Every Friday, Perfect Daily Grind rounds up the top coffee industry news from the previous week. Here are this week’s stories.
Mon, 9 May
- PRF Colombia announces Covid-19 health and safety measures. With more than 5,000 attendees expected, a number of health and safety measures will be implemented at the Plaza Mayor venue, including biosecurity technology to record attendees’ temperatures. PRF Colombia will take place from 30 June to 1 July.
Tue, 10 May
- New study finds men have higher levels of cholesterol after drinking espresso. Researchers in Norway assessed more than 21,000 participants over the age of 40. People who consumed three to five espressos per day were found to have higher levels of cholesterol than those who did not drink espresso, however, men were found to have higher levels than women when consuming similar volumes.
- DMCC signs agreement to open international trade centre in Colombia. DMCC and international investment holding company UVentures will develop and operate the facility in Cartagena de Indias, Colombia, which will trade a number of goods (including coffee). Once established, the Cartagena International Commerce Zone will become Latin America’s first Common Law District Arbitration Centre.
Wed, 11 May
- Dutch Bros reports 2022 first quarter revenue up 54%. The drive-thru coffee chain stated the increase is attributed to opening 107 new stores over the past 12 months. Dutch Bros also revised its financial outlook for full year 2022, estimating total revenue will be between US $700 million and $715 million. However, the company reported a wider loss of US $16.3 million as a result of inflation and rising gas prices.
Thu, 12 May
- Arabica futures rebound from six-month low. Arabica futures on the Intercontinental Exchange market had fallen to a six-month low of US 202.30 cents on Tuesday. By Wednesday, July arabica coffee futures increased 5.9% to US 215.85 cents/lb.
- Swiss Water Decaf reports 50% increase in 2022 first quarter revenue. The Canadian company also states gross profit increased by US $2.2 million on the same period in 2021, driven by higher trading volumes and more efficient production capacities. However, Swiss Water says supply chain issues could negatively affect financial performance in the future.
Fri, 13 May
- Vietnam to replant more than 107,000ha of coffee trees by 2025. As part of the Ministry of Agriculture and Rural Development of Vietnam’s strategic plans, 75,000ha will be replanted, while a further 32,000ha will be grafted and renovated. Studies found that after replanting, coffee yields increased up to 3.5 tonnes/ha, which further increased farmers’ income between 1.5 to 2 times prior to replanting.
Here are a few news stories from previous weeks that you might find interesting. Take a look.
- Wed, 4 May – Starbucks to launch NFT project. The coffee chain plans to create a series of branded non-fungible token collections to improve “unique experiences, community building, and customer engagement”. Starbucks is aiming to create a new digital ecosystem to coincide with its current digital platforms, including mobile ordering and the loyalty scheme.
- Wed, 4 May – Starbucks to implement fourth pay raise for hourly employees in 18 months. The pay raise is part of a US $1 billion commitment to invest in employees and stores throughout 2022. From 1 August, average hourly wages will increase to at least US $17. Employees with two to five years of service will receive a 5% increase, while employees with more than five years of experience will receive a 7% increase.
- Thu, 5 May – UK government axes plans to secure tips for hospitality workers. The UK Business Minister announced in September 2021 that laws would be put in place to make it illegal for employers to withhold tips from employees, including those working in coffee shops. According to government insiders, the plan has been dropped for the “foreseeable future”.
- Fri, 6 May – Löfbergs plans to expand in eastern European markets. The Swedish coffee roaster hopes to see similar levels of success in eastern European countries as experienced in Finland and the Baltic region. As a response to the invasion of Ukraine, Löfbergs ceased all operations in Russia and Belarus.
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