New Zealand warns dairy faces 'tough' outlook

New Zealand's finance minister said Wednesday the country's multi-billion-dollar dairy industry faced a "serious or extreme" scenario as prices tumble, but downplayed the impact on the broader economy and refused help for farmers. The South Pacific nation is the world's largest dairy exporter but falling prices have hit the sector as rivals, particularly in the European Union, ramp up production. Finance Minister Bill English said New Zealand dairy needed to return to the efficient practices tha