Midday Report

Contact Energy's full year profit is down nearly a third on the last year, reflecting an 11 percent drop in revenue.

Gyles Beckford has the business news.

R-CALF USA, the largest body representing producers of cattle and sheep in America, says the sheep industry there has been decimated over the last three decades with an explosion of lamb and mutton from Australia and New Zealand pushing down returns for local producers.

Sally Murphy has the rural news.

Tomasi Cama has been named as Head Coach of the All Blacks Sevens for the 2024 season.

Jonty Dine has sports.

Fonterra's improved full year profit outlook is a bright spot in an otherwise tough year ahead for farmers. 

Anan Zaki has the business news.

Punnets of kiwifruit have been recalled in the US - over listeria concerns.

Zespri says the fruit has been traced back to two orchards - so all the fruit from them is now on hold - which is about 3,400 trays.

Sally Murphy has the rural news.

World champion cyclist Aaron Gate says victory in the points race this morning at the world champs in Glasgow was simply a bonus.

Jonty Dine has sports.

The agri-business group Scales Corporation is expanding its pet food investments with a 50-percent ownership stake in a newly-established European ingredient processing operation. 

Anan Zaki has the business news.

News from the rural farming sector With over 15 thousand signatures the petition calling on the government to use only wool carpets in its buildings has so far failed to reach the final stage due to an administrative error. New figures have confirmed the conversion of farmland to forestry has slowed amid uncertainty around the future of carbon credits. While export beef and lamb prices continue to drop - the venison market is beginning to show some strength.

Midday sports News for 9 August 2023 New Zealand cyclist Aaron Gate was confident his partner Campbell Stewart would win the final sprint and get them on the Madison podium at the World Cycling Champs in Glasgow. Pace bowler Trent Boult will play his first one day cricket international in a year having been named in the Black Caps squad for the team's penultimate series before the World Cup in India in October.

News from the business sector ASB Bank has posted a record full year profit of 1.56 billion dollars, thanks largely to a strong first half. Kiwisaver funds have continued their rebound as global markets stage a recovery. Homewares and sport goods retailer Briscoe Group is boosting investment in security for its stores as it sees a rising number of breaks ins.