Daily Archives: July 7, 2015

  • Greece's olive oil and how it may affect the US market

    Greece isn’t a major exporter to the U.S., though the country provides about 25 percent of the European Union’s olive oil. The Association of Cretan Olive Municipalities told Olive Oil Times last month that Greece’s referendum announcement and bank holiday stopped bulk olive oil transactions. The association did not respond to a request for comment from ABC News.
    But other economists fear the larger macroeconomic effects of a “Grexit.”

    “Turmoil in Greece and a potential exit could cause market shock waves in the U.S.,” said Lindsey Piegza, Stifel’s chief economist.
    She added, “Equity markets are likely to stumble under the blanket of not knowing what is next.”
    First, there is uncertainty over what could happen to the U.S. dollar.

    “Fears of what a Grexit means and the possible contagion to other indebted countries is likely to cause volatility first and foremost, with upward pressure on the U..S dollar,” she said.
    The value of the U.S. dollar closely affects the country’s many exporters.

    “Already a strengthening dollar has eroded exports and manufacturing, sending business and revenues overseas a trend that will likely be exacerbated,” she said.
    There’s also concern about not only the U.S. equities but also the bond market.

    Piegza adds that a “flight to quality” trade is already underway with yields on German and U.S. bonds falling and peripheral yields on the rise.
    Europe is more exposed to Greek’s financial problems. The euro slid to a one-week low against the dollar recently before bouncing back today to more than $1.10.

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    Greece isn’t a major exporter to the U.S., though the country provides about 25 percent of the European Union’s olive oil. The Association of Cretan Olive Municipalities told Olive Oil Times last month that Greece’s referendum announcement and bank holiday stopped... 
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  • The next 48 hours will be crucial for Greece

    Greek Prime Minister Alexis Tsipras heads Tuesday to Brussels, where he will try to use a bailout referendum victory to obtain a rescue deal with European leaders. Tsipras faces intense pressure from creditors abroad and banks at home who all demand what Greece lacks: money.

    As the Greek leader readied proposals to restart bailout talks, the situation was complicated by the European Central Bank’s refusal late Monday to increase assistance for Greek banks desperately needing cash and facing imminent collapse unless a rescue deal is reached.

    A hastily called meeting of eurozone finance ministers is slated for Tuesday afternoon, and a full summit of the leaders of the 19 euro countries was to be held that evening.

    With Greece’s future in the European Union and its euro currency at stake, a Monday meeting between German Chancellor Angela Merkel and French President Francois Hollande in Paris set the tone for the Brussels talks.

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    Greek Prime Minister Alexis Tsipras heads Tuesday to Brussels, where he will try to use a bailout referendum victory to obtain a rescue deal with European leaders. Tsipras faces intense pressure from creditors abroad and banks at home who all demand what Greece lacks: money. As... 
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  • German taster, creator of the World's Best Olives Oils, Heiko Schmidt comments IOC's new requirements

    The International Olive Council (IOC) published during May an open letter to the organizers of olive oil awards lo let them know that they plan to support those contests that met minimum requirements regarding sample representativeness and the skills of judges. Some of the most prestigious Spanish experts and tasters and organizers of several of the most recognized international competitions in the sector offered Spanish magazine Mercacei their particular views on the initiative.

    German taster, creator of the World's Best Olives Oils, Heiko SchmidtNow it is the German taster, creator of the World’s Best Olives Oils, Heiko Schmidt who offers his opinion on the matter.

    The first aim of contests should be promoting the consumption of extra virgin olive oil, letting consumers know what are the best juices of each campaign and rewarding that way producers year after year in their strive for perfection and excellence in the development of our beloved olive juice.

    Having said this, I want to emphasize the views that have expressed my friends and taster teammates Juan Ramón Izquierdo, Mª Paz Aguilera and Marino Uceda, three of the most experienced people in sensory analysis of EVOO and whom I owe most of my knowledge on the subject.

    Any producer, with the necessary knowledge and equipment, is theoretically capable of producing a small batch of 1,000 l. of unparalleled quality. This referes to what my friend Juan Ramón called a “design oil”, which is also aimed at achieving the highest possible score on the criteria established in the tasting profile of contests. However, this “design oil” is not what we want, since it does not reflect the rest of the production. The real challenge and accomplishment is to produce the maximum amount of juice of excellent quality, as we get from the 25 leaders of our global ranking. They are all produced in one and five uniform batches of between 50 and 150 thousand kilos with the desired characteristics. So I defend with all my heart the criterion of minimum production of a homogeneous batch of 3,000 l. requested by the IOC.

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    The International Olive Council (IOC) published during May an open letter to the organizers of olive oil awards lo let them know that they plan to support those contests that met minimum requirements regarding sample representativeness and the skills of judges. Some of the most... 
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  • Morocco Among World’s Largest Olive Oil Producers and Exporters

    Morocco has become one of the world’s major producers and exporters of olive oil, with an annual net production that exceeds 140, 000 tons.

    Exporting over 45,000 tons of olive oil per year, Morocco has landed 5th in the list of world’s largest oil exporter after Spain, Tunisia, Italy and Greece, said the weekly Maroc Hebdo.

    Morocco also ranks 5th in the list of the global olive oil producers. Morocco has doubled the net production in six years to 1.5+ million metric tons. It increased from 120,000 tons to 140,000 tons.

    Morocco produced more table olives than Tunisia in 2012. Morocco produced 100 thousand tons while Tunisia 24 thousand tons, only.

    The quality of the Moroccan olive oil attracted the attention of the European Union and the United States of America, which became Morocco’s key customers.

    Olive oil is mostly exported in bulk from Morocco and Tunisia to Spain and Italy who further process it into virgin and extra-virgin olive oil and re-brand it as a product of Spain and Italy.

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    Morocco has become one of the world’s major producers and exporters of olive oil, with an annual net production that exceeds 140, 000 tons. Exporting over 45,000 tons of olive oil per year, Morocco has landed 5th in the list of world’s largest oil exporter after Spain, Tunisia,... 
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