Elders buys Vic agent
Farm services company, Elders, has added the south western Victorian Charles Stewart Group livestock and real estate agency business to its fold.
The Charles Stewart business, established in 1917, will retain its current brand and will retain its 60 staff and key management working at Colac, Ballarat, Camperdown, Geelong, Hamilton and Warrnambool.
Four generations of the Stewart family have run the business during its 106 year history.
Elders, which funded the deal with existing debt facilities, has not revealed the price which is subject to a one-year performance earn out.
Under current market conditions, Elders expected the business to generate about $5 million in annualised earnings before interest and tax in its first year of new ownership.
In the past three years Charles Stewart Group transacted an annual average of 82,000 head of agency cattle, 270,000 agency sheep and over $430m in real estate agency turnover.
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ABARES Outlook moves
Agriculture's long running annual industry outlook conference will move from its traditional Canberra home at the National Convention Centre to the swish and historic Hyatt Hotel in Yarralumla next year.
The two-day Australian Bureau of Agricultural and Resource Economics and Sciences event will be on March 5 and 6, and also streamed online, exploring big issues and forecasts defining the future for agriculture, fisheries and forestry.
The speaker and panel lineup will include rural industry leaders, policymakers and ABARES experts tackling topics such as climate change adaptation on farms and the net zero challenge; farm debt, investment, risk and market dynamics; the agricultural workforce and the role of technology, and the outlook for farm commodities and incomes.
Discounted, early bird registrations are now open.
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Ingham's profit bounce
Strong demand for chicken meat and rising wholesale prices have prompted poultry giant, Ingham's, to flag strong trading gains for its half year to December 23 as it prepares for next week's annual general meeting.
The company's statutory net profit after tax could leap 278 per cent to $65 million.
Continued improvement in operational performance in its farming and processing divisions, an accelerated recovery in its New Zealand business and more shelf space being allocated to chicken products by some retailers have also helped.
However, Ingham's warned the outlook relied on continuing the current wholesale pricing levels and maintaining operational improvement trends, and second-half numbers would likely be lower due to normal seasonality, and rising labour, feed fuel, electricity and carbon dioxide costs.
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GrainCorp board jobs
Rabobank's recently retired Australia and New Zealand regional manager, Peter Knoblanche, and former Ruralco boss, John Maher, are to join the board of big grain handler marketer and processor, GrainCorp on December 1.
GrainCorp chairman, Peter Richards, said the appointments followed an extensive search process, together with a comprehensive review of both current board skills and of the additional and complementary skills likely to be required for the future.
"Each brings diverse experience and knowledge which will further enhance the breadth and depth of the board as we focus on strengthening our core business, targeting growth opportunities and furthering our sustainability ambitions," he said.
Mr Maher is currently chairman of selling agency group AWN Food and Fibre, and on the boards of GoFarm Australia, the NSW Biodiversity Conservation Trust, Autism Awareness Australia and the Australian Rural Leadership Foundation, as well as having had extensive agribusiness experience in supply chains and Indigenous engagement and business.
Mr Knoblanche has about 40 years' experience in wholesale and retail banking with local and international banks and is a director of the pollination awareness and native bee charity, Wheen Bee Foundation.
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Don't tough it alone
The Australian Banking Association has launched a campaign encouraging people struggling with loan repayments to contact their bank, rather than toughing it out on your own.
"Banks know many of their customers are making difficult financial decisions as the country navigates challenging economic conditions," said ABA chief executive officer, Anna Bligh.
"The earlier people reach out, the faster banks can help. Don't tough it out on your own."
"Banks stood by customers during the COVID-19 pandemic deferring payments for people who, for the first time in their lives, found themselves unable to pay - and banks stand ready to help again."
Advertising during November will remind customers their bank may help by lowering home loan or credit card payments, restructuring loan lengths, moving customers to interest-only payments or temporarily deferring payments.
ABA also recently updated its financial assistance hub with information for customers who are moving off fixed rate mortgages or struggling to repay buy now, pay later loans.
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Rabo bushfire help
Agribusiness lender, Rabobank, has announced support for its farming clients adversely impacted by current bushfires in Queensland and northern NSW.
Group executive for Country Banking Australia, Marcel van Doremaele said the full impacts of the fires was still being assessed, but they were causing significant distress for all impacted, in particular with regard to livestock loss and injury.
The bank's staff were contacting farming clients to offer support and assess the extent of any damage they sustained.
Rabobank would work directly with clients whose farms or agribusinesses were affected offering assistance measures in applicable circumstances, such as deferring scheduled loan payments; waiving break costs on early redemption of farm management deposits; waiving fees on loan increases necessary for rebuilding operations and for equipment finance contract variations.
Multiple bushfire zones have been active in the western and eastern Downs and the northern Burnett regions in Queensland, the NSW-Queensland border and the NSW Northern Tablelands, damaging pasture, livestock and infrastructure, including sheds and fencing.
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SunRice scholarship
Applications for the 2024 Jan Cathcart Memorial Scholarship for women involved in the Australian rice industry and its related agricultural networks, to advance their education and careers will close on November 10.
Scholarship winners will receive up to $30,000 financial assistance for tertiary study, significant opportunities for work experience and employment placement in the rice industry.
This year marks the 10th anniversary of the SunRice Group scholarship which honours former employee, Jan Cathcart's 43-year career in the rice industry, aims to empower and nurture the next generation of female leaders in agriculture.
SunRice chairman Laurie Arthur, said the Scholarship played an important role in empowering women with financial support and industry guidance and has created a resilient alumni network of past recipients.
Scholarship details are available on the SunRice website.
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Carbon neutral cherries
Boutique Victorian orchard business, Yarra Valley Cherries, has become the first cherry orchard in Australia to complete certification processes and gain carbon neutral status as part of the federal government's Climate Active program.
Managing director, Andrew Fairley, said the business had made every effort in the past decade to minimise its carbon footprint, including installing a 15 kilowatt solar array, using electric forklifts, making greater use of natural fertilisers, chipping prunings and finding alternative uses for damaged fruit.
Certification is only available to businesses that go through a process of measurement, adaptation, and committing to continuous improvement.
Yarra Valley Cherries is a premium cherry grower producing more than 30 varieties from 20,000-plus trees.