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

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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.

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)

Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics, Kiara delivers insightful analyses that resonate with tech enthusiasts and casual readers alike. Her articles strike a balance between in-depth coverage and accessibility, making them a go-to resource for anyone seeking to stay informed about the latest innovations shaping our digital world.

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Canada’s RCMP Charge 3 Indian Men Over Sikh Leaders Murder

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Canada’s Royal Canadian Mounted Police (RCMP)  have charged three Indian men with the murder of Sikh separatist leader Hardeep Singh Nijjar last year, saying they were looking into whether the suspects had any ties to the Indian government.

Nijjar, 45, was killed in June outside a Sikh temple in Surrey, a Vancouver suburb with a sizable Sikh community. A few months later, Canadian Prime Minister Justin Trudeau alleged Indian government participation, sparking a diplomatic crisis with New Delhi.

The Royal Canadian Mounted Police identified the three individuals as Karanpreet Singh, 28, Kamalpreet Singh, 22, and Karan Brar, 22.

“We’re investigating their ties, if any, to the Indian government,” said Mandeep Mooker, an RCMP superintendent, during a televised press conference. The Indian mission in Ottawa did not reply to calls for comment from Reuters.

Nijjar was a Canadian citizen who campaigned for Khalistan, an autonomous Sikh country formed out of India.

The presence of Sikh separatist groups in Canada has long irritated New Delhi, which has dubbed Nijjar a “terrorist”.

Last Monday, the White House expressed worry over the apparent involvement of the Indian intelligence service in murder plans in Canada and the United States.

The RCMP claimed they coordinated with US law enforcement authorities, but did not provide any other information, and warned that more detentions might be forthcoming.

“The probe does not end here. We are aware that others may have been involved in this homicide, and we are committed to discovering and arresting each of these individuals,” said assistant RCMP commissioner David Teboul.

Canada-India Ties Strained

The three Indian nationals were arrested in Edmonton, Alberta, on Friday, according to police. They will arrive in British Columbia on Monday.

Trudeau revealed in September that Canadian officials were looking into accusations linking Indian government agents to the murder. New Delhi dismissed Trudeau’s allegation as ludicrous.

“We welcome the arrests, but this raises a lot of new questions,” said Balpreet Singh, legal counsel and spokeswoman for the Canada-based World Sikh Organization advocacy group.

“Those who have been arrested are part of a hit squad but it’s clear that they were directed,” he added in a telephone interview.

Canada had pressed India to participate with its probe. Last November, US authorities said that an Indian government officer orchestrated the plot to assassinate Gurpatwant Singh Pannun, a Sikh separatist and dual citizen of the United States and Canada.

“While today’s action… is a step forward, it only scratches the surface,” Pannun said in a statement, calling for action to “dismantle the networks that enable and perpetuate such crimes against Canadians on Canadian soil”.

Trudeau’s Presence at Separatist Sikh Rally Enrages India: Getty Images

India Angered Over Trudeau

Meanwhile, analysts say Prime Minister Justin Trudeau‘s move shown “no appreciation of Indian concerns in Canada,” with the apparently ill-advised travel expected to discourage New Delhi from improving relations with Ottawa.

Relations between the two sides have deteriorated in recent months as a result of allegations by Trudeau’s administration that Indian intelligence agents were involved in the 2023 murder of Canadian citizen and Sikh separatist leader Hardeep Singh Nijjar.

Nijjar was involved in the 1980s and early 1990s Khalistan movement, which sought to establish an independent Sikh nation in northern India’s Punjab state. Today, the activists are largely from the Punjabi overseas diaspora, many of whom have migrated in the North American country. India has often complained to Canada about the actions of Sikh hardliners.

According to The Times of India, Indian intelligence officials were particularly concerned about the presence of “Modi Wanted” posters purportedly placed at the Toronto rally by the secessionist group Sikhs For Justice (SFJ) in retaliation to Nijjar’s murder.

While New Delhi has frequently criticized Trudeau for failing to rein in Khalistani separatists and engaging in “vote bank politics” with the Punjabi diaspora, experts disagreed on whether the government overreacted in order to acquire votes in the ongoing Indian elections.

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Good News: The Worst Could Be Over For Gas Prices This Spring

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Israel and Iran have engaged in open conflict. Ukrainian drones have routinely targeted Russian oil refineries. And OPEC continues to restrict oil production.

These frightening occurrences sparked concerns about $4 gas, harming the US economy and exacerbating inflation.

However, this has not occurred, at least yet. Gas prices in the United States have stopped growing and dropped temporarily recently.

The national average was $3.66 per gallon on Monday, down from $3.68 a week ago, according to AAA.

There is growing anticipation that gas prices will peak in the spring, if not the entire year.

Patrick De Haan, head of petroleum analysis at GasBuddy, predicts that drivers will find relief at the pump in the coming weeks.

“I’m hoping the worst is behind us,” De Haan told CNN. Unless something drastic happens, there are increasing odds the national average has hit the projected spring peak.”

Tom Kloza, worldwide head of energy analysis at the Oil Price Information Service, believes gas prices will fall in the coming weeks.

“Most of the worries from the year’s first half have been resolved. “I think we’re safe until hurricane season,” Kloza remarked.

‘Could have been far worse.’

Of course, none of this implies that gas costs are cheap. They were lower in April 2021 and spring 2020, when Covid-19 kept many Americans off the roadways.

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The Worst Could Be Over For Gas Prices This Spring

Nonetheless, a springtime peak of less than $3.70 a gallon would be a win for consumers, considering the real risk of significantly higher gas costs.

“It could have been much worse,” said Andy Lipow, owner of the consultancy firm Lipow Oil Associates.

According to AAA, drivers in just seven US states pay $4 or more per gallon for gas. All those states are in the Western part of the country, followed by California, where the average is $5.40 per gallon, up from $4.88 last year.

The national average is nowhere near the record increase above $5 per gallon in June 2022.

“It seems evident that this will not be a record-setting year. “Filling your tank will feel much more normal this year,” said De Haan.

Economic and political ramifications.

Officials in Washington would most certainly breathe a sigh of relief.

Rising gasoline costs earlier this year led to lower-than-expected inflation readings, casting uncertainty on when the Federal Reserve will be able to decrease interest rates.

A rise in petrol prices is the last thing President Joe Biden wants as he works to persuade voters of his economic message before November. According to a new CNN poll, Biden’s support rating for the economy is 34%, and for inflation, it is even lower (29%).

The Biden administration backed off plans to buy crude oil for the US Strategic Petroleum Reserve, an emergency oil stockpile, earlier this month, adding to White House concerns over petrol costs.

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Some economists expect gas prices to rise further.

Lipow believes the national average will reach $3.75 per gallon this year.

Still, that would be lower than last year’s top of $3.88 per gallon in September.

“I’m not expecting a spike in gasoline prices,” Lipow added.

There are several reasons why gas prices are now holding steady.

First, oil prices have stopped rising. On April 12, US crude oil nearly reached $88 per barrel as investors braced for Iran’s reprisal against Israel over a suspected attack on an Iranian diplomatic complex in Syria.

However, oil prices fell when Israel and its allies effectively averted the reprisal. For now, fears of a larger confrontation in the Middle East have subsided, albeit this might alter quickly. US crude fell below $83 a barrel on Monday.

There are other seasonal aspects to consider.

The transition to more expensive summer-grade gasoline at US refineries is now complete. Similarly, the reopening of refineries that had been closed for normal maintenance has aided gasoline supplies.

Record-breaking US crude output continues to increase the oil supply. All of that US oil, headed by the Permian Basin in West Texas and New Mexico, is countering OPEC+’s production cuts, which Saudi Arabia and Russia lead.

Meanwhile, gasoline demand has remained relatively low despite other indications that American consumers are spending rapidly.

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The Worst Could Be Over For Gas Prices This Spring

The hurricane season looms.

Gas prices are at risk of reaching a double peak. That’s what happened last year, when gas prices peaked in April, fell, and then returned late in the summer as excessive heat hampered US refineries.

“Weather can wreak havoc,” said Kloza, an OPIS analyst.

A major hurricane that destroys oil facilities along the US Gulf Coast is the greater risk.

Forecasters warn that the hurricane season (which normally begins on June 1) will be extremely active. Colorado State University predicts more hurricanes and named storms than ever before.

“Hurricane season is the next major hurdle,” Kloza stated.

SOURCE – (CNN)

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An AI-Controlled Fighter Jet Took The Air Force Leader For 1st Historic Ride. What That Means For War

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Edwards Air Force Base, California:

With the midday sun shining, an experimental orange and white F-16 fighter jet took off with the thunderous roar that is a trademark of US airpower. However, the aerial fight that followed was unlike any other: this F-16 was commanded by artificial intelligence rather than a human pilot. Air Force Secretary Frank Kendall was riding in the front seat.

AI is one of the most significant improvements in military aviation since the advent of stealth in the early 1990s, and the Air Force has avidly pursued it. Even though the technology has yet to completely mature, the service intends to deploy an AI-enabled fleet of over 1,000 unmanned warplanes, the first of which will be operational by 2028.

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An AI-Controlled Fighter Jet Took The Air Force Leader For A Historic Ride. What That Means For War

It was fitting that the dogfight took place at Edwards Air Force Base, a massive desert complex where Chuck Yeager broke the sound barrier, and the military has developed its most secret aeronautical technologies. Inside classified simulators and buildings with layers of surveillance protection, a new breed of test pilots is teaching AI bots to fly in combat. Kendall came here to witness AI fly in real time and express public confidence in its future role in air warfare.

“Not having it presents a security concern. “At this point, we have to have it,” Kendall told The Associated Press after landing. The Associated Press and NBC were allowed permission to see the secret flight on the condition that it be disclosed when it was completed due to operational security concerns.

Kendall was flown in lightning-fast maneuvers at almost 550 miles per hour by the AI-controlled F-16 Vista, which exerted five times the force of gravity on his body. It nearly collided with a second human-piloted F-16 as the two aircraft raced within 1,000 feet of one other, turning and looping to drive their opponent into vulnerable positions.

Kendall grinned as he climbed out of the cockpit at the end of the hour-long flight. He stated that he had seen enough throughout his flight to trust this still-learning AI with the decision to unleash weapons.

That proposition is met with strong hostility. Arms control specialists and humanitarian groups are profoundly afraid that AI will one day be able to drop bombs that kill people without human intervention, and they are calling for tighter controls on its usage.

“There are widespread and serious concerns about ceding life-and-death decisions to sensors and software,” the International Committee of the Red Cross has cautioned. Self-propelled weapons “are an immediate cause of concern and demand an urgent, international political response.”

The military’s transition to AI-powered aircraft is motivated by security, cost, and strategic capability. If the United States and China engage in battle, today’s Air Force fleet of pricey, manned fighters will be vulnerable due to advances in electronic warfare, space, and air defense systems. China’s air force is on track to outnumber the United States and is also developing a fleet of flying unmanned weapons.

Future war scenarios involve swarms of American unmanned aircraft offering an advance attack on enemy defenses, allowing the US to infiltrate airspace without putting pilot lives at risk. However, money plays a role in the transition. The Air Force is still dealing with production delays and cost overruns on the F-35 Joint Strike Fighter, expected to cost $1.7 trillion.

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An AI-Controlled Fighter Jet Took The Air Force Leader For A Historic Ride. What That Means For War

Kendall believes that smaller, cheaper AI-controlled unmanned jets are the way forward.Vista’s military operators claim that no other country in the world has an AI jet like it, in which the software first learns from millions of data points in a simulator before testing its conclusions during actual flights. The real-world performance data is then fed into the simulator, where the AI processes it to learn further.

China possesses AI, but there is no evidence that it has developed a mechanism to conduct experiments outside a simulator. According to Vista’s test pilots, some lessons can only be taught in the air, similar to a junior officer learning tactics for the first time.“It’s all guesswork,” chief test pilot Bill Gray remarked until you fly. “And the longer it takes you to figure that out, the longer it takes before you have useful systems.”

Vista conducted its first AI-controlled battle in September 2023, with only roughly two dozen similar flights after that. However, the computers learn so swiftly with each battle that certain AI versions tested on Vista outperform human pilots in air-to-air combat.

AP – VOR News Image

An AI-Controlled Fighter Jet Took The Air Force Leader For A Historic Ride. What That Means For War

The pilots at this base know that they may be educating their successors or defining a future structure in which fewer of them are required.

However, they also state that they would only want to be in the air against an adversary with AI-controlled aircraft if the United States had its own fleet.

“We need to keep running. Kendall remarked, “And we have to run fast.”

SOURCE – (AP)

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