IRRI to receive US$1.4m a year funding from Crop Trust to conserve rice varieties

SINGAPORE - The International Rice Research Institute (IRRI) is set to receive US$1.4 million worth of funding from non-profit organization, Crop Trust in a partnership to ensure conservation and sharing of 136,000 varieties worldwide. The seeds, stored at IRRI’s high-tech facility in Los Baños, Philippines, will be used by scientists worldwide to develop improved rice…

Government starts process to sell KWAL, Agrochemical stakes in privatization move

KENYA - The government is seeking to sell its stake in companies such as Kenya Wine Agencies Ltd (Kwal), Kenya Meat Commission (KMC) and Agrochemical and Food Corporation (ACFC) in a deal to render them private. The Privatisation Commission which is seeking consultants on the sale-off, will oversee the process that hopes to unlock billions…

Fonterra Group revises Farmgate Milk Price as a result of higher global milk supply

NEW ZEALAND - Fonterra Co-operative Group Limited, has revised its 2018/19 forecast Farmgate Milk Price from US$6.75 per kgMS to a range of US$6.25-US$6.50 per kgMS and increased its forecast New Zealand milk collection volumes by 1.3 per cent to 1,550 million kgMS. According to Fonterra’s Chief Executive, Miles Hurrell, the change in the forecast…

Cal-Maine Foods announces definitive agreement to acquire Featherland Egg Farms

USA – Cal-Maine Foods, a fresh egg producer, has announced that it has reached a definitive agreement to acquire substantially all of the assets of Featherland Egg Farms, Inc., relating to its commercial shell egg production, processing, distribution and sale business. According to the company, the assets to be acquired, subject to the completion of…

Foodpanda aims 500,000 partners by 2020 to expand delivery network

INDIA - German based mobile food delivery marketplace, Foodpanda has added 60,000 delivery partners to its network in five weeks and targets 500,000 partners by 2020. According to Times of India, is further looking to add another 60,000 delivery partners in the next two months, to keep its growth and expansion plans on track. As…

Pioneer Foods investor Zeder posts 158% growth in earnings

SOUTH AFRICA - Agribusiness and food-focused investment group Zeder has posted 158% increase in recurring headline earnings per share to 9.8 cents due to strong recovery in earnings from most of its investee companies. Zeder has a 27% stake in the South African packaged goods company, Pioneer Foods, representing 49.1% of its entire portfolio. Its…

Research Institute embarks on strategic crossbreeding to boost beef production

TANZANIA - Tanzania Livestock Research Institute (TALIRI) has rolled out a special crossbreeding programme aimed at boosting beef breeds while improving production in the country. The initiative seeks to increase the stock of Boran cattle, a popular Zebu beef breed while addressing challenges faced in beef production. Speaking to Daily News, TALIRI Director General, Dr…

Zambia 2019 budget focuses on broadening tax base, ease foreign debt and diversify through agriculture

ZAMBIA - The government of Zambia has proposed revenue measures in the 2019 budget with a focus to enhance diversification through agriculture and tourism, a move that may be critical in easing the country’s external debt burden which stood at US$9.4 billion at the end of June. Despite increasing concerns on the sustainability of Zambia’s…

Abraaj in talks to sell its Java House interest and Brookside stake to UK fund Actis

KENYA- The British private equity fund Actis is set to acquire Abraaj Holdings’ Kenyan assets including Java House operations and a 10% stake in the country’s leading dairy firm, Brookside Dairy Africa, Business Daily reports. This is after Reuters reported that Actis has placed a bid to acquire Middle East and North Africa private equity…

PepsiCo and Loop Industries sign multi-year supply agreement for Loop-branded 100% sustainable plastics

USA - Loop Industries, Inc., a leading technology innovator in sustainable plastic and PepsiCo, Inc. have announced a multi-year supply agreement that will enable PepsiCo to purchase production capacity from Loop’s joint venture facility in the United States. According to the company, it will also incorporate Loop PET plastic, which is 100% recycled material, into…