Latest news with #DavidBranch
Ottawa Citizen
3 days ago
- Sport
- Ottawa Citizen
Greyhounds owner Tim Lukenda wins OHL's inaugural David Branch leadership award
Article content Soo Greyhounds president and governor Tim Lukenda was recognized as the inaugural recipient of the David Branch Leader of the Year Award on Friday morning, presented at the OHL's annual meeting of its board of governors at the JW Marriott Resort in the Muskoka Lakes. Article content Formerly known as the OHL Executive of the Year Award, the honour has not been presented since Mike Vellucci of the Plymouth Whalers won it following the 2012-13 season. The re-introduced award will be given each year to an OHL executive who exemplifies leadership, work ethic, commitment, and dedication. Article content Article content The honour was established in recognition of former commissioner David Branch, who spent 45 years working in the league's front office and retired last summer after first being named to the position in 1979. Article content Article content Lukenda, the first representative in Greyhounds history to serve as chairman of the OHL's board of governors, has been a member of the board since 2017 and has also served on the league's executive council as secretary treasurer since 2019. Article content 'Tim has done a tremendous amount of work and contributed a great deal of his time to not only the Soo Greyhounds, but the Ontario Hockey League as a whole this past year,' said OHL commissioner Bryan Crawford in a news release. 'As Chairman of the Board of Governors, he's been a valuable resource in the transition from David Branch's leadership throughout my first full season in the role of Commissioner. It is only fitting that he receive this award, named in recognition of David, with the tremendous leadership he has demonstrated.' Article content Lukenda's involvement with the Greyhounds spans decades. His father, Dr. Lou Lukenda, acquired majority ownership of the club in 2001, ensuring the club's continued presence in Sault Ste. Marie. Lukenda attended games at the old Sault Memorial Gardens during his youth, leading to his eventual ownership of the club.
CNN
11-02-2025
- Business
- CNN
Chocolate prices are up 20% this Valentine's Day as cocoa prices hit record
It will be harder to find sweet deals on chocolate this Valentine's Day. In fact, the cost of chocolate might put a bitter taste in your mouth. 'This Valentine's Day expect prices for chocolate treats to increase around 10-20% over last year as the price of cocoa has more than doubled since the beginning of 2024,' said David Branch, sector manager at Wells Fargo Agri-Food Institute. The price of cocoa hit a record high of $12,646 per metric ton in December. Years of bad weather in the key cocoa-producing region of West Africa and the cocoa swollen shoot virus disease have hampered production. In the last two years, the cost of manufacturing chocolate has increased by more than 167%, according to the Producer Price Index. 'It really is a mess,' said Branch. Retailers have raised chocolate prices in response. In its 2024 report, Swiss chocolatier Lindt said it was a 'challenging year characterized by record-high cocoa costs, substantial price increases, and weakened consumer sentiment.' The company said it raised its prices and expects that trend to continue in 2025. A 5.7 oz box of Lindt Valentine's heart chocolate candy truffles costs $21.99. Hershey's said it buys cocoa nearly a year in advance, so the cost at the store this Valentine's Day won't reflect today's cocoa prices. A 1-pound bar of Hershey's chocolate costs $14.99. 'We continue to collaborate with our retail partners to ensure we offer a variety of products that meet the right occasions and price points for our consumers,' Hershey's said in a statement. Dirk Van de Put, CEO of Mondelez International, which owns Cadbury and Toblerone, noted the 'unprecedented cocoa cost inflation' this year in the company's 2024 fourth quarter earnings report. Shoppers may be able to skirt higher prices by buying chocolate made with cocoa powder. More premium chocolate contains a higher percentage of cocoa. 'Consider shopping for sweet treats that contain less cocoa, this could mean going for the non-cocoa items or grabbing an item that has a filler and is not 100% cocoa, which will make it cheaper,' Wells Fargo said in a report this month detailing this year's prices. Cocoa futures — what the market believes the next crop of cocoa will be worth — are up 143% in the last year, according to Branch. 'Every time we get rain in West Africa, the futures change. People are watching it that close. It's just crazy. There's a lot of money on the table in this exchange,' said Branch. Cocoa futures on Monday showed cocoa trading for less than $10,000 a metric ton, according to the Intercontinental Exchange. But Branch warns those prices can change very quickly. 'There's still a lot of uncertainty in the market as to whether the harvests are going to be sufficient to erase this deficit with increased demand continuing to go up,' he said. The Ivory Coast and Ghana produce 70% of all cocoa, according to Branch. But over the years, production in these West African countries has become less reliable in the face of unpredictable weather and disease. That leaves opportunities for other countries like Ecuador to get in on cocoa production, Branch said. The caveat is that it takes four to six years to harvest a cocoa tree after it's been planted. '(It's) a long-term solution, but not an immediate fix,' said Branch.
CNN
11-02-2025
- Business
- CNN
Chocolate prices are up 20% this Valentine's Day as cocoa prices hit record
It will be harder to find sweet deals on chocolate this Valentine's Day. In fact, the cost of chocolate might put a bitter taste in your mouth. 'This Valentine's Day expect prices for chocolate treats to increase around 10-20% over last year as the price of cocoa has more than doubled since the beginning of 2024,' said David Branch, sector manager at Wells Fargo Agri-Food Institute. The price of cocoa hit a record high of $12,646 per metric ton in December. Years of bad weather in the key cocoa-producing region of West Africa and the cocoa swollen shoot virus disease have hampered production. In the last two years, the cost of manufacturing chocolate has increased by more than 167%, according to the Producer Price Index. 'It really is a mess,' said Branch. Retailers have raised chocolate prices in response. In its 2024 report, Swiss chocolatier Lindt said it was a 'challenging year characterized by record-high cocoa costs, substantial price increases, and weakened consumer sentiment.' The company said it raised its prices and expects that trend to continue in 2025. A 5.7 oz box of Lindt Valentine's heart chocolate candy truffles costs $21.99. Hershey's said it buys cocoa nearly a year in advance, so the cost at the store this Valentine's Day won't reflect today's cocoa prices. A 1-pound bar of Hershey's chocolate costs $14.99. 'We continue to collaborate with our retail partners to ensure we offer a variety of products that meet the right occasions and price points for our consumers,' Hershey's said in a statement. Dirk Van de Put, CEO of Mondelez International, which owns Cadbury and Toblerone, noted the 'unprecedented cocoa cost inflation' this year in the company's 2024 fourth quarter earnings report. Shoppers may be able to skirt higher prices by buying chocolate made with cocoa powder. More premium chocolate contains a higher percentage of cocoa. 'Consider shopping for sweet treats that contain less cocoa, this could mean going for the non-cocoa items or grabbing an item that has a filler and is not 100% cocoa, which will make it cheaper,' Wells Fargo said in a report this month detailing this year's prices. Cocoa futures — what the market believes the next crop of cocoa will be worth — are up 143% in the last year, according to Branch. 'Every time we get rain in West Africa, the futures change. People are watching it that close. It's just crazy. There's a lot of money on the table in this exchange,' said Branch. Cocoa futures on Monday showed cocoa trading for less than $10,000 a metric ton, according to the Intercontinental Exchange. But Branch warns those prices can change very quickly. 'There's still a lot of uncertainty in the market as to whether the harvests are going to be sufficient to erase this deficit with increased demand continuing to go up,' he said. The Ivory Coast and Ghana produce 70% of all cocoa, according to Branch. But over the years, production in these West African countries has become less reliable in the face of unpredictable weather and disease. That leaves opportunities for other countries like Ecuador to get in on cocoa production, Branch said. The caveat is that it takes four to six years to harvest a cocoa tree after it's been planted. '(It's) a long-term solution, but not an immediate fix,' said Branch.
CNN
11-02-2025
- Business
- CNN
Chocolate prices are up 20% this Valentine's Day as cocoa prices hit record
It will be harder to find sweet deals on chocolate this Valentine's Day. In fact, the cost of chocolate might put a bitter taste in your mouth. 'This Valentine's Day expect prices for chocolate treats to increase around 10-20% over last year as the price of cocoa has more than doubled since the beginning of 2024,' said David Branch, sector manager at Wells Fargo Agri-Food Institute. The price of cocoa hit a record high of $12,646 per metric ton in December. Years of bad weather in the key cocoa-producing region of West Africa and the cocoa swollen shoot virus disease have hampered production. In the last two years, the cost of manufacturing chocolate has increased by more than 167%, according to the Producer Price Index. 'It really is a mess,' said Branch. Retailers have raised chocolate prices in response. In its 2024 report, Swiss chocolatier Lindt said it was a 'challenging year characterized by record-high cocoa costs, substantial price increases, and weakened consumer sentiment.' The company said it raised its prices and expects that trend to continue in 2025. A 5.7 oz box of Lindt Valentine's heart chocolate candy truffles costs $21.99. Hershey's said it buys cocoa nearly a year in advance, so the cost at the store this Valentine's Day won't reflect today's cocoa prices. A 1-pound bar of Hershey's chocolate costs $14.99. 'We continue to collaborate with our retail partners to ensure we offer a variety of products that meet the right occasions and price points for our consumers,' Hershey's said in a statement. Dirk Van de Put, CEO of Mondelez International, which owns Cadbury and Toblerone, noted the 'unprecedented cocoa cost inflation' this year in the company's 2024 fourth quarter earnings report. Shoppers may be able to skirt higher prices by buying chocolate made with cocoa powder. More premium chocolate contains a higher percentage of cocoa. 'Consider shopping for sweet treats that contain less cocoa, this could mean going for the non-cocoa items or grabbing an item that has a filler and is not 100% cocoa, which will make it cheaper,' Wells Fargo said in a report this month detailing this year's prices. Cocoa futures — what the market believes the next crop of cocoa will be worth — are up 143% in the last year, according to Branch. 'Every time we get rain in West Africa, the futures change. People are watching it that close. It's just crazy. There's a lot of money on the table in this exchange,' said Branch. Cocoa futures on Monday showed cocoa trading for less than $10,000 a metric ton, according to the Intercontinental Exchange. But Branch warns those prices can change very quickly. 'There's still a lot of uncertainty in the market as to whether the harvests are going to be sufficient to erase this deficit with increased demand continuing to go up,' he said. The Ivory Coast and Ghana produce 70% of all cocoa, according to Branch. But over the years, production in these West African countries has become less reliable in the face of unpredictable weather and disease. That leaves opportunities for other countries like Ecuador to get in on cocoa production, Branch said. The caveat is that it takes four to six years to harvest a cocoa tree after it's been planted. '(It's) a long-term solution, but not an immediate fix,' said Branch.
