World business news - July 30

NEW ZEALAND

New Zealand Farming Systems Uruguay (NZS) shareholders are being urged to rally round to keep a large portion of the company in New Zealander ownership. Auckland-based shareholder Paul Cooney is one of several shareholders saying the 55c a share takeover offer price from Singapore’s Olam International was far too low.

“Why should we let a foreign business reap the rewards for what a lot of New Zealanders put in as the initial capital?” he asked. “Why sell out now and then get no returns coming back here?”

Mr Cooney bought into the initial NZS offering at 100c a share in 2007 and says accepting the 55c offer “would be giving the company away”. Olam is already NZS’ biggest shareholder with 18.45 per cent.

The New Zealand Farmers Weekly

UNITED STATES

New tenderising technology known as HDP subjects vacuum-packed meat submerged in water to an explosive shock wave. It is said this dramatically improves meat tenderness while having little negative impact on other meat quality traits such as water-holding capacity, juiciness, flavour, and fresh meat colour. HDP has also been shown to enhance ageing tenderisation.

RUSSIA

The Russian veterinary authorities have informed The World Organisation for Animal Health that 112 cattle have been found affected by foot-and-mouth disease, while 2,256 showed signs of susceptibility.

The source of the outbreak, 12km from the Chinese border, is under investigation.

AUSTRALIA

Australian beef production is in trouble according to the Australian Beef Association. It says prices are at a level last seen in the early 1970s, but costs have gone through the roof. Producers claim regulatory burdens are decimating their incomes.

UNITED STATES

Although cow prices have declined during the last couple of weeks, prices are still over $10/cwt (£6.48/100lb) higher than last year at this time and about $5/cwt (£3.24/100lb) higher than the 2004-08 average.

Weekly cow prices have been averaging several dollars above 2008, which was the previous record high year. So, if that trend continues, 2010 may set a record for annual cow prices. Higher prices are occurring in spite of continuing high cow slaughter numbers.

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