In 2018/2019, the global coffee market will record a surplus of 8 million bags, the U.S. Department of Agriculture (USDA) revealed in a biannual report released June 17. According to the Organization, while consumption will rise to 163.2 million bags, world production will reach a record level of 171.2 million bags. This abundant harvest will mainly be driven by Brazil and Vietnam, the two major...

Equity Bank of Kenya announced it will open four new branches in Kenya, with the goal to expand the number to 20 by 2020. The new branches will focus on serving a clientele seeking specific financial services. “Equity Bank has embarked on a process to roll out supreme branches countrywide, as it sets its eyes on positioning the outlets as relationship management centres of excellence,” said...

Lucapa Diamond and its partners generated A$2.7 million ($2 million) from the latest sales of alluvial diamonds recovered at Lulo project in Angola. In a press released today June 18, the company indicates it sold 1,782 carats of diamonds at $1,150 per carat. The sale excluded a number of large special stones held for a future sale. Let’s note that this operation boosted the Lulo gross...

In Egypt, coffee market recorded a whopping increase during the first three months this year. According to a report from the Cairo Chamber of commerce, the country consumed 45,000 tons of beans during the period under review, far beyond the 40,000 tons in the whole of 2017. Hussein Fawzy, head of the organization’s coffee division, said coffee import also grew 10% over the period,...

Tanzania may soon introduce a tax amnesty and tax relief program, to improve compliance and boost investment within the country. The Finance Minister Philip Mpango (photo) said last week. According to Reuters, the amnesty strategy will allow to exempt Tanzanians defaulted on tax payment from interest and penalties for the next six months. In doing so, authorities hope to increase tax compliance...

NSE-listed group Access Bank raised, via its London-based subsidiary, a $158 million trade finance facility from 13 international banks. Initially set at $100 million the amount was increased to $158 million due to higher investor interest. The operation was coordinated by the multilateral institution African Trade Insurance (ATI) and the Dubai-based Mashreq Bank. According to...

Nevsun Resources announced yesterday June 14, it will extend the life of its Bisha zinc-copper mine (in Eritrea) until 2022. Jointly with its national partner ENAMCO, the company will expand the open-pit mine to process an additional 3.3 million tons of ore. The expansion project, which will be financed from existing cash flows at Bisha, is expected to produce 470 million pounds of zinc and 52...

In Mozambique, cotton export is expected to generate $50 million by next August, Macauhub reports. Indeed, the country expects to ship 31,000 tons of cotton fiber over the 80,000 tons of seed cotton produced.  Main destinations include China and Bangladesh, two major poles of the world textile industry. Cotton is one of Mozambique's key export products and is grown mainly in the...

The communal and judicial authorities in Malanville (North of Benin) organized an awareness meeting to stop repeating land conflicts which regularly ends in tragedy. Agence Bénin Presse reports. “We remember the conflict between farmers and breeders, last year, which has seen ten deaths in the commune,” Moussa Mohamadou the prefect of Alibori said, reminding people to trust legal...

Ivorian authorities gave Africa Radio the green light to launch its activities in the country, the government indicated in a press release. The approval document was initialed on 12 June by Ibrahima Sy Savané, head of Côte d’Ivoire’s Audiovisual Communication High Authority (HACA) and Dominique Guihot, CEO of Africa Radio. This agreement will see Africa Radio broadcasted on 91.1 MHz band...