Food Business Africa News - October 28

AFRICAN NEWS HEADLINES

Ivory Coast’s Kineden Commodities secures US$64.8M funding?

IVORY COAST – Kineden Commodities SA has secured a financing package of nearly €60 million (US$64.8M) from a consortium of international banks to support its operations over the next three cocoa seasons?.?. .?More

IMCD opens food and nutrition applications lab in Kenya

KENYA – Ingredients solutions distributor IMCD has opened a new food and nutrition applications laboratory facility in Nairobi, Kenya, with the aim of advancing new products development?in the food, beverage and milling industry in the region ?.?. .?More

Tanzania Breweries signs deal to empower entrepreneurs?

TANZANIA – TBL, the leading brewing company in Tanzania signs a deal with Stanbic Bank to offer financial?aid, mentorship and training to local entrepreneurs, with the goal of empowering 25,000 entrepreneurs by 2025?.?. .?More

BATN Foundation launches poultry farming initiative to support women in Nigeria?

NIGERIA – The British American Tobacco Nigeria (BATN) Foundation has rolled out a new project aimed at enhancing the livelihoods of 200 women in Zamfara, Nigeria through poultry farming? .?. .?More

Tea farmers call for Tea Act review amid low bonus payments?

KENYA – Tea farmers in Kenya’s West Rift region have called for a review of the Tea Act following lower-than-expected bonus payments attributed to cartel activities influencing the Mombasa tea auction??. . .?More

WORLD NEWS HEADLINES

Varun Beverages’ Q3 profit surges 24% on strong international demand?

INDIA – Varun Beverages, the bottler for PepsiCo in India, has reported a 24 percent increase in net profit despite facing domestic market challenges due to an unusually rainy monsoon season?. . .?More

Coca-Cola reports 1% plunge in revenue in Q3 2024?

USA – The Coca-Cola Company has reported a 1 percent decline in net revenue for the third quarter of 2024, amounting to US$11.9 billion attributed to a US$919 million charge and the impact of unfavorable currency exchange rates?. . .?More

Kerry Group continues US$324M share buyback?

IRELAND – Kerry Group PLC has advanced its €300m (US$324M) share buyback initiative by purchasing 25,000 A ordinary shares on Euronext Dublina aimed at increasing shareholder returns??. . .?More

Symrise reports 10.2% sales growth in Q3?

GERMANY – Symrise has reported a 10.2% rise in organic sales in the third quarter despite a 4.0% negative impact from exchange rates??. . .?More

Givaudan sets up new production facility in Indonesia?

INDONESIA – Givaudan has announced the groundbreaking of its US$57.8M, 24,000 square metres production facility in Cikarang, Indonesia, reinforcing its commitment to the Southeast Asia region??.?. .?More