International news: Credit co-ops for success

The SA Communist Party (SACP) has called on Cosatu&#039s national congress to pass resolutions that would ensure worker control of all retirement funds and to encourage union members...

The SA Communist Party (SACP) has called on Cosatu&#039s national congress to pass resolutions that would ensure worker control of all retirement funds and to encourage union members to form their own savings and credit co-operatives as part of the overall strategy to build the financial muscle of the working class.
The call was made yesterday at Gallagher Estate at the congress attended by over 2 000 delegates and observers.
Blade Nzimande, the SACP&#039s general secretary, said: `Let us see to it that we come up with resolutions that will bring about worker control of all retirement funds as part of defeating the microlenders, private commercial banks, and rolling back business unionism and unilateral control of workers&#039 funds by unelected and unaccountable asset managers.`

? Business Report, Johannesburg, South Africa

Co-op wants mill

The director of a Queensland-based co-operative has called on Bundaberg Sugar to offer its Moreton mill, at Nambour, for sale or explain why not.
Joe Cliffe is the director of the Big Australian Co-operative which he says has recieved an offer from an unnamed source to finance the purchase of the mill, which is due to close at the end of the current crushing season.
Although not detailing the source or value of the offer, Mr Cliffe says he wants to know why Bundaberg Sugar will not place the mill on the market.
`I refuse to accept the mill has to close, I believe the mill can be the catalyst for a comunity-based industry beyond just crushing the cane for sugar and that there are ways in which it can be organised and sturctured to complement those industries and be successful,` he said.

? ABC News, Australia

Fonterra to raise cash

New Zealand dairy products multinational Fonterra Co-operative Group is likely to undertake further debt issuance in the local market over the next year, but as the cheese advertisement says good things take time.
`We are likely to do a bond issue in the New Zealand market some time next year,` Fonterra&#039s group treasurer, Mary-Jane Daly said.
`However, I&#039ve got nothing scheduled and Fonterra has no immediate plans to do a bond issue in any market in the short-term,` she emphasized.
`We will have normal issuance to do over the next year as our debt maturity profile shortens. The New Zealand market will be one of the key markets we will consider. It&#039s our home market; in fact I could do a good issue in the New Zealand market right now,` Daly said.

? Dow Jones, New Zealand

Milk co-ops protest

The National Co-operative Dairy Federation of India Ltd (NCDFI), the apex body of the state co-operative dairy federations, will submit a memorandum to the Centre to prevent the National Dairy Development Board (NDDB) from importing milk powder to the country.
NCDFI thinks such a move may not be in the best interest of dairy cooperatives and their affiliated dairy farmers.
NCDFI took this decision on Tuesday following a general body meet held at Anand to discuss issues relating to the import of milk powder by NDDB.
The meeting also discussed the formation of joint venture companies by the NDDB-owned Mother Dairy Foods in partnership with the state co-operative dairy federations.
The participants noted that the trend of a continuous increase in milk procurement by dairy co-operatives has probably fallen into its cyclical patterns. They also observed that in the recent past the prices of skimmed milk powder (SMP) and ghee, which were hitherto depressed have started firming up.

? Business Standard, India

Arla&#039s German link

Plans by Germany&#039s biggest sugar refiner, Nordzucker AG, and Danish dairy co-operative Arla Foods to produce a new sweetener are under review by the European Commission.
The one month review commenced on 1st Septmeber and contributions on the joint venture are invited to be submitted before 1st October.

? Reuters, Brussels

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