Fonterra's forthcoming first-half financial result will come
under close scrutiny this week from analysts and farmers
alike, including expectation of a revision in financial
Fonterra said it had accepted charges laid against it by the
Ministry for Primary Industries (MPI) over events that led to
last year's precautionary market recall of whey protein
Fonterra has hiked its forecast farm-gate milk price to a
record $8.65 per kg of milk solids, with the 35c increase
equating to an increase in dairy incomes of about $600
The recent steep pick-up in Fonterra's cheese and casein
stream prices may be running out of steam, ASB rural
economist Nathan Penny says.
Alliance Group chairman Murray Taggart is standing by his
comment that Fonterra director John Monaghan has withdrawn
from the director appointment process - despite Mr Monaghan
maintaining he has not.
Fonterra director John Monaghan has decided to pull out of a
process to appoint an independent director to the board of
Alliance Group, chairman Murray Taggart says.
Prices lifted 1.4% in this week's GlobalDairyTrade auction
with an apparent convergence in product prices being cited as
encouraging for Fonterra.
Fonterra has raised 1.25 billion Chinese renminbi (about
$NZ250 million) through a five-year ''dim sum'' bond issue,
to strengthen and support its China business.
Federated Farmers believes Fonterra's recall of thousands of
bottles of cream shows the dairy giant's quality assurance
systems work - but Labour says questions will again be raised
about New Zealand's food safety systems.
Dairy products are open to E.coli contamination because of
the prevalence of the bacteria in animal waste, one disease
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