Dairy giant Fonterra has taken a hammering in the media in the wake of its disclosure it expects to report a full-year loss of as much as $675m and won’t pay a dividend as it slashes the value of global assets. It will be the second annual loss in a row.
Investment guru Brian Gaynor in the NZ Herald argued Fonterra’s farmers have drained the co-op almost dry in terms of milk prices and dividends and have left it in an extremely vulnerable position. Earlier another Herald columnist, Matthew Hooton, contended NZ has put all its milk in one pail – in a company with inadequate governance and capital to match its aspirations.
Continue reading “Testing times for NZ’s dairy industry: Can its leaders find the right formula?”
Prime Minister Jacinda Ardern, back in January, told the Labour caucus 2019 would be a year of “delivery” for the government.
Ardern then said 2018 had been a year where the government had set up the “infrastructure” for serious change and pumped money into health and education. 2019, by contrast, would be more focused on delivery.
And, yes, she has delivered: a huge backdown on a capital gains tax.
And yes, a stunning failure on its Kiwibuild programme.
Yet commentators see the CGT outcome as something of a political coup. Continue reading “No, we don’t expect perfection from the Govt – but a considerable advance would be welcome”