India trade deal could open doors for meat exports, failed cherry operation owes millions to rural sector, and Kiwi shearers triumph in first Wales test at Waimarino Shears.

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India trade deal could open doors for meat exports

The New Zealand red meat sector is backing the formal launch of negotiations for a Comprehensive Free Trade Agreement with India. Meat Industry Association independent chair Nathan Guy has joined Prime Minister Christopher Luxon's business delegation, alongside representatives from three red meat processing and exporting companies.

Guy is excited about the prospect of a trade agreement with India, saying a robust and productive trade relationship between the two countries provides many opportunities. Like many developing countries, India has experienced significant economic growth with an expanding middle class focused on health and wellness, who are seeking high-quality and nutritious animal protein options.

Prime Minister Luxon says India is a rapidly growing economy with increasing demand for high-quality, nutritious protein. The visit aims to strengthen relationships, explore new trade opportunities, and foster long-term economic cooperation benefiting both countries. The Government values the contribution of the red meat sector to New Zealand's export success and growth ambitions.

Beyond sheepmeat products, Guy points to significant opportunities for New Zealand in the fifth quarter byproducts sector, with offal exports boosted through the rise of the petfood industry and strengthened demand for serum exports. India plays a key role in the pharmaceutical industry, manufacturing and exporting products such as vaccines, with New Zealand's fifth quarter products sought after because of our disease-free status.

The focus with India is on long-term, mutual economic benefits rather than just trade. New Zealand has the opportunity to contribute towards India's development by sharing expertise in cold storage infrastructure, and training and disease management, supporting the Indian Government's socio-economic objectives.

 

Banking policy bill sparks debate on climate lending decisions

NZ First's new banking policy bill has sparked debate about the role of climate considerations in lending decisions. The proposed legislation, set for its first reading in Parliament, aims to prohibit what Deputy Prime Minister Winston Peters calls "ideologies being driven by unelected, globalist, climate radicals" in banking.

The bill, introduced by NZ First MP Andy Foster, would require banks to make lending decisions purely on commercial grounds or face fines up to half a million dollars. The move follows BNZ's decision to reduce lending to petrol stations and comes after Federated Farmers raised concerns about banks reducing exposure to fossil fuels and setting climate targets for farmers.

Financial experts and lawyers are questioning the bill's practicality, with some top law firms calling it unworkable in its current form. Associate Professor Martien Lubberink from Victoria University warns the bill could raise borrowing costs by increasing risk and uncertainty. National has not yet indicated whether it will support the bill past its first reading.

 

Failed cherry operation owes millions to rural sector

Hawke's Bay and Otago cherry operation Cherri Global owes more than $40 million to creditors following its liquidation earlier this month. PricewaterhouseCoopers liquidators revealed the substantial debt in their first report after the company and its subsidiaries were placed into liquidation on March 8.

The cherry grower faced significant challenges following Cyclone Gabrielle impacts and an unsuccessful attempt to raise equity funding for orchard development. This forced the business to sell most of its property assets and operations, eventually ceasing trading in November 2024 after the sale was completed.

Creditors span across the rural sector and beyond, with Spark, PGG Wrightson and the Ministry of Business, Innovation and Employment among those owed money. The three companies in liquidation - Cherri Global, Cherri Holdings and Cherri Machinery - have a combined 32 unsecured creditors owed approximately $42.7 million.

 

Niwa kingfish project scales up to meet global demand

Northland's pioneering land-based kingfish farm is attracting serious international attention with Singapore eyeing the premium product for its food security needs. Niwa scientist Dr Andrew Forsyth says interest from overseas buyers is growing rapidly following a visit from a Singaporean delegation to the Ruakākā facility in December.

The Northland Aquaculture Research Centre farm, which officially opened last August after 20 years of research and development, is now successfully producing kingfish through a recirculating aquaculture system. The initial module is on track to produce 400 tonnes of premium kingfish annually with plans to expand significantly over the next few years.

Forsyth says Niwa aims to add up to four more modules on the existing site to increase overall production to 600 tonnes yearly, the volume needed to create a robust commercial enterprise. This scale would help meet the growing global demand that currently far outstrips New Zealand's production capacity.

The land-based system addresses several challenges facing marine-based aquaculture including sea-space restrictions, social licence concerns, and growing constraints from climate change, biosecurity, and disease management. Niwa has designed the operation with fish welfare and environmental responsibility as priorities, capturing solid waste for potential use as organic fertiliser and treating liquid waste before discharge.

Forsyth believes the Ruakākā model could be replicated across New Zealand, creating significant economic opportunities.

 

Kiwi shearers triumph in first Wales test at Waimarino Shears

New Zealand's shearing team has claimed victory over Wales in the first test of a three-match series at the Waimarino Shears in Raetihi. The black singlet duo of David Buick and Jack Fagan defeated the Welsh shearers by a comfortable margin of 6.388 points.

The win marks sweet revenge for Buick and Fagan, who were beaten by the same Welsh team last July in Cothi during a series Wales won 2-1 on their home shearing boards. The Kiwis are now favourites to win the remaining tests at Waitomo on Saturday and Te Kuiti next Friday, with the Kiwi team looking to maintain their winning form on home soil.

It was a big weekend for shearing competitions across the country with events also held at the Methven A&P Show in Mid-Canterbury where Rangiora shearer Hugh De Lacy claimed the Open title, and at Warkworth A&P Show where Golden Shears champion Toa Henderson secured his fifth consecutive win at the event.

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