Kenyan based brewery, Keroche gets reprieve in US$85m tax dispute

KENYA – In one of the longest tax disputes in the Kenya, Keroche Breweries has received temporary reprieve after the High Court extended an order barring Kenya Revenue Authority (KRA) from attaching its account over a Sh9.1 billion (US$85m) tax dispute. According to a Business Daily report, Justice David Majanja extended the order to May 7, when he will rule on an application by the Naivasha-based brewer for a review of his directive, requiring Keroche to pay Sh500 million (US$4.6m) to KRA. Last month, the judge directed Keroche to pay…

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Capwell Industries donates food to alleviate effects of the Covid-19 pandemic

KENYA – As more companies and organizations step up to help in the fight against Covid-19, Capwell Industries Limited, a food and beverage processing company in Kenya, has donated maize meal worth Kshs 20 million (US$187,000) to the Covid-19 Emergency Response Fund, to support vulnerable communities. The company targets to feed over 85,000 Kenyans across the country, with the donation of its popular Soko Maize meal flour. Each family will be receiving two packets of 2kg of the maize meal. “Times such as these call for individuals, communities, public and…

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Nestlé reports first qurter sales decrease by 6.2% to US$21.35 billion

SWITZERLAND – Nestlé has reported 6.2% decrease in total sales for the first quarter of its 2020 fiscal year to CHF 20.8 billion (US$21.35bn), down from CHF 22.2 billion (US$22.78bn) posted in a similar period last year. The Swiss multinational food and beverage company, however, saw its organic growth reach 4.3% during the period, supported by strong momentum in the Americas (7.4%) and Europe, Middle East and North Africa (7.1%). Nestlé posted a 4.6% decline in organic growth in the Asia Oceania and sub-Saharan Africa region, mainly due to a…

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Liberia sets up competent fisheries laboratory promoting exports

LIBERIA – Liberia is soon set to start operating its state-of-the-art fisheries competent laboratory for post-harvest and quality assurance that will enable the country to export fish produce to international markets. The Director-General of the National Fisheries and Aquaculture Authority (NaFAA), Mrs. Emma Metieh Glassco disclosed that the laboratory equipment had arrived in Monrovia from Iceland. Mrs Glassco assured that the sophisticated equipment will be installed, managed and operated for couple of months by Icelandic consultants (after the COVID 19 pandemic subsides) recruited for the purpose of this project. She…

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Government of Cameroon spear heads production of food crops to alleviate food insecurity

CAMEROON – The government of Cameroon is set to distribute a variety of planting materials for the 2020 agricultural season, aimed to reduce risk of food scarcity amid the current health pandemic across the globe. In that regard, the government will boost the production of short-cycle crops like bananas, cassava and corn to enable regular supply in local markets. The Minister of Agriculture and Rural Development Gabriel Mbairobe said 1.4 million certified cassava cuttings and 1,649 tons of high-quality corn seeds will be distributed to producers. In addition, 1.5 million…

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Nigerian Breweries posts 31.4% decline in profit in the first quarter

NIGERIA – Nigerian Breweries Plc has released its latest earnings report for the first quarter period ended March 31st, 2020. The financial report showed that the brewers’ profit decreased significantly by 31.4% to N5.5 billion (US$14m) against N8 billion (US$20.4m) declared in corresponding period of 2019. The company’s net revenue for the period under review stood at N83.2 billion (US$213.1m) a decrease of 0.09% compared with N83.3 billion (US$213.4m) achieved in Q1 of 2019. Meanwhile, the brewer’s cost of sales increased slightly by 0.23% to N48.3 billion (US$123.7m), up from…

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ADM to reduce ethanol grind in response to market conditions

USA – ADM has unveiled that it is currently managing ethanol production throughout its US corn processing network to focus on cash flows and to divert corn grind to other products that are in higher demand, such as alcohol for hand sanitizer. The food processing company and agricultural commodity trader said that the move is part of its response to the challenging operating environment. As part of this process, ADM has announced suspension of ethanol production at the company’s corn dry mill facilities in Cedar Rapids, Iowa, and Columbus, Nebraska.…

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Next Glass bags investment to support innovation and accelerate growth

USA – Next Glass, one of the leading global provider of software to the beverage alcohol industry, has secured a significant growth investment by affiliates of Providence Strategic Growth (PSG), the growth equity affiliate of Providence Equity Partners. The investment, which makes PSG Next Glass’s sole outside investor, aims to fuel product innovation and growth for the company’s consumer-facing platforms; Untappd, BeerAdvocate, and Untappd Live! Next Glass said that the capital infusion will also support its business products, including Untappd for Business and Untappd Marketplace The company, which acquired certain…

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General Mills commits to 100% renewable electricity globally by 2030

USA – Minnesota-headquartered global food company, General Mills, has announced that it is investing in renewable energy efforts to support the company’s environmental goal to power its operation using 100% renewable electricity by 2030. The Yoplait and Häagen-Dazs brands owner revealed that it is currently investing in two large-scale wind farms which will produce renewable energy credits (RECs), and anaerobic digestion (which captures and uses methane from waste to generate electricity). Internationally, the company added that it is also investigating renewable projects where it has energy-intensive operations. General Mills notes…

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Danone Manifesto Ventures invest US$10m in plant-based food startup Laird Superfood

USA – Danone Manifesto Ventures (DMV), the corporate venture arm of global food and beverage company, Danone, has invested US$10 million in Laird Superfood to support its growth initiatives. Laird Superfood is a plant-based superfood products startup based in Oregon, USA. Since its launch in 2015, Laird Superfood has quickly become recognized as a driving force in a consumer movement toward a conscious, healthful and vibrant lifestyle. The company has seen record growth in products, innovations, and with retail partners both online and in stores, leading to its strongest quarter…

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