Did you know ...? On Monday, Kenya signed an Economic Partnership Agreement with the European Union that will guarantee duty-free access for its farm produce into its biggest export market. European goods entering Kenya will see tariffs reduced over a 25-year period under the agreement, officials said at a signing ceremony in the Kenyan capital, Nairobi, reports Reuters. The deal took seven months to negotiate, making it one of the fastest that the EU has ever struck, said officials from both sides. Kenya, Africa’s seventh-largest economy, is a major exporter of tea, coffee, flowers, fruits and vegetables. The EU accounts for 21% of its overall exports. “Beyond trade, the agreement is designed to stimulate investments and manufacturing,” Kenya’s president, William Ruto, said in his address.
Did you know ...? The Belgian Federal Minister for the Economy, Pierre-Yves Dermagne, has given a mid-July deadline for food producers to bring down supermarket food prices, reports ESMmagazine.com. “It is not acceptable that when prices fall, consumers have to wait months before feeling the effects in the store,” Dermagne commented. To check whether companies in the sector have honoured their commitment, the minister will compare food retail prices in Belgium to those in neighbouring countries.
Did you know ...? Supermarket chain Kroger topped Wall Street estimates for first-quarter profit and same-store sales on Thursday, helped by steady demand for groceries and household essentials, even as food prices remain high and supply chain costs ease, reports Reuters. Big-box retailers such as Kroger and Walmart have used their extensive nationwide operations to negotiate better deals with suppliers, which allowed them to keep prices substantially lower than the competition and lure more people. Kroger also profited from shoppers, including higher-income consumers looking for more economical options amid persistent inflation, preferring its store-label brands to pricier national brands.
Read More: Did You Know ...? 13 June 2023
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