Fonterra chief executive Theo Spierings resigns

Fonterra chief executive Theo Spierings has resigned and will step down later this year. His resignation comes on the same day Fonterra announced a first half loss of $348 million, largely due to its troubled Beingmate investment in China, in addition to damages paid to its rival, Danone. The loss for the six months ended September compares with a profit of $413 million a year ago. Our business editor, Gyles Beckford, has been covering the half year result.