In today’s talking points: Woolworths wins with $1.5 billion FY17 profit; Australian Digital Marketplace for fresh produce arrives in Asia; China plans to spend big to bolster eco-agriculture; Green produce popular amongst young Chinese
Woolworths wins with $1.5 billion FY17 profit
The Woolworths Group has reported a $1.5 billion profit for its 2017 financial year. The result is a significant turnaround on the group’s AUD $1.2 billion reported loss for its 2016 financial year when it has severe losses due to the liability of the now closed Masters hardware chain. Overall, food sales in Australia increased by 4.5 percent when compared to Woolworths 2016 financial year. Chief Executive Officer of the Woolworths Group, Brad Banducci, said Woolworths’ 2017 financial year was a year of rebuilding the foundations of the business. “Encouragingly, we still see many opportunities to improve our business going forward and are focused on our five key priorities,” Banducci said. Woolworths set new customer and team scores to by met over the financial year, as well as trying to improve overall safety, which also improved by 20%.
Read more at: ausfoodnews.com.au
Australian Digital Marketplace for fresh produce arrives in Asia
The HiveXchange, Australia’s digital market for wholesale produce has expanded into Asia, opening a Hong Kong office to further the export interests of its members. The HiveXchange provides exporters and producers from across Australia with an independent platform to market and trade their produce directly with domestic and international buyers anytime, online and at low cost. The HiveXchange’s unique business model has already made waves in Asia with CEO Antonio Palanca invited to present at the 2017 Asiafruit Congress, Asia’s leading fresh produce conference, on the power of B@B e-commerce to unlock the value in supply chains. “Asia is the most digital community on the planet. Bringing fresh produce to this digital community in a digital format is an enormous opportunity”, said HiveXchange CEO Antonio Palanca.
Read more at: ausfoodnews.com.au
China plans to spend big to bolster eco-agriculture
China has allocated 605 million yuan from its recent central budget to develop eco-agriculture, according to the Ministry of Finance (MOF). 61 separate projects will receive funding under the scheme, primarily in Shanxi, Hebei and Inner Mongolia Autonomous Region.
The fund aims to spur economic development through projects that involve environment and resource protection. Agricultural demonstration zones will also be developed, where up to 92% of waste will be recycled, while fertiliser and pesticide use will similarly be drastically reduced.
Read more at: news.xinhuanet.com
Green produce popular amongst young Chinese
The Chinese green and organic food market is growing quickly as it experiences increasing demand from young urbanites, with technology aiding this trend. Increasing numbers of Chinese are opting for grown-to-order produce, where customers can buy or rent a plot of land online or through a mobile application and can even monitor their plot in real time via cameras installed on site. This gives buyers peace of mind that their produce is indeed organic, addressing trust concerns that are all too common in Chinese consumers.
Despite rapid growth in the green food sector, the industry is still in its infancy and more needs to be done to ensure compliance with organic certifications.
Read more at: usa.chinadaily.com.cn