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The Commerce Commission has released details of the scope of its inquiry into whether Fonterra Cooperative Group’s 87 percent of New Zealand’s milk pool gives it too much market dominance. The review is required under the Dairy Industry Restructuring Act 2001, when Fonterra was established, which sets rules for supply to other milk companies and anticipates those DIRA provisions be phased …

A slow recovery in global milk prices that’s weighing on the local dairy sector is making the Reserve Bank nervous, with the prospect of another sub-standard season threatening New Zealand’s national income. Global dairy prices halved last year as Chinese buyers scaled back their activity after stockpiling in 2013, and milk processors have pared back their expected payments to their farmer …

NZAX-listed TruScreen, the cervical cancer test developer, has been selected by Chinese oil company Sinopec to screen 130,000 of its female workers, in a deal which could be worth $1.1 million in sales.  The first order for 8,100 single use sensor tests, worth $74,000, has been received and the screening programme is expected to run until the end of next year, the …

Fonterra Cooperative Group, the world’s largest dairy exporter, only told staff about the potential for hundreds of jobs to go several hours after chief executive Theo Spierings told media. Spierings fronted up to the media yesterday morning after widespread conjecture over a review underway and the involvement of business management consultant McKinsey & Co, and criticism over the cooperative’s underlying management …

A2 Milk Co, the dual-listed milk marketing company, is suing the Australian Broadcasting Corporation alleging misleading and deceptive statements in advertising its consumer affairs programme, The Checkout.  A2’s Australian subsidiary has lodged actions in the Federal Court in Sydney, using prominent Australian barrister Allan Myers QC, after the public broadcaster promoted a segment which called the company’s scientific claims “bogus”. A2 Milk claims this …

Fonterra Cooperative Group chief executive Theo Spierings said he’s determined not to allow the dairy cooperative to fall below its current 87 percent share of the New Zealand milk pool, despite increased competition for supply. Spierings fronted up to the media this morning after widespread criticism of the dairy cooperative’s management performance following a weak half-year financial result, lower forecast dairy …

NBR Rich Lister Diane Foreman’s Emerald Group has sold its ice-cream manufacturing subsidiary to a foreign collective for an undisclosed sum. Hong Kong-based Emerald Foods Group (HK) bought 100 percent of the shares in Foreman’s Emerald Foods subsidiary on June 3, according to Companies Office filings, completing an acquisition that had been approved by the Overseas Investment Office in April. The …

Increased milk production and a higher forecast payout to dairy farmers for the upcoming season should bolster the New Zealand economy by $1.8 billion, according to AgriHQ. The AgriHQ NZ milk production predictor forecasts growth of about 2.5 percent to 1,930 million kilograms of milk solids for the 2015/16 season, following 3 percent growth in the 2014/15 season. The expectation …

The New Zealand government is still pushing for a shared trans-Tasman tax scheme recognising imputation credits on dividends, which it says is the single biggest step to a closer economic relationship, but is willing to give Australia time to bring it in. In a submission to Australian Prime Minister Tony Abbott’s white paper on tax reform, the New Zealand government resumed its …

Fonterra Cooperative Group, the world’s largest dairy exporter, said it will be laying off hundreds of its 1,500 head office and support function staff in a major reshape of the business following the global decline in dairy prices. Chief executive Theo Spierings has fronted up to media today about the restructure following widespread criticism over the dairy cooperative’s management performance at a …