Tip Top's profits jump under Froneri, $15m dividend payout revealed
Fonterra sold Tip Top to UK-based Froneri for $380m in what was described as a 'bittersweet' moment for the New Zealand dairy
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
NZ Herald
2 hours ago
- NZ Herald
Could Trump's tariffs force NZ to rethink its trade diversity?
Italy got the same deal as us, 15%. The Italian Institute of International Political Studies dug into the numbers and found that the country's agricultural, pharmaceutical, and automotive sectors are likely to be hit the hardest, with the country's GDP projected to dip by 0.2%. On the other hand, the likes of Australia and the UK have secured a 10% tariff. So, how will the duties actually affect Kiwi businesses? Or is it really American consumers who'll pay the price? University of Auckland Emeritus Professor of Law Jane Kelsey told The Front Page it's hard to know the impact. 'It's very hard to be specific about what the consequences would be, and when people put figures on that, you should be quite skeptical. 'Tariffs are kind of blunt instruments, so it will mean that exports from New Zealand imports into the US will have a higher cost for importers in the US and consumers in the US. That could affect how much New Zealand goods they buy,' she said. She said New Zealand has a 'pretty basic export commodity model' and suggests that recent events should serve as a 'wake-up call to start thinking differently' about the diversification of our domestic market. 'There are real opportunities here, and we seem to have an aversion to taking those opportunities. 'It's not simply about diversifying to other markets, but it's also about rethinking our domestic economic model, which is currently based largely on the housing market and secondly on relatively low-value-added exports to a relatively small number of countries. 'But, we have a great difficulty generating that discussion here. There was a Productivity Commission report several years ago, before it was disbanded, that set out a process for diversification, which would thicken our domestic production, and that, unfortunately, seems to have fallen on deaf ears,' she said. Listen to the full episode to hear more about: Why the World Trade Organisation is 'in chaos'; The erosion of the rules-based trading system over successive US governments; And why it might be a mistake to view Trump's tariffs as purely economic. The Front Page is a daily news podcast from the New Zealand Herald, available to listen to every weekday from 5am. The podcast is presented by Chelsea Daniels, an Auckland-based journalist with a background in world news and crime/justice reporting who joined NZME in 2016. You can follow the podcast at iHeartRadio, Apple Podcasts, Spotify, or wherever you get your podcasts.
Otago Daily Times
2 hours ago
- Otago Daily Times
Butter price drops 3.8% in global dairy trade auction
New Zealand's shopping public will be relieved soaring butter prices had some of their steam removed at Fonterra's global dairy trade (GDT) auction. An overall back-to-back rise will be music to dairy farmers' ears, but family shoppers will be honing in on butter prices dropping 3.8% to $12,220 a tonne. Overall prices increased marginally 0.7% for about 37,000 tonnes of dairy products sold overnight on Tuesday, including a 2.1% gain for the main staple of whole milk powder to nearly $6800. The average price across the range was nearly $7200 a tonne, up on a 1.1% gain at the last auction on July 15. Record butter prices have raised the ire of family shoppers, resulting in Fonterra chief executive Miles Hurrell stepping in to explain they had increased about 50% over the past year because of high global dairy prices. A GDT drop will increase expectations for this to show up in the domestic marketplace. However, the Fonterra leader indicated high prices for a butter block could stick around for longer as strong demand was still being seen internationally, particularly in China and Asia. Buttermilk powder fell 2% to $5166, while cheddar slipped 0.6% to $7750 and mozzarella 0.1% to $7945. On top of the advance for whole milk powder, anhydrous milk fat increased 1.2% to $11,995 and skim milk powder was up 0.4% to $4751. No lactose was offered. The result follows four consecutive auctions in negative territory, including a 4.1% overall drop in early July.
NZ Herald
15 hours ago
- NZ Herald
Rising confidence: Whole milk powder tops US$4000/tonne in August, signals strong dairy season
The thick end of the dairy season has started strongly. Reminder, this is a Premium article and requires a subscription to read. Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech. The thick end of the dairy season has started strongly. Whole milk powder prices have broken through US$4000/tonne for the first time in an August month since 2013, according to NZX Dairy data. Farmers can take confidence from this morning's auction, which registered a 0.7% increase on the GDT Price Index, especially against the background of already strong milk production and the extra volume put on the platform by dairy giant Fonterra. August is when milk production steps up significantly, en route to the seasonal peak months of September through to January. Whole milk powder – which has the biggest influence over Fonterra's farmgate milk price – rose by an average 2.1% to US$4012 a tonne at this morning's auction. Skim milk powder, which ranks second, firmed in price by 0.4% to US$2805/tonne.
