Kenya’s Equity Bank launches paper-thin SIM card tech
Kenya’s Equity Bank plans introducing paper-thin SIM cards to help its customers access the bank’s mobile money service without needing to use dual-SIM phones.
Equity’s chief executive, James Mwangi, has said the bank’s SIM cards will consist of 0.1 millimeter thick film that can be layered on an active side of customers’ original SIM cards, without affecting the customers’ original service providers’ network reception.
Hillshire acquires rival food firm Pinnacle for $6.6bn
Hillshire's brands include Jimmy Dean, Ball Park and Sara Lee, while Pinnacle is known for Aunt Jemima and Duncan Hines.
The combined company, which will be based in Chicago, is expected to generate $6.6bn in annual sales.
Following the news, shares in both companies were up on the New York Stock Exchange in pre-market trading.
In a statement, Hillshire said it would acquire all outstanding shares of Pinnacle Foods in a cash and shares transaction.
"The acquisition creates a leading branded food company with enhanced scale, reach, and capabilities, while providing margin expansion," said president and chief executive of Hillshire Brands, Sean Connolly.
Mr Connolly will run the combined company, which will retain the Hillshire name.
Pinnacle's chief executive, Bob Gamgort, said the deal "speaks to the value Pinnacle employees have created".
Indian trade to grow in Africa
A report out this week suggests India will quadruple revenues from Africa by 2025.
With weak demand for Indian goods in traditional markets such as Europe and the US, Africa is already proving to be increasingly important.
A number of companies hope to boost their presence on the continent in the coming years, as Shilpa Kannan reports.
Kenya’s economy projected to expand by 5.5pc this year
Citibank expects Kenyan economy to grow by 5.5 per cent this year supported by growth in the manufacturing and services sector. This is compared to a growth rate of 4.7 per cent last year. But the Government’s plan to revise its calculations of the gross domestic product (GDP) could see the total value of all goods and services produced in the country rise by an estimated 15-20 per cent this year, according to the US-based financial conglomerate. “The provisional indications are that the revision will be around 15 to 20 per cent. This would increase GDP in 2013 to around $50-53 billion (Sh4.35 trillion to Sh4.611 trillion) from our estimate of its current level of around $44.1 billion Sh3.84 trillion in 2013,” says David Cowan, the bank’s Head Economist for Africa. According to Citi, the economy is unlikely to grow at 5.8 per cent as projected by the National Treasury.
The bank says the economy is grappling with serious challenges including drought, infrastructure constraints and insecurity, which have a negative impact on tourism and the wider corporate investments.
