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Ivory Coast issues 68 cocoa export licences

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Ivory Coast granted cocoa export licences to 68 companies and cooperatives for the 2018/19 season, a document seen by Reuters showed on Monday, despite earlier indications that far fewer would be approved to reduce the risk of defaults.

The country’s Coffee and Cocoa Council (CCC) regulator has been taking steps to strengthen the market after a plunge in world cocoa prices during the 2016/17 season left many local exporters, who had speculated prices would rise, unable to execute their contracts and pay back bank loans.

In August, a CCC official told Reuters the marketing board would likely grant only 30-40 export licences for the 2018/19 season, down from 72 last season – most of them to large multinationals.

Read also: Eritrea plans sea port as peace with Ethiopia excites investors

A spokesman for the CCC declined to respond to questions from Reuters about the export licence list.

Below is the list of exporters and cooperatives authorised by the CCC to purchase and export cocoa beans and products for the coming season.

Exporters:
AFCOE*TRADE
AFRICA SOURCING
AGRICOM
ASCOT
AWAHUS
BARRY CALLEBAUT (Switzerland)
BICAO
CAP SA
CARGILL COCOA SARL-U.S
CARGILL WEST AFRICA-U.S
CEMOI CHCOLAT-France
CEMOI CI-France
CEMOI TRADING-France
CENTRAL INDUSTRIE
COCOA TRADE IVOIRE
COEX CI
CONDICAF
COTE D’VIOIRE COMMODITIES
CYRIAN INTERNATIONAL
ETC CI
FILDISI COCOA INDUSTRY
GPA
GPA TRANSFORMATION
GREEN & BROWN COMMODITIES
ICP
IVCAO
IVCOM
KINEDEN COMMODITIES
NESTLE CI (Switzerland)
OCEAN SA
OLAN COCOA (Singapore)
OMNIVALUE
OUTSPAN-Olam (Switzerland)
PERFORM WORLD
PFI SARL
PLOT ENTREPRISE
PROMONT SA (Switzerland)
QUANG THIEN IMEX (China)
S3C
SACO- Barry Callebaut (Switzerland)
SIFCA COOP
SOCICAF
SONEMAT
SUCDEN CI (France)
SUSCOM
SUTEC
TAN IVOIRE
TOUTON NEGOCE CI (France)
TROPICAO
UNICAO-Olam (Singapore)
ZAMACOM-Ecom Trading (Switzerland)
Cooperatives:
CAADA COOP CA
CADESA
CAREPCI
CASB SCOOPS
CAY WANDA
CAYAT
CNEK
COOP CA CABF
COOP CA IPAG
COOPAGA COOP CA
ECAMOI
ECOOKIM
ECPAD SCOOPS
SCAA
SCANZUE COOP CA
SCOABIA COOP CA
SCOPPS COOPARM

VenturesNow

Farmers lament as wild fire, heat waves cut grain harvest in Tunisia

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Farmers union in Tunisia has forecasted that output will fall well short of government hopes following heat waves and fires that are badly damaging the country’s grain harvest.

Farmers union official Mohamed Rejaibia, pointing to fires that began raging over much of the country last month, said that was no longer possible.

“The grain harvest will not be more than 1.4 million tonnes,” said Rejaibia, a member of the union’s executive office. “Some of it will be lost to fires and some perhaps during collection.”

The North African country has struggled with food importation costs driven higher by the war in Ukraine. That is largely because Ukraine and Russia account for a great amount of the global supply for grains, particularly wheat.

Earlier this month, agriculture minister, Mhamoud Elyess Hamza forecasted the 2022 grain harvest would reach 1.8 million tonnes, that is 10% up from last year’s harvest.

Wild fire has had a devastating effect in Tunisia. According to a statement released by the Tunisian Federation of Insurance Companies (FTUSA), the insurance industry in the country paid fire insurance claims totalling TND25m ($8m) in 2015 and the quantum jumped over the years to TND107m in 2020. That represented an average increase over 30% a year.

Another farmer, Abderraouf Arfaoui, in Krib, revealed that most of his colleagues had to harvest their grains earlier than usual.

“Usually we begin the harvest season in July, but this year we started on June 18… we are afraid of fires. We must watch our land day and night.

“We must harvest without waiting, even if that reduces the quantity and quality of the wheat, and when we finish the harvest we must watch our haystacks, too.”

 According to Thinkhazard, wildfire hazard is classified as high with more than a 50% chance of encountering weather that could support a significant wildfire that is likely to result in both life and property loss in any given year.

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VenturesNow

Zimbabwe’s central bank raises key rate to 200%. Will that help its inflation surge?

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Zimbabwe’s economic woes continue as the Southern African country’s central bank said it was raising its key rate to 200 percent.

The decision makes Zimbabwe’s rate the highest in the world as it battles with soaring inflation persist. The rate was last raised to 80% in April from 60%.

The central bank a statement said it had more than doubled the rate in the push to try to contain inflation, which has been further aggravated by the war in Ukraine, expressing “great concern”.

The key rate is the interest rate at which banks can borrow when they fall short of their required reserves. They may borrow from other banks or directly from the Federal Reserve for a very short period of time.

According to thecentral bank governor, John Mangudya,rising inflation has depressed demand and consumer confidence and if left unchecked will wipe out the significant economic gains made over the past two years.

Zimbabwe’s economy is in deep crisis, including a withdrawal of international donors because of unsustainable debt with inflation rate in Zimbabwe averaging 80.42 percent between 2009 and 2022.

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