Kenya’s premium tea brand Kericho Gold secures US$4m IFC financing

KENYA - Kericho Gold, a premium tea brand owned by Gold Crown Beverages, a subsidiary of Global Tea & Commodities Ltd has received US$4 million funding in loan from IFC meant to fund its expansion strategy in Kenya and Malawi, reported the Exchange. A statement from IFC said that Global Tea & Commodities Ltd, a…

Nestle to reward US$1.08m to cocoa farmers under the Nestlé Cocoa Plan (NCP)

GHANA - Nestle Ghana Ltd will reward US$1.08 million to over 17,615 farmers under the Nestlé Cocoa Plan (NCP) as the company looks to doing business profitably while ensuring sustainable development in the community they operate. The increased premium payment is geared at motivating farmers for quality cocoa production, meet production standards, increase local sourcing…

Ghana Cocoa Board to boost cocoa production to one million metric tonnes

GHANA - Ghana’s Cocoa Board (COCOBOD) has announced that it expects to increase cocoa production to one million metric tonnes as a result of combined efforts to improve crop yield, reported GNA. According to Dr. Yaw Adu Ampomah, the Deputy Chief Executive, COCOBOD, the Board was also charting a new course that would enable it…

Rwanda coffee exports to surge on increased production

RWANDA - Rwanda is expecting to reach 24,500 tonnes in coffee exports this year following manifold efforts to increase both quantity and quality of coffee in the country. According to the National Agricultural Export Development Board (NAEB), coffee exports are expected to increase from 23,000 tonnes exported in the year 2017. Since 2016 when Rwanda…

Unilever receives positive opinion on health claim for tea from the EFSA

EUROPE - Unilever, the world’s leading tea company, has announced that the European Food Safety Authority (EFSA) has issued a positive opinion on the company’s evidence that black tea improves attention. According to EFSA, this opinion makes Unilever the first company in the EU to receive a positive scientific opinion on a health claim for…

Starbucks Corporation introduces Teavana as Chief Financial Officer to retire

USA – Starbucks Corporation, an American coffee company and coffeehouse chain, has announced that that Scott Maw, executive vice president and chief financial officer, is retiring effective Nov. 30, 2018. According to the company, it has already launched an external search for a new CFO. After his retirement, Maw will continue to support the transition in a…

Global tea production and consumption rises, according to FAO

WORLD - Global tea production and consumption will continue to increase over the next decade driven by rising demand in developing and emerging countries especially India and China which have seen accelerated growth, according to a May report by FAO. The report suggests the upward trend is attributable to a combination of higher incomes and…

Uganda constructs US$2.37m tea factories under Uganda Development Corporation

UGANDA - Ugandan government under its investment arm, Uganda Development Corporation (UDC) has established two tea factories valued at a cost of US$2.37 million. The Monitor reported the move is part of government's plan to promote value addition in an attempt to align the agro sector to the National Export Development Strategy and National Development…

Starbucks raises price of brewed coffee in most US stores

USA - Starbucks Corp has raised prices for brewed coffee by an average of 1 to 2% in the past year and according to the company, it was in line with industry practices, reported ET Retail. Some of the products affected included a regular drip coffee whose price rose by 10 cents to 20 cents…

Arla Foods signs strategic partnership with Starbucks

UK – Arla Foods, a global dairy company and co-operative, has signed a strategic partnership with Starbucks, a successful business partnership that allows Arla Foods to manufacture, distribute and market Starbucks premium milk-based ready-to-drink (RTD) coffee beverages for the EMEA region (Europe, Middle East and Africa.) According to the company, the two companies have signed…