Fonterra Cooperative Group is satisfied Beingmate Baby & Child Food is taking the right steps to deal with a labelling issue after getting caught out in a widespread audit by Chinese regulatory authorities.
Fonterra Cooperative Group wants more information from its Chinese partner Beingmate Baby & Child Food amid reports the infant formula firm didn't make sure product sourced from another supplier met its licensing conditions.
A nurses strike looms within a fortnight unless the Government can either stonewall unions in final negotiations or relax its fiscal pursestrings a bit. The Government has relented slightly on its foreign buyers ban, allowing foreigners to hold on to new apartments and hotel units they provide the capital to build. But rest home operators and wine companies missed out on the exemptions they hoped for.
Deputy Prime Minister Winston Peters doubled down on last week's New Zealand First party attacks on the performance and leadership of Fonterra, saying the country's largest business was costing the economy more than $2 billion from food safety and animal welfare scares.
US interest rates rose above New Zealand interest rates for the first time as house prices continued to rise here. Winston Peters led the Government in Parliament and is set to become acting Prime Minister. Labour's political vulnerability over justice and corrections issues was exposed. The Public Service staged a "manny-go-round." Shane Jones triggered a debate about Fonterra's future by attacking its performance and chairman. Trump got played by Kim Jong Un, but it may not matter.
Shane Jones' attack on the Fonterra chairman was defended by his boss on the grounds he was speaking in a personal capacity. The Government may want to think twice about that approach given its aversion to John Key's hat-switching in the past, as Sam Sachdeva writes.
The Commerce Commission says it is concerned that the 'asset beta' Fonterra Cooperative Group uses to determine the farmgate milk price is too low, meaning it ends up paying its farmers a higher price for their milk than would be warranted under the company's enabling law.
Regional Economic Development Minister Shane Jones accused Fonterra of being disconnected from farmers and called on Chairman John Wilson to resign. The US Federal Reserve raised its key cash rate to around 2.0 percent and signaled two more hikes this year. This if the first time New Zealand's OCR has been below America's official rate.
Among developed nations we are arguably the most dependent on our natural environment for earning our living. This reliance goes well beyond the primary sector on land and at sea to attracting tourists, students, immigrants and investors. Above all, our natural assets help define us as a nation.