International market
Oct 04, 2010
<b>Kenya tea earnings rise</b> <br>Kenya’s earnings from tea exports jumped to sh65b ($804.9m) in January-August 2010 from 43b last year as production rose 42% after good rains, the tea board said on Thursday.
Kenya tea earnings rise
Kenya’s earnings from tea exports jumped to sh65b ($804.9m) in January-August 2010 from 43b last year as production rose 42% after good rains, the tea board said on Thursday.
Sicily Kariuki, the board’s managing director said output rose to 260 million kg in the eight-month period from 182 million kg in the same period last year.
The average price at the weekly tea auction held at the port city of Mombasa was also up during the eight months at $2.75 per kg from $2.57 last year, Kariuki said.
The board maintained its full year forecast, despite predictions of dry weather towards the end of the year.
The east African nation is the world’s largest exporter of black tea. Tea from the rest of the region like Burundi and Tanzania is sold through the auction in Kenya.
Egypt’s Citadel invests $40m in Sudan farms. Egyptian private equity firm Citadel Capital said it was investing $40 million to grow crops in Sudan, where agricultural spending is increasing as the government moves to address food shortages.
Citadel is acquiring agricultural land under long-term leases of up to 25 years from Sudan’s government via two subsidiaries, Sabina and Concord, company executives said at a business conference in Cairo.
Concord Chief Executive John Elgin said, “A rapidly expanding local market, increasingly affluent population and the highly favourable fiscal environmentâ€, are among the reasons Citadel chose to invest in the country.
Sudan’s economy has been wracked by multiple civil wars, but a 2005 north-south peace deal brought new investment mostly from Asia and the Arabian Gulf, powering economic growth that is averaging nine percent a year.
Sudan’s annual shortfall in grain is estimated at 400,000 to 500,000 tonnes annually, Citadel said in a presentation.
Kenya’s earnings from tea exports jumped to sh65b ($804.9m) in January-August 2010 from 43b last year as production rose 42% after good rains, the tea board said on Thursday.
Sicily Kariuki, the board’s managing director said output rose to 260 million kg in the eight-month period from 182 million kg in the same period last year.
The average price at the weekly tea auction held at the port city of Mombasa was also up during the eight months at $2.75 per kg from $2.57 last year, Kariuki said.
The board maintained its full year forecast, despite predictions of dry weather towards the end of the year.
The east African nation is the world’s largest exporter of black tea. Tea from the rest of the region like Burundi and Tanzania is sold through the auction in Kenya.
Egypt’s Citadel invests $40m in Sudan farms. Egyptian private equity firm Citadel Capital said it was investing $40 million to grow crops in Sudan, where agricultural spending is increasing as the government moves to address food shortages.
Citadel is acquiring agricultural land under long-term leases of up to 25 years from Sudan’s government via two subsidiaries, Sabina and Concord, company executives said at a business conference in Cairo.
Concord Chief Executive John Elgin said, “A rapidly expanding local market, increasingly affluent population and the highly favourable fiscal environmentâ€, are among the reasons Citadel chose to invest in the country.
Sudan’s economy has been wracked by multiple civil wars, but a 2005 north-south peace deal brought new investment mostly from Asia and the Arabian Gulf, powering economic growth that is averaging nine percent a year.
Sudan’s annual shortfall in grain is estimated at 400,000 to 500,000 tonnes annually, Citadel said in a presentation.