Kiwi dairy giant Fonterra posts first-ever loss

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New Zealand’s Fonterra, the world’s largest dairy cooperative, posted its first-ever annual loss Thursday, admitting it had let farmers down with over-optimistic financial forecasts.

Fonterra’s interim chief executive Miles Hurrell launched a review of the business after unveiling a NZ$196 million ($129 million) loss, compared with a NZ$745 million profit in the previous year.

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