This week, Italian coffee maker Lavazza cautioned that it was expecting a highly challenging 2022 due to an increase in prices of raw material. This comes after it reported a strong increase in profits in 2021.

The world-famous family-owned company also announced that it has halted all business activity in Russia, and has temporarily suspended distribution in Ukraine.

In a statement, the coffeemakers said the company will have to tackle “an extremely complex and challenging 2022,” citing the rise in raw materials as the major issue.

“First and foremost, green coffee, but also packaging, energy, logistics – and the risks deriving from the dramatic current geopolitical situation,” Chief Executive Antonio Baravalle said.

The Turin-based group also shared that price increases were mainly caused by supply chain issues as well as damage stemming from weather events.

Goods around the world are seeing an increase in prices due to a combination of supply chain issues that started as economies emerged from pandemic related restrictions, and now the geopolitical disruptions being caused by the war in Ukraine.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) came in at 312 million euros ($337.93 million) in 2021, up 23.3 per cent on 2020.

$1.3 million worth of nickel owned by JPMorgan Chase was just bags of rocks

March 21, 2023
by Arnas Lasys

The nickel was bought by the bank from the London Metals Exchange

UBS to buy ailing Credit Suisse in emergency rescue deal

March 20, 2023
by Robert Fenech

The move was welcomed by banking regulators around the world

Protests erupt as French President forces retirement age hike without a vote

March 17, 2023
by Arnas Lasys

The pension reform increases the age of retirement from 62 to 64