Shoprite reports 18.2% decline in full year profits despite growth in sales

SOUTH AFRICA – Africa’s largest retail chain, Shoprite reported 18.2 percent decline in  full year net profit to US$ 273.12 million (R4.2bn) as the South African retailer struggled to lift sales in majority of the […]

Hazel Technologies raises US$13m to expand food preservation solutions

USA – Hazel Technologies, a USDA-supported agricultural technology start-up, has raised US$13 million in Series B funding to expand its shelf life-extending solutions. Led by Pangaea Ventures and S2G Ventures, the Series B funding brings the […]

Stakeholders fault presidential directive on forex ban for food imports

NIGERIA – Following the recent directive by Nigeria’s President Muhammadu Buhari ordering the Central Bank of Nigeria to stop providing forex for food importation in the country, several stakeholders have called on the Government to […]

Newly appointed Massmart CEO Mitchell Slape to assume office from September

SOUTH AFRICA – Massmart, Walmart owned South African retailer, has announced that the newly appointed chief executive Mitchell Slape will assume office from September 1, 2019. In May, Walmart announced it was sending in Slape, […]

Nestlé Japan to replace KitKat plastic wrappers with paper packaging

JAPAN – Nestlé Japan has announced that it is launching recyclable paper packaging for its KitKat products in  part of its initiative to make 100% of its packaging recyclable or reusable by 2025. Japan is […]

Nigeria’s President directs central bank to halt forex provision for food imports

NIGERIA – President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to stop providing foreign exchange for food importation in a move that seeks to improve agricultural production and enable Nigeria attain food […]

Botswanan retailer Choppies plans exit from South Africa market

SOUTH AFRICA – Botswana based retailer, Choppies Enterprises, has unveiled plans of exiting the South African market, a few years after expanding into the country. The retailer, which has been hit by operational turbulence in […]

Beyond Meat halts plans for Japan entry, to increase focus on US market

JAPAN – US based meat alternatives company, Beyond Meat Inc, has shelved plans to enter Japan and will be focusing more on the US. Market. According to a Japan-based investor Mitsui & Co Ltd, which […]

Retail chain Tuskys taps former Coca-Cola’s director to drive business growth

KENYA – Tuskys Supermarkets, Kenya’s leading retail chain, has appointed Daniel Kipchumba Koech, a former Africa sales and marketing director of Nairobi Bottlers Ltd and subsidiary of Coca-Cola Beverages into a role in the company. […]

Kenyan retailer Tuskys kick offs Nairobi Stock Exchange listing process

KENYA – Kenya’s leading retail chain, Tuskys has kicked off its listing process on the Nairobi Securities Exchange (NSE) and has started searching for transaction advisors as it eyes a September 2020 listing. The retailer, […]