Reuters quotes key excerpts from an internal email to New Zealand’s (NZ) dairy giant Fonterra’s staff on Thursday, citing that the company has scrapped bonuses and frozen the pay of about 7,000 employees. The dairy group is set to report its worst annual loss next week. Chief Executive Miles Hurrell wrote in the email: Employees at the world’s biggest dairy exporter earning over NZ$100,000 ($64,000) a year will not receive a pay rise this year. “This has been a tough call, but it’s also the right one,” Hurrell added. He said: “Bonuses based on sales and short-term incentives for the year will not be paid. Together as a Co-operative, we must do what’s right, working together to reset our business and get us back to a position where we can be proud of our financial performance.” This development could render negative for the New Zealand dollar. However, so far, the Kiwi appears unperturbed, as it cheers the latest risk-on spurred by renewed US-China trade optimism. At the press time, the spot rises +0.25% to near-weekly top of 0.6378. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/CNH technical analysis: Breaks below key support on renewed trade optimism FX Street 4 years Reuters quotes key excerpts from an internal email to New Zealand's (NZ) dairy giant Fonterra's staff on Thursday, citing that the company has scrapped bonuses and frozen the pay of about 7,000 employees. The dairy group is set to report its worst annual loss next week. Chief Executive Miles Hurrell wrote in the email: Employees at the world's biggest dairy exporter earning over NZ$100,000 ($64,000) a year will not receive a pay rise this year. "This has been a tough call, but it's also the right one," Hurrell added. He said: "Bonuses based on sales and short-term incentives for the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
