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Drinkit unveils five new locations in Dubai

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Drinkit
Drinkit logo

DUBAI, United Arab Emirates – Drinkit, the UAE’s go-to digital-first coffee shop, is set to enhance its presence with five new locations opening across Dubai by the end of 2024. This expansion ensures that Drinkit’s expertly crafted, artisanal beverages are more accessible to residents and visitors, promising a premium coffee experience just around the corner.

The new venues are set to launch in JLT Cluster T, Golden Mile Galleria 1 on The Palm, Mirdif City Centre Mall, and two additional exciting locations yet to be announced. Each new venue is thoughtfully designed with a stylish, cozy seating area featuring modern, neutral décor, inviting patrons to enjoy their coffee in a relaxed and welcoming atmosphere.

Offering a diverse menu of over sixty beverages, Drinkit’s coffee shops are a paradise for beverage lovers. From signature drinks to specialty coffees and more exotic selections like matcha and iced cocoa, each beverage is crafted from locally sourced ingredients, ensuring top-tier quality. Beyond beverages, Drinkit is pioneering the coffee shop experience with advanced technology that makes grabbing a coffee absolutely effortless. With the Drinkit mobile app, customers can order ahead and expect their favorite brew ready in just three minutes. The smart pickup area, equipped with a digital pad, allows for quick collection, streamlining the coffee break to mere moments and alleviating the need to wait in line.

Moreover, Drinkit empowers coffee lovers to tailor their drinks via the mobile app or in-store kiosks. Whether it’s choosing beans, milk types, or customizing temperature and sweetness, the options are endless. Guests can enjoy bespoke concoctions like the Hazelnut Raspberry Latte or the Iced Thyme Blueberry Cheesefoam Latte, alongside classics and innovative blends. The app also memorizes preferences, recommending drinks based on past selections a feature that over 45% of customers utilize, showcasing the city’s appreciation for such personalized touches. These customization options also ensure that every customer receives the exact beverage of their choice through a smooth and seamless experience.

“The introduction of these five new locations marks a significant milestone in our expansion within the UAE and mirrors the rising demand for fast, superior coffee options across the Emirates,” said Katerina Borodich, CEO of Drinkit. “We are thrilled to extend our range of exceptional beverages and state-of-the-art technology to more neighborhoods, revolutionizing the coffee culture in the UAE. By enhancing the coffee experience with these technologies, convenience and quality, we’re committed to enriching the daily lives of UAE residents, making their daily routines easier.”
For more information about Drinkit’s new locations and to stay updated on opening dates, please visit drinkit.

About Drinkit

Drinkit was originally founded in 2016. After being acquired by the foodservice group Dodo Brands in 2020, Drinkit expanded to launch more than 30 coffee shops across 3 countries and 5 cities, including Dubai, Moscow, and Astana. The company operates physical coffee shops where traditional cash areas have been replaced by a self-developed ordering system, run on in-store kiosks and a mobile application. Currently, 90% of the chain’s orders are placed online.

Dodo Brands also owns and franchises Dodo Pizza quick-service restaurants across 22 countries. In 2023, Dodo Brands’ system sales reached $990 million. Drinkit app for iOS and Android.

Tims China partners with panda superstar Meng Lan to celebrate Bagel Maverick

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Desk3
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Tims China TH International Tim Hortons
Tims logo

SHANGHAI, China and NEW YORK, USA – Meng Lan, the beloved panda superstar, isn’t just adored for his round, cuddly appearance—he symbolizes much more. Born to a lineage of famous pandas, Meng Lan’s “celebrity pedigree” and adventurous personality have made him a cultural icon in China. Whether he’s scaling fences, digging tunnels, or playfully interacting, Meng Lan embodies a free spirit that resonates deeply with the public. Nicknamed the “3rd Prince,” his antics and charm have conquered the hearts of fans nationwide.

This September, Tims China is partnering with Meng Lan, the “Chief Bagel Recommendation Officer,” to launch Tims second annual Bagel Festival. This collaboration introduces four new seasonal products, offering a delicious and also health-conscious way to enjoy our celebrated bagels.

The theme of this year’s Bagel Festival is “Healthy and Delicious: Bagel Maverick.” Tims China is proud to introduce four new items: the Five-Red Bagel, Five-Black Bagel, Roasted Bacon Beef Bagel Sandwich, and Apple Cinnamon Latte. These new offerings are crafted with health-conscious, low-calorie ingredients, promising to bring joy and flavor to your Mid-Autumn and National Day celebrations.

Tims China has built a diverse “Bagel Universe,” featuring the nutritious ” Multi-Grain Bagel” series, the light and tasty “Smile Bagel” series, and the energizing “Bagel Sandwich” line:

  • “Multi-Grain Bagel” series: The highly nutritious Multi-Grain Bagel is made with whole wheat flour or rye flour and contains an assortment of flax seeds, oats, sunflower seeds, and a variety of grains and other seeds. It gives you a fiber-rich breakfast or lunch option. The latest additions to the “Multi-Grain Bagel” series—Five-Red Bagel and Five-Black Bagel—combine the freshness of the grains with the power of superfoods, providing a satisfying and nutritious meal or snack. All under 300 calories and available with cream cheese.
  • “Smile Bagel” series: Stuffed with a delicious cream cheese filling, bursting with flavors and all under 300 calories, Smile Bagel is perfect match for morning coffee or an afternoon treat.
  • “Bagel Sandwich” line: The ultimate breakfast or lunch bagel, made fresh on the spot. A toasted bagel with meat, egg, cheese, and veggies, the energy-boosting and protein-rich Bagel Sandwich can bolster your day in a jiffy.

To further celebrate the Bagel Festival, Tims China is offering special promotions, including the “Multi-Grain Bagel Six-Pass,” “Smile Bagel Three-Pass,” and an exclusive deal for new members to enjoy popular Multi-Grain Bagel for just 8.8 RMB. Limited-edition Meng Lan-themed packaging, including paper bags, bagel boxes, and stickers, will also be available on a first come first serve basis, allowing customers to bring home a piece of Meng Lan’s charm.

Fairtrade Fortnight celebrates Britain’s resilient conscious consumerism

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Desk3
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Fairtrade Fortnight
Fairtrade Foundation logo

LONDON, UK – Entitled ‘Be the Change’, Fairtrade Fortnight will celebrate the impact created by millions of people across the UK for farmers and agricultural workers overseas by choosing Fairtrade chocolate, coffee, tea, bananas, flowers, and more – with around 7 in 10 UK adults (69%) having said they bought a Fairtrade product during the last year.

Thanks to public support and company commitments, £1.7 billion in Fairtrade Premium payments have been generated globally between 1994 and 2022. In 2023, retail sales of Fairtrade products generated around £28 million in Fairtrade Premium payments for producers to invest in business, community and projects of their choice including healthcare, education and environmental initiatives.

Throughout Fairtrade Fortnight, billboards strategically placed outside supermarkets in Birmingham, Bristol, Cardiff, Edinburgh, London and Manchester to catch shoppers’ eyes will riff off the research to highlight regional trends and congratulate shoppers for supporting farmers worldwide.

In Edinburgh for example, an amazing 9 in every 10 adults (89%) bought a Fairtrade product. Meanwhile the biggest Fairtrade chocolate fans could be found in Bristol, where 65% of adults have been enjoying Fairtrade chocolate.

Supermarkets and leading brands are putting on an exciting range of offers in stores, including the Co-op offering 10% discount on selected Fairtrade products for their members. Shoppers can also look out for some of their favourite brands joining in with the Fairtrade Fortnight celebrations, including the likes of Maltesers, Ben & Jerry’s, Green & Blacks, Clipper, Tony’s Chocolonely, Cafedirect and Guylian.

Marie Rumsby, the Fairtrade Foundation’s Director of Advocacy, said: “This Fairtrade Fortnight is extra special as we celebrate 30 years supporting farmers and working for global trade justice. Every Fairtrade purchase makes a difference to farmers’ lives, and we want to remind shoppers that when they next visit a supermarket, they choose products with the Fairtrade logo, as these ensure farmers receive fairer prices for their hard work and can invest in their families and communities.”

“Fairtrade’s Minimum Price, Premium payments and Standards – and the fair prices they guarantee – mean farmers who produce our much-loved products like coffee, tea, bananas and chocolate can afford to put food on the table, send their children to school, cover their farm costs, and adapt to the changing climate.”

“Without the stability a fairer trade system provides – and as farmers tell us climate change is making it harder to grow crops – it is more important now than ever to show solidarity so future generations of farmers will be able to continue farming. But choosing to buy Fairtrade products helps build their resilience to these global challenges and helps keep our favourite products on our supermarket shelves.”

Thanks to these and other purchases, Fairtrade supports 10 million people around the world – farmers, workers and their families – who are building healthier, stronger, and more resilient communities, with improved choice and better life chances through access to healthcare and education.

The research reveals that significant sections of the British public continue to back fair prices and fairer terms of trade for overseas farmers:

85% of UK adults think farmers in low-income countries should receive stable and fair pay for the products they grow.

People are buying Fairtrade for the right reasons: over half (54%) of UK adults understand that buying Fairtrade has a positive impact on the lives of farmers and workers.

For many years Fairtrade has highlighted how climate change is making fair prices even more urgent. Without the ability to invest in their farms, how can producers hope to mitigate the impact of global heating, and the risks to production and supply? Price matters, more than ever. The majority of the UK public share these concerns, with the latest poll revealing that 4 in every 5 adults in the UK (79%) are concerned about the potential effect of climate change on the price of food in the UK. Meanwhile a similarly high number – 69% – are concerned about the potential effect of climate change on the supply of food in the UK.

One Colombian Fairtrade banana farmer, Maria Doris Calvo Ortiz, recently told Fairtrade: “Sometimes, we feel like we can’t keep going, that we’ll have to give up. But then we remember the support we get from people choosing Fairtrade. It’s what keeps us going and allows us to take care of our families and our community, one banana at a time.” As bananas are sensitive to changing rainfall and weather patterns, farmers can lose entire harvests when disaster strikes.

In addition to urging shoppers to ‘Be the Change’ to help reach more farmers who face the challenges posed by an unfair trade system and the impacts of climate change, Fairtrade is also calling on businesses and politicians to play their part.

The UK public support this call, with 60% of UK adults saying politicians should be doing more to ensure farmers and other agricultural workers in low-income countries are paid fairly.

Marie added: “Buying Fairtrade is essential, but shoppers can’t ‘Be the Change’ on their own: we need the support of businesses and government to transform our global trade system so that it supports the millions of farmers and workers who produce our food. This Fortnight, we are calling on the UK public to join us in asking their newly elected MPs to pledge to ‘Be the Change’ to make trade fair, and for the new government to develop a trade policy that genuinely works for people and planet.”

Meanwhile, thousands of grassroots supporters in communities, schools, places of worship and universities are organising hundreds of special events across the country to celebrate Fairtrade Fortnight and 30 years of supporting farmers and workers overseas.

To find out more about Fairtrade Fortnight, visit: www.fairtrade.org.uk/get-involved/current-campaigns/fairtrade-fortnight/
#FairtradeFortnight #BeTheChange

ICO Reports shows strong rise in world coffee exports during the first ten months of CY 2023/24

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Desk3
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ICO coffee exports robustas decent work
The logo of the ICO

LONDON, UK – The ICO Composite Indicator Price (I-CIP) averaged 236.54 US cents/lb in July, a 4.3% increase from June 2024, shows figures from ICO’s monthly report released last week. The I-CIP posted a median value of 237.05 US cents/lb and fluctuated between 224.77 and 251.68 US cents/lb. The July 2024 I-CIP is above the July 2023 I-CIP by 48.9%, with the 12-month rolling average at 185.86 US cents/lb.

The Colombian Milds and Other Milds increased by 3.0% and 3.5%, reaching 257.82 and 257.10 US cents/lb, respectively, in July 2024. The Robustas presented the strongest growth amongst all coffee groups, at 5.1%, reaching an average of 214.72 US cents/lb.

The Brazilian Naturals also appreciated, increasing by 4.6% to 239.70 US cents/lb in July 2024. ICE’s London market was also a strong driver of growth, expanding by 6.1% to 193.93 US cents/lb, the highest point since June 1977, whilst the New York futures market grew by 3.6% to 234.62 US cents/lb.

The I-CIP followed a bell curve pattern in July 2024, peaking on 9 July at 251.68 US cents/lb. Positive price pressure on the market continues to be applied, not only due to the small surplus of only 1 million bags in coffee year 2023/24, but also because of the cumulative 10-year average of the production balance remaining negative at -1.9 million bags.

However, news of potential cuts in interest and of dissipating frost in the main coffee producing regions of Brazil helped bring down the I-CIP through the rest of July.

The transmission of falling interest rates is such that, because high interest rates are making it more expensive to hold stocks, traders and roasters are forced to buy coffee on shorter term contracts, thereby increasing market activity and increasing short-term demand.

The Colombian Milds–Other Milds differential contracted from 2.00 to 0.72 US cents/lb. The Colombian Milds–Brazilian Naturals differential contracted 14.3% to 18.12 US cents/lb, whilst the Colombian Milds–Robustas differential also shrank, falling by 6.5% from June to July 2024, averaging 43.10 US cents/lb. Meanwhile, the Other Milds–Brazilian Naturals and Other Milds–Robustas differentials contracted 9.1% and 3.9%, reaching 17.40 and 42.38 US cents/lb, respectively. The Brazilian Naturals–Robustas differential expanded 0.1%, averaging 24.98 US cents/lb in July 2024.

The arbitrage, as measured between the London and New York futures markets, contracted 6.7% to 40.69 US cents/lb in July 2024.

The intra-day volatility of the I-CIP retracted by 0.9 percentage points, averaging 11.4% in July 2024. The Colombian Milds’ volatility decreased by 0.9 percentage points. However, the Other Milds’ volatility and the Brazilian Naturals’ volatility both shrank by 0.9 and 0.7 percentage points to 11.1% and 12.4%, respectively, from June to July 2024.

The Robustas’ volatility declined 1.7 percentage points to an average volatility of 12.1% for the month of July. The London futures market’s volatility also decreased by 3.2 percentage points to 13.4%. Lastly, the New York futures market’s volatility lost 1.3 percentage points, averaging 12.1%.

The London certified stocks continued to expand slightly in July 2024, increasing by 1.7% to 0.99 million bags. Certified stocks of Arabica coffee reached 0.87 million 60-kg bags, a 0.9% increase versus June 2024.

Exports by Coffee Groups – Green Beans

Global green bean exports in June 2024 totalled 9.78 million bags, as compared with 9.43 million bags in the same month of the previous year, up 3.8%. As a result, the cumulative total for coffee year 2023/24 to June 2024 is 93.76 million bags, as compared with 84.73 million bags over the same period a year ago, an increase of 10.7%. The Brazilian Naturals, once again, was the main group responsible for the overall strong growth observed in June 2024, accounting for 158.9% of the 0.36-million-bag net gain in total exports.

Exports of the Colombian Milds increased by 26.0% to 1.04 million bags in June 2024 from 0.82 million bags in June 2023. As a result, exports of the Colombian Milds for the first nine months of coffee year 2023/24 are up 12.1% at 9.15 million bags, as compared with 8.16 million bags in the first nine months of coffee year 2022/23.

The latest uptick in the exports was driven by Colombia, the group’s largest producer and exporter, with its June 2024 exports up 31.5% to 0.9 million bags as compared with 0.69 million bags in June 2023. The cumulative total for the origin is 8.16 million bags, up 14.3% versus the 7.13 million bags exported in October 2022 to June 2023. Benefitting from improved weather conditions, the recovery of Colombia’s production explains the strength and growth of its exports, although the cumulative export volume is still significantly down versus the recent past.

Shipments of the Other Milds increased by 2.4% in June 2024 to 2.34 million bags from 2.29 million bags in the same period last year. This is the third instance of positive growth since the beginning of the current coffee year, with the first coming in at the start.

The cumulative volume increased by 0.7% in the first nine months of coffee year 2023/24 and is now at 16.69 million bags as compared with 16.57 million bags last coffee year. Ethiopia, Guatemala and Peru were the three main drivers of the region’s 2.4% positive growth in exports, with a combined net increase of 0.24 million bags, while Costa Rica, Honduras and Nicaragua were the three main drivers of negative growth, with a combined net decrease of 0.16 million bags.

The Other Milds has the lower cumulative-to-date growth rate of the Milds, below 1% versus the double-digits expansion of the Colombian Milds. There are specific explanations behind the different growth rates and their directions among the origins of these two groups of coffee, but there may also be a general, underlying reason for the weaker growth rate of the Other Milds. The average price differential between the two Milds in coffee years 2020/21-2022/23 was 14.6 US Cents/lb to the Colombian Milds. However, in coffee year 2023/24 to date (July 2024), the differential narrowed to 1.1 US Cents/lb.

Green bean exports of the Brazilian Naturals increased in June 2024, rising by 22.3% to 3.1 million bags from 2.53 million bags in June 2023. For the first nine months of coffee year 2023/24, green bean exports of the Brazilian Naturals amounted to 32.12 million bags, up 24.5% from 25.79 million bags over the same period a year ago. The sharp growth rate stems from the 20.3% and 81.5% increases in exports of the Brazilian Naturals from Brazil and Ethiopia, respectively, which rose to 2.45 million bags and 0.49 million bags in June 2024 from 2.04 million bags and 0.27 million bags, respectively, in June 2023.

Green bean exports of the Robustas were down 12.7% to 3.3 million bags in June 2024 from 3.78 million bags in June 2023. This is the second consecutive month of negative growth. As a result, the growth rate of the cumulative total decelerated down to 4.7% in June 2024 from 6.8% in May 2024, with the total shipment at 35.81 million bags, as compared with 34.21 million bags in the first nine months of coffee year 2022/23.

The main driver of June’s decrease in Robusta exports was Vietnam, which shipped 1.11 million bags as compared with 2.23 million bags in June 2023, down 50.28%. The downturn was more than sufficient to overwhelm the 254.6% increase in the exports of Brazil, which shipped 0.82 million bags in June 2024 as compared with 0.23 million bags in June 2023. For the year to date, Brazil’s green Robustas exports amount to 6.28 million bags as compared with 1.02 million bags over the same period over a year ago, up 518.7%.

Exports by Regions – All Forms of Coffee

Exports of all forms of coffee from Asia & Oceania decreased by 33.0% to 2.43 million bags in June 2024. The latest downturn is the seventh in total and fifth consecutive monthly decline observed in the region for the current coffee year, with the cumulative total falling by 9.8% to 32.35 million bags as compared to 35.87 million bags in the same period a year ago.

Once again, the region’s general direction was dictated by Vietnam, Asia & Oceania’s largest producer and exporter of coffee, whose exports fell by 50.2% in June 2024 to 1.2 million bags. The latest downturn marked the seventh in total and fifth consecutive decline for Vietnam in coffee year 2023/24, and as a result the country’s cumulative exports up to June 2024 fell to 21.48 million bags from 24.11 million bags between October 2022 and June 2023, down 10.9%.

The dramatic decrease is reported to be a consequence of the country’s low levels of stocks, which were used in recent months to support a relatively robust volume of exports but are now near depleted. The domestic industry is waiting for new supply from the 2024/25 harvest, the start of which is still two months away.

Exports of all forms of coffee from Africa increased by 31.6% to 1.75 million bags in June 2024 from 1.33 million bags in June 2023. As a result, the cumulative total of 11.03 million bags for the first nine months of coffee year 2023/24 is up 13.7%, as compared with the 9.7 million bags shipped in coffee year 2022/23. Ethiopia and Uganda were the driving forces behind the region’s growth in June 2024, with their exports having increased by 80.0% and 18.3%, respectively, to 0.72 million bags and 0.67 million bags as compared with 0.4 million bags and 0.56 million bags in June 2023.

The Uganda Coffee Development Authority reported that the strong June 2024 exports were a result of the newly harvested bigger Robusta crop from the Greater Masaka region and South Western region reaching the market. As for Ethiopia, the origin is continuing to enjoy the combined benefits of resolution of contract disputes (arising from a mismatch between local purchasing prices and global market prices that had affected the volume of exports in the first half of calendar year 2023) and logistics.

Ethiopia’s exports were negatively affected by the lack of ships available at Djibouti, the main point of exit for the country, due to the insecurities around the Red Sea. It was reported that, in early 2024, the availability of vessels was reduced to one per month when, previously, at least one was available per day. However, on 28 March 2024, Maersk, a shipping company, released a statement lifting its suspension of all bookings to and from Djibouti, which was implemented on 30 January 2024.

In June 2024, South America’s exports of all forms of coffee increased by 34.7% to 4.85 million bags. As a result, the cumulative total of 49.12 million bags for the first nine months of coffee year 2023/24 is up 33.8% as compared to the 36.7 million bags shipped in coffee year 2022/23. Brazil was the source of the strong positive growth, which saw its exports increase by 35.9% in June 2024 to 3.59 million bags from 2.64 million bags in June 2023. Fundamentally, the strong export performance of both Brazil and South America reflects the former’s good harvests in coffee years 2022/23 and 2023/24, which are estimated to be up by 8.4% and 9.2%, respectively.

In June 2024, exports of all forms of coffee from Mexico & Central America were down 4.2% to 1.76 million bags, as compared with 1.84 million in June 2023. As a result, the cumulative total exports remain down at −6.4%, decreasing to 10.97 million bags, as compared with 11.72 million bags for the same period a year ago (October 2022 to June 2023). The June 2024 downturn is mainly a reflection of the negative 11.4% and 21.1% growth rates of Honduras and Nicaragua, respectively.

Exports from Honduras continue to be hampered by its off-years in the biennial production cycle, while Nicaragua is still working its way through the fallout from the bankruptcy of Mercon Coffee Group in December 2023, a coffee trader and the owner of CISA Exportadora, a company responsible for more than half of Nicaragua’s coffee exports.

Exports of Coffee by Forms

Total exports of soluble coffee increased by 6.5% in June 2024 to 0.94 million bags from 0.88 million bags in June 2023. In the first nine months of coffee year 2023/24, a total of 9.18 million bags of soluble coffee was exported, representing an increase of 5.3% from the 8.72 million bags exported in the same period during the previous coffee year.

Soluble coffee’s share in the total exports of all forms of coffee for the year to date was 8.9% in June 2024, down from 9.3% in the same period a year ago. Brazil was the largest exporter of soluble coffee in June 2024, shipping 0.29 million bags.

Exports of roasted beans were down 24.4% in June 2024 to 59,467 bags, as compared with 78,618 bags in June 2023. The cumulative total for coffee year 2023/24 to June 2024 is 0.53 million bags, as compared with 0.54 million bags in same period a year ago.

Collaboration is the central theme of this year’s International Coffee Day

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Desk3
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The poster of the International Coffee Day

LONDON, UK – With the coffee year starting on 1 October and with 2025 being designated by the United Nations General Assembly as the second International Year of Cooperatives, the International Coffee Organization (ICO) has been inspired to make “Collaboration” the central theme of International Coffee Day 2024 (ICD2024).

Given that most of the 2025 campaign year will coincide with the coffee year, this theme will emphasize the importance of embracing collaboration for collective action and its role in achieving sustainable development in the global coffee sector.

This annual event will serve as a reminder that our favourite brew is the result of extensive, often unseen collaboration among countless stakeholders across the global coffee value chain, all working together to deliver that perfect cup each day.

To help share and spread the campaign message, which revolves around the slogan “Coffee: your daily ritual, our shared journey”, we are pleased to introduce the newly redesigned website, which provides a comprehensive overview of this year’s campaign, dedicated to raising awareness about the importance of collaboration within the coffee sector and its potential to inspire collective action on a global scale.

The ICD2024 campaign offers the public a broad range of assets, from videos and posters to postcards, available in various languages, that visually portray examples of collaboration, demonstrating how partnerships extend beyond what is commonly known or perceived.

The ICO invites all coffee sector stakeholders to choose and share the assets that resonate with them or reflect their organization’s role in the global coffee value chain. By doing so, and by using the hashtags #ICD2024 and #EmbraceCollaboration, you can help amplify our message and contribute to a wider conversation, letting everyone know what coffee means to you in our shared journey.

As International Coffee Day continues to gain global momentum, we also recognize the significance of Member engagement in making this celebration a success.

We encourage you to consider how you might celebrate this important occasion, whether by hosting an event, participating in community activities, or simply enjoying a coffee tasting session in solidarity with global coffee value chain actors around the world. A map is available on the website to allow you to browse local events, and the “Host an Event” section includes a form to submit events, which will be shared with our network of campaign enthusiasts.

Your participation is essential to the success of ICD2024. By taking part in the campaign and sharing the message “Coffee: your daily ritual, our shared journey”, you are contributing to a collective effort that is strengthening the global coffee sector. We are excited about your involvement and look forward to celebrating the power of collaboration together.

Vanúsia Nogueira, Executive Director of the ICO:

“The ICO’s campaign for ICD 2024 advocates for a united approach in fostering a more sustainable and equitable coffee sector. Collaboration, from farm to cup, is essential to the ICO goal of promoting sustainability, supporting coffee farmers, nurturing a balanced market, and ensuring the satisfaction of conscientious consumers.

We invite you to join us on 1 October in recognizing the power of collaboration in driving positive change across the industry.”

Coffee futures strongly down in the last session of the week on new export figures

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Desk3
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ICE coffee arabica robusta futures EUDR Intercontinental Exchangemarkets futures London prices exports CRSP amendments Vietnam NYSE Exchange Arabica Arabica robusta Sucden coffee market
The ICE logo

MILAN – Figures contained in the ICO monthly report helped drive down coffee futures in the last session of the week. On Friday, 6 September, the London-based organisation’s monthly reported a double-digit increase in world coffee exports during the first 10 months of the coffee year (October-July).

The circumstance contributed, to a large extent, to the sharp decline suffered by both markets, with New York and London closing down by 3.4% and 2.9% respectively to 236 cents (December) and $4770.

Preliminary data on Brazilian exports also contributed to the downward trend of the stock markets.

According to figures released by the government, Brazil’s green coffee exports totalled 3,451,183 bags in August, an increase of 4.86% over the same month last year. Cecafé will release its monthly report with full export figures later this week.

The latest Commitment of Traders report from the New York Arabica market has seen the Non-Commercial Speculative sector decrease their net long position by 9.48% over the week of trade leading to Tuesday 3rd. September 2024 to register a new long position of 39,101 lots.

In London, the Speculative Managed Money Sector increased their net long position by 4.76% over the same week to register a new net long position of 35,033 lots.

Meanwhile, a new report from Reuters shows a strong ongoing expansion of Robusta growing in Brazil, accelerated by the recent upsurge in prices. In London, Robusta coffee futures reached unprecedented levels in recent months, setting new highs for the contract.

In Brazil, the CEPEA/ESALQ index for Robusta coffee surpassed its counterpart for Arabica coffee for the second time in the historic series (the first time was between late 2026 and early 2017).

“People were already planting more Robusta, but with the recent spike in prices it got crazy,” said Enrique Alves, a coffee researcher at Brazil’s agricultural research company Embrapa in the northern state of Rondonia, quoted by Reuters.

“Robusta seedling producers told me they are at the limit of their production capacity and are not taking new orders,” he added.

In some cases, this is even leading producers in the top robusta state of Espírito Santo, in some places, to replace Arabica trees with Robusta ones, which require less care and are more resilient and easier to grow.

“Conilons are climbing the mountains,” Fabiano Tristao, a coffee researcher at Incaper institute, said, referring to a similar type of Robusta cultivated in the region, which is being planted in higher altitude areas traditionally used to grow arabica.

IVS Group 1H revenues reached €371.4 million, Ebitda Adjusted at €57.5 million

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IVS Group

GRAND DUCHY OF LUXEMBOURG – The Board of Directors of IVS Group S.A. (Milan: IVS.MI), convened on September 5th, 2024, and chaired by Mr. Paolo Covre, examined and approved the Half-Year Financial Report at 30 June 2024, summarised below.

Summary of results at 30th June 2024

  • Consolidated Revenues: Euro 371.4 million.
  • Ebitda: Euro 56.6 million. Ebitda Adjusted: Euro 57.5 million.
  • Ebit: Euro 16.7 million. Ebit Adjusted Euro 17.6 million.
  • Consolidated Net Profit: Euro 4.9 million. Net Profit Adjusted: Euro 6.0 million.
  • Net Financial Debt equal to Euro 416.4 million, (including Euro 63.8 million debt related to IFRS 16) from Euro 421.1 million at the end of 2023.

Operating performances

Consolidated revenues in 1st Half 2024 reached Euro 371.4 million, +0.1% compared to Euro 370.9 million in 1st Half 2023,

According to the new division of the groups’ activities, the operating businesses showed the following turnover performances (before intra group elisions).

1) Vending business (including four areas: Italy, France, Spain and other countries): Euro 289.9 million, +2.9% compared to 281.6 million at 30 June 2023, Sales grew in all countries, especially thanks to price increases, while volumes slightly declined in Italy and Spain, and marginally increased in France and Other countries.

2) Resale business: Euro 54.6 million, -24.4% compared to Euro 72.1 million in 1st Half 2023. The decrease in principally due the drop of foreign sales (especially to Russia), that already declined since 2nd Half 2023 (change vs 2nd Half 2023 -8.2%).

3) Ho.Re.Ca. business: Euro 15.5 million, +34.6 from Euro 11.6 million in 1st Half 2023.

4) Coin division business: Euro 19.9 million, +9.4% from Euro 18.2 million of 1st Half 2023.

The total number of vends as of 30 June 2024 was equal to 505.7 million, -1.9% from 515.5 million at June 2023.

Average price per vend (net of VAT) was equal to Euro 53.80 cents, from 51.40 cents (+4.7%) in the same period of 2023.

In 1st Half 2024 were completed 8 acquisitions, in Italy and Poland, for a value of around Euro 2.6 million, contributing pro-rata temporis to sales for around Euro 0.7 million.
EBITDA is equal to Euro 56.6 million, compared to Euro 55.0 million at June 2023.

Ebitda Adjusted is equal to Euro 57.5 million, +0.2% from Euro 57.4 million at June 2023.
EBIT increased to Euro 16.7 million, from Euro 15.4 million at June 2023. EBIT Adjusted is equal to Euro 17.6 million, from Euro 17.7 million at June 2023.

Consolidated Net Profit at June 2024 is equal to Euro 4.9 million (after profit attributable to minorities) compared to Euro 4.3 million at June 2023. The Net Profit Adjusted for the exceptional items (after minorities) is equal to Euro 5.9 million, from Euro 6.1 million at June 2023.

Net Financial Position (“NFP”), is equal to Euro -416.4 million (including Euro 63.8 million debt deriving from rent and leasing contracts according to the definitions of IFRS 16), improved from Euro -421.1 million at the end of 2023 and from Euro -422.8 million on 31 March 2024. In the NFP is not included the VAT credit (Euro 13.3 million at the end of June 2024).

During the 1st Half 2024 IVS Group generated an operating cash-flow of Euro 62.9 million (Euro 60.5 million in the 1st Half 2023). Payments for net Capex were equal to Euro 36.6 million (Euro 26.6 million in 1st Half 2023) and Euro 3.4 million for M&A (Euro 2.8 million in 1st Half 2023).

Other significant events occurred after 30th June 2024 and prospects for the year
The present market scenario, with continuing weak levels of consumption, after the post Covid period of high inflation and strong costs increase, drove IVS Group to accelerate, also at corporate level, the integration with the activities included in the Business Combination of 2022 with Liomatic and GeSA groups.

Capex and growth strategies aimed at reinforcing the group’s leadership and its operating excellence continue, on a wider European horizon and covering also new business areas.

IVS Group balance in detail

ivs group
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ivs group
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7-Eleven owner turns down $38bn buyout offer from Alimentation Couche-Tard

By
Desk7
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0
7-Eleven Pumpkin Spice Latte
7-Eleven logo

IRVING, Texas – The convenience store Japanese company 7-Eleven has turned down a $38 billion acquisition proposal from the Canadian Alimentation Couche-Tard. Seven & i Holdings stated that the bid from the Circle K owner significantly undervalued the business and posed considerable regulatory challenges. Despite this, the 7-Eleven owner indicated it is still open to discussions and would be willing to entertain an improved offer. If the deal were to go through, it would result in a massive global convenience store chain with 100,000 locations.

7-Eleven turns down $38 billion acquisition proposal

Stephen Dacus, chair of the Seven & i board overseeing the potential acquisition, stated that the offer “grossly undervalues” the Japanese retail giant and its future capacity to deliver greater value to shareholders.

Alimentation Couche-Tard (ACT), a Quebec-based firm operating around 17,000 stores across North America, Europe, and Asia under the Circle K and Couche-Tard banners, initially offered to purchase Seven & i at $14.86 per share, which represented a premium of over 20% compared to the company’s share price prior to the bid.

The offer emerged at a time when the Japanese yen was notably weaker against the US dollar, making Seven & i a more attractive target for international buyers. However, in its rejection, Seven & i highlighted multiple and significant challenges that the deal would face from US competition authorities.

With 85,000 stores spread across 20 countries and regions, 7-Eleven remains the largest convenience store chain in the world.

A deal of this magnitude, involving a foreign purchase of a major Japanese company, would be unprecedented.

Neil Newman, head of strategy at Astris Advisory Japan, remarked, as stated by BBC News: “Japan needs to safeguard its national assets and Seven & i is one such asset, so we can expect prolonged negotiations.” He added that if the deal goes through, it could signal Japan’s openness to foreign investment.

Should the acquisition succeed, ACT’s presence in the US and Canada would more than double to approximately 20,000 locations.

Restaurant Brands International announces pricing of First Lien Senior Secured Notes offering

By
Desk3
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0
RBI Tim Hortons Carrols Restaurant Brands International
RBI logo

TORONTO, Canada – Restaurant Brands International (RBI)  Inc., 1011778 B.C. Unlimited Liability Company (the “Issuer”) and New Red Finance, Inc. (the “Co-Issuer” and, together with the Issuer, the “Issuers”) announced today that the Issuers have priced an offering of $500 million in aggregate principal amount of 5.625% First Lien Senior Secured Notes due 2029 (the “Notes”).

The closing of the offering of the Notes is expected to occur on or about September 13, 2024, subject to customary closing conditions.

RBI expects to use the proceeds from the offering of the Notes, together with cash on hand, to redeem in full the Issuers’ outstanding 5.750% First Lien Senior Secured Notes due 2025 (the “2025 Notes”) and pay related fees and expenses.

The Issuers expect to redeem $500 million in aggregate principal amount of 2025 Notes. This press release does not constitute a notice of redemption with respect to the 2025 Notes. The combined effect of the offering of the Notes and the redemption of the 2025 Notes will be neutral to net leverage and accretive to interest expense.

The Notes will be first lien senior secured obligations of the Issuers, guaranteed fully and unconditionally, and jointly and severally, on a first lien senior secured basis by Restaurant Brands International Limited Partnership (“Holdings”) and each of Holdings’ wholly-owned subsidiaries that also guarantee the Issuers’ obligations under the Issuers’ existing senior secured credit facilities.

The Notes were offered (i) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and (ii) outside the U.S. pursuant to Regulation S under the Securities Act. The Notes and the related guarantees have not been and will not be registered under the Securities Act and may not be offered or sold in the U.S. absent registration or an applicable exemption from the registration requirements under the Securities Act and applicable state securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Vienna Coffee Festival celebrates its 10th anniversary

By
Desk7
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0
vienna
Vienna Coffee Festival (image provided)

VIENNA – The Vienna Coffee Festival is not only a place for innovation and exchange but also a melting pot for coffee lovers and professionals. Established in 2015, this year’s event marked the 10th anniversary of the festival. For an entire weekend, visitors were able to sample various types of coffee, learn new preparation methods, discover fascinating insights about the power of the coffee bean, and even try their hand at making coffee. The festival has long become a central meeting point for the international coffee community.

The exhibitors – many of them small but innovative roasteries – offered visitors a platform for exciting coffee discoveries, professional exchange, and entertainment.

The power of the bean: expertise & events

Creative coffee minds like Martin Wölfl, who won the world championship title in the filter coffee category in Chicago this spring, play a significant role in the festival’s growth, attracting an audience that appreciates the fascinating world of coffee.

Their passion for spreading knowledge and promoting coffee culture is evident. Naturally, the “Wild Coffee” stand with world champion Wölfl behind the counter was particularly popular this year. Owner Leonhard “Hardi” Wild: “I’ve been participating in the Coffee Festival since 2015, and this year was certainly one of the best. The atmosphere, the people, the colleagues – simply unique.”

Highlights this year included the “Guided Coffee Tour,” where coffee expert Peter Scheiber (“El Kaffee”) took visitors on a journey through the world of coffee beans.

Philipp Wanivenhaus (“Vettore”) impressed with the traditional preparation using the iconic Moka pot, demonstrating how this method highlights the unique aromas of the coffee. The “Over the Rainbow” workshop, led by master bakers Eric Bock and Ewald Kaiser, where participants made the festival’s signature rainbow bagel, was also particularly popular.

Vienna Coffee Award Celebrates Premiere

For the first time, the “Vienna Coffee Award” was presented at the festival – a collaboration between the Vienna Chamber of Commerce (Coffeehouse Group) and the festival. Personalities and companies were honored in eight categories for their contributions to Vienna’s coffee culture. The winners were:

  • Kaffee Alt Wien (Best Traditional Viennese Coffeehouse)
  • Café Falk (Best Classic Coffeehouse)
  • ELOU (Best Modern Coffeehouse)
  • GOTA Coffee Experts (Best Coffeeshop)
  • Grey Coffee (Newcomer)
  • Coffee Pirates (Best Roastery)
  • Martin Wölfl (Best Barista)
  • Oliver Goetz (Special Jury Prize)

Exhibitors from home and aAbroad

The Vienna Coffee Festival attracted exhibitors not only from Austria but also from abroad. In addition to Italy, Slovakia, and the Czech Republic, two young “wild ones” from Paris, “People Possession,” who discovered the festival through an event

in Bucharest, were also present. “We immediately thought – we have to be there. Our main market is in the UK, but this festival is incredibly enriching in terms of networking. And Austria has also become an important market as interest in coffee continues to grow.”

Cup tasting national champion Marion Hagleitner

At the Vienna Coffee Festival, the SCA (Specialty Coffee Association) also held the 2024 National Cup Tasting Championship. Viennese Marion Hagleitner, participating for the first time, took home the victory and will represent Austria at the World Championships in Geneva in June 2025. Michael Manhart, chairman of SCA Austria: “The competition, the stage we had – it was wonderful, I’ve never seen a better event!”

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