EU dairy co-ops to merge
Two European dairy co-operatives are set to merge and create a €14 billion business.
Reuters reports that giant food company Wilmar Group has announced it had handed over 11.8 trillion rupiah (US$725 million) to Indonesia's Attorney General's Office as a "security deposit" in relation to a case in court about alleged misconduct in obtaining palm oil export permits.
In New Zealand, Wilmar Group owns 100% of Agrifeeds. In 2020, Rural News reported that Fonterra – keen to exit non-core businesses like the PKE import business – offloaded its 50% stake in Agrifeeds to joint venture partner Wilmar International for NZ$27.5 million.
Indonesian prosecutors are appealing a court ruling that had cleared Wilmar and two other palm oil companies of accusation of paying bribes to obtain the permits in 2022. Prosecutors had demanded 11.8 trillion rupiah in fines from Wilmar.
Wilmar has been reported saying the money would be returned if Indonesia’s Supreme Court cleared the company of wrongdoing in the ongoing case but would be forfeited in part or in full if the court found against the company.
Reuters also reports that the Indonesian Attorney General’s Office has arrested an employee of Wilmar “on graft charges related to corruption in obtaining export permits”. According to the news agency, the Office has also arrested four judges and two lawyers, alleging the judges took 60 billion rupiah to “arrange a favourable verdict against three companies, including Wilmar”.
Wilmar also said its actions in the palm oil export permit case were done “in compliance with prevailing regulations” and “were free from any corrupt intent”.
Immediately following the news, Wilmar shares dropped 4% to a five-year low during trading but recovered somewhat during the trading period.
Global trade wars and uncertain tariff regimes could play into the hands of many New Zealand exporters, according to Gareth Coleman ANZ’s Head of Trade & Supply Chain.
The long running trade dispute between NZ and Canada appears to be over.
Herd improvement company LIC has ended the 2024-25 financial year in a strong position - debt-free and almost quadrupling its net profit.
There's been widespread support from the primary sector for the Government's move to put the brakes on local authorities to do any more work on planning changes ahead of major changes to the Resource Management Act (RMA).
Rural health advocates say the Government's decision to establish a new medical school at the University of Waikato augurs well for the rural sector.
People affected by the recent two severe flood events in the Tasman district are weary and exhausted trying to deal with the devastation on their farms and orchards, according to the head of the Rural Support Trust (RST) in the region.
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