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Indian trade to grow in Africa
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- Category: Consumer & Household
- Published on Thursday, 22 May 2014 06:37
- Written by Super User
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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.
Hillshire acquires rival food firm Pinnacle for $6.6bn
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- Category: Consumer & Household
- Published on Saturday, 17 May 2014 07:58
- Written by Super User
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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".
Read more: Hillshire acquires rival food firm Pinnacle for $6.6bn
Kenya’s economy projected to expand by 5.5pc this year
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- Category: Consumer & Household
- Published on Saturday, 17 May 2014 05:44
- Written by Super User
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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.
Read more: Kenya’s economy projected to expand by 5.5pc this year
BAT Kenya to pump Sh1.4b into local operations
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- Category: Consumer & Household
- Published on Saturday, 17 May 2014 05:28
- Written by Super User
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BAT Kenya has announced plans to invest Sh1.4 billion in its local operations, as it seeks to position the country as the key source of tobacco for its export markets. The cigarette manufacturer plans to also reinvest the amount on streamlining its sales network and factory operations in Nairobi and Thika. The move by the firm comes at a time when key markets such as Egypt and South Sudan are undergoing serious political turmoil. BAT Managing Director Chris Burrel says that the funding of its operations will transform the Kenyan business into a true global trading centre for other markets where political unrest has affected business. The new investments also follow a decision by the BAT group to consolidate its East Africa leaf operations that led to the migration of Uganda’s leaf processing to Kenya’s Thika Green Leaf Threshing plant.Â
