EU injects US$4.1m into Kenya’s agriculture sector to boost exports

KENYA –  Kenya and the European Union (EU) have signed a deal for the implementation a US$4.1 million agricultural project that seeks to boost horticulture exports. The funding will be used for the implementation of the Market Access Upgrade Programme (MARKUP), an initiative by the European Union seeking to support small and medium-sized enterprises in the East African Community. The initiative seeks to enable small-holder farmers gain access to markets and increase inter-regional trade by enhancing the competitiveness of the bloc’s export both in the regional and international market. The…

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Ethiopia’s Awash Wine invests US$2m in expansion, debuts ‘Dankira’ wine

ETHIOPIA – Awash Wine S.C., an Ethiopian winery and pioneer in the industry, has launched a new wine cocktail in the market, Dankira, after investing US$2 million in expanding its production capacity. The company’s investment in the expansion project entailed a new state of the art production facility located in Addis Ababa. The expansion has enabled the winery to triple its annual production capacity. “This includes bottle washers, fillers and corkers as well as a capsule sealer and dryer to achieve even higher quality control. “The new line, which is…

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French firm Tereos to shut sugar operations in Kenya and South Africa

KENYA – French sugar maker Tereos said Tereos Commodities will close its offices and halt sugar trading in Kenya and South Africa as part of a global review of its strategy. Tereos, which reported a sharp drop in profits in the past fiscal year due mainly to a slump in global prices for sugar, it will be exiting the two African markets by the end of March 2020, Reuters reports.  “Tereos Commodities is planning to develop its organisation in certain geographies,” it said. “This will be achieved by closing its…

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GMAZ, Goldstone International ink wheat supply and funding deal

ZIMBABWE – The Grain Millers Association of Zimbabwe (GMAZ) has secured a new continuous grain supply and funding deal with a South African based trade financier, Goldstone International. The initial deal is expected to see the South African based supplier export 120 000 tonnes of grain to Zambia, with prospects of further engagements in the future, reports 263Chat Business To cement the deal, Goldstone has delivered a sizeable quantity of wheat stationed at Blue Ribbon Industries in Msasa, which is set to be distributed to local millers. “The milling industry…

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Zambian Breweries half year profits surge 40% on increased sales

ZAMBIA – Zambian Breweries Plc, a subsidiary of AB InBev, has reported 40 percent growth in profits after tax to K193 million (US$14.72m) in the half-year period ending June 2019, driven by increased sales. The Castle Lite and Carling Black beer brands maker said that the growth was significantly boosted by increased sales in the clear beer category. The brewer posted a net profit of K137.7m (US$10.5m) in the same corresponding of 2018. Sales of clear beers increased by 5.1 per cent over the two corresponding periods under review, an…

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Olam International expands its board with three new appointments

SINGAPORE – Olam International has announced the appointment of three new Non-executive Directors to the Board, as it continues to strengthen its “board’s overall skills set and stewardship effectiveness.” The company has appointed Joerg Wolle and Ajai Puri to fill two independent roles while Nagi Hamiyeh will fill the non-independent role. All appointments are effective from September 1, 2019. “On behalf of the board, I am pleased to welcome onboard three new directors, Joerg Wolle, Ajai Puri and Nagi Hamiyeh, who have very distinguished backgrounds which will complement, augment and…

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Tyson Foods acquires stake in Brazilian poultry firm Grupo Vibra

BRAZIL – Tyson Food has reached an agreement to acquire a 40 percent stake in the foods division of Grupo Vibra, a Brazilian producer and exporter of poultry products, for an undisclosed sum. Once completed, the deal will give Tyson Foods more flexibility in serving customers in key global markets. The transaction is still subject to approval by Brazilian regulators. As part of the agreement, Grupo Vibra will spin-off its genetics multiplication business, Agrogen, into a separate company. “This investment will enable us to access poultry supplies in Brazil to…

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Novozymes makes organizational changes to deliver on growth strategy

DENMARK – The biological solutions company, Novozymes has announced some organizational changes that will include loss of upto 330 jobs worldwide, as it aims at delivering strong growth. Aligned with the strategy, announced in June this year, the company said that the updated strategic change will make resources available to investment in new growth opportunities, industries and markets, the company said. The biological solutions firm confirmed that between 280 and 330 employees will be laid off globally, of which 123 are in Denmark. “Layoffs will happen across divisions, functions and…

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Flipkart to eliminate single-use plastic in packaging by 2021

INDIA – Flipkart, the wholesale arm of the Walmart-owned e-Commerce marketplace in India, has announced that it plans to eliminate single-use plastic in packaging by March 2021. The e-commerce firm said it will move towards a 100 per cent recycled plastic consumption in its own supply chain. According to the company, it has achieved a 25 per cent reduction in single-use plastic, through various initiatives across its packaging value chain- as of August 1, 2019, reports ET Retail. “Flipkart also made a commitment to eliminate single use plastic in packaging…

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Guinness Nigeria reports 18% decline in full year profits to US$15.15m

NIGERIA – Guinness Nigeria, a subsidiary of Diageo Plc, reported 18 percent drop in net profits for full year profits for the financial year ending June 2019 to N5.5 billion (US$15.15 million). The company’s revenues also declined to N131.50bn (US$362.26m) for the period, compared to the N141.96bn (US$ 391.07m) recorded in the same period in 2018 “on the backdrop of an extremely challenging macroeconomic and competitive environment.” Managing Director, Guinness Nigeria Plc, Mr. Baker Magunda, also attributed the decline to a combination of factors such as inflation, prior year royalties…

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