Onion traders urge govt to set minimum price in light of new export duties

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August 22, 2023

The onion trade has put forth a request to the government, urging the introduction of a minimum price to be used in the calculation of export duty for onions. This plea is driven by the intention to create a level playing field for all stakeholders, especially in light of the detrimental effects that bans and restrictions on wheat and rice exports have inflicted on businesses.

On Saturday, the central government imposed a 40% export duty on onions as a response to the steep fourfold surge in retail prices witnessed within the last two months. Notably, the official duty declaration did not include any reference to a minimum price. This omission has sparked concerns within the trading community, which argues that the absence of a specified floor price might potentially confer undue benefits upon certain ports and stakeholders involved in the onion trade.

“It is necessary to determine a floor price for calculating the export duty on onions across different land and seaports. We fear that there may be a disparity in the floor prices being considered for the calculation of export duty on onions across different ports,” Ajit Shah, president of Horticulture Produce Exporters’ Association (HPEA), said in a letter to the government.

In the meantime, industry executives have reported that the recent bans and limitations on the export of wheat, rice, and now onions, constitute part of the government’s strategy to curb the rapid escalation of domestic food prices. These measures, however, are resulting in revenue losses and an accumulation of inventory for businesses in the sector.

Two executives from non-basmati rice exporting companies have expressed their challenges in managing unsold inventory at ports due to the abrupt ban on non-basmati rice exports imposed on July 20.

Towards the end of the previous week, the government announced that there would be “exemptions” to the export ban on non-basmati white rice, specifically for varieties that are semi-milled, wholly milled, polished, and glazed.

The prohibition, which was imposed due to non-basmati rice prices soaring over 30% since October of the previous year, compounded with prior partial export limitations in 2022. During that time, India had forbidden the export of broken rice and levied a 20% tariff on non-basmati rice exports.

“The agri business faced setbacks due to export restrictions on wheat and rice in the April-June quarter,” ITC, the country’s largest wheat exporter, said in its earnings call last week. “These restrictions have resulted in lower business opportunities and weighed on segment revenue during the quarter,” it said.

India had banned exports of wheat in May last year.

Akshay Gupta, business head of bulk exports at KRBL, the country’s largest basmati rice exporter, said, “There is a fair bit of anticipation on what is happening in the global rice market. Prices have gone up, but we expect the surge to be a short-term one.”

Meanwhile, onion traders in Nashik, the largest onion cultivation region in the country, chose to observe a market closure on Monday as a form of protest against the imposed export duty on onions.

“Onion farmers had been incurring losses for the entire last year due to subdued prices. Many of them haven’t yet received the subsidy amount that the government had announced to compensate for their losses,” Jayadatta Holkar, director of Mumbai APMC, said, explaining the trade’s displeasure.

Roark Capital nears $9.6 Billion deal to acquire Subway as negotiations reach final stages

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August 22, 2023

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According to a report from the Wall Street Journal on Monday, Roark Capital, the parent company of dining establishments Arby’s and Buffalo Wild Wings, is in the final stages of negotiations to acquire the sandwich franchise Subway for an estimated $9.6 billion.

Citing individuals familiar with the situation, the report mentioned that an agreement might be concluded within this week.

“Subway does not intend to make any further public comment regarding the process until the transaction has been completed,” the company told Reuters in an emailed statement.

In earlier reports this month, Reuters indicated that private equity companies TDR Capital and Sycamore Partners were engaging in discussions to collaborate in their endeavor to purchase Subway. This move comes after Subway announced in February its consideration of a potential sale of its business.

Back then, insider sources informed Reuters that Subway was aiming for a deal surpassing $9 billion. However, there is still uncertainty regarding whether TDR and Sycamore can fulfill Subway’s anticipated price requirements. Additionally, the sources had indicated that a different consortium led by Roark Capital was also actively competing for the acquisition.

Roark Capital, a private equity company, predominantly directs its investments towards the franchised consumer and business services sectors. Notably, it has extended its investments into Inspire Brands, the proprietor of various well-known establishments including Arby’s, Baskin-Robbins, Buffalo Wild Wings, and Dunkin’, among others.

Established in 1965 by 17-year-old Fred DeLuca and his family friend Peter Buck, Subway operates a network of approximately 37,000 restaurants spanning across more than 100 countries.

Since its inaugural outlet opened under the name “Pete’s Super Submarines” in Bridgeport, Connecticut, the company has remained under the ownership of its founding families.

During the initial half of 2023, Subway witnessed a notable 9.3 percent surge in same-store sales across North America. This growth can be attributed to the company’s endeavors to refresh its menus, renovate its eateries, and enhance marketing initiatives, all of which collectively attracted a larger customer base, despite the challenging competitive landscape.

A prompt response to a comment request from Reuters was not received from Roark Capital at that time.

Prices of tomatoes take a dip with fresh arrival; retail range now at INR 50-70 per kg, says govt

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August 22, 2023

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The government announced on Monday that tomato prices have dropped to a range of INR 50-70 per kilogram due to the influx of new harvests in retail markets. The government stated that it intends to maintain the reduced pricing for tomatoes until rates stabilize at a standard level.

Due to unexpected rains, tomato prices had spiked to levels as elevated as INR 250 per kilogram in retail markets nationwide.

“Tomato prices are ruling in the range of INR 50-70 per kg in retail markets across the country at present,” Consumer Affairs Secretary Rohit Kumar Singh told PTI.

He further mentioned that as the fresh crop arrives in states like Madhya Pradesh, prices have begun to decrease.

Regarding the sale of tomatoes at reduced prices, the secretary stated that the government plans to continue offering the product at discounted rates in specific states until the retail prices return to their usual levels.

Starting from August 20, the National Cooperative Consumers’ Federation of India (NCCF) and the National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) have initiated the sale of tomatoes at a reduced rate of INR 40 per kilogram. This move follows a decline in the wholesale and retail prices of this essential kitchen commodity.

For the past month, NCCF and NAFED have been offering tomatoes at a reduced price under the auspices of the Consumer Affairs Ministry, aiming to curb the escalation in prices.

With the intention of offering advantages to consumers, the initial subsidized price was established at INR 90 per kilogram and was subsequently lowered as prices declined.

To enhance domestic supply and reduce prices, tomatoes have also been imported from Nepal.

Haldiram’s unveils special assortment of sweets for Raksha Bandhan in ‘Pyaar Ka Tohfa’ campaign

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August 22, 2023

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Haldiram’s has recently launched the heartwarming campaign “Pyaar Ka Tohfa,” which highlights the everlasting bond between brothers and sisters during the celebration of Raksha Bandhan.

As part of the Pyaar Ka Tohfa campaign, Haldiram’s has introduced a special assortment of sweets, including the beloved Laddoo, to complement its varied and beautifully crafted collection of delectable sweets, nuts, and chocolates for gifting.

At the heart of the Pyaar Ka Tohfa campaign lies an emotive advertisement, portraying the profound connection shared between a sister who is a surgeon and her brother. The film captures the sister’s daily routine, as she returns home after her duties as a surgeon. However, on a significant Rakhi day, she arrives later than usual for the festive celebrations.

Experiencing a sense of disappointment, the brother skillfully masks it behind a sincere gesture. He presents her with a box of Haldiram’s Ladoos and kindly requests her not to burden herself with apologies.

As the story unfolds, the sister ties the Rakhi on her brother’s hand, revealing that it was her first surgery that day, during which she successfully delivered a cute baby girl. The brother’s disappointment turns into pure joy and playfully feeds the delicious Ladoos to her.

Speaking about the campaign, Divya Batra, Head of Marketing, Haldiram’s, said, “Raksha Bandhan is a celebration of the unbreakable bond between siblings, and Haldiram’s ‘Pyaar Ka Tohfa’ campaign beautifully captures the emotions and love shared between them. Our special gifting range including an assortment of signature sweets, nuts, and much more, etc., makes the perfect gift to express affection and appreciation to your beloved siblings.”

Kailash Aggarwal, President – Retail, Haldiram’s, said, “At Haldiram’s, we believe in preserving traditions and spreading joy through our delightful treats. With the Pyaar Ka Tohfa campaign, we aim to celebrate the essence of Raksha Bandhan and make this festival even more memorable for our customers. “Gifting by Haldiram’s”, especially curated gift boxes for special occasions, adds a touch of thoughtfulness to the festivities, allowing our customers to express their love and appreciation in a truly heartwarming manner.”

Haldiram’s is popularly known for its wide-ranging gifting options that suit different preferences and budgets. From thoughtfully curated hampers and exquisite sweets gift boxes, Haldiram’s also offers and plethora of assorted nuts, chocolates, among other exciting foods.

These gifting options highlight the brand’s vision to curate moments of togetherness for families and friends. The special assortment of sweets is available at Haldiram’s stores in Delhi-NCR and selected retail partners across the region.

Watch the video here:

Pringles heats up snack time with two new spicy flavors in Australia and New Zealand

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August 22, 2023

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Pringles Sizzlin' Chipotle Sour Cream and Pringles Smokin' Cajun Spice — Pringles Smokin' Cajun Spice & Sizzlin' Chipotle Sour Cream

Pringles, a brand under Kellogg’s ownership, has revealed its plan to introduce two new boldly spicy flavors of its potato-based crisps to the markets of Australia and New Zealand.

The recently unveiled varieties – Sizzlin’ Chipotle Sour Cream and Smokin’ Cajun Spice – have been expertly crafted to cater to individuals with a penchant for spiciness, skillfully blending fiery elements with zesty citrus undertones.

The sour cream option, according to the brand, is tailored to those who seek a gentler encounter while still savoring rich flavors. It boasts a subdued heat level and a velvety tang of sourness. These snack innovations were collaboratively developed with the culinary expertise of Michelin Star Chef Haikal Johari, ensuring they resonate with the preferences of the local palate.

Dan Bitti, Head of Pringles and Salty Snacks ANZ, said, “Across Australia and New Zealand, chip lovers are asking for more interesting and spicy flavours, so Pringles are giving the people what they want with something more daring. Whether you like your snacks fiery or mild, the Smokin’ Cajun Spice and Sizzlin’ Chipotle Sour Cream flavours are both ‘a must try’, packing a punch of flavour and spice to get those tastebuds popping.”

He continued, “Over the last 18 months we experimented with different tastes and levels of hot and spicy to get to the perfect balance of fire and flavour. Both flavours bring something new and are set to become fan favourites, we can’t wait for Pringles fans to try them and see if they can handle the heat!”

The new flavours are available to purchase at Coles and Woolworths stores across Australia and New Zealand.

Tilray solidifies position in cannabis beverage market with full acquisition of Truss stake

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August 22, 2023

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Tilray Brands, a company focused on cannabis lifestyle and consumer packaged goods, recently revealed its acquisition of the remaining 57.5% equity stake in Truss Beverage from Molson Coors Canada.

Truss emerged as a collaborative project between Molson Coors and Hexo, a cannabis product manufacturer. Together, their aim was to create cannabis-infused, non-alcoholic beverages tailored for the Canadian market. In June of this year, Tilray took over Hexo through an acquisition.

In a statement, Tilray said that regulatory shifts are expected to facilitate market entry for cannabis-infused beverages, promising “substantial growth for the category,” with authorities re-evaluating their consumer policies. Tilray said the acquisition would strengthen its market position and streamline sales and distribution.

Blair MacNeil, president of Tilray Canada, said, “In addition to acquiring full and direct ownership of a stable high-growth brand, this acquisition further strengthens Tilray’s number one cannabis market share position in Canada and positions the company at the forefront of the adult-use beverage sector. We are excited to build upon our leading portfolio of beloved cannabis brands and to further diversify our product offerings while broadening our consumer reach and enhancing consumer’s lives.”

Tilray has broadened its range of cannabis products to encompass XMG, Mollo, House of Terpenes, and Little Victory, resulting in a collective pro-forma market share of approximately 36%.

The announcement follows news last week that Tilray had acquired eight beverage brands from AB InBev in an $85 million deal.

UK dairy industry faces uncertainty as 10% of producers contemplate exit by 2025, small farms most vulnerable

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August 22, 2023

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milk supply — Milk (Representative Image)

An NFU survey reveals that nearly 10% of dairy producers in the UK are considering discontinuing milk production by 2025. Among these, smaller producers are anticipated to bear the brunt of the existing market conditions.

According to the NFU’s 2023 Dairy Intentions Survey, which involved nearly 600 dairy farmers in the UK, a combination of inadequate profits, unpredictable markets, and the substantial on-farm investments needed, have collectively influenced the contemplation of numerous British dairy farmers regarding their continuation in the industry. Notably, the NFU stands as the representative body for over 46,000 farming and growing enterprises in England and Wales within the UK.

An additional 23% of milk producers have expressed uncertainty about their prospects for continuing production in the coming two years. As outlined in the survey, smaller businesses that yield less than 1 million liters of milk annually are at a higher likelihood of ceasing production before March 2025, in contrast to those generating larger quantities.

Data provided by the Agriculture and Horticulture Development Board (ADHB) indicates that there are approximately 7,500 dairy producers in the UK at present. This number has experienced a decline of 4.8% since the previous year, as reported by the NFU.

The results also indicated rises in input costs such as feed (84%), energy (83%), and fertilizer (74%), which are all areas of significant concern.

A notable 52% of producers are halting production due to the substantial investments needed to ensure their farms’ compliance, including factors like slurry storage. This particular issue is highlighted as a concern by 91% of producers when evaluating the possibility of expanding production in the future.

NFU Dairy Board chair Michael Oakes, said, “With increasing global demand for British dairy, we know that the long-term future is bright for our sector. To ensure we maximise this potential, it’s imperative that government continues to work with us to ensure we have the right environmental, regulatory and trade framework in place to support the production of high quality, nutritious and sustainable food.”

New industry-wide contract regulation expected to come in later this year, as announced by the government in July, “must support fairer, more transparent and accountable supply chains,” Oaks added.

The proposed regulations would empower farmers to contest prices, hinder alterations to contracts without their consent, and simplify the process for farmers to express their concerns.

Juicy Chemistry and Paul and Mike unveil exclusive collaboration for Raksha Bandhan: A fusion of organic skincare and delicious chocolates

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August 22, 2023

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In a mesmerizing blend of inherent elegance and unparalleled taste, two pioneering Indian companies, Juicy Chemistry and Paul and Mike, have unveiled their exclusive collaboration just in time for Rakhi. This synergistic alliance flawlessly integrates Juicy Chemistry’s mastery in the domain of organic and natural personal care with the steadfast commitment of Paul and Mike, celebrated for their extraordinary high-quality chocolate and sustainable cocoa endeavors.

The partnership between Juicy Chemistry and Paul and Mike gave rise to a range that encapsulated the very spirit of tradition and innate charm. Merging Juicy Chemistry’s resolute adherence to untainted, organic concoctions with Paul and Mike’s steadfast focus on exceptional tastes, this assortment unveils a magnificent array of skincare and chocolate offerings. In doing so, it underscores the mutual ethos of these brands: a resolute commitment to excellence, genuineness, and the safeguarding of cherished customs.

The Raksha Bandhan collection by Juicy Chemistry and Paul and Mike can be accessed through their respective websites. This exclusive assemblage invites you to seize the essence of tradition, merge with nature’s beauty, and revel in the celebration of the sibling bond that this remarkable partnership encapsulates.

Juicy Chemistry was conceived by Pritish and Megha Asher, visionaries who embarked on an unwavering mission to challenge the established norms within the beauty and personal care industry. In 2014, their transformative journey began, reshaping the landscape of organic and natural skincare by persistently seeking the unconventional. This dedicated pursuit led them to develop a range of products that are 100 percent organic and natural, backed by proven efficacy.

Megha’s personal quest to address her own sensitive skin concerns ignited the spark for this venture. Recognizing the gaps and shortcomings in the realm of “organic” products, Pritish and Megha realized the pressing need for genuine authenticity in the industry. Their commitment to meticulously scrutinizing organic ingredients, refining formulations, and ensuring effectiveness paved the way for a revolution firmly rooted in the embrace of nature’s offerings.

Paul and Mike Chocolate have garnered an exceptional reputation due to their steadfast dedication to achieving excellence. Their expertise lies in crafting chocolates that go beyond mere visual appeal, boasting an extraordinary level of deliciousness. By launching their retail store and café in Mumbai, they are poised to revolutionize the city’s chocolate landscape. This new establishment promises a lavish haven where visitors can fully engage with, relish, and become enveloped in the world of premium chocolate.

FSSAI sets December deadline for FBOs to implement pre-printed packaging

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August 22, 2023

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The FSSAI has set a final deadline for food businesses to utilise the pre-printed packaging materials and asked them to use any such material by December 31, 2023.

“It has been decided to grant a final one-time permission up to 31.12.2023 to the FBOs seeking permission to use such non-complying pre-printed packaging materials (PPMs),” reads the order issued by the FSSAI after Food Business Operators (FBOs) sought time to use pre-printed packaging materials which are non-complying with the FSS (Labelling & Display) Regulations, 2020, and its amendments.

Additionally, the FSSAI has updated the charges associated with applications from food establishments seeking approval to utilize pre-printed packaging materials. The new fee structure is set at INR 30,000 plus GST for Central license holders and INR 12,000 plus GST for state license holders. These fees are required to be submitted via the FSSAI’s e-payment portal.

Meanwhile, as per the FSSAI’s guidelines, applications requesting approval for the utilization of pre-printed packaging materials due to (i) alterations in address, (ii) modifications in company name, or (iii) changes in license number will be handled in accordance with the existing directives outlined in the orders released on November 23, 2016. The corresponding fee structure as stipulated in the order issued on November 14, 2017, will be applicable in these cases.

In accordance with these notifications, food enterprises were granted permission to utilize pre-printed packaging materials for a duration of six months subsequent to the payment of a fee amounting to INR 6,000.

Molecule expands presence with new bar and lounge launch in Gurugram

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August 22, 2023

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Molecule, a brand known for its presence across various cities including Delhi, Lucknow, Noida, Agra, Indore, Bhopal, and more, has unveiled its latest establishment in Gurugram M3M. Created by the innovative mind of Sahil Sambhi, the visionary behind successful brands like Bawri, Vietnom, and The Drunken Botanist, this new venture promises an international atmosphere coupled with exceptional features that are bound to enhance your dining experience.

With a focus on innovation, originality, exquisite cuisine, and contemporary beverages, Molecule’s concept brings a fresh perspective to dining out. This seven-year-old brand is primed to elevate the culinary and nightlife benchmarks in Gurugram, offering a blend of the finest elements that will leave a lasting impression on your dining endeavors.

Encompassing a generous expanse of 12,000 square feet, Molecule embodies a design characterized by modern architectural aesthetics, exuding an ultra-contemporary appearance.

Molecule’s menu is a delightful culinary journey that brings together flavors from across the globe. Under the guidance of Chef Himmat Rautela, the focus is firmly on a menu that showcases progressive Indian, Arabic, European, and pan-Asian cuisines, reflecting a harmonious blend of diverse culinary traditions.

Sahil Sambhi, a source of inspiration with a visionary outlook and unwavering determination, stands as a key director and co-founder of Yuvi Hospitality. This esteemed company is the driving force behind renowned brands including Molecule, Bawri, VietNom, The Drunken Botanist, and more. Notably, Sambhi holds the distinction of being one of Delhi’s youngest and most accomplished restaurateurs.

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