Fonterra boss meets with politicians over high butter prices
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
RNZ News
27 minutes ago
- RNZ News
Northland businesses pitch growth plan to Ministers
Northland business leaders say the region's economy can grow six-fold by 2050, boosting incomes and the wider economy. They last night pitched to government ministers, outlining what the region needs to grow to a $60-billion economy by 2050. An NZIER report commissioned by the Northland Corporate Group - which includes big players like Northport, Northpower and Top Energy, as well as Ngapuhi, says that's indicative of sustained underinvestment in infrastructure as well as a skills shortage, and poor education outcomes. Kathryn speaks with Northland group co-chair by Rosie Mercer, chief executive of Marsden Maritime Holdings, and Andrew McLeod - chief executive of lines company and contractor Northpower. To embed this content on your own webpage, cut and paste the following: See terms of use.
RNZ News
an hour ago
- RNZ News
Get ready for more bad news from Tesla
By Chris Isidore , CNN Auto revenue fell 16 percent, while overall revenue fell 12 percent, a bigger drop than forecast by Wall Street. Photo: AFP / JULIEN DE ROSA Tesla's troubles continued Wednesday (US time) as the company reported a 23 percent drop in adjusted earnings for the second quarter, a fall that followed a record drop in sales in the same period. The company's adjusted net income, the measure most closely followed on Wall Street, fell $419 million (NZ$695.54m) from one year ago to $1.4 billion (NZ$2.32b). That 23 percent drop is a bigger percentage decline than the 13.5 percent fall in vehicle sales during the quarter, which was the largest in the company's history. The stricter reading for net income fell 16 percent to $1.2b (NZ$1.99b). Auto revenue fell 16 percent, while overall revenue fell 12 percent, a bigger drop than forecast by Wall Street, suggesting there was weakness in auto prices it could charge since revenue was off more than the number of vehicles sold. Tesla's sales plunge over the last 18 months has been a stunning turn for a company that recorded only one quarterly year-over-year sales drop before 2024. And the company faces significant trouble ahead. Investors already know that second-quarter sales fell a record 13.5 percent compared to a year earlier, the second straight quarter in which its sales were off at least 13 percent. But a second-quarter earnings report, due after the market closes at 4pm (ET), could shed light on other, potentially bigger problems as well, as the company faces losing its title as the world's biggest EV maker to China's BYD. The first-quarter sales drop sparked an even larger 71 percent drop in net income in that period. Tesla is expected to post another decline in the second quarter, albeit not as large. Analysts estimate net income dropped about $350m (NZ$581m,), or nearly 24 percent, in the March through June period. Looking ahead, though, a $7500 (NZ$12,450) tax credit for US EV buyers will go away in October, which could force the company to further cut prices, and thereby profit margins, to support sales. US buyers account for nearly half of Tesla's sales. Tariffs could bite, as well. Unlike all other major automakers, Teslabuilds every car it sells in the US at its two American plants, helping it avoid 25 percent import car tariffs. But Tesla does depend on imported parts and raw materials, which are still tariffed. Last week, the Chinese graphite used in its batteries became subject to another tariff that raised the costs 160 percent from last year. Perhaps the most serious financial problem facing Tesla is the elimination of the market for regulatory credit sales, which has fed $10.6 billion (NZ$17.6b) to the company's bottom line since 2019. Gas-powered carmakers in the past bought emissions credits from Tesla, since its EVs came in below emissions limits. But the Republican tax and spending bill passed earlier this month removed financial penalties for automakers violating emissions rules. Elon Musk has not stayed out of politics since leaving the Trump administration. Photo: AFP / Angela Weiss Tesla would have lost money in the first three months of the year without its revenue from selling those credits. Tesla CEO Elon Musk will undoubtedly try to focus investor attention on the company's plans for robotaxis and humanoid robots to offset those concerns. It started a long-promised robotaxi service in June - but just a portion of its hometown of Austin, Texas, to friends and fans of the company, and with an employee sitting beside the empty driver's seat. It could be years before a robotaxi service actually makes money for the company. And there's a wildcard: Three months ago, Tesla's quarterly earnings were dominated by the news that Musk was leaving the Trump administration and would be spending most of his time once again running Tesla. But while he stepped away from an official role, he hasn't been able to quit politics entirely, having since had a falling out with President Donald Trump. Now he's announced plans to start a [ third political party. What that could mean for Tesla's own future is murky at best. - CNN
RNZ News
an hour ago
- RNZ News
Tauranga Mayor Mahé Drysdale's call for council review backed by LGNZ
Tauranga Mayor Mahé Drysdale said councils weren't as efficient and effective as they could be. Photo: Brydie Thompson Local Government New Zealand (LGNZ) has backed Tauranga Mayor Mahé Drysdale's call for a review of councils. Drysdale's remit, supported by Tauranga City Council and aimed at increasing efficiency in local government and reducing ratepayer costs, was passed at the national local governance body's annual general meeting last week. The remit received 80 percent support from councils and was ranked the top priority out of the four successful remits. The local government minister also said he was open to exploring opportunities for efficiency . It comes after Drysdale called for "tough" amalgamation conversations between Bay of Plenty councils. He said the remit passing showed everyone was aware that change was happening in local government. "[We] want to be proactive around designing the system that will work for our people and work for us as local government." The remit called for a review of current functions and governance arrangements of councils. Councils weren't as efficient and effective as they could be, he said. The sector needed to look at what services should be delivered nationally, regionally, and locally, then design a system that would best deliver those services, Drysdale said. Having a national IT system for all councils and regional roading networks were some ideas the sector could discuss, he said. When talking about efficiency, people "jump to amalgamation", Drysdale said, but it was only one of the solutions. "It may not be the solution that comes out of it. We've got to keep a really open mind." He said he was not trying to "ram through amalgamation". "The intent of this is getting all the local authorities with LGNZ and central government working together to design a system that works for the country." New Zealand has 78 councils: 11 regional, 11 city, 50 district, and six unitary authorities (regional and city/district combined). Changes to how councils managed water through Local Water Done Well and Resource Management Act (RMA) reform meant the functions of councils were changing, so councils needed to change their form, Drysdale said. LGNZ was in the "perfect position" to co-ordinate the remit, but buy-in was needed from central government and the other councils, he said. Plenty of reviews had been done, but action was needed, Drysdale said. "Let's make sure we've done this thoroughly and we know what the best system is, but then we've actually got to implement it." Local Government Minister Simon Watts. Photo: Alex Burton Local Government Minister Simon Watts said opportunities for efficiency included working alongside the sector. The new legislation that would replace the RMA included provisions about the roles, responsibilities, and processes of local government, he said. This included proposals that differed from the status quo, Watts said. "I am keen to look at how the reorganisation process for local government can be made simpler and expect to receive advice on this." LGNZ chief executive Susan Freeman-Greene said local government needed to be proactive and lead the changes required. "The current sector arrangements are a legacy, and do not always reflect how communities have expanded and how modern services are delivered. "With key government legislation changes now under way, it'll require an agile and well-planned response by the sector," she said in a statement. "It's also important we retain local decision-making in the work we do and the decisions we make, particularly when it comes to the delivery of infrastructure and services for the community." Local Government New Zealand chief executive Susan Freeman-Greene. Photo: Mark Tantrum The LGNZ national council would consider next steps on the remit in the coming months. After the October election, the organisation would engage with councils in a member-driven process, an LGNZ spokesperson said. Outgoing Bay of Plenty Regional Council chairman Doug Leeder said councils needed to be prepared to question their structure and functions. "The structure of local government hasn't meaningfully changed since 1989. In that time, our communities, demographics, and challenges have changed dramatically," he said in a statement. "We need to be brave enough to question how we deliver services and what functions sit best at which level - national, regional, or local." The remit had the support of metro councils before it was presented to LGNZ. The metro councils would provide support and resources to work on the programme established, the remit said. - LDR is local body journalism co-funded by RNZ and NZ On Air.
