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Compass News
CIG preps for upcoming evaluation
Cayman is gearing up for the upcoming evaluation of its regime to fight financial crime, and the Caribbean Financial Action Task Force was on the ground this week training AML/CFT frontline teams on what’s to come.
| 00:01:22
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Cayman Compass
Bittersweet pleasure as chocolate prices soar
Sweet-toothed Caymanians have been left with a bitter taste in their mouths after rocketing cocoa prices and a world shortage have pushed the raw material price up by as much as three times over three years.
Cake makers, supermarkets and stores have all been forced to raise prices on chocolates and chocolate confections and to get more creative as the cocoa shortage deepened.
The average cocoa price on the world market was US$2.39 per kilogram in 2022, $3.28 per kg in 2023, $7.33 per kg in 2024 and, at present, about $8 per kg, according to global data platform Statista.
Lori-Ann Foley, owner of The Cake Studio, which makes cakes into works of art, said the cost of raw materials had shot up, but she had refused to compromise on quality, so she had been forced to put up prices.
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