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Sep 15, 2023 • 4 min read

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Colombian Cocaine Exports:

Cocaine is set to surpass oil as the leading export from Colombia. This shift is largely due to the Colombian government's more lenient drug policies, which have resulted in a surge in cocaine production. In 2022, the export value of cocaine reached an estimated $18.2 billion, while oil exports experienced a 30% decline in the first half of that year. Economists anticipate that by the end of 2023, cocaine could emerge as Colombia's top export.
Meanwhile, cocaine production has also seen a rise in other South American nations such as Peru and Bolivia, especially during the economic downturn caused by the 2020 COVID-19 pandemic. Data from the United Nations drug agency (UNODC), reveals that Colombia's potential coca cultivation increased by 24% between 2021 and 2022, totaling 1,738 metric tons.

Italian Immigrant Crisis:

Migrants are arriving in unprecedented numbers on the small Italian island of Lampedusa from the Tunisian coast, with nearly 7,000 arriving in just three days. This influx has intensified scrutiny on Italy's Prime Minister Giorgia Meloni, who had promised to curb immigration during her campaign.
Despite a recent agreement with Tunisia to prevent migrant departures, arrivals have doubled this year, reaching 123,800. Lampedusa declared a state of emergency due to the influx. Critics, both from the right and left, argue that Meloni has failed in her promise to halt immigration. Additionally, Germany and France are taking measures to prevent migrants from leaving Italy.
Italy is struggling to manage the situation, with even the mayor of Lampedusa stating that the current situation is unsustainable. Various reasons are attributed to the rise in migrant numbers, including poor weather patterns and a rise in migrations from Tunisia, which has now surpassed Libya as the primary departure point to Europe. As arrivals increase, there are indications that Meloni's agreement with Tunisia might not be yielding the desired results.

Birkenstock IPO:

Birkenstock, the German footwear brand, has announced plans to conduct an IPO on the New York Stock Exchange, using the trading symbol "BIRK." Reports from the Financial Times suggest the company is aiming for a valuation that surpasses $8 billion.
Despite witnessing a 19% revenue growth in the six months up to March, the company faced a 45% drop in net profits, attributing the decline to increased costs of labor and materials.
Tracing its roots back to 1774 with founder Johannes Birkenstock, the brand underwent significant change in 2021 when the majority of the company was sold to L Catterton, a private equity firm supported by LVMH. Nonetheless, the Birkenstock siblings, Christian and Alex, maintained a minority ownership in the company.

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