Bremworth board to call special meeting
Listed carpet maker Bremworth says it’s preparing to call a special meeting requested by a group of disgruntled shareholders.
The New Zealand Meat Board (NZMB) oversees $2.6 billion of red meat exports to the quota markets of the European Union, United Kingdom and United States.
The quotas mean NZ exporters save tariffs worth $934 million every year - comprising $609 million for EU and UK sheepmeat and goatmeat, $6.8 million for EU high quality beef and $317 million for US beef and veal.
NZMB chair Kate Acland made the comments at the board’s virtual annual meeting held last week.
Acland told attendees that NZMB’s administrative role has expanded significantly since the board’s establishment more than a century ago.
“The NZMB has been working in the background for more than a century, ensuring seamless market access for our goods, and it’s also been funding industry good projects for many years.
“Prior to the UK’s exit from the EU, the NZMB administered three World Trade Organization (WTO) quotas.
“Two quotas were added following Brexit and a further two as a result of the NZ-UK Free Trade Agreement (FTA). A further three quotas will be added when the NZ-EU FTA enters into force, bringing the total to 10 quotas.”
There was strong interest in beef access under the new tariff free UK FTA beef quota, delivering positive signals into this market, she says.
“Between May 2023 and December 31 2023, more than 1,700 tonnes entered under this new quota with tariff savings of $9.9 million.
“Preparation for the EU FTA is underway and it is anticipated implementation requirements can be concluded for entry into force by mid-2024.”
Sam McIvor, chief executive of the NZMB, said the Board’s work during 2023/24 included planning to establish the management systems for administering the new FTA quotas.
“With support from the New Zealand Government, the NZMB successfully secured paperless quota certification in the US quota market, realising significant economic benefits for exporters. The Board is now seeking expansion of paperless quota certification to other quota markets.”
The NZMB also administers significant farmer reserves, currently standing at $79 million, held as a contingency fund to help New Zealand re-enter export markets in the event of a biosecurity incursion or disruption in quota markets.
Interest from this fund is used for industry-good projects. Following consultation with farmers, the Board is now considering proposals to allocate up to $700,000 in ongoing investment to the Informing New Zealand Beef (INZB) genetics programme and up to $1 million into a new programme focused on eradicating facial eczema in sheep.
The cost of producing milk in New Zealand continues to compare favourably with other exporting regions despite a lift in production costs over the past five years.
DairyNZ says potential benefits from gene technology must be carefully weighed against the risks of such technology.
Pleased, but cautious. That’s how PGG Wrightson chief executive Stephen Guerin says he’s feeling about the rural retailer’s latest financial result.
Commodity prices and interest rates play a huge role in shaping farmer confidence, but these factors are beyond their control, says Federated Farmers dairy chair Richard McIntyre.
DairyNZ is supporting a proposed new learning model for apprenticeships and traineeships that would see training, education, and pastoral care delivered together to provide the best chance of success.
Two agritech companies have joined forces to help eliminate manual entry and save farmer time.
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