Prices of dairy products may extend this year’s 34 percent slump, economists say, adding to pressure on Fonterra Cooperative Group to lower its milk payout forecast and taking some of the steam out of New Zealand’s economic expansion.… Full Story →
ECONOMY Dairy product prices fell to the lowest level since December 2012 in the latest GlobalDairyTrade auction, paced by whole milk powder and anhydrous milk fat.… Full Story →
LanzaTech New Zealand, which counts US billionaire clean-tech investor Vinod Khosla as its biggest shareholder, posted a wider full-year loss as the company scales up technology that uses microbes to convert industrial waste gases into fuel-grade ethanol and other useful chemicals.… Full Story →
Fonterra Cooperative Group has tapped the president of its China operations, Kelvin Wickham, to head up the newly created global ingredients while Johan Priem will take over his previous role.… Full Story →
Investors punished Synlait Milk shares after the dairy processor was forced to wind back the bullish profit forecast it gave in January because of disruptions from increased Chinese regulations on infant formula and unfavourable foreign exchange movements.… Full Story →
New Zealand-founded bio-fuels innovator LanzaTech has attracted US$60 million in its latest capital-raising round, including a US$20 million commitment from Japanese industrial conglomerate Mitsui, which will join the LanzaTech board.… Full Story →
The Ministry for Primary Industries has filed four charges in the Wellington District Court against Fonterra Cooperative Group for breaches of the Animal Products Act during last year’s whey protein concentrate incident.… Full Story →
A2 Corp, which markets milk products with a protein variant claimed to have health benefits, says a distribution deal it has done in China should generate $US50 million of revenue in four years” time.… Full Story →
The Serious Fraud Office has confirmed it’s looking at legislated export marketing monopolist Zespri International, though is being tight-lipped on any further details.… Full Story →
Jeremy Webb, Digital Influence Strategist and Head of Social at Ogilvy Public Relations sought to buck the trend on social media discussion in his address to the China business Summit, giving tips on making a brand – not breaking it.… Full Story →
- Synlait beats prospectus forecast as full-year profit more than doubles
Synlait Milk, the Canterbury-based dairy processor that went public in July, posted a 161 percent jump in full-year profit, beating its prospectus forecast, although infant formula sales missed its target.
- NZ dollar little changed after upbeat Chinese manufacturing
The New Zealand dollar was little changed in local trading after Chinese manufacturing figures beat expectations, as investors rethink last week’s action when the Federal Reserve didn’t embark on slowing down its pace of printing money.
- While you were sleeping Deals, China, Syria
Better-than-expected Chinese data and takeover deals helped bolster Wall Street, which also welcomed a Russian proposal to put Syria’s chemical weapons under international control in an effort to avert US military intervention.
- PGG Wrightson take $321M charge on goodwill, operating earnings drop on drought
PGG Wrightson, the rural services company controlled by China’s Agria Corp, took a $321 million charge to write off goodwill from its 2005 merger while posting a decline in operating earnings in line with guidance on the effects of this year’s drought.
- China’s Bright Dairy looking better after Fonterra’s food safety stumble, Moody’s says
China’s Bright Food Group, a cornerstone stake in local processor Synlait Milk, is likely to get a boost from Fonterra Cooperative Group’s food scare and might get a credit rating upgrade from Moody’s Investors Service.