NIGERIA

Price increases help lift PZ Cussons Nigeria’s year-end results

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PZ Cussons Nigeria Plc, manufacturers of a wide range of consumer goods including Nutricima brands such as Yo, Coast, Nunu and Olympic yoghurt and milk brands reported a 15% rise in revenue for the full-year ending 31 May 2017. Sales reached N79.6bn from N69.5bn in 2016. Profit for the year rose 73.1% to N3.7bn, helped by price increases implemented through the year to mitigate the effects of inflation caused by Naira devaluation and poor liquidity. The Naira lost 50% of its value in the interbank market as well as further weakening in the secondary market which caused transactional impact through higher costs in the period under review. The company notes that all of its business lines performed relatively well under difficult trading environment with market shares either held or grown, al...

Moët Hennessy Year-to-date sales slump on third quarter supply constraints

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Moët Hennessy, the wines & spirits division of French luxury goods maker Louis Vuitton Moët Hennessy (LVMH), said on Tuesday that revenue for the first nine months to the end of September grew 7% to €3.5bn, from €3.2bn in the previous year. The company which makes high-end luxury goods such as perfumes & cosmetics, fashion & leather goods, watches & jewelry noted that despite a 7% growth in the wines & spirits business group, it trailed all other business categories that recorded double-digit growth. LVMH blamed the single-digit performance in the wines and spirits category on a third quarter supply constraint. Total LVMH group sales for the first nine months stood at €30.1bn, a 14% lift from the previous year. In the third quarter alone, the group recorded 14% growth in sales to €10.38bn

Nigerian Breweries holds its 9th Annual Golden Pen Awards

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Nigerian Breweries Plc, on Friday – 6th of October, 2018, celebrated outstanding journalism practice at the Nigerian Breweries Golden Pen Awards which took place in Lagos. The award, which is the 9th in the series, is aimed at promoting professionalism and objective reportage of events in the country. It is also meant to reward journalists who abide by the ethics of the journalism profession in their professional practice. The night of glitz and glamour saw Isioma Madike of New Telegraph Newspaper emerging as the NB Golden Pen Reporter of the Year. The first runner-up was Arukaino Umukoro of Punch Newspapers while Caleb Ojewale of BusinessDay clinched the second runner-up position. The Photo Journalist of the Year award went to Olatunji Obasa of Punch Newspapers. Suleiman Hussaini also of

Coca-Cola to unveil ‘Safe Birth Initiative’ for Ivory Coast and Nigeria

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Soft drinks giant Coca-Cola  on Thursday announced the launch of “The Safe Birth Initiative” a new programme to aid the Health Ministries of Ivory Coast and Nigeria tackle high maternal and infant mortalities. The pledge was made by the company’s Group President for Europe, Middle East & Africa (EMEA), Brian Smith while paying a courtesy visit to the President of Ivory Coast, His Excellency Alassane Ouattara. The scheme will focus on bolstering the capacity of maternity and neonatal units in selected public hospitals in Ivory Coast and Nigeria. The effort would be spearheaded by Medshare International Inc, a U.S.-based not-for-profit NGO, with a $2 million grant from the soft drinks company. Medshare will source essential equipment, kits and supplies worth $20m to enable safe deliveries an

Sudan’s economy is in trouble, even without sanctions

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“THIS is the best you can find anywhere, and not just in Sudan,” says Ali Alsheikh, gesturing at the deep-green field behind him. His farm, which exports animal feed, belongs to DAL Group, Sudan’s largest conglomerate. Here, an hour’s drive south of the capital, Khartoum, one can glimpse a better economic future for Sudan: high-tech, capital-intensive and outward-looking. On October 12th, as a reward for “positive actions” by Sudan’s government in thwarting terrorism and allowing aid to reach war victims, America lifted sanctions first imposed by Bill Clinton in 1997. These included a trade embargo, a freeze on state assets and curbs on financial institutions dealing with Sudan. Omar al-Bashir, Sudan’s president, is still wanted by the International Criminal Court on charges of genocide

It will take years to clear up the rubble in the Middle East

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THE old town of Mosul is a wasteland. So are many other cities and towns that have been mangled by the wars in Iraq and Syria. There is so much broken concrete and twisted metal in Aleppo, the Syrian city pounded by Russian and regime warplanes during the bloodiest battle of its civil war, that the World Bank reckons it will take at least six years to clear the wreckage. In fact, the Herculean task of cleaning up the detritus of war has become one of the biggest obstacles in the region’s struggle to patch up its shattered cities. Part of the problem is that the debris contains unexploded bombs, heavy metals such as mercury and other sorts of toxic waste, all of which need to be dealt with gingerly. The other part is just that there is so much rubble. Simply trucking the debris 10km fro

As South Sudan implodes, America reconsiders its support for the regime

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IT IS not as bad in South Sudan as people think, insists Ezekiel Lol Gatkuoth, the petroleum minister. The UN may claim that a third of the population have fled their homes, but that is an exaggeration, says the sharp-suited former diplomat. Why, then, does he think the refugee camps are so full? Some people go there for the services, such as free food, he explains. Others have been scared by fake news, peddled by insurgents. “People are saying: ‘The Dinka [the largest ethnic group in South Sudan] are coming to kill you. You must leave!’” Seated in his plush office in Juba, the capital, Mr Gatkuoth scoffs that, when he was a rebel during South Sudan’s long war to break away from Sudan, his comrades used similar propaganda, telling people that the Arabs were coming to burn their villages

Iraq’s recaptured territory is being neglected

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IN THE evening Adil Jumaili and his daughter stand beside the Tigris river in Mosul and stare at the wreckage on the opposite bank. Two twisted cars lie where their home once stood. It was destroyed, along with 8,000 other buildings, when Iraqi forces recaptured the city from the jihadists of Islamic State (IS) in July. The hospital at Mosul’s edge, once amongst Iraq’s finest, has been flattened. So, too, has the government complex, all the schools and the medieval alleyways lined with madrassas and monasteries. Precision bombing by Western aircraft spared much of eastern Mosul, which is recovering fast. But western Mosul proved harder to retake. Block-by-block fighting and so-called “annihilation tactics” (a decision to wipe out IS fighters rather than let them flee) destroyed much of the

Raila Odinga takes a gamble by threatening to boycott Kenya’s election

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Odinga’s poker face IN THE rickety wooden markets in Nairobi, where traders sell old books, second-hand clothes and kitchenware, walking away is a buyer’s last negotiating ploy. If he is lucky, he will be chased down the street and offered a better price. Raila Odinga, Kenya’s softly-spoken opposition leader, seems to be hoping a similar strategy may rescue his electoral chances. On October 10th Mr Odinga withdrew from a re-run of the presidential election scheduled for October 26th, arguing that if it went ahead then it would not be free or fair. Courts had already annulled the presidential part of a wider set of elections held on August 8th, after finding problems with the way it was run. But no reforms have been made to the electoral process since then, he argued. It had already bee