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Latest Economy of New Zealand Stories

2008-08-26 15:00:40

By JANES, Andrew New Zealand's Fonterra will face a powerful new competitor across the Tasman with National Foods set to buy Australian co-op Dairy Farmers for $1.1 billion. After a competitive sales process, Dairy Farmers announced yesterday it would recommend the Kirin- owned National Foods' bid to its farmer shareholders. It will require the approval of at least 75 per cent of its shareholders in a vote in mid-November. Fonterra pulled out of the race to buy Dairy Farmers in June,...

2008-08-19 15:01:00

By VAN DEN BERGH, Roeland Infratil yesterday urged shareholders to take a longer-term view of the share price, which has shed about 40 per cent in the last year. The shares opened the financial year in July 2007 at $3.02 and closed on June 30 this year at $1.83. Yesterday, they closed at $2.16, unchanged on the day. "Last year was not a great year for our shareholders," Infratil chairman David Newman said at the annual meeting in Wellington yesterday. "If you owned $100 of shares on...

2008-08-17 18:00:24

By JANES, Andrew SHOPPERS switching to cheaper house-brand dairy products have led to Goodman Fielder writing down the value of its New Zealand dairy operations by about a quarter. Goodman Fielder is No 2 in the New Zealand dairy market after Fonterra. Its brands include Meadow Fresh and Sun Latte milk, and Tararua and Chesdale cheese. In the year to June 2007, the New Zealand dairy operations had revenue of almost $500 million. Yesterday it said it would write down their value by $214...

2008-08-11 00:00:24

By Vasantha Ganesan FONTERRA, the dairy company whose brands include Anlene, Fernleaf and Anmum, expects Malaysia to remain its third largest market in Asia and the Middle East as it continues to innovate and market more products here. Sri Lanka is the New Zealand-based company's biggest market in the region, followed by the Middle East. Mark A. Wilson - Fonterra Brands (Asia Holdings) Pte Ltd's managing director for Asia, the Middle East and Africa - said that revenue from Malaysia is...

2008-07-30 15:00:54

By WOOD, Alan An equivalent of dairy-based Fonterra seen as crucial to export expansion. Alan Wood reports. -------------------- IN A harsh economic winter Silver Fern Farms has completed the hard cuts of nearly 1000 meat-processing jobs and now faces an intense graft for farmer votes into the spring. SFF is battling traditional conservatism in trying to sell its partnership plan to farmers and bring in much needed capital via NZX- listed PGG Wrightson. It faces two other real...

2008-07-30 15:00:42

Dairy giant Fonterra says the valuable contribution dairying makes to the New Zealand economy has been highlighted in a report that shows it accounts for a quarter of the country's export earnings. The report, was prepared by Statistics NZ for Fonterra. Fonterra chairman Henry van der Heyden said the figures for the year to May 2008 confirmed dairying and our dairy farmers as a true cornerstone of our economy. "While there's an obvious contribution to our export receipts and the trade...

2008-07-08 15:00:39

By HUNTER, Tim IN SEPTEMBER, when shareholders in Silver Fern Farms vote on whether to sell half their company for $220 million, the money may not be the deciding factor. Equally important, or perhaps more so, will be the character of the people they are being asked to do business with. "Farmers are a funny lot," one shareholder told the Star-Times. "If they think a person's being a bit smart, s---, they'll cut them off at the knees." Just as well, then, that the deal is being put...

2008-06-20 15:00:30

SOME of the reasons given for the prediction that Southland is set to become the energy and dairy powerhouse of the New Zealand economy within a decade: wMore than 1100 megawatts of wind power and small-scale hydro schemes are slated for construction. wDistrict authorities and Woosh have already rolled out broadband costing $8.5 million to cover 96 percent of Southland, now the most connected region in the country. wDairy farm conversions are increasing 15 percent year on year; Fonterra...

2006-04-13 15:17:06

OTTAWA (Reuters) - Activists protesting against Canada's annual seal hunt said dozens of angry hunters and fishermen had trapped them in their hotel in northeast Quebec on Thursday and damaged one of their vehicles. The activists are demanding an end to the hunt, during which 325,000 harp seal pups will be shot and beaten to death on ice floes off Canada's Atlantic Coast. Canada's government says the hunt helps the local economy and keeps the seal population in check. Mark Glover...

2006-03-26 19:15:00

By David Ljunggren OTTAWA -- A group of animal rights activists observing Canada's annual harp seal hunt were arrested on Sunday for getting too close to hunters killing the animals off the eastern coast, officials said. The six activists belong to the Humane Society of the United States (HSUS), which says the hunt is cruel and should be scrapped. This year, some 325,000 young seals will be shot and clubbed to death on ice floes, mainly for their pelts. In addition to six activists, a...


Word of the Day
omadhaun
  • A fool; a simpleton: a term of abuse common in Ireland and to a less extent in the Gaelic-speaking parts of Scotland.
This word is partly Irish in origin.