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Pepsi and Coca-Cola put differences aside for a good cause

The CEOs of two of the world’s top soft drink makers — PepsiCo and Coca Cola — came together yesterday for talks on how to control plastic waste. 

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Coca Cola and PepsiCo

The Chief Executive Officers of two of the world’s top soft drink makers — PepsiCo and Coca Cola — came together yesterday for talks on how to control and recycle plastic waste in the world.

The CEOs, Ramon Laguarta and James Quincey, were both participants during a panel on how to control the waste economy. This has so far been a pertinent topic, and is dominating discussions at the ongoing World Economic Forum in Davos.

Meanwhile, the CEO of the plastic manufacturing company Dow Chemical, Jim Fitterling, also joined in on the discussion which ended with a resolution to considerably reduce plastic waste by 2030.

PepsiCO, Coca Cola, and Dow Chemical have long been at the forefront of efforts to end plastic waste which is harmful to marine life especially, and by extension humans and the earth at large.

According to CNBC, PepsiCo is particularly working hard to ensure that all of its packaging materials are recyclable and biodegradable come 2025. So far, the company has already begun testing out biodegradable materials in readiness for full implementation.

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During the panel, the company’s CEO, Ramon Laguarta, was also emphatic about the PepsiCo’s commitment to drastically reduce plastic waste by the set date of 2030.

“We can reduce the amount of plastics in the system, both in our beverages and in our snack businesses. I am quite optimistic by 2030 that we will be solving the problem.” – Laguarta

Plastic waste have been an issue of serious concern to many. And while there has been a lot of talks about solving the problem, many environmentalists believe that little action has so far been taken. This is despite comments by Mr Quincey of Coca Cola that “there are countries where we have already solved the problem.”

Note that Coca Cola and PepsiCo are serious competitors who do not come together often. But whenever they do come together, it is always for something nice.

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Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs. He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor. Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan. If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Appointments

Dangote Sugar appoints Ravindra Singhvi as GMD/Chief Executive Officer

Mr. Ravindra Singhvi has been appointed as the substantive Group Managing Director/Chief Executive Officer of Dangote Sugar Refinery Plc.

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The Board of Directors of Dangote Sugar has appointed Mr. Ravindra Singhvi as substantive Group Managing Director/Chief Executive Officer of Dangote Sugar Refinery Plc, effective October 30, 2020.

This disclosure was made by the company in a notification of the resolution of its board meeting, to the Nigerian Stock Exchange.

The statement partly reads:

“Dangote Sugar Refinery Plc. wishes to notify the Exchange and the investing public that at the Board of Directors Meeting of the Company held today, Friday October 30, 2020, the Board approved (a) the Unaudited Financial Statement for the Quarter Ended September 30, 2020, and (b) the appointment of the current Ag. Managing Director, Mr. Ravindra Singhvi as substantive Group Managing Director/Chief Executive Officer of Dangote Sugar Refinery Plc. effective October 30, 2020.”

What you should know

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Prior to his new appointment, Mr Singhvi had been the ag. Managing Director of Dangote Sugar Refinery Plc since 18th June, 2019, after serving as the company’s Chief Operating Officer.

The Board’s stance on the appointment

The Board has stated that it is “confident that he is a great asset to the Company, particularly at this time when it is on a rapid growth trajectory, in view of its recent acquisition and it’s several backward integration projects (BIP) to position itself for further job creation in local plantations and factories, import substitution and deeper contribution to national economic development.”

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Mr. Singhvi is wished the very best in his endeavors.

About Mr. Ravindra Singhvi

He has over 39 years of proven experience in leadership positions in Manufacturing and Processes in Sugar, Petrochemicals, Cement, and Textiles products industries in India.

He is a Chartered Accountant with background in Company Secretarial Practice, Corporate Governance and Management, and holds a Bachelor’s Degree in B.Com (Hons) and Law(I) from the University of Jodhpur, India.

Prior to joining Dangote Sugar Refinery Plc, Mr. Singhvi had served as the Managing Director & CEO of NSL Sugar Limited, Hyderabad, India, and Managing Director, EID Parry (1) Limited, Chennai, India, one of top three sugar producing companies in India.

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ENDSARS

IGP says protesters attacked 205 public, private facilities

Data collated when the #End SARS peaceful protest started indicated that 14 states recorded major violence.

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IGP says protesters attacked 205 public, private facilities, IGP orders immediate withdrawal of police officers attached to VIPs

The Nigerian Police Force has stated that about 205 critical national security assets, corporate facilities and private properties were razed down and vandalized during the EndSARS protest, which was hijacked by hoodlums and arsonists.

This was disclosed by Mr Mohammed Adamu, the Inspector-General of Police, during a virtual conference of Senior Police Officers in Abuja, according to a news report by NAN.

READ: Buhari approves free business name registration for 250,000 SMEs

READ: #EndSARS: Our police reform agenda is a game changer to end impunity – Osinbajo

Adamu disclosed that data collated between Oct. 11, when the #End SARS peaceful protest started as a demonstration, and Oct. 27, after it was hijacked by the vandals, indicated that 14 states recorded major violence.

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He said that some of the states severely affected by this civil unrest are Lagos, Edo, Delta, Oyo, Kano, Plateau, Osun, Ondo, Ogun, Rivers, Abia, Imo, Ekiti, and the Federal Capital Territory (FCT).

READ: #EndSARS: Joe Biden issues press release on violent crackdown of Protesters in Nigeria

The violence had resulted in attacks on critical national security infrastructure, other corporate and private properties, as well as injuries or fatalities to civilians, the police, and other security agents.

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READ: #EndSARS: IMF Links protests to economic difficulties

What you should know

  • 71 public warehouses and 248 privately owned stores were looted in the course of the protests nationwide.
  • 51 civilian fatalities with 37 injured, and 22 policemen gruesomely murdered with 26 others injured were recorded during the protest.
  • 10 firearms, including 8 AK 47 rifles, were carted away during the attack on police stations, and a locally made pistol had been recovered from elements operating under the guise of the EndSARS protest.
  • 1,596 suspects have so far been arrested in connection with the violence and widespread looting across the country.

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Macro-Economic News

Nigeria’s food Inflation rises by 110.5% in five years

Nigeria’s Food Inflation has risen by 110.5% between September 2015 and September 2020.

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Despite billions on agriculture, food inflation up by 108% since 2015.

Nigeria’s food inflation has risen by 110.5% in 5 years, between September 2015 and September 2020.

A comparison of the Composite Food Index within the period under review indicated that food inflation rose from 181.8 index points to 382.7 index points.

This means that the price of food items has not only increased, but more than doubled in the last five years of President Muhammadu Buhari’s administration.

READ: UPDATED: Inflation rate jumps to 12.40%, highest in over 2 years

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Similarly, the All Items Index rose by 92.4% during the same period.

Food items that have witnessed significant increases

Data obtained from Nairalytics, the research arm of Nairametrics, revealed that:

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  • Foreign rice (Caprice) which sold for an average of N14,500 as of May 2019 is now sold for an average of N30,000.
  • A 50kg bag of Ijebu garri that sold for N7,200 in May 2019, now costs N13,700.
  • A 25-litre keg of vegetable oil sold for N9,750 in May 2019, now sells for N14,625.
  • A piece of frozen fish which cost N417 in May 2019, now sells for N625.

READ: Buhari’s CBN policies may drag Nigerian economy into crisis – Fitch

READ: Debt servicing gulps N7.04 trillion under President Buhari’s administration

Why are the figures going up?

The hike in the cost of staple food items could be attributed to the border closure directive of the federal government that was announced in August 2019.

It is projected to hit 20% by the first quarter of 2021, when the effects of the increase in petrol and electricity prices are accounted for.

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Also, yield per hectare for most farming is well below global standards, driving up the cost of whatever is left to be sold to Nigerians.

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Farmers also face insecurity, flooding, and sometimes famine affecting their ability to plant and harvest. Even after harvesting, supply chain challenges still persist, leaving farmers to contend with middlemen, transportation, and storage. The result is far less farm produce reaching the final consumer.

READ: Sanusi declares Nigeria under Buhari a Bankrupt Nation

READ: Nigeria must keep inflation down to maximise full potential – IMF

What they are saying

Prof. Steve Hanke, an American Applied Economist at the Johns Hopkins University in Baltimore, Maryland, USA, expressed his dissatisfaction over the performance of Buhari’s administration.

According to him, the Federal Government could do more than what it is doing; he described the administration as a failure over security of its citizens, unemployment, and inflation.

He tweeted, “President Muhammadu Buhari has failed. Nigeria is in the grip of chaos. Bandits control major highways.

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“The government can’t protect its own citizens from Boko Haram or the corrupt Police. Unemployment stands at 27.1%, and Inflation, which I accurately measure every day and that soars at 30.37%/yr.”

READ: Nigeria’s inflation rate rises to 12.56% in June, as food prices surge

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READ: More agriculture loans but longstanding bottlenecks remain

READ: Northern States worst hit as Nigeria’s inflation jumps to 11.85% in November 

What you should know

  • On October 15, 2020, Nairametrics reported that Nigeria’s inflation rate rose to 13.71% (year-on-year) in September 2020, indicating 0.49% point higher than 13.22% recorded in August 2020. This was contained in the Consumer Price Index (CPI) report, released by the National Bureau of Statistics (NBS) about two weeks ago.
  • According to the report, Nigeria has endured persistent increase in inflationary rate —growing from 12.13% in January to 13.71% in September—the highest recorded in 30 months.
  • A closely watched component of the food inflation index rose by 16.66% in September 2020 — a 0.66% increase compared to 16% recorded in the previous month.
  • On a month-on-month basis, the food sub-index rose by 1.88% compared to 1.67% recorded in August 2020.
  • Meanwhile, the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, and oils and fats.

READ: Nigeria’s inflation rate rose to 11.40% in May 2019

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