Fairtrade Africa cushions farmers from Covid-19 effects with funds

KENYA – Fairtrade Africa Network, member of the International Fairtrade movement that focuses on promoting the lives of farmers and workers through trade, has announced a 600,000 Euros (US$677,000) fund to support Kenyan farmers from the adverse effects of Covid-19 pandemic. “Fairtrade Africa would like to inform all Fairtrade certified producers Euros 600,000 (US$677,000) has been allocated for disbursement to support vulnerable producers and workers in the region,” the Africa Fairtrade Network announced in a statement. The fund, which is divided into the ‘Fairtrade Africa Producer Relief Fund’ and the…

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Zimbabwe’s Competition Commission blocks Innscor’s acquisition of Profeeds, Produtrade

ZIMBABWE – The Competition and Tariffs Commission (CTC) of Zimbabwe has reversed the acquisition of premier stock food manufacturer, Profeeds’ 49 percent shareholding by Innscor and directed the manufacturer to divest out of the company. In addition, the competition commission has fined the conglomerate ZWL 40.6 million (US$1.6 million) representing a portion of Innscor’s turnover for 2018, for failing to notify the commission of the transaction in terms of the Competition Act. The commission has also reversed the acquisition of Produtrade another agro-processing firm by Innscor. Innscor owns 49 percent of…

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Coca-Cola Beverages South Africa offers employees a slice of the company’s shares

SOUTH AFRICA – Coca-Cola Beverages South Africa (CCBSA) has made its 8,000 employees a lucky lot by allowing them to ‘taste the feeling’ of its shares through the Ikageng Employee Share Trust created to offer workers shares and direct economic participation in the business. Ikageng, which means “let us build ourselves” in Tswana, was launched last month and owns a 5 percent stake in Coca-Cola Fortune, the CCBSA’s parent company, reports IOL. Its primary focus is to ensure that every employee receives an equal allocation of shares regardless of staff…

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Utz Quality Foods to merge with Collier Creek Holdings, plans to go public

USA – Utz Quality Foods, a US manufacturer of branded salty snacks, and special purpose acquisition company, Collier Creek Holdings has entered into a merger agreement to combine their business and form a new entity under the name Utz Brands, Inc. The transaction will also introduces Utz Brands as publicly listed company after nearly 100 years as family-owned business. Utz Brands plans to list the on the New York Stock Exchange with an anticipated initial enterprise value of approximately US$1.56 billion. The combined company is also expected to be one…

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Agro.Сlub Raises US$1.5m to expand its agricultural digital solution

USA – Agro.Club, a U.S.-based startup transforming the way the agriculture industry buys and sells, has initiated plans to expand into Europe and North America following the closure of a US$1.5 million seed round. The funding round was led by Speedinvest, with participation from Elevator Ventures, the corporate venture arm of Raiffeisen Bank International. Agro.Сlub has developed a digital system that connects farmers, retailers, manufacturers, food companies and suppliers with a view of increasing efficiency and transparency in the agriculture industry. Agro.Club was founded by Egor Kirin who has spent…

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Carrefour sets new target to decarbonize its business in renewed sustainability efforts

FRANCE – French multinational retailer, Carrefour Group has unveiled a new set of targets seeking to further reduce its store-related carbon footprint by cutting carbon emissions on products sold in its stores by 30% over the next decade. The retailer, which operates 12,300 stores in more than 30 countries, has further set the target of cutting its greenhouse gas emissions by 55% between now and 2040, compared with 2019 levels. As part of the new commitment, Carrefour has structured its product climate action plan around three priorities; production of goods…

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