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

 

Gordon Campbell: The PM’s Hair-Pulling Power Trip

There have been striking differences between (a) the account of the waitress involved in the hair-pulling incidents, and (b) the account being given by Prime Minister John Key. The version by the waitress is available here and is recommended to anyone yet to read it. By her account, there were multiple instances of hair-pulling and these persisted and persisted long after she had made her annoyance clear to Key – who had also been advised by his wife, and by other café staff that the behavior was evidently not being welcomed. More>>

ALSO:

War: What’s To Commemorate?

Gordon Campbell in Werewolf: Is there anything that can be validly commemorated on this 100th anniversary of Gallipoli? Beyond, that is, a fleeting sense of empathy with the thousands of soldiers killed or wounded on April 25 1915 and in the months thereafter, until the whole thing was finally called off in December 1915. More>>

MORE IN WEREWOLF:

ALSO:

Peter Ellis Case: Minister Declines Request For Commission Of Inquiry

Justice Minister Amy Adams has declined a request from supporters of Peter Ellis for a Commission of Inquiry on the basis that an inquiry cannot be used to determine the liability of any person. More>>

Quakes: New Process For Red Zone Crown Offers

Canterbury Earthquake Recovery Minister Gerry Brownlee has announced a process to give everyone a say on the Crown offers to owners of vacant, commercial/industrial and uninsured properties in the Residential Red Zone. More>>

ALSO:

Gordon Campbell: On The Battle Obama Is Waging Over The TPP

For the past two and a half years, this column has been arguing that the fate of the Trans Pacific Partnership (TPP) deal will hinge on whether US President Barack Obama can win Trade Promotion Authority (TPA) from Congress... Last week, the White House finally, finally unveiled a draft TPA Bill. More>>

ALSO:

Greens: Govt Breaks Free Doctors Visit Promise To Kids

Documents obtained by the Green Party show that the Government decided to fund only 90 percent of doctors’ visits for children suffering from an injury in an attempt trim the cost of the so-called “free” visits. More>>

ALSO:

Other Wars: Extension Of NZDF Commitment In Afghanistan

The New Zealand Defence Force’s commitment of mentors and support staff to the Afghan National Army Officer Academy in Afghanistan has been extended out to December 2016, Defence Minister Gerry Brownlee says. More>>

PM's Press Conference: Auckland Property Prices Increasing "Too Rapidly"

John Key accepted that Auckland property prices 'are going up too rapidly” in a press conference held today in Wellington, however he said that this is not anything new. More>>

ALSO:

Press Conference: ANZAC PMs Concerned About ISIL Bringing The War Home

Prime Minister Key and Prime Minister Abbott spoke of the bond formed between Australia and New Zealand in the “baptism of fire” of Gallipoli. Abbott stated that New Zealand and Australia’s values and interests are linked, and this is reflected in the joint operation in Iraq which will begin shortly. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news