Category: Business

  • Mars and Snickers bars recalled in 56 countries

    Millions of chocolate snacks deemed possibly unsafe in Europe and elsewhere due to plastic found in a Snickers bar.

    US chocolate giant Mars has ordered a massive international recall of Mars and Snickers bars made at its Dutch factory after a piece of plastic found in one snack was traced back to the site.

    Millions of chocolate bars were deemed possibly unsafe for consumption in 56 countries after a customer in Germany found a piece of red plastic in his Snickers bar last month.

    The recall of the chocoholic snacks on Tuesday also affects Milky Way minis and some boxes of Celebrations. It hit most European countries, but it also extended as far as Vietnam and Sri Lanka in Asia.

    Belgians’ bid to be champagne of chocolate
    “As far as we know there are 55 countries involved,” Eline Bijveld, Mars corporate affairs coordinator for the Netherlands told the AFP news agency earlier in the day, refusing to reveal the whole list.

    The recall “only involves the products that are made in the Netherlands” at the Mars factory in the southern town of Veghel, Bijveld said, adding the products were mainly sold in the Netherlands and elsewhere in Europe.

    Chocolate lovers in the United States need not worry as the recall does not extend to the company’s home base.

    Bijveld could not give the exact number of chocolate bars produced daily at the factory, but said about four million items were being recalled in the Netherlands alone.

    The move comes after a customer found a red piece of plastic in a Snickers bar – billed by the company as “the world’s biggest selling candy bar” – bought on January 8 in Germany.

    After he complained to Mars, the plastic was traced back to Veghel which determined that it came from a protective cover used in the plant’s manufacturing process.

    “We are currently investigating exactly what’s happened, but we cannot be sure that this red piece of plastic isn’t in any other of our products from the same production line,” Bijveld said.

    ‘Isolated incident’

    Mars prides itself on having five billion-dollar brand names in its stable of 29 separate chocolate products, including M&Ms, Twix and Dove.

    It is the first time it has had to recall products made at its Veghel factory, which opened in 1963 and employs some 1,200 people.

    In a statement announcing the recall in Germany, the US chocolate giant said: “We would like to prevent consumers who have purchased one of the above-mentioned products from consuming it”.

    The shelves of one supermarket chain in Frankfurt were still stuffed with Mars and Snickers confectionary late on Tuesday.

    But Paula Medina, 43, and her daughter, Sophie, clutching a red basket were not taking any chances.

    “Our trust has been shattered that’s for sure,” Medina told AFP.

    “But there’s so much choice. I think we’ll take a break, and maybe go for something else in the future.”

    Mars said it was recalling items from Britain, Belgium, France, Italy and Spain, after it already withdrew products from sale in Germany and Netherlands.

    It added that the recall was an “isolated incident and strictly limited, and concerns only the products mentioned”.

    Manufacturing dates for the different products vary, but in general those with a “best-before” date of between June 19, 2016 and January 8, 2017 are being recalled.

    “This is a very special situation,” Bijveld said. “At this moment maybe the risk is not that high, but we cannot say this is in line with our quality requirements.”

    The US-based company, which also makes Wrigley’s chewing gum, said a full list of affected products could be found on its national websites. But after being down for much of the day it was still hard to find any information in the early evening.

    Mars, a family-owned company since it was founded in 1911, reported annual net sales of around $33bn at the end of 2014.

    The rival of Kraft Foods and Nestle employs more than 18,400 people in Europe alone and operates in 74 countries worldwide.

    Source: Al Jazeera:Mars and Snickers bars recalled in 56 countries

  • BK earned Rwf 20.5 billion in 2015

    Bank of Kigali (BK) earned Rwf 20.5 billion in profit in 2015, an increase of 11.7% compared to 2014.

    Last year the BK Board of Governors allowed shareholders to be issued with dividends of 40%, valued at Rwf8.3 billion of earned profits. Every shareholder would get Rwf 12.5 per share. The decision of earning dividends will be confirmed by BK general assembly of May 2016.

    In a press briefing yesterday, BK informed the public that until 31st December 2015, the bank had made 327,441 retail and 29,518 corporate transactions.

    With 75 branches, the bank has 1,079 agents who offered 628,000 transactions valued at Rwf 57.3 billion by the end of last year.

    BK chief of operations, Lawson Naibo said that BK is seeking to diversify services and geographical penetration.

    “Increasing the number of our agents will go in connection with delivering the best services to our clients without difficulties,” he said.

    BK realized an increase of 16.3% of its total assets valued at Rwf 561.2 billion while the loan portfolio increased by 34.5% last year.

    The former CEO of BK, James Gatera expressed appreciation over the achievements and advised management to take strides towards positioning the bank in the East African region.

    The acting BK CEO, Dr. Diane Karusisi has commended the out-going CEO for his efforts and promised to show a good performance in collaboration with BK employees.

    Dr. Karusisi said that many efforts will be concentrated on improving the way of delivering customers VISA cards which would take a long process and increase technology in communicating with customers among others.

    BK was rated the best bank in Rwanda by Euromoney. It received the African Banker Award 2015 and was selected to be the best bank in Rwanda from 2009 to 2014.
    The bank recently launched BK Telecom, an institution expected to deliver technology-related services to improve service delivery among BK clients.

    The acting BK CEO, Dr. Diane Karusisi promised to show a good performance in collaboration with BK employees.

    The former CEO of BK, James Gatera

  • Uganda audits Uchumi dealings to ensure suppliers are fully paid

    Uganda audits Uchumi dealings to ensure suppliers are fully paid

    Uganda has commissioned an audit into past activities of the defunct Uchumi (Uganda) Limited over allegations that it withheld taxes amounting to millions of shillings.

    The Private Sector Foundation Uganda was directed to look into the matter and compile evidence of non-remission of government taxes ahead of a planned Uganda-Kenya governments meeting where Uganda will table demands for payments of money owed to suppliers and to its government coffers.

    The foundation’s communication and public relations manager, Ms Sarah Nakibuuka, said the issue arose during a meeting between the aggrieved traders and Uganda’s Trade Permanent Secretary Julius Onen.

    In a statement published on the foundation’s website, they said that the traders’ claim indicated that Uchumi had not deducted taxes as required for onward submission to the government.

    The foundation said the traders must provide proof in form of receipts and invoices that will be compiled and used to petition several institutions including Parliament and courts of law to coerce the Kenya government to intervene and have the debts paid as well as taxes.

    Ms Nakibuuka said the entire debt owed would be known after the audit, adding that the money could rise if all the traders heed the call to forward their demand for payments through the government without fear of disclosing their own tax defaults.

    Mr Onen expressed optimism that the Uganda government would do all in its powers to ensure the traders are paid their dues for supplies to Uchumi over the past three years before the Kenyan-based retail chain abruptly closed its entire subsidiary in Uganda.

    Uganda, through the private sector foundation, urged traders to list their claims and attach proof of delivery and demand for payment notes to facilitate the Kenya-Uganda government talks slated for later this month.

    “The foundation is working with various former Uchumi suppliers, workers and key stakeholders to pursue both the legal and non-legal means to settle this matter and ensure that all suppliers get paid,” said a statement.

    CLOSURE EFFECT

    It further said the Uganda government planned to discuss the consequences of Uchumi’s closure to the suppliers and the business community as well as Ugandans who earlier worked at the four stores.

    “A number of members of the private sector have been working with Uchumi Supermarket (U) Ltd which has now filed for bankruptcy. This means that once granted, it will close business in Uganda. Some 368 Ugandans were rendered jobless and Uchumi has an estimated debt obligation due to suppliers, utility bills, employee salaries and rent arrears,” it said.

    The foundation expressed concern over the fate of numerous small and medium enterprises that were suppliers to Uchumi, who are currently experiencing serious cash flow challenges.

    Mr Onen confirmed scheduling a meeting with his Kenyan counterpart and agreed to hold a meeting where the issue will be discussed.

    “This is a matter we are now handling at a bilateral level and we have since scheduled the talks through our High Commissioner in Kenya and very soon we shall brief you on the meeting’s outcome,” he told reporters.

    The Permanent Secretary spoke after meeting the affected traders and other stakeholders who expressed concern that delayed payments had adversely affected their businesses.

    Source:Daily Nation:Uganda audits Uchumi dealings to ensure suppliers are fully paid

  • CHAN fans’ face-painter in bumper harvest

    CHAN fans’ face-painter in bumper harvest

    CHAN tournament which was held for 21 days in Rwanda has impacted a number of people’s earnings for providing goods and services about the stadiums or near residences of CHAN participants.

    Rekeraho Pascal, 28, a painter of houses, spotted an opportunity and jumped aboard face-painting of football fans. For the 21 days that the tournament took place Rekeraho could earn an average of Rwf60,000 from the service per day. He had never thought about such a business but was inspired when he realized that other people were minting money from face-painting when he attended the match of Amavubi vs Ivory Coast.

    Talking to IGIHE, he said “I had bought the ticket of watching Amavubi. When I reached Amahoro stadium I found that there was a job opportunity of drawing flags on fans. I immediately bought materials and started the job. I didn’t get a chance to watch the match since I had many clients.”

    Rekeraho says that he could face-paint over 60 fans a day, adding that each fan would pay Rwf 1000 or 700 depending on the desired design. Rekeraho says, he was surprised as he didn’t expect to get such opportunities from CHAN. Though he would get few clients during some matches, he says he will never forget the match of Amavubi vs Leopards from DRC in the quarter finals for the overwhelming number of clients he received.

    “I wished to stay the whole night at the match of Rwanda vs Congo. Both Rwanda and Congo had many fans that paid much money. Even though I can’t say exactly the number of fans I painted, they were above 100,”he said.

    He lauds good governance which attracted CHAN to Rwanda since it brought unusual chances expected to impact his future.

    gusiga-2.jpg

  • Restaurants in partnership with Hellofood provided food to CHAN fans

    Restaurants in partnership with Hellofood provided food to CHAN fans

    In an effort to help football fans enjoy the CHAN tournament, Hellofood, popularly known as an online and mobile food delivery platform in Kigali, has supplied food to football fans at Amahoro stadium in collaboration with partnering restaurants. The partnering restaurants include; Mr. Chips, KGL, Kigali Fast Food Restaurant, Bamboo Shades, Chap Chap, Rosty Plus and Chairman’s Club.

    Hellofood management told IGIHE that supplying food around the city emerged from talks with Rwanda Development Board. RDB asked hellofood to identify and coordinate food vendors for the Amahoro and Nyamirambo stadium matches, given hellofood’s command of and strong relationships with Kigali’s best restaurants.

    Alissa Orlando, Hellofood’s Managing Director in Rwanda, said “RDB trusted Hellofood after consideration of our relationship with different restaurants around the city of Kigali. We are also working with security at the stadium to coordinate sanitary inspections at each restaurant before each match to ensure the quality of the food served at the CHAN 2016 games”.

    Orlando added; “The CHAN 2016 championship is largest event we have coordinated food for. We and our restaurant partners are very grateful for the opportunity to serve a stadium of 30,000 people, as we’ve made millions in sales at popular matches. We also hope fans enjoy the delicious food offered, from brochettes to chips to broulettes.”

    Orlando concluded saying that their services were offered at affordable prices for everyone and that is both for fans in the VIP seats and ordinary seats.

    Hello food has been operating in Rwanda for 2 years now and operates in 11 other African countries. For more details visit their website at www.hellofood.rw or download their web application.

  • Kampala traders request Rwanda Air to launch into Asia

    Kampala traders request Rwanda Air to launch into Asia

    Ugandan traders have requested a Rwandan Aviation Company, Rwanda Air, to start new travels as a way of helping them to meet clients’ needs.

    The request was made by over 100 traders yesterday in Kampala during the event of sharing breakfast organized by Rwanda Air office in Uganda.

    The vice chairman Kampala Traders Association (KACITA), Hope Katwine, has requested Rwanda Air help connect the region to the Asian continent.

    “You are filling a gap in this region. We want you to expand travels so we can easily access markets in China and Bangkok,” he said.

    Frank Mugambage, Rwanda’s High Commissioner to Uganda said that the decision of regional leaders to have one market in East Africa must be supported.

    “We can’t work as an island. We must support that decision since it is a large market bringing benefits for us all. We will be able to promote our economies through that collaboration,” he said.

    Mugambage has said Rwanda Air is planning to expand travels to Europe, India and China.

    Kampala traders who attended yesterday’s meeting played a ruffle where lucky ones won free air tickets to Dubai.

    00f01567-5ee5-40c7-b638-6ac0012984bb.jpg

  • Argentina in ‘breakthrough’ offer to end debt battle

    Argentina in ‘breakthrough’ offer to end debt battle

    Two creditors accept and four are yet to reply to proposal, which includes a 25 percent discount on their $9bn claims.

    Argentina has offered $6.5bn to settle a battle with creditors suing the country over defaulted bonds, seeking to end a long-running row that has hampered the country’s access to international capital.

    Friday’s offer was made after talks in New York with hedge funds and other creditors who had previously demanded full repayment of about $9bn worth of bonds the country defaulted on 15 years ago.

    Two out of six major holdout creditors have already accepted the deal, which includes about a 25 percent “haircut” on their claims, while four have not done so yet, according to the government.

    Daniel Pollack, the US court-appointed mediator, hailed Argentina’s proposal as an “historic breakthrough”.

    He said that if the offer is accepted and all the conditions are met, Argentina will be able “to return to the global financial markets to raise much-needed capital”.

    The latest twist in a fight stemming from Argentina’s record default on around $100bn in 2002 came less than two months after President Mauricio Macri took office and expressed his commitment to a deal.

    If Macri manages to clinch an agreement, Argentina will be able to emerge from default and return to global capital markets to finance badly-needed infrastructure projects such as new roads and railways.

    “The agreement was awesome,” Argentina’s finance minister, Luis Caputo, told reporters in New York. “We have had a good reception of the proposals and I feel optimistic.”

    “This is a big step in the right direction but this is not the end of it. Until the main holdouts accept a deal it is not over,” Diego Ferro, co-chief investment officer at Greylock Capital Management in New York, told the Reuters news agency.

    ‘Vulture funds’

    On Wednesday, the Argentinian government agreed to pay Italian bondholders $1.35bn to settle $2.5bn in claims dating back to the default.

    Macri’s predecessor Cristina Kirchner had refused to pay the holdouts. She insisted that they should have joined in with the 93 percent of the country’s creditors that accepted a significant reduction in what they were owed to help the country restructure its finances.

    Kirchner branded the hedge funds which led the holdout claims, NML Capital, a unit of Elliott Management, and Aurelius Capital Management as “vultures”, saying they bought up Argentine debt cheaply around the time of the default and then refused to take part in the restructuring so that they could pocket huge profits.

    Both hedge funds had yet to say whether they accept or reject the new offer by Buenos Aires.

    The funds which accepted the offer were Montreux Partners and Dart Management, according to the government.

    Subject to conditions

    Al Jazeera’s Daniel Schweimler, reporting from Buenos Aires, said: “The dispute is not yet over but certainly with this latest agreement in New York, after five days of very intense negotiations, huge steps forward have been made.

    “There’s been a definite move on both sides … to change the whole mood of the negotiations – to try to reach some kind of resolution.”
    Schweimler said Macri was keen to end the dispute and open the economy to much-needed foreign investment.

    “Reserves are very low, investment isn’t coming in, so they’re hoping here in Buenos Aires that they’re on the way to solving this long-running dispute.”

    Pollack said more work “remains to be done” on the proposal, which was subject to two conditions: firstly, that it gains approval by Argentina’s Congress; and secondly, that it also brings the release of the New York federal court’s injunction, which prevents Buenos Aires from paying any other creditors outside the so-called holdout group.

    Macri took power in December without a majority in the legislature, and Kirchner’s bloc remains powerful, though it showed signs of fragmenting this week.

    Source:Al Jazeera:Argentina in ‘breakthrough’ offer to end debt battle

  • Cross-border money transfer made easy as MTN, Worldremit partner in Rwanda, Uganda and Zambia

    Cross-border money transfer made easy as MTN, Worldremit partner in Rwanda, Uganda and Zambia

    WorldRemit and MTN Group have announced a partnership in which WorldRemit customers can now send money instantly to MTN Mobile Money wallets in Rwanda, Uganda and Zambia.

    The launch follows the signing of a global partnership agreement earlier this year, to enable World Remit customers all over the world to send international remittances to MTN’s Mobile Money customers.

    “This partnership makes sense for both companies, as WorldRemit and MTN share a disruptive approach to innovation and bring impactful services to our customers.

    Together, we are now providing an instant, fully digital and very affordable solution to send international remittance to Rwanda, Uganda and Zambia. Other countries will follow soon,” says Serigne Dioum, MTN Group Head of Mobile Financial Services.

    “At World Remit, we are pioneering international mobile-to-mobile remittances. Our partnership with MTN allows our customers around the world to send money instantly from the WorldRemit app to MTN Mobile Money users in Rwanda, Uganda and Zambia. Together with MTN, we make sending money home as easy as sending an instant message,” says Alix Murphy, Senior Mobile Analyst at WorldRemit.

    She continues: “For diaspora members sending money to friends and family back home in these countries, Mobile Money is a real game-changer. In Uganda, Mobile Money has already overtaken cash pick-up and bank deposits as the preferred method to receive money.

    We expect this trend to continue as MTN’s Mobile Money services reach millions of people without bank accounts, giving them access to a variety of life-enhancing financial services including savings and insurance schemes.”

  • Rwanda, Turkey launch trading facility

    Rwanda, Turkey launch trading facility

    The Rwanda Private Sector Federation (PSF) has signed Memorandum of Understanding (MoU) with Turkish International Business to establish a trade facility between Rwanda and Turkey called ‘Rwanda-Turkish Business Council’.

    While signing agreements yesterday, the chairman of Rwanda PSF, Ruzibiza Stephen said that the trade facility is meant to make trade easy for both countries.

    “We can help our business people in case they face difficulties, secondly we will know market prices in Turkey through the established council,” he said.

    The head of Kazova Yapi, F. Volcan, who spoke on behalf of Turkey International Business said that Rwanda-Turkish Business Council, said that Turkey is seeking partners from the African continent and added that it is a great chance since the cooperation between both countries is expanding.

    “In Rwanda there is a business framework, security and labour but most interesting is that there are young people thinking big and it is better to look for a free environment when you want to run business,” he said.

    According to information IGIHE got from Rwanda Development Board (RDB), 20 companies from Turkey have registered in Rwanda with a worth of USD400 million of investments. These include Hakan Company which is expected to produce 100 Megawatt of electricity by 2017.

    In 2014 Rwanda imported goods worth more than USD21 million from Turkey while Turkey imported USD8.5 million from Rwanda.

    In 2012, President Paul Kagame visited Turkey informed investors of the available investment opportunities in Rwanda. Turkey is among 20 World richest countries.

    The chairman of Rwanda PSF, Ruzibiza Stephen signing agreements

  • Corporate Council on Africa acquires Nation’s Premier Travel Organization for Africa

    Corporate Council on Africa acquires Nation’s Premier Travel Organization for Africa

    The nation’s oldest travel organization dedicated to U.S.-Africa tourism since 1975, and long considered the top global organization promoting tourism to Africa, will become an operating element under the Corporate Council on Africa effective immediately. The formal announcement was made at the New York Times Travel Show on January 8, 2016.

    Stephen Hayes, President and CEO of the Corporate Council on Africa (CCA) said, “The addition of the Africa Travel Association (ATA) to our portfolio of activities strengthens both the Africa Travel Association and the Corporate Council on Africa. Tourism is an essential ingredient in growing the economies of Africa. The potential for growth and investment in tourism in nearly every country in Africa is simply huge, regardless of the stage of development.”

    The opportunity to combine the two organization presented itself when long-time ATA Executive Director, Edward Bergman, announced he would step down from his position at the end of 2015, following the successful ATA 40th Annual World Congress in Nairobi, Kenya this past November. Edward Bergman added, “finding a home for the Africa Travel Association at the Council provides an opportunity for the travel industry within Africa and between the United States and the countries of Africa to reach new heights.

    The Corporate Council’s focus on investment and development matches the requirements of today and supplements ATA’s existing cultural and historic tourism endeavors throughout Africa. It was hard to imagine a better match for both organizations.”

    CCA has been a leading advocate for U.S.-Africa trade and investment since its founding in 1993 through a grant from then Secretary of Commerce, Ron Brown, and the United States Agency for International Development. In the past 23 years, the council has grown to incorporate 180 corporations representing approximately 85 percent of all U.S. private investment in Africa. CCA focuses on various sectors for investment including infrastructure, financing, health, energy, power, and agribusiness.

    Mr. Hayes added “Our background in working with major corporate players and investors who are looking for new opportunities in Africa is a perfect fit for the historical mission of the ATA for driving tourism growth on the African continent beyond its current global market share of this three percent of international travel.”

    ATA will operate in Washington, DC as a division of the Corporate Council on Africa.