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THE COST OF OLIVE OIL Climate change is among the factors that
INCREASE IN
have pushed up the price of olive oil, which has seen record prices in the last year, earning the oil the ‘liquid gold’ moniker. Mintec Benchmark Price (MBP) noted the surge in price for extra virgin olive oil from Andalucia in southern Spain reaching an unprecedented €9.20/kg – not far off the price of a moderate bottle of wine. The olive oil market faces complexity due to lower production estimates attributed to poor early yields in major producing countries, including Spain, Italy, and Greece. Initial projections for Italy anticipated 290,000 metric tonnes of output for the 2023/24 marketing year, notably lower than the past five years’ average, owing to persistent drought conditions. Olive oil is not the only product that has experienced a dramatic rise in price due to climate changes; cocoa, coffee and sugar are similarly affected.
Delivery operators Jahez and HungerStation account for 70% of the market in Saudi Arabia
CHINESE FOOD DELIVERY GIANT SET TO EXPAND TO SAUDI ARABIA Among the most successful food delivery operators in mainland China and Hong Kong, Meituan is getting ready to launch its overseas platform KeeTa in the booming market of Saudi Arabia this fall. In what is the Chinese company’s first foray into markets outside China and Hong Kong, KeeTa will be finding itself competing against existing operators Jahez and HungerStation who together account for 70% of the delivery market in Saudi Arabia. KeeTa was introduced to Hong Kong in May 2023 and has become the second most popular food-delivery service there.
HONG KONG’S BAR LEONE HEADS STRAIGHT TO THE TOP
The team behind Leone cocktail bar in Hong Kong celebrated its debut on the list of Asia’s 50 Best Bars as it went straight to number one this summer. The list of Asia’s 50 Best Bars 2024, sponsored by Perrier, was announced at a live awards ceremony in Hong Kong. The ceremony, hosted in collaboration with destination partner Hong Kong Tourism Board, featured bars from 18 cities across Asia, including 15 new entries, culminating in Bar Leone in Hong Kong being named The Best Bar in Asia. The bar, founded by Lorenzo Antinori one year ago, embodies the Italian ethos of ‘cocktail popolari’ or ‘cocktails for the people’.
FCSI STARTS WORK TO LAUNCH A SPAIN AND PORTUGAL CHAPTER FCSI EAME has started the work to establish a country unit for Spain and Portugal. The first meeting took place in Madrid in July 2024 and will be followed by a second gathering in the autumn. Along with the FCSI EAME team, Professional and Allied members will continue to grow the unit with a program of events and activities for 2025.
SOJO ALEX HONORED BY NACUFS FCSI Senior Associate Sojo Alex of Envision Strategies was among 10 foodservice professionals to be recognized by The National Association of College & University Food Services (NACUFS). Alex was announced as the recipient of the Daryl Van Hook Industry Award, which is nominated by peers and colleagues and honors an industry member who has provided educational support, product innovation and outstanding service to the association.
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