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.
Managing director of Woolover Ltd, David Brown, has put a lot of effort into verifying what seems intuitive, that keeping newborn stock's core temperature stable pays dividends by helping them realise their full genetic potential.
Within the next 10 years, New Zealand agriculture will need to manage its largest-ever intergenerational transfer of wealth, conservatively valued at $150 billion in farming assets.
Boutique Waikato cheese producer Meyer Cheese is investing in a new $3.5 million facility, designed to boost capacity and enhance the company's sustainability credentials.
OPINION: The Government's decision to rule out changes to Fringe Benefit Tax (FBT) that would cost every farmer thousands of dollars annually, is sensible.
Compensation assistance for farmers impacted by Mycoplama bovis is being wound up.
Selecting the reverse gear quicker than a lovestruck boyfriend who has met the in-laws for the first time, the Coalition Government has confirmed that the proposal to amend Fringe Benefit Tax (FBT) charged against farm utes has been canned.
OPINION: Dust ups between rural media and PR types aren't unheard of but also aren't common, given part of the…
OPINION: The Hound hears from his canine pals in Southland that an individual's derogatory remarks on social media have left…