Daily review 11/11/2024

Written By: - Date published: 5:30 pm, November 11th, 2024 - 14 comments
Categories: Daily review - Tags:

Daily review is also your post.

This provides Standardistas the opportunity to review events of the day.

The usual rules of good behaviour apply (see the Policy).

Don’t forget to be kind to each other …

14 comments on “Daily review 11/11/2024 ”

  1. Dennis Frank 1

    Metiria Turei, discussing with Mihi Forbes the third book in a series on Te Tiriti, which she has co-edited: https://www.rnz.co.nz/national/programmes/saturday/audio/2018963455/metiria-turei-complexities-of-te-tiriti

    About a minute in she laughs when she says none of the maori folk they interviewed talked about co-governance!

    • Incognito 1.1

      She laughed because …??

      Because she found it funny, incredulous, surprising, 100% expected, or …??

      Don’t leave us hanging here with such a cliff-hanger!

      • Grey Area 1.1.1

        She sounded amused that despite co-governance being a "massive" political issue leading up to the last election, for Maori spoken to for the essays in the book it was just one model for their relationship with the Crown, and rangitiratanga was "much, much more important".

    • SPC 1.2

      Did they regard whakahaere tahi as being a concession to advocates of the English version they were unwilling to discuss, let alone make?

      Did they that matter as an UNDRIP one?

  2. adam 2

    The Hikoi hit Whangarei tonight – Impressive! All the people could not fit into Kaka Porowini Marae

    Tomorrow 9am: Hīkoi and Activation from Kaka Porowini Marae to Laurie Hall park.

    See you their

  3. Ad 3

    Anchor, Kapiti, Arlene, Anmum, Fernley, Mainland, Western, Perfect Italiano …

    … generations of marketing work and hundreds of millions of development…

    Fonterra Oceania, Fonterra Chikw, Fonterra Sri Lanka…

    …businesses that took decades to develop.

    For sale. Confirmed today.

    This is what Fonterra has come to after 20 years.

    A pure bulk ingredients business getting smaller and dumber every year.

    It was going to be our great massive state-created export giant.

    This is the National export economy.

    • SPC 3.1

      Branded products not a core strength … .

      Farmer shareholders would vote on the final option for divestment, which would deliver a "significant" capital return to them.

      They reduced debt from $5.3 billion to $3.2 billion in 2023. It is now $2.6B about the estimate for their brand assets. This of itself enabled higher payout to farmers/milk suppliers.

      Together, it's a cash cow transition.

      Continued Balance Sheet Strengthening Capital Returns

      Despite no significant asset sales in FY24, the strong underlying performance of the business and lower working capital requirements have resulted in further strengthening of the balance sheet, with net debt reducing by $0.6bn year on year to $2.6bn. This has resulted in the gearing ratio reducing to 24.0% (vs 28.8% in FY23 and a FY18-FY23 average of >40%, with a target of 30% – 40%).

      The reduction in net debt provides Fonterra with significant balance sheet flexibility and supports the increased total annual dividend to a record 55 cents per share for FY24 (40 cent total ordinary and 15 cent special dividend vs 50 cent total ordinary in FY23). This represents a total dividend payout of ~82% of earnings (vs current policy of 40% – 60%).

      Fonterra has confirmed a strategic focus on Ingredients and Foodservice while providing some key financial targets for the retained business, including higher returns (10% – 12% return on capital vs 9% – 10% currently) and a higher dividend payout policy (60% – 80% of normalised earnings vs 40% – 60% currently).

      The high-level rationale for the potential exit of the Consumer and related businesses appears reasonable when viewed from a financial performance perspective, noting that the “In-scope” business comprises approximately 30% of the Co-operative’s capital employed but only delivered approximately 17% of FY24 earnings

      There is also the issue of finding the right buyer for the asset, or just selling off to some private equity group that thinks they can find a way to sell the assets for more than they could (or they run the IPO).

      https://www.fonterra.com/content/dam/fonterra-public-website/fonterra-new-zealand/documents/pdf/financial-results/fy24/fcg-review-of-fy24-performance-november-2024.pdf

      https://www.rnz.co.nz/news/business/533434/fonterra-pushes-ahead-with-sale-of-anchor-mainland-brands

      • Ad 3.1.1

        I've read the pr thanks.

        "Balance sheet flexibility" means no plan.

        Quoting one year of return on multi-decade brands is just silly.

        Fonterra diminishes in scale and international presence every year.

        Ask any farmer supplier shatehilder if the dividend is worth the hours they work.

        Without brands that defend market value they may as well sell logs or iron ore. Massively vulnerable to tariffs.

        This is worse than selling Silver Fern Farms.

        • SPC 3.1.1.1

          Silver Fern Farms Limited is a New Zealand multinational meat company.

          It is owned in equal partnership by Silver Fern Farms Co-op Ltd, a cooperative of 16,000 New Zealand sheep, cattle and deer farmers and Shanghai Maling Aquarius Ltd.

          The company is New Zealand's largest livestock processing and marketing company.

  4. Joe90 4

    Elmo's SA mate David Sacks.

    .

    @laurenbalik

    I'm a single issue voter. My issue is locking up David Sacks, so I voted for Kamala Harris.

    David Sacks is in the Mafia. He has a track record of financing drug trafficking and money laundering operations.

    His whole VC thing is just a front. That's just the vehicle through which he runs these operations.

    For example:

    https://xcancel.com/laurenbalik/status/1853850363004063977

    https://sfstandard.com/2024/06/13/telemedicine-adderall-vyvanse-ritalin-done-global-brody-he/

  5. Joe90 5

    A grim look at what awaits Ukrainians handed over in any so called peace deal with Putin's Russia.

    .

    Donald Trump’s incoming administration may push for an armistice or peace deal between Russia and Ukraine. That might leave a fifth of Ukraine under Russian occupation, and the size of this area could easily expand in the coming months if the Kremlin intensifies its offensive, which has been gaining ground. To get a sense of Vladmir Putin’s dark vision for any territory he permanently gains, it is worth looking at conditions in occupied Ukraine now.

    “Kiril”, a Ukrainian agent in occupied territory reached by phone, says that “this is a prison society” because the fear of being denounced forces everyone to keep their views to themselves. To be without a Russian passport these days is “like being a refugee in your own land”. Important jobs are almost all held by Russians. Anyone with pro-Ukrainian views fears being sent “to the basement”, an expression for Russia’s network of detention and “filtration”

    All traces of Ukraine are being expunged. Schools have switched to the Russian curriculum, and Russian youth and paramilitary organisations work in the territories. Repression combined with Russification aims to transform the social and political fabric of the territories, says Nikolay Petrov, the author of a new report for the German Institute for International and Security Affairs.

    https://archive.li/cqwQE (the economist)

  6. Dennis Frank 6

    Musk invested in Trump, gamble paid off:

    Musk’s big bet on Trump paid near-immediate dividends. The day after the election, investors sent shares of Tesla up nearly 15%. That lifted the value of the 411 million shares that Musk owns outright by more than $15 billion

    https://edition.cnn.com/2024/11/10/politics/musk-trump-influence-transition/index.html

    Talk about neoliberalism lifting all boats contrasts with good old-fashioned market plays. An extra $15 billion in his pocket from a single play tells us that ideology is a waste of time when you can win big just by being right person right place right time getting it right.

    Zelensky thanked Musk for his help providing communications to Ukraine through the billionaire’s Starlink internet service.

    I wonder if he'll tell Trump to call Putin & offer him the $15 billion petty cash he just got. "Tell him I don't need it & he does. Make it conditional on him agreeing a peace deal. Win-win all round."

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