Makers of generic AIDS drugs will start churning out millions of pills for Africa containing a state-of-the-art medicine widely used in rich countries, after securing a multi-million dollar guarantee that caps prices at just $75 per patient a year. Bill Gates’ charitable foundation will guarantee minimum sales volumes of the new combination pills using dolutegravir, a so-called integrase inhibitor that avoids the drug resistance that often develops with older treatments. Read more.
Anheuser-Busch InBev (AB InBev) has completed a deal to sell its 54.5% in Coca-Cola Beverages Africa – in Zambia, Zimbabwe, Botswana, Swaziland, and Lesotho, as well as in El Salvador and Honduras. The controlling stake was sold to Coca-Cola, the world’s largest soft-drink maker, for $3.15bn. Read more.
East Africa’s largest economy is faced with political risk concerns. Its opposition National Super Alliance – NASA has deliberately adopted an approach to create business environment uncertainty through bi weekly protests government spokesman Eric Kiraithe. The government intends to tighten security for these protests on Fridays to. Read more.
United States President Donald Trump has – effective 12 Oct.- lifted an array of crippling sanctions imposed on Sudan 20 years ago. This will potentially usher Sudan into economic revival. Sudan holds the one of Africa’s largest Oil reserves but has not realised this potential due to excessive war and civil strife for a long time. Read more
The cocoa season is on the verge of commencing but the pain effects of oversupply is real. Ivory Coast, in West Africa, accounts for about 40% of the world’s cocoa supply. Plunging global prices, mass defaults by exporters that critics say the government should have prevented, and smuggling to neighboring Ghana. With a new cocoa season starting, amid forecasts of another global surplus, authorities there are under pressure to show they can do better. Read more.
KPMG has lost yet another client, the South African waste management company Interwaste (IWEJ.J). Interwaste fired KPMG as its auditor on Thursday this week following ther GUPTA saga that has question the audit firms corporate governance standing. Interwaste joins at least seven other clients including fund manager Sygnia (SYGJ.J) and broker Sasfin (SFNJ.J) to break ties with KPMG. It comes after KPMG’s own investigation found flaws in work it did for the national tax agency and the Gupta family, accused of using links with Zuma to win government contracts. Read more.
Copper futures trading on the Comex market burst higher in New York on Thursday after an earthquake in the main copper producing region of Chile prompted traders to chase the metal higher. Copper for delivery in December jumped over 3% from yesterday’s close to 3.05 a pound ($6,724 a tonne) in midday trade. Last month copper touched a three-year high just shy of $3.18 a pound (more than $7,000 a tonne) and year to date gains are in excess of 20%. Read more.
Oil stint above $50 a barrel has ended as global oversupply persists. Read more.