Coffee prices surged this week to multi-year peaks, extending stellar gains this year after frost damaged crops in the world’s biggest producer Brazil.
The futures price for arabica coffee, one of the South American nation’s top commodity exports, soared Friday to just over $2 a pound, the highest level since 2014.
The commodity has rocketed by a blistering 60 percent since January.
Trouble is brewing in America. The reopening economy’s hunger for goods from China, and for the containers that carry them, has left importers of coffee, of which the average American guzzles two cups a day, struggling to ship the stuff from Brazil. They are using whatever they can get, says Janine Mansour of Port of New Orleans, where much of America’s raw coffee lands. That includes much bigger boxes, which reach maximum allowed weight before they are full. Importing part-empty containers adds extra costs, Ms Mansour says, and these will ultimately be swallowed by consumers.
The chief executive of tobacco business Philip Morris International has called on the UK government to ban cigarettes within a decade, in a move that would outlaw its own Marlboro brand.
Jacek Olczak said the company could “see the world without cigarettes … and actually, the sooner it happens, the better it is for everyone.” Cigarettes should be treated like petrol cars, the sale of which is due to be banned from 2030, he said.
Low-income countries have been hard hit by the pandemic. Their large financing needs are only likely to grow as they deal with the crisis and its economic aftermath. The IMF has approved a far-reaching package of support that would expand their access to financial assistance at zero-interest rates, while providing stronger safeguards against taking on debt they cannot handle. For these efforts to succeed, economically stronger member countries will have to play their part.
A lagoon in Argentina’s southern Patagonia region has turned bright pink in a striking, but frightful phenomenon experts and activists blame on pollution by a chemical used to preserve prawns for export.
The color is caused by sodium sulfite, an anti-bacterial product used in fish factories, whose waste is blamed for contaminating the Chubut river that feeds the Corfo lagoon and other water sources in the region, according to activists.
Residents have long complained of foul smells and other environmental issues around the river and lagoon.
The hype surrounding special purpose acquisition companies (SPACs), may be cooling off after a year in which they were the hottest new thing on Wall Street. But the companies—which are designed to merge with or acquire a promising startup that needs quick access to a lot of capital without the expense, time, and regulatory hassle of a traditional initial public offering—are well-suited to tackling the climate change crisis. SPACs are just beginning to heat up for climate tech.
Against a backdrop of fires and floods, researchers are meeting virtually to finalise a key climate science study. The Intergovernmental Panel on Climate Change (IPCC) is preparing the most comprehensive assessment on the state of global heating since 2013. Over the next two weeks, the scientists will go through their findings line by line with representatives of 195 governments. Experts say the report will be a “wake-up call” to governments.
Federal Lawsuit Seeks Immediate Halt of COVID Vaccines, Cites Whistleblower Testimony Claiming CDC Is Under-Counting Vaccine Deaths – The Defender
America’s Frontline Doctors (AFLDS) filed a motion July 19, seeking immediate injunctive relief in Alabama Federal District Court to stop the use of Emergency Use Authorization (EUA) COVID vaccines — Pfizer/BioNTech, Moderna and Johnson & Johnson (J&J) — for three groups of Americans.
According to a press release, AFLDS is asking to immediately stop administration of experimental COVID vaccines in anyone 18 and younger, all those who have recovered from COVID and acquired natural immunity, and every other American who has not received informed consent as defined by federal law.