Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Fonterra sales locking out farmers

3 December 2012

Fonterra sales locking out farmers

The high price of Fonterra shares is forcing farmers away from the cooperative model and is instead increasing foreign profits, the Green Party said today.

They were responding to the Fonterra Shareholders Fund unit price spiking after being listed on the NZX on Friday.

“I have had reports from farmers who can’t afford to buy farmer shares in the cooperative because the price is being driven up by traders of shares on the stock exchange. These farmers will instead have to supply independent companies, which leads to splintering of the dairy industry,” said Green Party agriculture spokesperson Steffan Browning.

“Stock exchange speculation that influences the price for trading among farmers (TAF) plays into the hands of overseas interests and the Ruth Richardson and Chinese interests in private dairy companies such as Synlait,” said Mr Browning.

“Fonterra is not just an asset up for sale to the highest bidder; it is a key strategic asset for the dairy farmers of New Zealand.

“The Chief Executive of the NZX is right when he says that the weight of investment money can push share prices and distort the fundamentals of companies like Fonterra.

“We predicted that opening up Fonterra would break apart its strength of bringing together New Zealand producers, and immediately that has happened.

“Lessons from the division of ENZA and the pip fruit sector, and the meat sector should have been enough.


“New Zealand farmers should be encouraged into strong cooperative models to protect intergenerational benefits; speculative outside investor interests must be curbed,” said Mr Browning.

ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Issue 49: Werewolf Weekender

Philip Matthews: From The Lost Continent
It’s a case of better late than never for Olivier Assayas’ marvellous After May/Apres Mai, which first screened at Venice in 2012, had a couple of North Island screenings last year during the International Film Festival’s “Autumn Events” season, got a theatrical release in Australia – but not here – and only now appears on DVD, after Assayas himself has moved on. More>>

The Complicatist: Blue Eyed & Soulful
For a while in June, the top two singles on the US Billboard charts featured Iggy Azalea, an Australian model turned hip hop performer. To some, this may seem like just the latest chapter in a long saga of whites ripping off black culture, while enriching themselves in the process. Obviously, there’s some truth in the stereotype. Yet it can also obscure the positive collaborations – in jazz, soul music and hip hop – between musicians who treated each other as creative equals, race regardless. More>>

Satire: Carry On Captaining
Oh hello. Scanner Technician Davis. To what do I owe the pleasure?
You think we’re what?
Oh, pish. This vessel has been travelling along smoothly for generations – particularly smoothly in the last few years though I say so myself – and I happen to know we have never once been hit by an asteroid... More>>

 

Parliament Today:

False Electoral Return: John Banks Sentenced To Community Detention, Community Work

“The conviction of John Banks today is another sad chapter for John Banks and the ACT Party”, says Labour candidate for Epsom Michael Wood. More>>

ALSO:

Gordon Campbell: On The Rise Of ISIS And Labour

While global attention got distracted by the fate of MH17 and the atrocities in Gaza, the world’s other mega ‘bad news’ story – the rise of ISIS-led fundamentalism in Iraq – has reached a tipping point. More>>

ALSO:

Rebuild: Christchurch City Council Releases Milestone Report

The Cameron Partners report says the Council may need to find an additional $783 million to $883 million by 2019... Options Cameron Partners proposed include increasing rates, borrowing more, maximising insurance payments, and freeing up capital from its commercial assets. More>>

ALSO:

Parliament Today: Parliament Adjourns

The 50th Parliament has adjourned for the final time. After the completion of the adjournment debate, MPs left for the campaign trail with Parliament to be dissolved on August 14 ahead of the September 20 election. More>>

ALSO:

Novopayout: Government-Owned Company To Take Over School Payroll

After lengthy negotiations, the Ministry of Education and the existing school payroll provider, Talent2, have settled both on the amounts payable by Talent2 towards the costs of remediating the Novopay service and a new operating model for the school payroll system. More>>

ALSO:

Employment: Labour Will Raise Minimum Wage, Restore Work Rights

A Labour government will raise the minimum wage $2 an hour to $16.25 and restore work rights to ensure the benefits of economic growth are shared fairly by all New Zealanders, Labour Leader David Cunliffe says. More>>

ALSO:

Police: Crewe File Review Released

No new evidence has come to light implicating any specific person as being responsible for the murders of Jeannette and Harvey Crewe... The review identifies there is a distinct possibility that Exhibit 350 (the brass .22 cartridge case) may be fabricated evidence, and that if this is the case, that a member of Police would have been responsible. More>>

ALSO:

Werewolf Issue #49: Gordon Campbell Interviews Laila Harre

For 25 years, Labour and National have been in virtual agreement about the basics of economic policy, and differed mainly on how to go about managing its social consequences. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news