Egyptian agricultural exports enter 4 new markets despite the global pandemic

EGYPT – Egypt’s agricultural exports have entered into 4 new markets despite the on-going global pandemic of the spread of the corona virus, exporting dates to Australia, orange to New Zealand, citrus to Brazil, and potato to Mauritius. According to the Head of the Central Administration for Agricultural Quarantine, Ahmed al-Attar the country’s agricultural exports sector has not been affected by COVID-19 crisis. Attar speculated that Egypt’s agricultural exports would rise to 5.5 million tons in 2020 compared to 5.4 million tons in the previous year with total exports since…

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The bullish African export and import grain market keeps soaring

AFRICA – Analysis of Africa’s grain market in terms of its size, trends and insights has shown that the sector is experiencing an upward surge in production, demand, consumption as well as import and export trade. According to a report by IndexBox, in 2018, the grain exports in Africa stood at 2.3 million tonnes, growing by 14% against the previous year. In value terms, grain exports stood at US$720 million (IndexBox estimates). South Africa represented the largest exporter of grain exported in Africa, with the volume of exports accounting for…

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Trump signs executive order for meat processing plants to stay open

USA – U.S President Donald Trump has invoked the Defense Production Act compelling meat processing plants in the United States to remain operational amid the Coronavirus pandemic. The move comes at a time when meat processor in the country including Tyson Foods, JBS, Smithfield Foods and Cargill among other meat companies have been shutting down activities due to increased Covid-19 cases linked to maintaining operations at the facilities. Tyson Foods had previously unveiled that it was considering only keeping 20% of its facilities open sending a warning that millions of…

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SBL donates 1,250 litres of hand sanitiser to boost fight against the spread of the Corona Virus

TANZANIA – Serengeti Breweries Limited (SBL) has joined the other corporates in Tanzania in efforts to fight the spread of coronavirus by donating 1,250 litres of hand-sanitiser. SBL Corporate Relations Director, John Wanyancha said, “We believe this donation will go a long way in ensuring that those who receive it will maintain high hygienic standards to keep the lethal pandemic at bay.” The donation was handed over the Ministry of Health, Community Development, Gender, Elderly and Children in Dar es Salaam. This is the second time SBL is supporting the government…

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Agribank records 155% rise in profit despite tough economic environment

ZIMBABWE – The Agriculture Bank of Zimbabwe Limited (Agribank) has recorded a historic jump in profit of 155% for the year ended December 31, 2019 from $13million recorded in the previous year to $33 million, despite the challenging economic environment. The year 2019 was a tough year for many businesses in the country and the economy at large as it had a lot of challenges such as inflationary pressures and the depreciation of the local currency against major currencies. This was as a result of the monocurrency system that the…

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Food delivery startup Cheetah raises US$36m to expand its contactless delivery service

USA – Cheetah, a San Francisco-based female-led online food and grocery delivery startup, has raised US$36 million in a series B Funding round to support expansion of the company’s contactless pickup and delivery service. The financing round was led by Eclipse Ventures with participation from ICONIQ Capital, Hanaco Ventures, and Floodgate Fund and brings the company’s total funding to US$66 million since it was founded in 2015. Cheetah seeks to transform the wholesale food industry by offering transparent pricing to consumers, independent restaurants and small businesses with next-day, contactless delivery…

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Healthy alternative meal solution company Wildtree acquired by investment firm

USA – Altair Acquisitions, an alternative asset investment firm has acquired all of the material assets of Wildtree, a manufacturer of organic and allergen-sensitive spices, oils, mixes, sauces, and meal replacement products, for an undisclosed sum. Wildtree was originally founded in 1999 and has been providing flavorful, healthy, all-natural products and meal solutions to customers for more than two decades. Following the company’s take over by Altair, the investment firm said that it does not intend to relocate Wildtree’s current headquarters and manufacturing and will therefore continue to operate in…

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Admarc seeking US$135.2m loan to finance purchase maize produce from Malawian farmers

MALAWI – The Agricultural Development and Marketing Corporation (Admarc) of Malawi is seeking K100 billion (US$135.2m) loan from the Export Development Fund (EDF) with guarantee from government to finance the purchase of maize and cash crops from small-scale farmers. Admarc is a government-owned corporation that promotes the Malawian economy by increasing the volume and quality of its agricultural exports and develop new foreign markets for the consumption of Malawian agricultural produce to support the farmers. Admarc acting chief executive officer Felix Jumbe said that the State produce trader is seeking…

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PepsiCo reports strong first quarter as revenue grows 10% to US$13.88bn

USA – PepsiCo has released its first quarter 2020 financial report, posting stronger than expected results and registering a 7.9% organic revenue growth. The food and beverage company posted a net revenue of US$13.88 billion up from US$12.88 billion released in a similar period last year while gross profit rose to US$7.754 billion up from US$7.196 billion posted in Q1 2019. Frito-Lay North America saw its net revenue rise to US$4.074 billion up from US$3.815 billion while PepsiCo Beverages North America reported a 3.3% growth in net revenue to US$4.838…

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Grain production and consumption in Africa take an upward curve

AFRICA – Grain market in Africa is continuing to exude a bullish performance according to a report by IndexBox, citing that the revenue in 2018 amounted to US$109 billion, picking up by 9% against the previous year. This figure reflects the total revenues of producers and importers excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price. The market value of grains increased at an average annual rate of 1.4% over the period from 2014 to 2018; the trend pattern remained relatively…

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