Olam International earnings fall 14.2% as coffee and peanuts disappoint

SINGAPORE – Global International company, Olam International earnings declined 14.2% to US$15.05 million (S$20.7 million) in the third quarter on tough trading conditions in coffee, and lower performance from peanut business. During the period, revenue declined by 4.2% in the edible nuts, spices and vegetable ingredients (SVI) segment, hurt by lower peanut sales. Profit in…

Olam partners Canvass Analytics in artificial intelligence for sustainable agriculture

SINGAPORE – World’s leading agri-business company, Olam International has partnered Google-funded firm Canvass Analytics to utilize artificial intelligence for sustainable food and agricultural production. According to the company, the strategy seeks to find innovative and new ways of meeting the world's rapidly growing demand for food, feed, fibre and fuel. Olam will utilize its strength in…

Singapore will run out of packaging waste landfill by 2035

SINGAPORE - Singapore Packaging Agreement (SPA) governing board chairman, Albert Lim has said that the current landfill for packaging waste will be full by 2035 given a limited land space. According to him, a taskforce which recommended voluntary agreement towards waste management was set up in January 2007 with a goal to look into the…

Singapore opens new research centre to address global food and water safety

ASIA - Singapore has opened the International Food and Water Research Centre (IFWRC) to support food companies and other scientists with food and water safety-related projects. The IFWRC will support scientists throughout the world working in areas such as food authenticity, food fraud discovery, water contamination research, food quality enhancement and new ingredient/formulation studies. The…

Lotte Group signs a Singapore sales partnership with DKSH to expand production

SINGAPORE – Lotte Group, a Korean-Japanese conglomerate, has signed a deal with DKSH, a Swiss Market Expansion Services Group, to expand the marketing and distribution activities in Singapore. Under the deal, Lotte, a wholly owned subsidiary of Lotte Confectionery Ltd, has entrusted the full suite of marketing and distribution activities for its products in Singapore…

Olam’s director Rachel Eng Yaag to resign from the board

SINGAPORE - Olam International has announced that Ms Rachel Eng Yaag Ngee will resign from the board as an Independent Non-Executive Director effective July 31, 2018. The agri-business firm said the decision was reached by the Board of Directors following Rachel’s acceptance to step down to pursue a career in a domestic law firm, a…

Wilmar partners with Singapore for a new US$80.1m research facility

ASIA - Asian agribusiness company Wilmar International and the National University of Singapore (NUS) have invested in a new research laboratory to conduct clinical nutrition and synthetic biology research to create healthier food products, worth US$80.1 million. According to FoodBev, the laboratory seeks to strengthen Singapore’s innovation system by conducting industry-relevant research and development. Research…

Olam profit grows despite 10.5% drop in revenue for confectionery and beverage

SINGAPORE - The global agribusiness company Olam International, has reported profit growth in the 2018 first quarter results despite 10.5% drop in revenue for its confectionery and beverage segments on both lower volumes and prices. Olam reported US$274.18 million in EBITDA lower than that of Q1 2017 which stood at US$296.9 million. During the quarter…

Nigerian Breweries introduces Singapore’s Tiger Beer into the local market

NIGERIA - Nigerian Breweries Plc (NBP) has launched a new beer into the local market, Tiger Beer brand from Singapore in an event tagged ‘uncage’, as reported by the Vanguard. The launch of the Tiger Lager into the Nigerian market scales up competition by major brands to increase beer market share. The new brand, an…

Olam launches ‘net-positive’ sustainability policy

SINGAPORE - Olam International has launched a ‘net-positive’ sustainability policy applicable to commodities globally for direct and indirect sourcing with an aim to re-generate rural landscapes and eco-systems. Under the program, deemed Olam Living Landscapes Policy (OLLP), offers a net-positive approach to agricultural supply chains and landscape management, and aims to adopt principles that support…