Unilever announces intention to buy back shares to return after-tax proceeds

LONDON - Unilever PLC and Unilever N.V., have announced their intention to buy back shares with an aggregate market value equivalent of up to €6 billion to return the expected after-tax proceeds upon completion of the Spreads disposal to shareholders, unless more value-creating acquisition alternatives arise. The Group announced the completion of the Spreads disposal…

Zambia maintains restrictions on wheat flour imports from SADC

ZAMBIA - Zambia is not expected to relax its rules on the importation of wheat flour from other Southern African Development Community (SADC) member states as it looks to protect the local industry and economy, according to an article on Lusaka Times. Speaking at the SADC 30th meeting of the committee of Ministers of Trade…

Coca-Cola tops estimates as diet drinks drives 5% organic sales growth

USA - The Coca-Cola company has reported 5% growth in organic sales driven by consumer preference for healthier drink options such as Zero Sugar and Diet Coke, beating analysts’ expectations for sales and profits in the second quarter. Reuters has reported that following the financials release, its shares rose 2.7%. Positive earnings were attributed to…

Bidco Land O’Lakes in partnership with Coast Feeds launches poultry centre

KENYA - Bidco Land O’Lakes, a joint venture between the oil refineries firm Bidco Africa and American Land O’Lakes has launched the first poultry centre in Mombasa, Kenya. In partnership with Coast Animal Feeds, the venture will manage the centre serving as a one stop shop for farmers by providing quality feeds, supplements, information and…

Nestle reports 2.3% sales growth to US$43.9 billion in first half year results

SWITZERLAND - Swiss food giant Nestlé has reported a 2.3% sales growth to US$43.9 billion in the first half of the year as markets in the US and China improve. According to the company, the organic growth of 2.8% in the first half was due to the expectations and guidance plans for 2018. Real Internal…

Central bank unveils US$2.75m loan to enhance rice and cassava production

NIGERIA - The Central Bank of Nigeria (CBN) under the Anchor Borrowers' Programme (ABP) has unveiled US$2.75 million loan to local farmers in efforts to enhance the production of rice, maize, soybeans and cassava, according to an article on This Day. The first phase of the program seeks to benefit a total of 1,250 local…

FAO commits to supporting and improving fisheries sector in Liberia

LIBERIA - The Food and Agriculture Organization (FAO) of the United Nations has pledged support and ensure improvement of the fisheries sector in Liberia, according to the NEWS. FAO will provide the needed logistical support to ensure overall transformation and improvement of the Liberian Fisheries Sector. This is geared towards economic empowerment in Liberia with…

Kenya loses UK horticulture market share on ‘incompetent’ standards

KENYA - A study by the Overseas Development Institute (ODI) has revealed that Kenya lost on all of its top three exports to the United Kingdom that is tea, cut roses and beans. According to the report, exports to the UK from the rest of the world have risen by 15% in eight years to…

Government’s flagship program yields 707,150MT increase in grains production

GHANA - Ghana’s cereals and legumes production increased by 707,150 metric tonnes attributed to the flagship programme introduced by the government to promote growth in food production and create jobs across the country. The campaign, ‘Planting for Food and Jobs (PFJ)’ is a five-year policy geared towards increasing food productivity and ensure food security for…

Local banks commit US$915m to the one district one factory (1D1F) project

GHANA - Ten local banks have committed a total of US$915.03 million to fund the one district one factory (1D1F) programme, a government of Ghana policy that aims to create employment while enhancing industrialization, GNA has reported. The funding will help in the implementation of the project which has already started for 37 factories under…