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Category: Food

Retail News Asia is committed to providing both local and global retailers with the latest Food and Food & Beverage news throughout the Asian market. This on a daily base.

  • Pepsi heads back to the 90s in major logo revamp

    Pepsi heads back to the 90s in major logo revamp

    Pepsi has unveiled its new logo and visual identity, making it the first update of the Pepsi globe logo in 14 years. Rolling out the new look in North America later this year, in time for the brand’s 125th anniversary, Pepsi will introduce it to the rest of the world in 2024.

    According to Pepsi, the new logo and visual identity pays homage to the brand’s heritage while being forward-looking in terms of sustainability. Reminiscent of the 1990s version of the logo, which according to Pepsi’s chief marketing officer, Todd Kaplan, has made an impression with consumers and stuck, the new logo is modernized and bolder with a different font and font color as well as a new border.  While the previous font had a lower-case Pepsi sitting shyly next to the globe with a pastel blue background.

    Kaplan said that Pepsi is a “bold and confident brand” that stands for “unapologetic enjoyment” this was unfortunately not being delivered by the brand’s current logo and as such in need of a change. He added that the new visual system brings out the best of the Pepsi brand’s rich heritage while taking a giant leap forward to set it up for success in an increasingly digital world.

    Along with the updated color palette and modern, custom typeface, he explained that the new design also includes the signature Pepsi pulse, which evokes the “ripple, pop, and fizz” of Pepsi-Cola with movement.

    “We couldn’t be more excited to begin a new era for Pepsi, as this exciting new and modern look will drive brand distinction to show up bigger and bolder and help people find new ways to enjoy the things they love unapologetically,” Kaplan said.

    Mauro Porcini, chief design officer of PepsiCo said that the new brand identity was mainly designed to connect with future generations with the brand’s heritage by “marrying distinction from our history with contemporary elements to signal our bold vision with what is to come.”

    He added that in an increasingly digital world, the revitalized and distinct design hopes to introduce more movement and animation into the visual system, unlocking more flexibility for Pepsi to move between physical and digital spaces.  Especially in the age of the metaverse, brand identities need to be agile in moving from retail shelves to the metaverse to maintain its relevance.

    Meanwhile, Pepsi has also upped its marketing antics. Following the celebrated debut of the Pepsi Zero Sugar “Great Acting or Great Taste?” campaign during Super Bowl, Pepsi has made the fictitious character Derek Zoolander as its new face.

    As part of the campaign, Zoolander is asking cola drinkers to taste Pepsi Zero Sugar and decide for themselves if the new and improved Pepsi Zero Sugar is actually “really really” delicious tasting, or just a result of Zoolander’s one-of-a-kind modeling slash acting.

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  • Vietnam’s rice exports rise 30%

    Vietnam’s rice exports rise 30%

    Vietnam’s rice export value rose 30.2% in the first quarter despite export volume falling 19.2%.

    According to a Ministry of Agriculture and Rural Development report, the country shipped 1.79 million tons of rice worth $952 million abroad in the period.

    The average export price reached $531 a ton, up 9.2% over the same period in 2022. The hike is mainly because shipments to China are recovering, and Indonesia is also buying more to build up national reserves.

    At a conference on rice exports at the end of February, Nguyen Ngoc Nam, Chairman of the Vietnam Food Association (VFA), predicted that rice prices will remain high in the second quarter.

    According to the UN Food and Agriculture Organization (FAO), many countries are at risk of drought in the second half of the year, so food production may decline. As a result, they are increasing the purchase of rice to ensure food security.

    This is an opportunity for Vietnamese rice exports to benefit, said experts.

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  • Vietnam-grown Musang King durian more expensive than imports

    Vietnam-grown Musang King durian more expensive than imports

    A kilogram of Vietnam-grown Musang King now costs VND1.5-1.8 million ($64-$76), 20% higher than imports of the same varietal.

    A kilogram of husked local Vietnamese Musang King ranges from VND500,000-850,000 per kilogram, equivalent to VND1.5-1.8 million per kilogram (husk removed). The price has increased 10% over a year ago.

    Malaysia’s Musang King is considered the “best durian in the world” and is currently grown by Vietnamese farmers in the Central Highlands and the Mekong Delta.

    The fruit regularly sells out at local markets, and buyers must wait two weeks and a month to receive their stocks.

    Oanh, a durian connoisseur in Ho Chi Minh City, said Musang King durian flesh is fragrant, supple and fat. “I have to pay deposits a month in advance to receive the goods.”

    A fruit shop in Hanoi also reported that it had just sold 10 unhusked Musang Kings for VND700,000 per kg (2-4 kg per fruit).

    “Since it is a fallen fruit, and is shipped by air, the quality is high. No matter how many we have, customers buy them all,” the store manager said.

    Explaining the high price of Vietnam-grown Musang King durian, Can Tho wholesaler Dang Manh Khuong said that durian is currently out of season, so low supplies have led to increased demand.

    “I can only find a few dozen Musang Kings to buy a day, sometimes 2-3 quintals at most,” he said.

    Hoa, who owns about 50 Musang King trees in Can Tho, said that her garden only has a few trees that bear fruit early, so most of her crop will not be harvested until August.

    Vietnamese farmers here can grow the fruit in the offseason, while other regional producers cannot.

    In addition to scarce supply, according to traders, the fresh Vietnam-grown varietal has higher transportation costs, and is more difficult to preserve than frozen imported goods, so the price is higher.

    “In July-August, when this fruit is in full season, and output is high, the price will cool down,” Khuong predicted.

    Musang King durian is oval, not too large, and weighs 2-4 kg. The husk is dark green and has huge spikes. A groove in the middle of the peduncle and stem characterizes the species.

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  • Kinder Bueno rolls out new chocolate eggs for Easter

    Kinder Bueno rolls out new chocolate eggs for Easter

    Confectionary giant Ferrero has rolled out a new Kinder Bueno chocolate range for Easter.

    The company described its new range as “addictive as they sound” and “filled with zero regrets”.

    “What’s more important than winning your family’s easter egg hunt?” said the chocolatier. “We make sure you arrive with the ultimate chocolate advantage to entice more action in the hunt”.

    The Easter chocolate range features:

    • Kinder Bueno Eggs: A milk hazelnut filling surrounded with crispy wafer and coated in chocolate.
    • Kinder Easter Hollow Figures 35g: Available in six spring figures.
    • Kinder Joy 20g.
    • Kinder Mini Eggs 100g.

    The new Kinder Bueno Easter Range is available at Coles, Metcash, and Target.

  • Starbucks expands Laos network with second Vientiane store

    Starbucks expands Laos network with second Vientiane store

    As part of its continued expansion in the market, Coffee Concepts (Laos) Limited, Starbucks operating licensee in Laos, today announced the opening of its second store in View Mall in the capital city, Vientiane. Following the opening of its first location in Parkson Laos just five months ago, customers can now also enjoy the Starbucks experience in the new store in View Mall.

    The new Starbucks store in View Mall, Laos, is designed to provide customers and partners an immersive and visually striking coffee experience. The colorful and vibrant underwater world inspires the design, featuring soft light blue and orange accent colors contrasting with black textured paint.

    This creates a joyful and magical oasis-like atmosphere inviting our customers and partners to connect over a cup of coffee. The sophisticated tube ceiling feature stretches over the ceiling from the entrance to the bar, and throughout the store, highlighting the bar as the store’s focal point that showcases coffee and connections.

    To celebrate the opening of the second store in Laos, the first 100 Starbucks customers to visit the store will receive a drinkware gift upon purchase of a Grande or Venti size handcrafted beverage, as a token of gratitude.

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  • Bundaberg Rum brings a fan-favourite flavour to life

    Bundaberg Rum brings a fan-favourite flavour to life

    A world-famous Queensland distillery has joined forces with a popular local brewery to create something unique and exciting – and some big fans couldn’t be more chuffed.

    Beer and rum lovers will be happy to hear of the newest collaboration between the brewers at the Sunshine Coast’s Eumundi Brewery and the famous Bundaberg Rum Distillery team.

    They have concocted a new combination – Bundy Rum and Eumundi beer.

    Avid Bundy rum devotee, Queensland Senator James McGrath, said he has loved Bundy’s smooth and rich taste since he could legally drink.

    “It is the taste of Queensland in a glass,” the Senator said.

    “The new EU-BUNDY collaboration is a perfect marriage of two Queenslanders. Bring it on.

    “I’m as excited as a frog in a sock to try the new EU-BUNDY spiced rum lager.

    A world-famous Queensland distillery has joined forces with a popular local brewery to create something unique and exciting – and some big fans couldn’t be more chuffed.

    Beer and rum lovers will be happy to hear of the newest collaboration between the brewers at the Sunshine Coast’s Eumundi Brewery and the famous Bundaberg Rum Distillery team.

    They have concocted a new combination – Bundy Rum and Eumundi beer.

    Avid Bundy rum devotee, Queensland Senator James McGrath, said he has loved the smooth and rich taste of Bundy since he could legally drink.

    “It is the taste of Queensland in a glass,” the Senator said.

    “The new EU-BUNDY collaboration is a perfect marriage of two Queenslanders. Bring it on.

    “I’m as excited as a frog in a sock to try the new EU-BUNDY spiced rum lager.”

    The drink has been described by its creators as “a classic Aussie Lager mixed with a classic Aussie Rum” and “A lagery lager with Bundaberg Spiced Rum – lightly infused with hints of vanilla and aromatic spices.”

    Nambour resident, former 2011 MasterChef contestant and keen Bundy Rum fan, Jay Huxley has collected and drank the Queensland favorite for more than 20 years.

    When Mr Huxley’s father lived in Bundaberg, he was able to up his collectors game, by getting his dad to make special trips to the distillery to buy him exclusive and limited edition bottles.

    The local catering business owner and chef even incorporates spiced rum flavours and deserts created with Bundy Rum as a base.

    “Over the years I’ve gathered quite a collection and developed a keen appreciation for it,” Mr Huxley said.

    “Bundy itself is uniquely Australian and I love the taste.”

    He said the new EU-BUNDY collaboration was extremely exciting, as both businesses produced consistently quality products.

    “I can’t see it not being amazing; being from these two places, pretty much everything both of them do is great,” he said.

    “I am very interested to try the new spiced lager and will certainly keeping an eye out for it and trying it out.”

    Eumundi Brewery Head brewer Chris Sheehan said the partnership continues to combine two of the finest Queensland producers – Eumundi Brewery and the Bundaberg Rum Distillery – with strong local roots.

    “When we released the EU-BUNDY Black Rum and Plum Pudding Ale last year, we were astonished by its popularity, with people lining up to get their hands on the festive release,” Mr Sheehan said

    “We’re confident this classic blend will be the cheers of the town and is bound to be a hit with those looking to crack open a cold one … or a great pairing to enjoy themselves this summer.”

    The Bundaberg Rum Distillery’s Duncan Littler was also eager to welcome the new lager, which he describes as “the best of the two best worlds, in one can”.

    “We are using a crisp Lager base and combining it with our Bundaberg Spiced Rum, giving drinkers a cracking rum infused beer that has a super refreshing taste,” he said.

    A limited release of the Eu-Bundy Spiced Rum Lager will be available at the Bundaberg Rum Distillery, The Imperial Hotel Eumundi, online at eumundibrewery.com.au, and other select stores in Queensland. The limited-edition EU-BUNDY Spiced Rum Lager hit stores earlier this week.

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  • Paris Baguette opens its first store in Canada

    Paris Baguette opens its first store in Canada

    Bakery cafe franchise Paris Baguette is opening its first Canadian storefront, kicking off the brand’s planned expansion into Canada. The bakery cafe offers coffee bar drinks, bread, pastries and cakes. Paris Baguette plans to open seven more locations across Canada this year, as well as more than 64 new storefronts in the United States.

    “The expansion of our bakery cafes into Canada marks an exciting period of growth for Paris Baguette,” said Darren Tipton, chief executive officer, Paris Baguette North America. “We can’t wait to celebrate moments of joy with our guests as we establish our neighborhood bakery cafes in Toronto and bring our vision to life throughout Canada.”

    The new Toronto location boasts a 2,300-square-foot cafe space with seating for up to 20 guests. An open kitchen design allows customers to observe bakers at work while a center island displays some of the cafe’s signature baked foods.

  • McDonald’s Korea fined for breach of customers’ personal data

    McDonald’s Korea fined for breach of customers’ personal data

    McDonald’s Korea was given a fine of 696 million won ($532,110) on Wednesday after the personal data of 4.87 million customers was leaked to hackers due to the firm’s lax data management.

    The Personal Information Protection Commission handed out the fine to the Korean branch of the American fast food chain, along with a financial penalty of about 10 million won for the data breach.

    According to the commission’s findings, McDonald’s Korea did not perform sufficient access control, leaving a backup file containing the personal data of its restaurant and McDelivery customers accessible via protocols for file sharing.

    As a result, the personal data of more than 4.87 million customers was hacked and leaked. McDonald’s Korea was also found to have not destroyed the personal data of 766,846 customers for whom the data retention period had expired, and belatedly notified authorities and customers of the data leakage.

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  • Aldi named Best Sustainable Seafood Supermarket

    Aldi named Best Sustainable Seafood Supermarket

    Aldi has overtaken Sainsbury’s as the most sustainable supermarket for seafood, according to MSC league tables released today.

    Though Sainsbury’s remained top of the NGO’s table in terms of the volume of MSC-certified products, the percentage of Aldi’s seafood range that was MSC certified rose from 69% last year to 79%. Some 76% of Sainsbury’s range was MSC certified.

    The discounter’s smaller range meant the addition of 11 certified products took it to the top of the table, with a total of 85 MSC-approved seafood SKUs.

    Nine of the 10 supermarkets surveyed by the MSC were stocking more MSC-certified SKUs than in 2017, the survey found, with Asda and Tesco the fastest-growing (adding 35 and 33 certified products to their ranges respectively). Iceland was not surveyed by the MSC in 2017, but came bottom of the table in 2018’s rankings, with just one product, equivalent to 3% of its fish range.

    Morrisons remained near the bottom of the table with 4% of its fish products carrying the MSC logo, though it added five certified products. Sainsbury’s added the fewest new products, extending its certified product range by one to 226 from 2017 to 2018.

    “Our approach is to provide our customers with fresh, sustainably sourced fish and this is reflected in the MSC’s findings,” said Aldi MD of buying Julie Ashfield. “Customers know that shopping at Aldi means they can enjoy quality, responsibly sourced products, at affordable prices.”

    It follows a move by Aldi to launch a responsibly sourced assurance scheme for own-label fish in November. Its Love Fish signage would appear on products sourced in accordance with a “range of standards including MSC and ASC certification,” it told The Grocer last year.

    Overall, British supermarkets were selling more sustainable seafood than ever before, with offerings increasing 60% since 2016, said the MSC. More than 20,000 seafood products worldwide carry the MSC blue tick label.

    “The majority of British supermarkets are making a real investment in the future of their seafood,” said MSC programme director Toby Middleton.

    “Consumers are not powerless in making sustainable choices. Our league table shows that retailers are offering their customers clear labelling and the chance to make a difference, helping to protect fish stocks for our children and our grandchildren.”

  • EU considers loosening controls on Vietnamese noodles

    EU considers loosening controls on Vietnamese noodles

    According to the Vietnam Trade Office in Belgium, the European Union (EU) is considering a proposal to reduce food safety control measures on instant noodles imported from Vietnam.

    Since February last year, 20% of Vietnamese instant noodle shipments exported to the EU have been subject ethylene oxide level inspections. All shipments have been required to come with health certificates issued by Vietnamese regulatory agencies.

    According to the Vietnamese Ministry of Industry and Trade, in the second half of 2022, the EU found no ethylene oxide, an organic compound with various applications (including disinfection and sterilization), in Vietnamese instant noodles.

    Therefore, the EU has proposed not requiring health certificates for instant noodles imported from Vietnam, reported the office.

    According to the office, the proposal is expected to be approved by the block’s member states at a meeting in April.

    By the end of February, the Ministry of Industry and Trade had issued 3,170 health certificates to exporters of instant noodles to the EU market through 21 ports.

    Germany is the largest import of instant noodles from Vietnam, accounting for over half of the certificates issued.

    In August 2021, a number of batches of Vietnamese instant noodles exported to the EU market were returned or destroyed due to residues of ethylene oxide exceeding the permissible level stipulated by the EU.

    Currently, each country and region has different regulations on ethylene oxide.

    Ethylene oxide is commonly used as a highly effective disinfectant and fumigation agent in a number of agricultural products, especially spices and herbs.

    Consumption of products containing ethylene oxide does not pose an acute health hazard but can cause cancer if taken regularly for a long time.

    In many European countries, 2-chloroethanol, a metabolite of ethylene oxide, is considered ethylene oxide when they calculate the ethylene oxide content in foods.

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  • Durian prices plunge by half

    Durian prices plunge by half

    Durian prices have plunged by half in nearly two months as harvest season approaches and supply is abundant.

    Farmers in the southern provinces of Tien Giang, Long An, Binh Phuoc, and Dong Thap sell their Ri6 durian for VND75,000-VND85,000 per kilogram ($3.19-$3.62), down from VND190,000 in earlier February.

    Lanh, a farmer in Tien Giang, said he sold seven tons of durian for VND75,000.

    “I sold quickly due to a fear of a steeper plunge,” Lanh said.

    In Can Tho City, Hanh is selling the lower quality durian for VND45,000 per kilogram, down by half from last month.

    Prices are set to fall further as harvest season in Binh Phuoc and Dong Nai provinces approaches, she added.

    Van Hoa Investment and Development, which buys durian from farmers for export, is offering VND95,000 per kilogram for the highest quality and VND75,000 for the medium segment. The company buys 20-30 tons a day from suppliers.

    Traders say that the increase in supply as the harvest season approaches has pulled down durian prices. Furthermore, other fruits, such as rambutan and plums, will be harvested soon, which will make durian less attractive.

    Prices could fall even further in May when durian farms in the central highlands begin to harvest.

    Vietnamese durian will also have to face competition in the summer with durian from Thailand and the Philippines.

    Vietnam’s durian farming area reached 110,000 hectares by the end of last year after the country was allowed to export the fruit officially to China. This exceeded the government’s plan by nearly 47%.

    In the first two months this year some farmers in the southern and central highlands regions even chopped down coffee, pepper and rice to grow durian as prices surged.

    China is also growing its own durian to meet domestic needs. The country has 93.3 hectares of the fruit on Hainan Island.

    The Laos government has agreed to set aside 30,000 hectares of agriculture land to grow durian specifically for the Chinese market. This is equivalent to around 27% of Vietnam’s durian farming area.

    The Philippines, which earlier this year received permits from China for fresh durian exports, plans to send 54,000 tons of the fruit to the market of 1.4 billion people this year.

    The Vietnamese Ministry of Agriculture and Rural Development has advised farmers to stop switching en masse to durian farming to prevent an oversupply.

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  • Vietnam rice price on top of the world

    Vietnam rice price on top of the world

    Vietnamese 5% broken rice has been the most expensive in the world since August last year, surpassing rivals Thailand and India, according to the Ministry of Industry and Trade.

    In the first two months of this year Vietnam’s average rice price was over $519 per ton. Since August last year, it has exceeded Thai prices by $15-27 and prices from India by $40-50.

    Although Vietnamese export volumes dropped 20.9% year-on-year to $400,000 tons in January, prices rose 7%.

    Last year rice exports from Vietnam reached a 10-year high of 7.1 million tons.

    The country plans to export 6.6 million tons of rice this year, with 4.12 million tons in total scheduled to be delivered by the end of the first six months.

    Favorable export conditions are expected to return this year thanks to a resumption in demand from Indonesia and Bangladesh.

    Buyers will increasingly turn to Vietnam for rice as India has banned the export of broken rice and put a 20% tax on white rice.

    But the Ministry of Industry and Trade is concerned that the need for more diversification in export markets and dependence on China and the Philippines (the latter being the largest buyer of Vietnamese rice, accounting for 45% of exports) will be a challenge to the industry.

    Low-priced rice from Pakistan may also present a challenge to holding market shares.

    Input prices have been rising and logistics costs have remained high since the beginning of the Russia-Ukraine conflict.

    The trade ministry is working with the E.U. to better introduce the import of Vietnam fragrant rice on the continent.

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  • Jollibee Foods Corporation gears up to open 600 stores this year

    Jollibee Foods Corporation gears up to open 600 stores this year

    Home-grown fast food giant Jollibee Foods Corp. (JFC) is planning to expand its global presence by opening up to 600 new stores this year.

    In a Thursday disclosure to the Philippine Stock Exchange, JFC said it plans to open 550 to 600 owned and franchised stores in 2023.

    With this, the company expects its capital expenditures to range from P17 billion to P19 billion this year.

    This year, the quick-service restaurant chain’s expansion plan could be the biggest in its history, exceeding the record 542 stores openings in 2022.

    At the end of 2022, JFC operated 6,480 stores worldwide —3,285 in the Philippines and 3,195 internationally.

    The company booked a net income of P7.338 billion in 2022, up 33.4% from P5.502 billion in 2021 driven by P211.9 billion in revenues, which grew by 38% year-on-year.

    “Looking ahead, while we expect macroeconomic challenges to persist in 2023, we are confident that the JFC Group is resilient and well-positioned to drive near-term growth. We have clear priorities on profitability while we continue to invest strategically to deliver long-term growth and value for our shareholders,” said JFC CEO Ernesto Tanmantiong.

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  • Luckin Coffee to make Southeast Asia debut in Singapore this month

    Luckin Coffee to make Southeast Asia debut in Singapore this month

    Luckin Coffee, the once-troubled Chinese coffee chain, is slated to open up locations in Singapore as early as this month.

    The development follows the coffee chain’s job postings earlier this year looking for store managers in the city-state. It also aims to fill marketing, project management, and engineering roles.

    The firm also previously told Chinese media that it was conducting preliminary testing in Singapore and reiterated its core focus in its home country.

    Luckin Coffee was once considered China’s answer to Starbucks. However the US Securities and Exchange Commission slapped the company with a US$180 million fine after it was revealed that the firm had misreported financial statements. It went into restructuring and emerged in April last year.

    In its most recent financial report, Luckin Coffee said it logged US$1.9 billion in total net revenue for its 2022 financial year. It has over 8,200 stores in China.

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  • Beverage industry lobbies against taxing sweetened drinks

    Beverage industry lobbies against taxing sweetened drinks

    Drink makers are lobbying against levying a special consumption tax on sweetened beverages, arguing that they do not contribute to health problems such as obesity.

    At a Wednesday workshop to discuss draft amendments to the Law on Special Consumption Tax, Nguyen Thi Lam, former deputy director of the National Institute of Nutrition, cited data showing that obesity is related to an imbalance between energy intake and outtake, and the frequency of physical activity.

    “Fat in food causes overweightness and obesity more than drinking soft drinks. There is no link between sweetened beverages and obesity,” she said.

    The Ministry of Finance is again considering imposing a tax on sweetened beverages eight years after failing to get other ministries to back it. The ministry said that a “reasonable” special consumption tax on sugary drinks would help protect people’s health in line with World Health Organization recommendations and international practices.

    Chris Vanloon, Chairman of the American Chamber of Commerce (Amcham) in Da Nang, said there is currently no definition of “sugary drinks,” so on the basis that the Ministry of Finance provides, the special consumption tax could be imposed on milk, dairy products, special foods for children and women, as well as sports drinks with electrolytes.

    Do Thai Vuong at the Vietnam Beer-Alcohol-Beverage Association said the beverage industry is still recovering from the Covid pandemic, facing global economic uncertainties and increased production costs.

    Beverage businesses need a stable tax policy environment to return to the numbers they were putting up pre-pandemic, Vuong said.

    He added that imposing the tax would be discriminatory without solving any public health problems.
    The proposed policy would also cause unwanted consequences for related industries, such as sugar, retail, and packaging, he said.

    A manager of Heineken Vietnam stated that the Ministry of Finance’s introduction of barley and non-alcoholic beverages into the taxable category was unreasonable.

    According to him, similar factors in terms of materials, processing, forms and flavors are not a legal basis for imposing a special consumption tax.

    “It is also inconsistent with the purpose of this tax — restricting or discouraging the consumption of products that are harmful to health,” he said.

    Businesses say they want to give regulators more time to analyze and evaluate relevant factors comprehensively and thus develop a suitable tax schedule to avoid negative impacts on consumers and businesses.

    However, Dinh Trong Thinh, an expert from the Vietnam Academy of Finance, said the tax rate could be 10%, similar to what Cambodia now applies.

    In 2014 the Ministry of Finance had formerly proposed a similar 10% special consumption tax on sweetened beverages, but other ministries opposed it.

    It is also considering hikes in the special consumption tax on beer, other alcoholic beverages and cigarettes.

    Between 2016 and 2019 it had increased the rate on beer and certain alcoholic beverages from 55% to 65% and on cigarettes and cigars from 70% to 75%.

    At the workshop, businesses suggested delaying the hikes, at least until 2025.

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