• EU backs milk production cuts to tackle low prices

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    BRUSSELS: The European Union voiced support on Monday for temporary cuts in milk production by farmers in member states in a bid to reverse the plunge in prices that has shaken the dairy industry. The European Commission, the executive of the 28-nation bloc, said it would soon send member states the proposal which is required as an emergency exception to rules guaranteeing economic competition. Overproduction of milk since EU quotas were abolished in April 2015 triggered a collapse in prices that have not recovered despite a 500-million-euro ($556 million) aid package announced in September.

    AFP

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