Although he admitted it was a “really bad tax”, the Argentine President announced that crop exports will now face a tax based on the value of the exchange rate, which will hopefully help generate some much needed revenues, unlock IMF funds and avert a crisis. Analysts noted that corn cultivation will drop as a result, as profitably will be down 50% and the crop has not been planted yet, unlike wheat.
South African farmers are also worrying about upcoming policies, as growers’ body Agri SA and the Congress of South African Trade Unions expressed their opposition to the proposed amendment to the constitution which would allow land acquisitions without compensation. But the National African Farmers Union backed the nationalisation of some agricultural land. A parliamentary panel is reviewing the proposal and has received around 450,000 submissions.
The Coca-Cola Company will spend USD 5.1 billion to purchase the Costa Coffee chain, the world’s second largest coffee chain, making it the first attempt at running a retail chain for the 132-year-old soft-drink giant. Although coffee represented only USD 83 billion out of the USD 513 billion market for soft drinks in 2017, the sector is growing much faster and could help Coca-Cola diversify into healthier products. Coca-Cola is now in a position to upset competitors such as Starbuck or PepsiCo by opening Costa stores in the US, or launching a bottled coffee drink.
Cargill’s Carval fund is said to have purchased Abengoa Bionergia‘s Sao Luiz mill in Pirassununga and Sao Joao sugar mill in Sao Joao da Boa Vista for USD 80 million, according to sources. The fund will invest BRL 100 million (USD 24.34 million) in the two Sao Paulo mills, which have around BRL 1.5 billion (USD 365.1 million) in debt.
Nestle will introduce the South American goldenberry in some of its products, after it bought a 60% stake in the snack company Terrafertil. The fruit is relatively unknown outside of Latin America, but the Nestle Americas CEO explained that it will cater to consumers who increasingly look too organic products with high nutrient content.
In Spain, the number of pigs has increased by 9 million since 2013, bringing the total to around 50 million, or more than the human population of 46.5 million. The supply has grown as Spain is a particularly large consumer of pork, at around 21kg/year per person. Environmentalist warned of the impact of the growing pig population on the water supply and greenhouse gas emissions.
A French parliamentary committee decided last week that the voluntary approach to cutting the salt content in food has not worked, and legislators suggested that a proposal to enforce reductions could come as early as September. They suggested something similar to the sugar tax which would come into effect over a specified level of salt. The committee highlighted the case of the baguette, after bread makers failed to reach the target to limit salt content to 18g/kg 16 years after making the voluntary commitment.
Sulfoxaflor, one of the pesticides poised to replace neonicotinoids, is just as harmful to bee populations as neonicotinoids, according to a new study published in Nature. In February, the European Food Safety Authority (EFSA) concluded that bee colonies were suffering because of the widespread neonicotinoids use and the EU decided to impose a ban later in April, which was followed by a similar decision from Canada.
Global food waste could end up costing USD 1.2 trillion per year by 2030, according to a new report by the Boston Consulting Group. The report lists a series of ways in which the sector could limit waste and save up to USD 700 billion per year, through specific solutions best adapted to the production, processing, distribution, storage and retail segments. The main driver, however, remains a general lack of awareness, the reports concludes.
Lego’s effort to switch away from using petroleum-based plastics could still be years away, according to the company, who has set a target to use only plant-based sustainable products by 2030. Although the firm has spent about DKK 1 billion (USD 156 million) on research, it is struggling to reproduce the exact feel of each block, which has more or less remained unchanged since 1958. The firm’s CEO said he did not know how the move would impact profit margins or whether the higher cost would be passed on to consumers.
And in case you missed it, Lego pulled an amazing engineering feat last week by building a full-size Lego Bugatti Chiron, complete with a working engine.
This summary was produced by ECRUU
