News

It’s A Bittersweet Easter For Chocolate Lovers And African Cocoa Farmers But Big Brands See Profits

Published

8 months ago

2024-03-28

Kiara Grace

Accra, Ghana – This year, shoppers may receive an unpleasant surprise in their Easter baskets. Chocolate eggs and bunnies are more expensive than ever as changing climate patterns deplete global cocoa supplies and farmers’ profits in West Africa.

Cacao plants in Ghana, Ivory Coast, Nigeria, and Cameroon provide almost three-quarters of the world’s cocoa used to make chocolate. However, dusty seasonal winds from the Sahara have been harsh in recent months, obscuring the sunlight required for bean pod growth. The season before, severe rainfall spread a rotting illness.

It’s A Bittersweet Easter For Chocolate Lovers And African Cocoa Farmers But Big Brands See Profits

With shipments from the world’s largest producer, the Ivory Coast, falling by a third in recent months, the worldwide price of cocoa has climbed substantially. Cocoa futures have already doubled this year, trading at a record high of more than $10,000 a metric ton in New York on Tuesday, following a 60% increase the previous year. Farmers who harvest cocoa beans believe the raises need to be increased to offset reduced yields and increasing production costs.

However, the strong Easter demand for chocolate represents a potential treat for large confectionery producers. Major multinational manufacturers in Europe and the United States have more than passed on the increased cocoa prices to customers. The Hershey Company’s net profit margins climbed to 16.7% in 2023, up from 15.8% in 2022. Mondelez International, which owns the Toblerone and Cadbury trademarks, reported an increase to 13.8% in 2023 from 8.6% the previous year.

Wells Fargo stated in research this month that “it is likely that consumers will see a price spike on chocolate candy this Easter.”

Mondelez said it boosted chocolate prices by up to 15% last year and will consider further price increases to help reach revenue growth targets for 2024. “Pricing is clearly a key component of this plan,” CFO Luca Zaramella stated in January. “Its contribution will be a little bit less than we have seen in 2023, but it is higher than an average year.”

Hershey’s hiked pricing on its products last year and has not ruled out further rises. During a conference call with investors last month, Hershey Chairman, President, and CEO Michele Buck stated, “Given where cocoa prices are, we will be using every tool in our toolbox, including pricing, to manage the business.”

Consumers are keeping track in the United Kingdom?, a consumer research and services firm discovered that chocolate Easter eggs and bunnies from popular brands such as Lindt and Toblerone cost roughly 50% more this year. It also mentioned that certain candy eggs were smaller.

Cocoa trades on a regulated global market. Farmers sell to local dealers or processing firms, selling cocoa products to international chocolate makers. Prices are established up to one year in advance. Many farmers blame climate change for their bad harvests. Cacao plants only grow near the equator and are highly sensitive to weather fluctuations.

“The harmattan was severe at the time the pods were supposed to develop,” Fiifi Boafo, a spokesperson for the Ghana Cocoa Board, said. The cool trade winds carry enough dust to block the sunlight so the trees can flower and produce beans.

Months of rain have also been blamed for black pod disease, a fungal illness that thrives in cool, rainy, and overcast weather and causes pods to rot and harden.

“We have a wonderful deal today, but that isn’t it. Eloi Gnakomene, a cacao farmer on the Ivory Coast, claimed last month that cacao had not yet yielded any fruit. “People say that we’ve had a bit, but those living over that way, they’ve had nothing.”

Opanin Kofi Tutu, a cocoa farmer in Suhum, eastern Ghana, says the production gap and rising fertilizer expenses make it tough to live. “The exchange rate to the dollar is killing us,” he told reporters.

Tutu does not relate chocolate to any of the Easter festivities. “I’m looking forward to my wife’s kotomir and plantain, not chocolates,” he remarked, referring to a local sauce made from cocoyam leaves.

To boost output, officials are pushing education on farming methods that may reduce the consequences of climate change, such as the use of irrigation systems. The President of Ghana has also committed to intervening to help farmers receive a better deal.

easter

It’s A Bittersweet Easter For Chocolate Lovers And African Cocoa Farmers But Big Brands See Profits

“With the current trend of the world cocoa price, cocoa farmers can be assured that I will do right by them in the next cocoa season,” President Nana Addo Dankwa Akufo-Addo stated last month.

The National Retail Federation, an American trade association, predicts that spending this Easter will remain high by historical standards despite increased candy prices. According to its most recent study, shoppers anticipated spending $3.1 billion on chocolate eggs, bunnies, and other sweets this Easter, a decrease from $3.3 billion the previous year.

According to the Chocosuisse industry group, domestic chocolate consumption in Switzerland, the world’s highest per capita, fell by 1% last year to 10.9kg per person. It connected the drop to an increase in retail chocolate pricing.

Lindt & Sprüngli, the country’s iconic chocolate company, reported increasing profitability, with margins jumping to 15.6% from 15% the year before.

“Lindt & Sprüngli Group’s business model once again proved to be very successful in the financial year 2023,” it said in a statement this month, noting that price rises accounted for most of the growth.

However, several smaller chocolate manufacturers need help to keep up with the rise in cocoa prices as sales fall.

It’s A Bittersweet Easter For Chocolate Lovers And African Cocoa Farmers But Big Brands See Profits

Sandrine Chocolates, a London shop that sells handmade Belgian chocolates, is battling to stay open after decades in business. Niaz Mardan, the owner, stated that the United Kingdom’s cost-of-living issue and failing economy have made people more concerned about food than luxury chocolate, especially because cheaper alternatives are accessible at large grocery stores.

She has gotten rid of her two staff and relies on Easter and Christmas revenues to keep afloat. “Many, many times, I thought to close the shop, but because I love the shop, I don’t want to close it,” Mardan, the 57-year-old owner, said. “But there is no profit at all.”

SOURCE – (AP)

News

Trudeau Rocks to Taylor Swift While Montreal Burns

Published

2 days ago

2024-11-24

Geoff Brown

Prime Minister Justin Trudeau has come under fire yet again after a video surfaced on X, showing him dancing at a Taylor Swift performance while anti-Nato protestors ransacked downtown Montreal.

Trudeau attended Taylor Swift’s concert in Toronto on Friday night. Before Taylor Swift approached the stage, X shared a viral video of him dancing and singing along to the song “You Don’t Own Me.”

The image of Trudeau dancing amid violent protests in Montreal generated widespread indignation online. Some social media users even compared Trudeau to the ancient Roman dictator Nero, known for “fiddling while Rome burned.”

Don Stewart, a Member of Parliament (MP) representing part of Toronto, called out the prime minister in a post on X.

Lawless protestors run roughshod over Montreal in violent protest.

The Prime Minister dances.

This is the Canada built by the Liberal government.

Bring back law and order, safe streets and communities in the Canada we once knew and loved. pic.twitter.com/PVJvR6gtmf

— Don Stewart (@donstewartmp) November 23, 2024

“Lawless protesters run roughshod over Montreal in violent protest. The Prime Minister dances,” Stewart wrote. “This is the Canada built by the Liberal government.”

“Bring back law and order, safe streets and communities in the Canada we once knew and loved,” the MP added.

On Saturday, the day after Taylor Swift’s concert, Trudeau condemned the anti-NATO protests, calling them “appalling.”

Anti-NATO activists set off smoke bombs and marched through Montreal’s streets waving Palestinian flags. According to the Montreal Gazette, rioters set fire to automobiles and battled with police.

Pro-Palestinian protests

Protesters also tossed tiny explosives and metal objects at officers. At one point, the mob torched an effigy of Israeli Prime Minister Benjamin Netanyahu. Police used tear gas and batons to disperse the gathering, and three persons were arrested for attacking officers and impeding police operations.

Masked protesters were seen burning flares and bashing storefront windows in videos and photographs shared on social media. Pro-Palestinian protests have been taking place across Canada since the Israel-Gaza conflict began late last year.

Critics have lambasted Trudeau for doing nothing to stop the violent pro-Palestinian marches, with some claiming he has fueled anti-Israel sentiment in Canada.

On Friday, Trudeau stated that Canada would respect the orders of the International Criminal Court (ICC), which issued an arrest warrant for Mr Netanyahu, even if it meant arresting the Israeli prime leader on Canadian soil.

Trudeau Called the Greatest Threat to NATO

Trudeau Called the Greatest Threat to NATO

News

Calgary Zoo Admits Human Error in Death of Baby Gorilla

Published

2 days ago

2024-11-24

Geoff Brown

The zookeeper's negligence caused the death of a 2-year-old baby gorilla

The Calgary Zoo has admitted in a public statement that a zookeeper’s negligence caused the death of a 2-year-old baby gorilla. Eyare, a newborn gorilla, died last week after being slammed in the head by a hydraulic door.

The accident occurred when a zoo worker attempted to separate Eyare from the rest of the gorilla tribe for a solitary training session.

The gorilla died from significant head injuries, according to the zoo’s statement.

“This tragedy has struck us all in the deepest way imaginable,” Colleen Baird, director of animal care at the Calgary Zoo, said during a news conference. “Eyare’s brief but meaningful existence gave so much joy to our community, and all will sorely miss her. We will do everything possible to prevent repeat accidents.”

According to Baird, the staff member involved was immediately removed from the workplace and will be reassigned to another area of the zoo. The Calgary Zoo stated that it would take preventive steps, such as specialist personnel training and animal behavioral training, to avoid a similar incident.

Calgary Zoo Questioned

It is not the first time an animal at the zoo has died from negligence at the Calgary Zoo. A capybara was accidentally crushed by a hydraulic door similar to the one that killed Eyare in 2019.

An otter died in 2016 after being entangled in an “unauthorized” pair of jeans that a zookeeper had dropped in its enclosure. In 2013, a penguin died in “a freak accident” after swallowing a stick.

Animal Justice, a Canadian group that promotes animal welfare, has called for an independent investigation of animal safety and oversight at the Alberta facility.

“The Calgary Zoo appears to have a higher rate of animal deaths compared to other zoos, and in light of Eyare’s death there should be a systematic review of the zoo’s operations and practices, conducted transparently by the government or another outside party,” according to Camille Labchuk, the executive director of Animal Justice.

The Calgary Zoo refuted that it has more animal deaths than other zoos, emphasizing that it adheres to operating requirements and has maintained accreditation by the Association of Zoos and Aquariums’ independent Accreditation Commission since 1978.

“We love and care for more than 4,000 animals representing over 100 species that call our zoo home,” stated a Calgary Zoo representative.

“Human error-related deaths in animals are quite infrequent. We have lost two animals in the last ten years: a North American river otter in 2016 and ‘Eyare’ this week.

While rare, even one human-caused death is too many. These unfortunate instances have served as vital learning experiences, prompting us to examine and tighten protocols to provide the greatest level of care.”

Baird said at the news conference that using hydraulic doors is “common practice with accredited zoos,” adding that the facility will consider switching to alternate doors to improve safety.

The Calgary Zoo, which established the Wilder Institute in 2021, caters to nearly 4,000 creatures, including six more western lowland gorillas.

Beluga Whales Dies at Canada’s Marineland

Outrage Erupts After 17th Beluga Whale Dies at Canada’s Marineland

News

Canada’s Lotto Max Jackpot Climbs to $80M

Published

2 days ago

2024-11-24

Geoff Brown

Lotto Max in Canada has reached $80 million for only the second time in Canadian lottery history. Friday’s draw sought a winner for a $75 million pool, but the top reward remained unclaimed as of Saturday, increasing the jackpot.

Only once did the jackpot reach $80 million in September, when it broke the previous record. Before that, the prize was $75 million, a record.

The Lotto Max prize maximum was boosted earlier this year, enabling for jackpots of more than $70 million. The cap is now at $80 million.
While a greater fee may encourage more people to play, the odds of winning the lottery remain extremely low.

According to the Ontario Lottery and Gaming Corporation, the odds for a $5 ticket are around one in 33,294,800.

While there was no jackpot winner in Friday’s draw, someone did match six of the seven winning numbers, plus a bonus, earning them a payout of more than $320,000.

Lotto Max History

Lotto Max is one of three national lottery games in Canada, overseen by the Interprovincial Lottery Corporation. The game was introduced on September 19, 2009, and its inaugural draw occurred on September 25, 2009. It replaced Lotto Super 7.

The odds of winning the Lotto Max are 1 in 33,294,800. This is correct to a point but misleading.

Let’s have a look at the rules:

Players choose 7 numbers out of 50
Numbers cannot be repeated
Numbers are automatically sorted into ascending order
Each play buys 3 lines
Each play costs $5

Seeing that players choose 7 out of 50 non-repeating numbers, the equation for the total number of possible combinations (this is different from permutations where the order in which the numbers appear is significant) when playing the Lotto Max is 50! / (7! x 43!)