Tesco reports 28% rise in annual profits boosted by high sales

UK - Tesco, the British multinational grocery retailer has announced a 28% rise in annual profits to US$2.02 billion, boosted by high sales of up to US$70.98 billion in ninth consecutive quarter of growth. The supermarket’s sales grew 2.8% more than expected in the last three months of its financial year while it made a…

East African competition authority begins operations to check on malpractices

TANZANIA - The East African Competition Authority has started its operations with a mandate to check on price fixing and other malpractices by investigative firms and trade associations which exploit consumers, The EastAfrican reports. In addition, the authority is undertaking market studies to inform the competitiveness of the regional economy. The Authority, based in Tanzania’s…

Simbisa Brands gets a go-ahead for stake in Foodfund, targets AIM listing

ZIMBABWE - Simbisa Brands Limited, a quick service and restaurant company has received a nod from shareholders to acquire a 50% stake in the South African restaurant operating firm, Foodfund Investments. At the same time, the board of directors were given the greenlight to seek listing on the London Stock Exchange’s Alternative Investment Markets (AIM)…

McDonald’s sets goal to reduce carbon emissions by 36% by 2030

USA - McDonald, the American fast food company, has announced plans to reduce its greenhouse emissions from its restaurants and offices by 36% in a new 2030 sustainability plan. In addition, the company stated that it is looking forward to reduce emissions produced in its supply chain by 31%, with a long-term objective to cut…

Shoprite, Checkers to issue refund to consumers of Enterprise and Rainbow recalled products

SOUTH AFRICA - The SA retailer Shoprite and Checkers have called on customers for a refund of recalled products from Enterprise and Rainbow amidst a Listeriosis outbreak scare in the country. The customers were required to return the processed cold meat products and Rainbow Chicken polony for a full refund. As reported by fin24, the…