Food prices across the world are being impacted by a series of extreme weather events linked to climate change, warns the Financial Times.
It highlights a 50% spike in the price of olive oil in Europe last year after prolonged droughts in southern Spain during 2022 and 2023, as well as a heatwave in India that pushed up onion prices by 89%, while in Korea, cabbage prices surged 70% after record-breaking hot summer.
The FT also published a feature on the own label market, which it argues is nearing its peak, as manufacturers of private label goods struggle.
Kraft Heinz is considering spinning off some of its slower-growing brands such as Velveeta cheese, reports Reuters, calling the move an undoing of its 10-year-old merger.
Why? The agency reports that insiders consider the Kraft Heinz merger to be unsuccessful, and believe that spinning off many Kraft products into a new grocery business could reverse its ailing fortunes.
Business leaders have renewed their appeal to ministers to restore VAT free shopping for foreign tourists, writes The Standard this morning. It says the argument is that it would deliver a £3.7 billion boost to the economy.
The Association of International Retail pointed out that scrapping “tourist tax” would put the UK in the unique position of being able to offer 20% rebates to 450 million EU consumers as well as those from the rest of the world, it reported.
Restaurants are changing their opening hours, pricing and staffing patterns to cope with a rise in early diners, reports Sky.
It cites data by OpenTable in its report that diners booking at 5pm and 6pm are up 6%, while those booking at 8pm and later is down as much as 3%.
U.S. retailer Costco is set to open its first technology centre in India in Hyderabad, Reuters revealed.
It said Costco’s Global Capability Centre would handle technology and research operations, work alongside global teams, and would initially employ 1,000 people and scale up, it reported, citing two sources familiar with the plans.
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