NZ reaches deal with Canada after dairy trade dispute
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RNZ News
23 minutes ago
- RNZ News
Fonterra boss meets with politicians over high butter prices
Fonterra's boss has given media the silent treatment over the sky high price of butter. Both National and Labour's finance spokespeople met with Fonterra's chief executive Miles Hurrell last night, trying to find out why the cost of a block is so steep. But whether the debate leads to a price correction or just more froth and churn from lawmakers is yet to be seen. Russell Palmer reports.
Scoop
an hour ago
- Scoop
'Butter Is Expensive Right Now. There's No Getting Away From That' - Finance Minister Nicola Willis
The Finance Minister does not believe New Zealanders are getting a "raw deal" on butter, but has accepted there is no getting away from how expensive it is right now. Nicola Willis met with Fonterra's chief executive Miles Hurrell at Parliament on Tuesday evening. While the two meet regularly, there was increased interest in the meeting due to the current price of butter. Willis had earlier said it was something she would discuss with Hurrell. Characterising the meeting as "constructive and engaging," Willis said Hurrell was candid about the way butter was priced in New Zealand. Her summarisation of her meeting with Fonterra largely zeroed in on her drive to increase supermarket competition. The large proportion of what people pay for butter is dictated by global demand, which is something the government could not control. "Were that price to come down, you would expect that to be reflected in the prices that New Zealand shoppers pay," Willis said. Hurrell had told her that butter had once been the hardest product for Fonterra to sell globally, but the increasing demand was due to reporting on its health benefits. "It was once viewed as a bogeyman," she said. The meeting had reinforced Willis' interest in increasing supermarket competition to put downward pressure on the price of butter. "All roads lead back to supermarket competition. I continue to believe that is the most powerful lever that the government has on this issue. We will never be able to control global dairy prices. What we can influence is the amount of competition in New Zealand's grocery sector and we have a lot of work underway to address that." Fonterra had also observed the supermarket competition. "Miles specifically conveyed that Fonterra operates in a number of markets around the world, most of which have a more competitive supermarket sector, and that it does feel different in New Zealand." She would leave it to supermarkets and Fonterra to argue who was charging what margin. "The sense that I got from my engagement with Miles is that it's a constant battle between them. Each party are probably going to point fingers at the other." Hurrell would not answer questions when RNZ approached him outside Parliament on Tuesday night, but a Fonterra spokesperson said the meeting was "constructive". Willis said she had encouraged Hurrell to front, in particular to explain what proportion of the margins go to Fonterra and what goes to supermarkets. Acknowledging that Fonterra's job was to get the best possible price for its shareholders, Willis also accepted New Zealanders saw the downsides of that when they were shopping. "I've been satisfied that I don't think consumers are getting a raw deal. I think that there is good work going on to ensure that there is pressure and competition from Fonterra to try and keep its prices low. But I get it. Butter is expensive right now. There's no getting away from that."
RNZ News
an hour ago
- RNZ News
Japan's Prime Minister Ishiba to quit after election drubbing
By Satoshi Sugiyama and Leika Kihara for Reuters Japanese Prime Minister Shigeru Ishiba Photo: AFP / MASAMINE KAWAGUCHI Japanese Prime Minister Shigeru Ishiba will announce his resignation by the end of next month, Japanese media have reported, following a bruising election defeat that cost his administration its upper house majority. The reports come after Ishiba and US President Donald Trump unveiled a trade deal that lowers tariffs on imports of Japanese autos, and spares Tokyo punishing new levies on other goods. In the wake of Sunday's poll drubbing , Ishiba said he would stay in office to pursue the tariff agreement and tackle mounting economic problems. "I can't say until I scrutinise the outcome of the agreement," Ishiba told reporters on Wednesday when asked whether the tariff deal with Washington would influence his decision on whether to stay on. Ishiba told his close associates on Tuesday evening that he would address his responsibility for the election loss after a trade deal had been reached, the Yomiuri newspaper reported earlier. His departure less than a year after taking office would trigger a succession battle within the ruling Liberal Democratic party as it contends with challenges from new political parties, particularly on the right, that are stealing its support. Among them is the "Japanese First" Sanseito far-right group which surged in Sunday's vote, growing its representation in the 248-seat upper house to 14 from one. The party has attracted voters with pledges to curb immigration, slash taxes, and provide financial relief to households squeezed by rising prices. Ishiba defeated hardline conservative Sanae Takaichi in a party leadership runoff last year. Ishiba is expected to meet ruling party heavyweights later on Wednesday for discussions on the election outcome. - Reuters
