Global food firms commit to phase out industrial transfats by 2023

SWITZERLAND – Global food and beverage companies and members of the International Food and Beverage Alliance (IFBA) have pledged to phase out industrially produced trans-fat from the global food supply by 2023. The twelve food and beverage giants have agreed to adopt enhanced worldwide commitment to phase out industrially produced trans fats (iTFAs) from their…

EU fines AB InBev US$224m over higher beer prices in Belgium

EU – The European Union has fined AB InBev, the world’s largest brewer US$224 million (€200.4 million) for breaching EU antitrust rules by restricting cross-border beer sales. The maker of Budweiser and Corona has been indicted for abusing its dominance in the Belgian beer market by hindering cheaper imports of its Jupiler beer from the…

Swedish distillery partners Microsoft to brew first AI-generated whiskey

SWEDEN - Mackmyra Whisky, a Swedish single malt whisky distillery has in collaboration with Fourkind, a Finnish technology consultancy and Microsoft created the world’s first AI-developed whiskey. Mackmyra’s AI whiskey was developed through machine learning and models powered by Microsoft’s Azure cloud platform and AI cognitive services. It involves a dataset analysis which combines Mackmyra’s…

Caltech Ventures to partner Ghanaian university to improve raw material sourcing

GHANA – Ghana’s Ho Technical University (HTU) has unveiled plans of partnering with Caltech Ventures Limited, a cassava processing firm in Ghana, to increase raw material supply to the firm. According to Mr. Phanuel Klogo, Head of Agro-Enterprise Development Department at HTU the partnership seeks to increase investment in the agro sector and improve the…

Tata Group to consolidate consumer goods business in corporate structuring

INDIA – Tata Group is looking to consolidate its consumer products businesses, which will be housed under one roof in a strategy the company says will help simplify corporate structure and consolidate operations in similar lines of businesses. ET Retail has revealed that the group will transfer the branded salt, pulses, masalas and ready-to-eat snacks…

Uchumi Supermarkets clinches US$25m deal under its recovery plan

KENYA – Kenyan retailer, Uchumi Supermarkets, has reached into an agreement with its suppliers to forfeit US$25 million (Ksh2.5bn) in arrears as part of a proposed recovery plan for the retailer. The agreement will however, see Uchumi pay US$11 million (Ksh1.1bn) of its liabilities as the deal represents 70 percent of the total US$36 million…

AB InBev’s Asia business files for Hong Kong IPO valued at US$5b

ASIA – World’s largest brewer, AB InBev has filed for Hong Kong initial public offering (IPO) of its business in Asia Pacific, in a deal which could be worth US$5 billion. According to a Reuters report, AB InBev is considering listing a minority stake in its Asian operations to create a separate business. The move…

Astral Foods reports 52% decline in earnings as poultry division declines stumbles

SOUTH AFRICA – Astral Foods, a South African poultry producer, has reported a 52% decline headline earnings for the six months to end-March 30 2019 attributed to a significant decline performance of the poultry division. Despite a 3% growth in revenues to R6.8bn, the company said that higher cost of sales and distribution expenses also…

Heritage Bank partners NIRSAL to boost agriculture financing in Nigeria

NIGERIA – The Heritage Bank Plc has partnered with the Nigeria Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL) in a bid to improve the agriculture value chain though increasing financing to the sector. The partnership will lead to the identification and secured financing of impactful agribusinesses within all the segments of the agricultural…

Ghana’s leading cocoa buyer seeks US$100m to boost operations

GHANA – The Produce Buying Company (PBC) Limited, Ghana’s biggest cocoa buyer, seeks to raise US$100 million from international banks help the firm sustain its operation and settle its obligations. According to the firm’s deputy chief executive officer, Kojo Safo, the transaction, handled by an Accra-based advisory firm, should be completed before the start of…