The world’s biggest dairy exporter, New Zealand’s Fonterra, has fingers crossed its farmer shareholders will finally approve a new capital structure this year that will open the door to outside investment and free up cash for expansion.

The controversial scheme will enable its farmer members to trade the co-operative’s shares among themselves, put some stock into a NZ$500 million ($410 million) fund to be traded on the New Zealand stock exchange, and give Fonterra much greater certainty over its capital flows.

The co-op currently controls around a third of the world’s dairy exports, exporting milk powder, butter and cheese to countries including China, Vietnam, Chile and Brazil. Fonterra is also New Zealand’s biggest company, with annual sales near NZ$20 billion, and earns a quarter of the country’s exports.

The issue is an emotional one for New Zealand’s farmers.

"This is an ownership issue, we’re talking about the family silverware here," said Willy Leferink, chairman of dairy at the Federated Farmers of New Zealand, the nation’s farmers union.

"There are members who say ‘Over my dead body’, and others who say ‘Box on, this is fantastic’," said Leferink, a farmer and Fonterra shareholder.

 Read more: reuters.com 

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New Zealand’s economic growth has accelerated in the first three months of the year despite a devastating earthquake.

Official figures showed gross domestic product rose 0.8%, the fastest pace for more than a year.

The New Zealand dollar hit a 30-year high against the US dollar on the news.

The pick up in growth comes despite the fact that Christchurch, the country’s second biggest city, was hit by a 6.3 magnitude earthquake in February.

Analysts said the strong figure brought forward the prospect of an interest rate rise.

The statistical office also revised up its 2010 fourth quarter gross domestic product figure to 0.5% from 0.2%, underlining the the view that the economy was proving robust.

"It’s a pretty remarkable result given the circumstances," said Philip Borkin, an economist at Goldman Sachs.

More information on BBC

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New Zealand Prime Minister John Key has ordered an inquiry into how a defence official accused of making up details about his background was given the highest level of security clearance.

A TV investigation accused Stephen Wilce, a senior defence scientist, of falsely claiming he was an ex-British commando and Olympic bobsleigher.

Mr Wilce, who was director of New Zealand’s Defence Technology Agency (DTA), resigned last week.

He headed a staff of 80 for five years.

The DTA provides intelligence to the military on technological and scientific matters.

More information on BBC

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HONOLULU (Reuters) - Secretary of State Hillary Clinton on Wednesday said she would look to shorten a trip through the Western Pacific after a "horrific" earthquake in Haiti spurred a major U.S. assistance drive.

Clinton said she would continue with plans to visit Papua New Guinea, Australia and New Zealand but would likely compress the schedule to return to Washington as soon as possible.

Clinton, who spent the morning in Honolulu on the telephone with U.S. President Barack Obama, new U.S. development chief Rajiv Shah and other senior officials, said U.S. forces were scrambling to provide basic help such as getting air traffic control working.

More information on reuters.com

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The first political party was founded in 1891, and its main rival was founded in 1909 — from that point until a change of electoral system in 1996, New Zealand had a two-party system in place. Today, New Zealand has a genuinely multi-party system, with eight parties currently represented in Parliament. Neither of the two largest parties have been able to govern without support from other groups since 1996, meaning that coalition government is required.

The two largest, and oldest, parties are the Labour Party (centre-left progressive) and the National Party (centre-right conservative). Other parties currently represented in Parliament are ACT (free market), the Greens (left-wing, environmentalist), United Future (family values), the Progressives (leftist), and the Māori Party (ethnic).

 

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The politics of New Zealand takes place in a framework of a parliamentary representative democratic monarchy. The basic system is closely patterned on that of the Westminster System, although a number of significant modifications have been made. The head of state is Queen Elizabeth II, but actual government is conducted by a Prime Minister and Cabinet drawn from an elected Parliament.

Helen Clark in Poll - public opinion online Clark is the 37th and current Prime Minister of New Zealand.
Jeanette Fitzsimons in Poll - public opinion online The current co-leader of the Green Party of Aotearoa New Zealand.
Jim Anderton in Poll - public opinion online The current leader of the Progressive Party. He has served in Parliament since 1984.
John Key in Poll - public opinion online New Zealand politician - the 38th and current Prime Minister of New Zealand and leader of the National Party, New Zealand.
Peter Dunne in Poll - public opinion online A New Zealand politician and Member of Parliament, leads the United Future political party.
Phil Goff in Poll - public opinion online The current Leader of the Opposition and the Leader of the New Zealand Labour Party.
Pita Sharples in Poll - public opinion online Māori academic and politician, currently co-leads the Māori Party.
Rodney Hide in Poll - public opinion online The current leader of the political party ACT New Zealand. Minister of Local Government and Minister of Regulatory Reform.
Russel Norman in Poll - public opinion online A Member of Parliament and co-leader of the Green Party of Aotearoa New Zealand.
Tariana Turia in Poll - public opinion online A New Zealand politician and a candidate of the newly-formed Māori Party.

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