New Zealand’s response to the coronavirus pandemic has been the best in the world and is the country that gives business leaders the most confidence for future investment, according to a Bloomberg Media survey.



a group of people on a city street: Photograph: Phil Walter/Getty Images


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Photograph: Phil Walter/Getty Images

New Zealand ranked strongly for political stability, the economic recovery, virus control and social resilience in Bloomberg’s market crisis management index, published on Thursday.

The index scores New Zealand at 238, above second-placed Japan at 204 and Taiwan in third on 198. Australia was sixth with 151, while the UK and US – despite their high case numbers and fatalities from Covid-19 – were ninth and 10th.

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In a boost for Jacinda Ardern’s chances of winning a second term in the election on 17 October, New Zealand scored the highest ranking in each of the categories.

Its political stability ranking was its best score and was also the most preferred holiday destination for executives once it was safe to travel.

As Auckland enjoyed its first day free of restrictions since a second wave hit, New Zealand’s finance minister, Grant Robertson, said the government’s plan to go “hard and early” against the virus had been a success.

“We have one of the most open economies in the world because we set out a plan and stuck to it. We have eliminated our second wave, as others are still grappling to get this virus under control.

“Our clear plan to deal with Covid-19 is being noticed, particularly by global businesses. Our strong and steady Covid response means we’re opening up investment opportunities to support the recovery and rebuild.”

More than half of the business leaders surveyed said they were still highly concerned

(Reuters) – New Zealand’s Fonterra <FCG.NZ> <FSF.NZ> said on Monday it has agreed to sell its farms in China for a total of NZ$555 million ($367.97 million) as the dairy producer continues to focus on the domestic market and reduce debt.

The company unveiled plans last year to halt overseas expansion after being criticised by the more than 10,000 farmers who make up its cooperative for its foray into countries like China and value added consumer products that were weighing on its profits.

“For the last 18 months, we have been reviewing every part of the business to ensure our assets and investments meet the needs of the Co-op today,” Chief Executive Officer Miles Hurrell said.

“Selling the farms is in line with our decision to focus on our New Zealand farmers’ milk.”

After the sale, the company will also be able to better prioritise its efforts in the foodservice, consumer and ingredients business in China, its biggest market, it added.

China Youran Dairy Group will purchase two farming-hubs located in Ying and Yutian for NZ$513 million, while Beijing Sanyuan Venture Capital is set to acquire an 85% stake in the Hangu farm.

The dairy giant said it will use the cash proceeds from the deal to pay down debt further, which it has already managed to reduce by NZ$1 billion, as of September.

(Reporting by Anushka Trivedi in Bengaluru; Editing by Daniel Wallis)

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FILE PHOTO: Fonterra milk tanker driving past dairy cows as it arrives at Fonterra's Te Rapa plant near Hamilton, New Zealand


© Reuters/Nigel Marple
FILE PHOTO: Fonterra milk tanker driving past dairy cows as it arrives at Fonterra’s Te Rapa plant near Hamilton, New Zealand


(Reuters) – New Zealand’s Fonterra said on Monday it has agreed to sell its farms in China for a total of NZ$555 million ($367.97 million) as the dairy producer continues to focus on the domestic market and reduce debt.

The company unveiled plans last year to halt overseas expansion after being criticised by the more than 10,000 farmers who make up its cooperative for its foray into countries like China and value added consumer products that were weighing on its profits.

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“For the last 18 months, we have been reviewing every part of the business to ensure our assets and investments meet the needs of the Co-op today,” Chief Executive Officer Miles Hurrell said.

“Selling the farms is in line with our decision to focus on our New Zealand farmers’ milk.”

After the sale, the company will also be able to better prioritise its efforts in the foodservice, consumer and ingredients business in China, its biggest market, it added.

China Youran Dairy Group will purchase two farming-hubs located in Ying and Yutian for NZ$513 million, while Beijing Sanyuan Venture Capital is set to acquire an 85% stake in the Hangu farm.

The dairy giant said it will use the cash proceeds from the deal to pay down debt further, which it has already managed to reduce by NZ$1 billion, as of September.

(Reporting by Anushka Trivedi in Bengaluru; Editing by Daniel Wallis)

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