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Asian shares are lower, tracking a slump on Wall Street after the Federal Reserve said it may not cut interest rates next year by as much as it earlier thought. U.S. stocks slumped Wednesday after the Federal Reserve said it may not cut interest rates next year by as much as it earlier thought, regardless of how much Wall Street wants it. The Fed held its main interest rate steady at its highest level in more than two decades, as was expected. Wednesday on Wall Street, the S&P 500 fell 0.9% to 4,402.20. Shares of Klaviyo, which helps advertisers market over email and text messaging, rose 9.2% in their first day of trading.

Persons: Jerome Powell, it’s, ” Anderson Alves, ActivTrades, Hang Seng, Australia's, Grant Robertson, Fonterra, Powell, ” Powell, Instacart, Brent, Nick Perry Organizations: Federal Reserve, Fed, Nikkei, Toshiba Corp, Statistics New, Finance, Zealand, Dow Jones, Nasdaq, Treasury, Big Tech, Microsoft, Apple, Nvidia, Arm Holdings, New York Mercantile Exchange, U.S Locations: U.S, Shanghai, Seoul, Statistics New Zealand, China, Wellington , New Zealand

☆ Fonterra's profit more than doubles on demand for dairy ingredients, shares rise
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

The world's biggest dairy exporter also benefited from higher product pricing and strong demand for its dairy ingredients and foodservice channel. "We acknowledge that across the year, farmers will continue to feel the pressure from high input costs and a reduced farmgate milk price," CEO Miles Hurrell said. The dairy giant also expects inflationary pressures and farmgate milk price outlook to impact its production levels. That compares with normalized earnings of 80 NZ cents per share in fiscal 2023. The Auckland-based company declared a final dividend of 40 NZ cents per share, compared with 15 NZ cents declared last year.

Persons: Nigel Marple, Fonterra, Miles Hurrell, Hurrell, Himanshi Akhand, John Biju, Shounak Dasgupta, Shweta Agarwal Organizations: REUTERS, Fund, NZ, Zealand, Thomson Locations: Rapa, Hamilton, China, Zealand, Auckland, Bengaluru

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China October 25, 2022. "It's pretty weak," said Sat Duhra, a portfolio manager at Janus Henderson who devises a macro score for countries by tracking seven factors including PMI surveys, real exchange rates, current accounts, growth estimates and liquidity. Even in Japan, the stock market success story of the year so far, portfolio manager Zuhair Khan at UBP Investments says he's shorting or avoiding companies reliant on China sales. However, I think more importantly, it has fallen short of initial expectations," said Jagdeep Ghuman, a portfolio manager for U.S. asset manager Nuveen. Reporting by Tom Westbrook and Rae Wee in Singapore, Dhara Ranasinghe in London and Summer Zhen and Xie Yu in Hong Kong.

Persons: Aly, Janus Henderson, Seema Shah, Zuhair Khan, Prashant Bhayani, it's, Jagdeep Ghuman, Nuveen, Tom Westbrook, Rae Wee, Dhara, Zhen, Xie Yu, Sam Holmes Organizations: REUTERS, Rights, BHP, PMI, Global Investors, UBP Investments, Vegas Sands, Wealth Management, U.S, Thomson Locations: Shanghai, Shenzhen, China, Rights SINGAPORE, London, Bangkok, Zealand, Europe, Thailand, Asia, Japan, Singapore, Hong Kong

☆ China's economic slump means a glass of milk could soon cost a lot less
▼ + stars: | 2023-08-03 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

A glass of milk could soon cost a lot less due to China's economic slump. Whole milk powder prices slumped to a three-year low as Chinese demand for dairy products slides. With demand struggling to recover after the pandemic, whole milk powder prices have been sliding, Bloomberg reported. The average price for a ton of milk powder has tumbled to $2,864 – the lowest level since June 2020, per the GlobalDairyTrade. Economic growth for the three months to June 30 also badly missed economists' expectations of 7.3%, rising just 6.3%.

Persons: Per, Emma Higgins Organizations: Service, Bloomberg, Per Bloomberg Locations: China, Wall, Silicon, New Zealand

New rules imposed in February force infant formula makers to invest heavily to re-make, test, certify and re-register their products for China, before potentially conducting new marketing campaigns. “The new standard requires higher product quality as well as stronger manufacturing techniques which are expected to eliminate many small-to-medium-size players,” said Quinn Mai, analyst at Euromonitor International, which estimates China’s infant formula market will fall 12.5% to $21 billion by 2025 due to shrinking demand. China's National Health Commission (NHC) cited infant safety when announcing the latest rules. Celia Ning, director at the nutrition research institute of formula maker Junlebao, said the registration process could "easily" take a year. Another, Fonterra (FCG.NZ), said it was progressing through the re-registration process but that infant formula made up a relatively small part of its China business, with declining birth rates and regulation driving industry consolidation.

Persons: ”, Quinn Mai, Jane Li, Li, Celia Ning, Junlebao, Ning, SAMR, Nestle, Marius Zaharia Organizations: Euromonitor, Health Commission, NHC, State Administration, Market, “, Unicef, Companies, Abbott Laboratories, Reuters, New Zealand's Ministry, Primary Industries, Milk, Global, Nestle, Danone, HK, “ Companies, Thomson Locations: HONG KONG, China, Auckland, “ Beijing, India, U.S, Hong Kong, Beijing, Lincoln

☆ War on cow farts is stinky but necessary job
▼ + stars: | 2023-03-24 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

Yet, governments from New Zealand to Europe are zeroing in on livestock, whose burps and farts help generate 15% of global greenhouse gas emissions each year, United Nations estimates show. An industry backlash against plans to tackle the issue will teach punters to treat burgers as polluting fuel. Cattle is a major contributor to methane emissions from agriculture, which hit 142 metric tons in 2022, triple the amount of those from the oil sector, according to the International Energy Agency. But like fossil fuels ten years ago, this will be the start of a long but necessary battle. French dairy company Danone on Jan. 17 pledged to reduce methane emissions from its fresh milk supply chain by 30% by 2030 from its 2020 level.

☆ War on cow gas is stinky but necessary job in climate-change struggle
▼ + stars: | 2023-03-24 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

Yet, governments from New Zealand to Europe are zeroing in on livestock, whose burps and farts help generate 15% of global greenhouse gas emissions each year, United Nations estimates show. Cattle is a major contributor to methane emissions from agriculture, which hit 142 metric tons in 2022, triple the amount of those from the oil sector, according to the International Energy Agency. But like fossil fuels ten years ago, this will be the start of a long but necessary battle. CONTEXT NEWSEuropean Union countries agreed on March 16 to try to reduce the number of farms covered by proposed rules to cut pollution and greenhouse gas emissions from livestock. French dairy company Danone on Jan. 17 pledged to reduce methane emissions from its fresh milk supply chain by 30% by 2030 from its 2020 level.

☆ New Zealand's Fonterra profit jumps 50% on stronger dairy prices
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

March 16 (Reuters) - New Zealand's Fonterra Co-operative Group Ltd (FCG.NZ) on Thursday said first-half profit jumped 50% due to higher prices for its dairy products and strong margins across its cheese and protein division. The co-operative, which controls almost a third of global dairy trade, also said it expects to earn between 55 and 75 NZ cents per share for fiscal 2023, from an earlier forecast of 50 to 70 NZ cents per share. Favourable margins in the dairy co-operative's protein portfolio during the half year offset lockdown-driven weakness in demand from China. The world's biggest dairy exporter reported normalised net profit after tax of NZ$546 million ($338.19 million) for the six months ended Dec. 31, compared with NZ$364 million a year earlier. Fonterra declared an interim dividend of 10 NZ cents per share, compared with 5 NZ cents per share declared last year.

☆ The Next Frontier in Farming? The Ocean.
▼ + stars: | 2023-03-15 | by ( Somini Sengupta | ) www.nytimes.com time to read: +10 min

For centuries, it’s been treasured in kitchens in Asia and neglected almost everywhere else: Those glistening ribbons of seaweed that bend and bloom in cold ocean waves. Far beyond South Korea, new farms have cropped up in Maine, the Faroe Islands, Australia, even the North Sea. But even as its champions see it as a miracle crop for a hotter planet, others worry that the zeal to farm the ocean could replicate some of the same damages of farming on land. “Seaweed is not going to replace all plastic, but seaweed combined with other things can tackle single use plastic,” he said. Seaweed farms are a far cry from the rows of corn and wheat that make up monoculture farming on land.

☆ NZ's Fonterra cuts milk price forecast as demand weakens
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

Dec 8 (Reuters) - New Zealand's Fonterra Co-operative Group Ltd (FCG.NZ) on Thursday lowered its farmgate milk price forecast range for the second time for the 2022/23 season on higher costs and softening demand for whole milk powder. The world's biggest dairy exporter now expects to pay farmers between NZ$8.50 and NZ$9.50 per kilogram of milk solid (kgMS), compared with NZ$8.50 to NZ$10.00 per kgMS it forecast in August. Chief Executive Officer Miles Hurrell said demand for whole milk powder has weakened, particularly in Greater China, offset by increased participation from other regions. Fonterra's global milk supply from key exporting regions declined for the 12 months to September, while its New Zealand milk collections dropped 3% season-to-date. The New Zealand dairy giant's first-quarter earnings before interest and taxes rose to NZ$368 million ($234 million), compared to prior year's NZ$190 million.

☆ NZ's Fonterra plans to implement new capital structure by late March
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

Nov 25 (Reuters) - New Zealand dairy giant Fonterra Co-operative Group Ltd (FCG.NZ) said on Friday it would implement its new capital structure, intended to make it easier for new farmers to join the co-operative, in late March next year. The dairy firm's farmer shareholders in December last year gave the go-ahead for the capital restructuring that aims to claw back domestic market share and retain existing farmers by reducing the minimum supply requirement for farmer owners. "We believe late March is the best date for implementation because it avoids our share trading black-out period associated with the Co-op's interim results," Fonterra Chairman Peter McBride said. "It also gives shareholders time to fully digest the detailed information we will be sending through ahead of the implementation date, and to seek advice from their financial advisors." Fonterra will finalise the implementation date at its interim results, currently scheduled for mid March.

☆ New Zealand's Fonterra appoints Neil Beaumont as CFO
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: 1 min

Nov 9 (Reuters) - New Zealand's Fonterra (FCG.NZ) on Wednesday named Neil Beaumont as its chief financial officer (CFO), to succeed Marc Rivers who announced his exit earlier this year. Chris Rowe, the acting CFO, will continue until Beaumont steps into the role in early February 2023, the company said. Beaumont has previously held senior roles at mining giant BHP Group (BHP.AX) in Chile and Australia and at auditing firm KPMG. Fonterra Chief Executive Officer Miles Hurrell said, Beaumont is "an experienced global finance leader whose expertise in strategic implementation will be a real asset to our management team." Reporting by Roushni Nair in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ On New Zealand farm, scientists reduce cow burps to save the world
▼ + stars: | 2022-10-10 | by ( Lucy Craymer | ) www.reuters.com time to read: +6 min

New Zealand has pledged to cut biogenic methane emissions by 10% on 2017 levels by 2030 and by up to 47% by 2050. Royal DSM's (DSMN.AS) Bovaer feed additive can reduce methane emissions by 30% in dairy cows and by more in beef cattle. Agricultural emissions account for around half of the country's greenhouse gas emissions. While pricing farm emissions is not universally popular, many believe it is the push farmers need to reduce them. For Fonterra, research also remains key as it aims to cap farm emissions at 2015 levels.

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