Daily Brief - 26 Mar 2024

Boeing shakes up its leadership to restore trust and safety

Boeing is going through a huge change in leadership after facing a safety crisis. This big shake-up was pushed by the heads of major US airlines who met with Boeing's board to voice their concerns, particularly about the safety of Boeing's planes.

Dave Calhoun, the CEO, along with two other top executives, will be stepping down. Boeing is now facing the task of winning back the trust of airlines and passengers, while also dealing with financial losses and safety investigations.

The company is also planning its first new jetliner in 20 years, showing a glimpse of hope for a fresh start and better future.

Canva strikes biggest acquisition yet in chase to take on Adobe

Canva, has made a bold move by acquiring the Affinity suite, known for its creative tools that rival Adobe's offerings. The deal, a mix of cash and stock, represents Canva's largest acquisition yet, valued at several hundred million pounds.

This significant step is part of Canva's aggressive strategy to expand its professional tools and compete directly with Adobe. Canva's growth has been remarkable, with its valuation hitting $26 billion recently, and it now adds the 90-person team from Serif, the UK-based creators of Affinity.

This acquisition enriches Canva's AI-powered design capabilities and marks its serious commitment to capturing the professional graphics market.

Cocoa is more expensive than copper as it tops $9,000

Cocoa prices have hit a record high, soaring past $9,000 per ton due to a supply shortage, marking a significant 60% increase in March alone.

This surge is attributed to poor harvests in West Africa, exacerbated by adverse weather and crop diseases. The situation is further strained by financial challenges in Ghana, a key cocoa producer, affecting its ability to pay farmers.

As cocoa becomes more expensive than copper, chocolate costs are set to rise, impacting everything from Easter eggs to chocolate bars. This price hike could make Easter 2025 chocolates even pricier, especially if current production challenges persist.