Kenya ranks high in attracting foreign direct investment

Kenya ranks among the leading Foreign Direct Investment (FDI) destinations in Africa, the United Nations Conference on Trade and Development Secretary General Mukhisa Kituyi has said.

Dr Kituyi said Nigeria and Ethiopia complete the list of the most attractive investments destinations for foreign capital on the continent.

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Indian trade to grow in Africa

A report out this week suggests India will quadruple revenues from Africa by 2025.

With weak demand for Indian goods in traditional markets such as Europe and the US, Africa is already proving to be increasingly important.

A number of companies hope to boost their presence on the continent in the coming years, as Shilpa Kannan reports.

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Kenya’s Equity Bank launches paper-thin SIM card tech

Kenya’s Equity Bank plans introducing paper-thin SIM cards to help its customers access the bank’s mobile money service without needing to use dual-SIM phones.
Equity’s chief executive, James Mwangi, has said the bank’s SIM cards will consist of 0.1 millimeter thick film that can be layered on an active side of customers’ original SIM cards, without affecting the customers’ original service providers’ network reception.

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Hillshire acquires rival food firm Pinnacle for $6.6bn

Hillshire's brands include Jimmy Dean, Ball Park and Sara Lee, while Pinnacle is known for Aunt Jemima and Duncan Hines.

The combined company, which will be based in Chicago, is expected to generate $6.6bn in annual sales.

Following the news, shares in both companies were up on the New York Stock Exchange in pre-market trading.

In a statement, Hillshire said it would acquire all outstanding shares of Pinnacle Foods in a cash and shares transaction.

"The acquisition creates a leading branded food company with enhanced scale, reach, and capabilities, while providing margin expansion," said president and chief executive of Hillshire Brands, Sean Connolly.

Mr Connolly will run the combined company, which will retain the Hillshire name.

Pinnacle's chief executive, Bob Gamgort, said the deal "speaks to the value Pinnacle employees have created".

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