Fonterra's latest online auction has significantly impacted whole milk powder prices, with the prices rising 5.7% to average at $US3022 a ton. The development is just contrary to the predictions of global analysts who had forecast a decline in average prices that have surged 65 per cent since July.
However, the strong position of New Zealand currency against US dollar may prove harmful for these gains. Prices are lying in the range of $US2825 per ton to $US3095 per ton since the beginning of auction last night.
Kraft Foods Inc. is currently looking for a suitable name for Vegemite, and has given customers the chance to select an appropriate name for the milder version of Vegemite. The move came after stern opposition by customers through various channels for calling it iSnack2.0. The new spread contains cream cheese with the original salty, pungent Vegemite to deliver delicious taste.
Last year, two smallest dairy co-operatives of New Zealand offered highest and lowest milk prices. Tatua Co-operative Dairy Company took the lead with its payouts for 2008-09 standing at $5.38 a kg of milk solids.
The locked-out Waikato dairy factory workers claimed that they were never involved in environmental sabotage activities as alleged by their employer. Meanwhile, an Employment Court also termed their lockout illegal, but the company failed to give any respite to thirty-eight workers at the Open Country Cheese plant in Waharoa.
James Ritchie, national secretary of Dairy Workers' Union, termed the charges made by company baseless. He asked the authorities to produce credible evidence of sabotaging the operation in support with the charges.
The willingness to go back to work this evening was expressed by the workers of dairy company Open Country Cheese near Matamata. The workers have been on strike from quite sometime now, and a hearing in the Employment Court has been pended for later in the week.
It was specified by the Dairy Workers Union that staff will return to the plant at 6pm. The Dairy Workers Union, which represents workers at the Waharoa site, said that though the urgent Friday hearing into whether illegal replacement labor is being used by the company is pending, they will return to work.
Silver Fern Farms (SFF) has announced a three-week extension, until October 9, for its share exchange and cash issue offer. The firm has already sold 37 per cent stakes, as per Eoin Garden, the Chairman of meat co-operative. The firm will use the raised funds for reducing debt burden, introducing new supply chain and making investment in new technology.