Fonterra’s $3.2b capital return to farmers set to boost rural incomes and NZ economy
According to ASB, Fonterra's plan to sell it's Anchor and Mainlands brands could inject $4.5 billion in additional spending into the economy.
The Ministry for Primary Industries (MPI) has started a compliance investigation into the potential contamination of three batches of Fonterra's whey protein concentrate.
"I have said a number of times since MPI was first notified on Friday August 2 of this issue, that we have a number of questions about it, including when relevant parties were informed, and when they should have been informed," MPI acting Director-General Scott Gallacher says.
"This compliance investigation will determine whether regulatory requirements under the Food Act and the Animal Products Act were met by all parties involved, or whether any parties may have committed any breaches or offences.
"The investigation will include decisions made by all parties and their response, including during production of the whey protein concentrate, and from when anomalies in testing initially arose. It will be led by MPI's Director of Compliance, and will involve upwards of 20 people," Gallacher says.
"MPI will continue to provide operational updates on other matters relating to the potential contamination of whey protein concentrate, but it cannot comment any further on the compliance investigation until it is completed. It is likely to take three to six months,"
Gallacher says.
Maximum penalties for breaching regulations under the Food and Animal Products Acts range from $100,000 to $500,000, and/or up to 12 months imprisonment, depending on the nature of the offence.
MPI will also undertake a formal debrief process on its own response to the incident, to identify any lessons learned.
According to ASB, Fonterra's plan to sell it's Anchor and Mainlands brands could inject $4.5 billion in additional spending into the economy.
New Zealand’s trade with the European Union has jumped $2 billion since a free trade deal entered into force in May last year.
The climate of uncertainty and market fragmentation that currently characterises the global economy suggests that many of the European agricultural machinery manufacturers will be looking for new markets.
Dignitaries from all walks of life – the governor general, politicians past and present, Maoridom- including the Maori Queen, church leaders, the primary sector and family and friends packed Our Lady of Kapiti’s Catholic church in Paraparaumu on Thursday October 23 to pay tribute to former prime Minister, Jim Bolger who died last week.
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OPINION: Voting is underway for Fonterra’s divestment proposal, with shareholders deciding whether or not sell its consumer brands business.
OPINION: Politicians and Wellington bureaucrats should take a leaf out of the book of Canterbury District Police Commander Superintendent Tony Hill.