Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Fonterra Comments On Commerce Commission Ruling


Fonterra Comments On Commerce Commission Ruling

Following a decision by the Commerce Commission, that it will investigate an application from Independent Dairy Producers Limited (IDP) in respect of the price IDP has been required to pay Fonterra for raw milk, Fonterra Co-operative Group has restated its view that it believes it has complied fully with the Raw Milk Regulations and behaved very fairly towards IDP.

“While continuing to work positively with the Commission’s investigation Fonterra believes it has met the requirements of the regulations and is disappointed that IDP does not believe it has been treated fairly,” said Alison Andrew, General Manager NZMP (NZ).

“IDP had significant amounts of money owing, rather than close them down Fonterra continued to supply milk on agreed terms that were within the market range. IDP paid the agreed price and traded out of its difficulties, it now seeks to revisit that agreement.

“We look forward to being able to meet with the Commission to present the facts as we see them.”

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

"Broad-Based Growth": GDP Rises 1 Percent In June Quarter

Gross domestic product (GDP) rose 1.0 percent in the June 2018 quarter, up from 0.5 percent last quarter, Stats NZ said today. This is the largest quarterly rise in two years. More>>

ALSO:

Judicial Review: China Steel Tarrif Rethink Ordered

On 5 July 2017 the Minister determined not to impose duties on Chinese galvanised steel coil imports. NZ Steel applied for judicial review of the Minister’s decision. More>>

Debt: NZ Banks Accelerate Lending In June Quarter

New Zealand's nine major lenders boosted lending at the fastest quarterly pace in almost two years as fears over bad debts subsided. More>>

ALSO:

Balance Of Trade: Annual Current Account Deficit Widens To $9.5 Billion

New Zealand’s current account deficit for the year ended June 2018 widened to $9.5 billion, 3.3 percent of GDP, Stats NZ said today. More>>

ALSO: