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Will British airlines lose their rights to fly to America after Brexit?

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THERE has been much chatter among frequent flyers in London this week about a front-page splash in the Financial Times claiming that British negotiations with America to replace the EU-US Open Skies Treaty are in trouble:The US is offering Britain a worse “open skies” deal after Brexit than it had as an EU member, in a negotiating stance that would badly hit the transatlantic operating rights of British Airways and Virgin Atlantic. British and American negotiators met secretly in January for the first formal talks on a new air services deal, aiming to fill the gap created when Britain falls out of the EU-US open skies treaty after Brexit, say people familiar with talks.The talks were cut short after US negotiators offered only a standard bilateral agreement. These typically require airline

China Resources seeks buyout of Heineken’s Chinese business

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China Resources Beer (Holding) Co Ltd (CR), China’s largest brewer is said to be in talks to acquire Heineken NV’s Chinese business as the Dutch brewer looks to exit the market. According to Reuters which first broke the news on Thursday, the transaction could be worth more than $1 billion. Details of the talks are still ongoing and could yet fall apart. Heineken is looking to exit the China market due to strong competition from local rivals as well as multinationals like AB InBev and Carlsberg. In 2017, Japan’s Asahi Group Holdings sold its 19.9% stake in Chinese brewer Tsingtao Brewery Co, CR’s biggest rival – for $937m as it gave up on the market and set its sights on Europe and elsewhere in Asia. While China is the world’s largest beer market by volume, most of the volumes come from lo

Nigeria Welcomes FIFA World Cup Trophy Tour

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The much anticipated FIFA World Cup Trophy Tour arrived in Nigeria on Wednesday, with a first stop in Abuja, Nigeria’s capital and was received by the President, Muhammadu Buhari at the Presidential Villa. Also present at the welcoming ceremony were other stakeholders such as the President of the Nigeria Football Federation (NFF), Amaju Pinnick, Minister of Sports, Solomon Dalung, officials of the Coca-Cola Company including the Managing Director of Coca-Cola Nigeria Limited, Bhupendra Suri and his counterpart and Managing Director at the Nigerian Bottling Company (NBC), Georgios Polymenakos. Buhari thanked FIFA and Coca-Cola, the sponsors of the tour for involving two cities of Nigeria in the tour, stating that football is a symbol of unification in the country. He expressed his happiness

Brown-Forman sustains momentum as nine months sales rise 9%

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Brown-Forman Corp, the US-based spirits firm behind such brands as Jack Daniel’s whiskey, Woodford Reserve and Old Forester bourbon reported its nine months results through 31 January 2018 on Wednesday, with the Louisville, Kentucky based firm posting a 9% revenue growth to $2.5bn. In the third quarter alone, sales rose 9% to $878m. Paul Varga, Brown-Forman’s chief executive officer said, “Brown-Forman’s business momentum continued through the third quarter, resulting in year-to-date underlying net sales and operating income growth of 7% and 11%, respectively, and even stronger on a reported basis. “The results were well-balanced by geography and driven by 8% underlying net sales growth for our Jack Daniel’s led American whiskey portfolio. Our accelerated rates of growth keep us on track t

FG sets up committee to create policy framework to boost dairy industry

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The Federal Government said it has constituted a stakeholder’s committee to develop a policy framework to boost the dairy industry. The Minister of State for Industry, Trade and investment Hajia Aisha Abubakar, said that the objective is to attract and achieve local participation in the dairy business; ensure local content development of dairy; encourage joint venture opportunities across strategic segments of the dairy industry and provide financial relief to boost local growth through the participation of women and youths in the sector. While addressing the stakeholders who were drawn from government agencies, the banking industry and the dairy sector, the Minister who was represented by the Permanent Secretary, Mr. Edet Sunday Akpa, urged the stakeholders to bear on the work of the comm

Nestle Nigeria sustains growth at full year 2017

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Nestle Nigeria Plc, said on Friday that revenue for the full year 2017 grew by 34% to ₦244bn ($674 million). In the previous year, the food and beverage giant posted ₦182bn in sales. Net profit in the period under review jumped 326% to ₦33.7bn ($91 million), thanks to a 46% rise in Operating Profit and a nearly 50% reduction in net finance cost to ₦8.9bn ($24.5m) from ₦16.6bn. Commenting on the results, Nestle said “We are pleased with the growth which is a result of multiple factors; the continued loyalty and trust of our consumers in our brands, the dedication of our people and the efficiency of our distribution network. “In line with our strategic roadmap, we will continue to invest behind brands and route-to-market activities while proactively managing input cost pressures to stay on t

Coca-Cola to venture into alcoholic drinks

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Coca-Cola has announced it would start making alcopops in Japan. Alcopops are a special type of alcoholic beverages that mixes flavoured or real fruits such as apples, citrus, lemon and others with spirits like vodka, rum, etc. The beverage giant said it would launch a version of “Chu-Hi” canned sparkling flavoured drinks that is mixed with a local spirit called Shochu for the Japanese market. Coke is hoping to cash-in on the popularity of Chu-Hi alcopops in Japan. Sales of the drink, which ranges in alcohol content from 3% to 8%, have surged over the last five years, thanks in part to its popularity among female drinkers. Other Japanese beverage firms such as beer companies Kirin, Asahi and Suntory have all joined in on the bandwagon and have their brands in this category. Jorge Garduño,