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Fonterra's catching up, says top Asia man
Consumer and food service came in at $408 million, up 216 per cent on the previous year's.
Consumer and food service came in at $408 million, up 216 per cent on the previous year's.
Bank of New Zealand cut its forecast for Fonterra Cooperative Group's payout to farmers this season amid continued weakness in dairy prices.
Fonterra boss Theo Spierings wasn't mincing his words this week when asked about rival Synlait Milk's moves to sell cut-price infant formula in China.
Top economist says "racist attitudes" towards Chinese immigration and investment could damage a relationship with China that promises to deliver "big waves".
Fonterra chief executive Theo Spierings says losing Chinese market share to European dairy competitors is a concern for New Zealand.
Any chance of an upgrade in Fonterra's farmer payout became more remote today after a big drop in world dairy prices.
Fonterra's Sri Lanka business has fully recovered after a 2013 food safety scare sparked public protests and forced the temporary closure of its operations there.
Fonterra said it had sold its 9 per cent stake in Australia's Bega Cheese, which it has held since 2013, for A$74 million.
The price for New Zealand's key dairy export, whole milk powder, may drop about 5 per cent at this week's GlobalDairyTrade auction amid lacklustre demand.
September saw a 7.2 per cent decrease in milk production.
Fonterra's long-term credit rating has been cut by Fitch Ratings.
World dairy prices were down 3.1 per cent in the latest overnight auction.
Fonterra's milk production is close to hitting its seasonal peak.
Fonterra faces higher borrowing costs now its credit rating has been downgraded from "A" to "A minus".
Fonterra chairman John Wilson has hit back at attempts by former directors to trim the size of the board.
A businessman, 60, is alleged to have acted alone in blackmail scare that said infant formula would be poisoned.
Fonterra has named six candidates for its board at next month's election and pressure has emerged to reduce the number of directors.
An Auckland businessman accused of threatening to contaminate infant formula with the poison 1080 was financially motivated, charge sheets allege.
This week's GlobalDairyTrade auction is shaping up to be another strong one.
Fonterra's chief executive has asked for a freeze on his $4m salary.
Spokesman says fans of controversial scheme can turn to NZX for help with milk prices.
Fonterra executives will have their work cut out convincing farmers to reduce their use of what has been a key feed supplement over the past 10 years - palm kernel.
Fonterra lost market share in the South Island and will probably lose more this season before an improvement in 2016/17, says CEO Theo Spierings.
Theo Spierings has every right to be among our best-paid chief executives.
Jose Miguel Porraz is negotiating an uneven Kuala Lumpur footpath as he talks up the benefits of emerging markets.
Theo Spierings gets a pay rise of up to 18 per cent as Fonterra prepares to lay off 750 staff.
Fonterra is reporting a big turnaround in annual profit and a much improved forecast cash payout for the current year.
Dairy giant announces improved profit just days after increased the number of jobs it was cutting to 750.
Fonterra is on track to significantly improve its profits over the next decade, says KPMG.