson, Director-General, Department of Conservation

Chris Allen, Board Member, Federated Farmers

Barry Harris, Chair, OSPRI

Kevin Hague, Chief Executive, Royal Forest and Bird Protection Society

Livia Esterhazy, Chief Executive, WWF-NZ

Predator Free 2050 is an ambitious goal which will need a range of pest control measures to achieve, including some not yet invented or feasible.

Until science and technology come up with effective alternatives, the choice is 1080 or death to native birds, bats, insects and lizards, and the destruction of native fauna.


Rural round-up

September 9, 2018

Make jobs attractive to youth – Neal Wallace:

Farmers need to change their approach to employment conditions to encourage more people to work for them, Federated Farmers employment spokesman Chris Lewis says.

Low regional unemployment is making staff recruitment more challenging but there are already fewer people choosing agricultural careers.

To be competitive farmers need to consider more than just pay but also rosters, hours of work, housing, the workplace environment, pressure of the job and ensure they meet their legal payroll and time-recording obligations. . .

Annual results will put Fonterra under microscope – Sally Rae:

Scrutiny from farmers is expected next week when new chairman John Monaghan and recently appointed interim chief executive Miles Hurrell front Fonterra’s 2017-18 annual results presentation.

While commodity price fluctuations were “part and parcel” of the reality of being a dairy farmer, grumblings about Fonterra’s corporate performance have been growing, Westpac senior economist Anne Boniface said.

From an historical perspective, prices remained at relatively robust levels and, at $6.50, most farmers would be in positive cashflow territory. . . 

FENZ urges caution on controlled burns – John Gibb:

Large, controlled burn fires at Northburn Station, near Cromwell, produced huge smoke clouds on several days this week, but burned without any problems, Fire and Emergency New Zealand said.

Otago principal chief rural fire officer Graeme Still, of Dunedin, said permitted fires at Northburn had produced large clouds of smoke on Monday, Wednesday and yesterday, but finished without incident.

Fire conditions were suitable at Northburn, partly because remaining snowpack restricted any potential fire spread, he said yesterday. . . 

Wool recovery continues – Alan Williams:

Wool prices made another step forward at Thursday’s Napier sale, building on the gains of a fortnight earlier.

After a disappointing start to the season prices have lifted in the last few weeks and strong wools in the 35-37 microns range were up by another 4% to 5%, PGG Wrightson’s North Island auctioneer Steven Fussell said.

Second-shear wools were mostly up by similar margins on a fortnight earlier with good style 2 to 3 inch fibre length ahead about 7%. . .

On the farm: our guide to what’s been happening rurally:

What’s happening on farms and orchards around New Zealand? Each week Country Life reporters talk to people in rural areas across the country to find out.

North Island-Te Ika-a-Māui

The week finished off much better than it started in Northland. Mid-week the Far North town of Kaitaia had its second 13 degree day of winter – that’s chilly for them. A cold southerly is blasting through and apparently farmers are “right up against it” for pasture. Any strongly kikuyu dominant sward is very slow growing; rye grass is going okay but patches of it are few and far between on most farms. . . 

Fruit exports boost wholesale trade in June quarter:

Fruit exports drove wholesale trade sales up in the June 2018 quarter, Stats NZ said today.

The seasonally adjusted total sales value for wholesale trade rose 2.6 percent in the June 2018 quarter, following a modest 0.3 percent rise in the March 2018 quarter.

Five of the six wholesaling industries had sales rises in the June 2018 quarter. The largest industry increase was in grocery, liquor, and tobacco wholesaling, which was up 3.0 percent ($236 million). . . 

Deer milk hits the spot as finalist in NZ Food Awards:

Pāmu’s deer milk is on the awards stage again with today’s announcement that it is a finalist in two categories in this year’s New Zealand Food Awards.

The NZ Food Awards have been a highlight of the food sector for over 30 years and aim to demonstrate innovation, creativity and excellence in the food industry in New Zealand. . .

z


Rural round-up

August 31, 2018

Commissioner releases research on the contribution of New Zealand’s livestock methane to global warming:

The Parliamentary Commissioner for the Environment, Simon Upton, has today released new research on the impact methane from New Zealand’s livestock has on global warming.

“I hope this new work will help promote debate on reducing methane emissions that is grounded firmly in science.” . .

Farmers face pressure under climate change legislation – Eric Frykberg:

Farmers’ hopes of getting an easy ride in climate change legislation has been dented by the combative stand on methane taken by Parliamentary Commissioner for the Environment.

The commissioner said to prevent global warming, methane emissions would have to fall by 10 to 22 percent below 2016 levels by 2050.

There would then need to be further reductions by 2100. . .

B+LNZ welcomes PCE report on livestock methane emissions:

Beef + Lamb New Zealand (B+LNZ) welcomes the Parliamentary Commissioner for the Environment’s report on livestock emissions which recognises the difference in the warming potential between short and long term greenhouse gases.

The Commissioner’s report says that if New Zealand wishes to ensure that methane from livestock contributes no additional warming beyond current levels, methane emissions from all livestock will need to be reduced from 2016 levels by between 10 – 22 per cent by 2050, and 20 – 27 per cent by 2100. . .

Methane report shoots down ‘must be zero’ claims:

Another research paper – this one from the Parliamentary Commissioner for the Environment – shoots down the claims that New Zealand must reduce its livestock methane emissions to zero, Federated Farmers climate change spokesperson Andrew Hoggard says.

The paper, based on modelling by Dr Andy Reisinger of the NZ Agricultural Greenhouse Gas Research Centre, suggests that to ensure no additional warming effects beyond current levels, methane emissions would need to be reduced by 10-22 percent below 2016 levels by 2050, with further reductions by 2100. . .

Snacking taken to a new high by Fonterra beverage – Peter Burke:

Fonterra is launching a milk beverage to tap into the emerging consumer trend called ‘snacking’.

The aim is to replace pies, crisps and sugar-filled soft drinks. Production is by new technology at a new plant in a deal with an apple juice processor. In a large industrial area near Hastings, Apollo Foods has set up a new processing plant, the brainchild of apple industry entrepreneur Ross Beaton who intends to make a quality, long life apple juice.

But the plant can do more than process apples: the technology is perfect for producing quality long life milk beverages, which Apollo has agreed to do for Fonterra. . .

Is agritech destined to save New Zealand?:

Agritech could be destined to save the New Zealand economy, leading New Zealand tech expert Graeme Muller says.

The tremendous worldwide demand for food continues to soar with some estimating the market to be worth $US3 trillion and much of the growth coming from specialty and healthy foods, Muller, the NZTech chief executive, says.

He is one of 30 New Zealand agritech delegates attending the Silicon Valley forum agritech immersion programme this week in San Jose, California, and they are finding that New Zealand is well placed to respond to the substantial changing demands. . .

Strong exports push King Salmon earnings – Pattrick Smellie:

(BusinessDesk) – Strong export growth in its lead North American market and in Asia pushed New Zealand King Salmon to record operating earnings in the year to June 30.

The result would have been stronger had the company not experienced high mortality among its salmon stocks because of high Marlborough Sounds water temperatures.

Earnings before interest, tax, depreciation and amortisation – the benchmark measure the company used for forecasts in its prospectus before listing on the NZX in 2016 – came in at $26.2 million, a 21 percent increase on the previous financial year and 17 percent ahead of prospectus forecasts. . .

 


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