12-12-2013 08:06 AM | New Zealand

NZ vows to improve dairy safety, trade

The New Zealand government pledged Wednesday it will strengthen regulation on dairy product safety and boost the number of staff to support trade with China.

This follows an inquiry into a contamination scare that ended up with a global recall of the Fonterra Co-operative Group's dairy products in August.

Meanwhile, Fonterra, which controls nearly a third of the global dairy trade, cut its dividend and earnings forecasts for 2014 Wednesday due to lower returns from its cheese and casein (milk protein) products, according to the company's statement. But analysts said August's food safety incident was among factors that hurt its earnings.
Full Story : Global Times