Aston Martin expands into Morocco, opens first North Africa dealership in Casablanca

MOROCCO – Aston Martin, British independent manufacturer of luxury sports cars and grand tourers, has announced plans to open its first dealership in Morocco’s coastal city of Casablanca before the end of June. According to Morocco World News, not only will the dealership be the first of the British carmaker’s in Morocco, but the first in North Africa. Aston Martin said that it will open its showroom – a 400 square meters large off Casablanca’s Boulevard Sidi Abderrahmane- with “Global British Motors,” a subsidiary of the holding company Bugshan Maroc.…

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Investors pump US$553m into struggling British car maker, Aston Martin to save it from near collapse

UNITED KINGDOM – Aston Martin, a British independent manufacturer of luxury sports cars and grand tourers has received a a 500-million-pound cash injection from investors led by Canadian billionaire Lawrence Stroll. Analysts say that the new cash injection will help stabilize the finances of the the cash-strapped vehicle manufacturer even as it moves ahead with plans to produce its first sport utility vehicle (SUV). Stroll agreed to buy up to 20% of the 107-year-old company and will become the Executive Chairman of James Bond’s automaker of choice, which has gone…

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Britain tables US$1.7bn worth of investments to Kenya at the UK-Africa Investment Summit

KENYA – British Prime Minister Boris Johnson pitched US$1.7 billion (KSh170 billion) business opportunities to a Kenyan delegation led by President Uhuru Kenyatta at the inaugural UK-Africa Investment Summit held in London as the United Kingdom charts its post-Brexit economic ties. A statement by the British High Commission in Nairobi said the deals cutting across housing, finance, renewables, and entrepreneurship “will create a new lasting partnership that will deliver more investment, jobs and growth to Kenya.” According to the Business Daily, the summit came at a time British corporate giant…

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British online grocer Ocado launches US$642 million bond issue to fund robotic warehouse deals

BRITAIN – Ocado, a dedicated online grocery retailer has launched a 500 million pounds (US$642 million) convertible bond offering, partly to fund the construction of robotic warehouses for its overseas partners. While Ocado’s retail business has only a 1.4% share of Britain’s grocery market, its state-of-the-art technology has enabled it to win partnership deals with supermarket groups around the world, including Kroger in the United States, Casino in France and most recently Aeon in Japan. In contrast to its main competitors, the company has no chain of stores and does…

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Wefarm secures US$13m to expand and diversify its smallholder agricultural ecosystem

AFRICA – Wefarm, the digital network for global small-scale agriculture, has announced that it has raised $13 million in a Series A financing round led by Silicon Valley venture capital firm True Ventures. Jon Callaghan, co-founder of True Ventures while commenting on his company’s investment in Wefarm said, “We are enormously inspired by how Kenny and the Wefarm team have empowered the world’s farmers, and we see great potential for their future.” This financing round according to Wefarm will help it further scale its network of 1.9 million farmers, and…

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UK’s Domino’s Pizza to exit foreign markets to cut down on operational costs

BRITAIN – Britain’s biggest pizza delivery company, Domino’s Pizza Group Plc has said that it would pull out from its loss-making international operations, sending shares higher in early trade. The move to exit four European markets comes a few months after the company announced that its CEO David Wild would retire, amidst a row with disgruntled franchisees in the UK and Ireland over commercial terms.  “We have concluded that, whilst they represent attractive markets, we are not the best owners of these businesses,” outgoing CEO Wild said. The company however…

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Vodafone to close over 1000 European stores amid growing preference for online shopping

EUROPE – British based multinational telecommunications conglomerate Vodafone, has announced that it will shut 15% of its 7,700 stores in Europe and upgrade some of the remaining outlets as customers buy more online and change their expectations of in-store shopping. The company’s chief executive Nick Read while revealing the company’s plans also said that the group will overhaul its European store estate. According to read, during the overhaul, data will be used to give insight into what customers want in each location and about 40% of the stores will be…

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Fintech firm Revolut plans to expands into 24 new markets, set to hire 3500 new staff

GLOBAL – British-based digital banking app Revolut has announced plans to expands into 24 new markets thanks to a new global deal with payments giant Visa Inc. The firm is also planning to hire around 3500 staff to enable it to effectively expand into the 24 new markets. The deal with Visa expands an existing agreement between the two firms and will see Revolut launch operations in eight new countries including Brazil, Japan, Russia and the United States by the end of this year. The deal is not exclusive but…

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