THE NEWS WRAP: Woolworths to buy milk directly from farmers

Woolworths has announced plans to buy milk directly from farmers amidst growing concerns over the viability of selling private label milk for $1 per litre.


The retail giant is set to unveil its Farmers Own brand, with the company claiming it will pay a fair price for milk purchased for the brand.


The supermarket chain also blames its leading rival, Coles, for the price war over milk, which it recently claimed is unsustainable.


Australians warned about future China crisis


China’s debt levels are approaching unsustainable levels with the seeds sown for a future financial crisis centred on Asia, according to a leading economist.


Nomura chief economist Rob Subburaman says debt in China is now believed to be between 150% and 200% of GDP, with Australia at risk of a rapidly rising currency and falling commodities prices if the fast-growing economy collapses.


“When we compare China to other countries that have had crisis we would say that China is now in the danger zone in terms of debt,” Subburaman says.


Bank of Cyprus chairman resigns


Bank of Cyprus chairman Andreas Artemis has resigned as a deal is reached on a bailout package for the troubled island nation, according to reports from the Cyprus News Agency.


The bailout deal, struck in Brussels, will see bank accounts with balances in excess of 100,000 euros ($A122,000) hit with a significant once-off tax.


The deal will also see a restructuring of the island’s two largest banks, the Bank of Cyprus and Laiki, with the latter eventually being closed as part of the deal.




The S&P500 was 0.76% higher at 1563.44. The Aussie dollar is up to US104.89 cents.


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