63 jili.com
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Experts predict mass deportation would damage US economyArsenal moved into second place in the Premier League table with a 1-0 win over Ipswich at the Emirates. In their final fixture of 2024, Kai Havertz scored the only goal of the game midway through the opening period. Arsenal’s victory takes them back to within six points of leaders Liverpool, having played one match more than the Reds, and a point clear of Chelsea following their Boxing Day defeat to Fulham. Ipswich, although much improved in the second half, have now lost five of their last six games, and remain just one place off the bottom of the table, three points away from safety. 🎯 pic.twitter.com/hDd5bkHwXr — Arsenal (@Arsenal) December 27, 2024 Mikel Arteta’s men have been rocked by Bukayo Saka’s hamstring injury which could keep the England winger, who has nine goals and 13 assists this season, out of action for the next two months. Gabriel Martinelli was handed the unenviable task of filling Saka’s shoes on Arsenal’s right-hand side and the Brazilian was involved in the only goal of the evening. The Ipswich defence failed to deal with Martinelli’s cross, with the ball falling to Leandro Trossard on the opposite side of the area. Trossard fought his way to the byline before fizzing his cross into the box for Havertz to convert from a matter of yards. It was Havertz’s third goal in four matches, his 12th of the season, and no less than the hosts, who at that stage of the match had enjoyed a staggering 91.4 per cent of the possession, deserved. Heading into Friday’s fixture, Arsenal had lost only one of their last 75 Premier League games when they had opened the scoring, and their triumph here rarely looked in doubt following Havertz’s strike. Three points that take Arsenal into second 🪜 #ARSIPS pic.twitter.com/Dx3s6XlwQ2 — Premier League (@premierleague) December 27, 2024 Havertz thought he had doubled Arsenal’s lead with 34 minutes gone when he converted Gabriel Jesus’ cross. But Jesus – handed his third successive start for the first time in a year – strayed into an offside position in the build-up. When referee Darren England blew for half-time, Ipswich had failed to touch the ball in Arsenal’s box, becoming just the second side to do so in the Premier League this season. Nottingham Forest were the other, away at Liverpool, before they went on to inflict Arne Slot’s sole defeat of his tenure so far. And for all of Arsenal’s possession, while they held just a one-goal advantage, Ipswich knew they were still in the game. An encouraging start to the second half for the Tractor Boys ensued, albeit without testing David Raya in the Arsenal goal. Shortly after the hour mark, Gabriel should have settled any growing Emirates nerves when he arrived unmarked to Declan Rice’s corner, but the defender headed wide of Arijanet Muric’s post when it looked easier to score. Just over an hour on the clock. #ARSIPS pic.twitter.com/JXNipX1J1Z — IPSWICH TOWN (@IpswichTown) December 27, 2024 Martin Odegaard then forced a fine fingertip save from Muric at his near post after a mazy run and shot from the Arsenal skipper. Rice’s stinging goal-bound volley from the following corner was blocked by Dara O’Shea as Arsenal pushed for a game-killing second. Havertz should have tapped home Trossard’s header but he fluffed his lines. And moments later, substitute Mikel Merino’s effort was diverted from danger by a diving Muric. Ipswich looked to catch Arsenal on the counter, but the match ended without them registering a single effort on Raya’s goal. Ipswich fans goaded their opponents with chants of “boring, boring Arsenal”, but it was the Gunners who enjoyed the last laugh as they saw out 2024 with a win which keeps the pressure on Liverpool.Bombers GM Walters sees no need to blow up roster despite another Grey Cup loss
Rudy Giuliani draws rebuke for a courtroom outburst accusing judge in assets case of being unfairNone
MIAMI (AP) — The NBA is urging its players to take additional precautions to secure their homes following reports of recent high-profile burglaries of dwellings owned by Milwaukee Bucks forward Bobby Portis , Minnesota Timberwolves guard Mike Conley Jr. and Kansas City Chiefs teammates Patrick Mahomes and Travis Kelce. In a memo the NBA sent to its team officials, a copy of which was obtained by The Associated Press, the league revealed that the FBI has connected some burglaries to “transnational South American Theft Groups” that are “reportedly well-organized, sophisticated rings that incorporate advanced techniques and technologies, including pre-surveillance, drones, and signal jamming devices.” Conley's home was broken into on Sept. 15 when he was at a Minnesota Vikings game and jewelry was taken, officials told the Minneapolis Star-Tribune. Portis said his home was broken into on Nov. 2 and has offered a $40,000 reward for information related to the incident. The homes of Mahomes and Kelce were broken into within days of each other last month, according to law enforcement reports, and the NFL issued a similar warning memo to its teams this week. The NBA memo, relaying information from the FBI, said the theft rings “are primarily focused on cash and items that can be resold on the black market, such as jewelry, watches, and luxury bags.” The NBA, which has also been giving guidance to team security personnel, recommended that players install updated alarm systems with cameras and utilize them whenever leaving the home, keeping valuables in locked and secured safes, remove online real estate listings that may show interior photos of a home, “utilize protective guard services” during extended trips from the home and even suggested having dogs assist with home protection. “Obviously, it’s frustrating, disappointing, but I can’t get into too many of the details because the investigation is still ongoing,” Mahomes recently said. “But, obviously, something you don’t want to happen to anybody, but obviously yourself.” One of the break-ins involving the Chiefs players happened on a game day — Oct. 7 — and Portis was also playing a game when his home was robbed. “They took most of my prized possessions,” Portis said. AP NBA: https://apnews.com/NBA
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FORT PROVIDENCE, NT , Dec. 6, 2024 /CNW/ - The federal government is contributing $7.18 million through the Indigenous Shelter and Transitional Housing Initiative (ISTHI), towards a new emergency shelter for Indigenous women, their children and 2SLGBTQI+ persons fleeing gender-based violence in Fort Providence . A subsidy from Indigenous Services Canada (ISC) is also being provided for ongoing operations and support. The announcement was made by Michael McLeod , Member of Parliament for the Northwest Territories and Michael Vandell , Chief of Deh Gáh Got'ı̨ę First Nation. The shelter will have 20 units and 60 beds. It will also have services available designed to foster overall well-being and improve long-term outcomes for residents. They also announced federal funding of $4.9 million for three infrastructure projects in Fort Providence , Simpson Island and Yellowknife . One will help build a new water treatment facility and a drinking water reservoir for Fort Providence , which will replace the aging system. The camp will include one-bedroom and family cabins, a main lodge with kitchen and dining areas, a firepit with seating, and an arbor gathering area by the water. Finally, a new chiller unit for is being installed in the Legislative Assembly in Yellowknife . Quotes: "We know that the experiences of Indigenous women and gender-diverse individuals experiencing homelessness are unique and different, and so they require a more compassionate and tailored experience for their well-being. The federal government recognizes these distinct needs and has committed to supporting inclusive and equitable solutions, ensuring that all individuals, regardless of gender identity, have access to safe resources and services. Additionally, we will continue to invest in infrastructure to eliminate the gaps in services that northerners experience. Today's announcement will ensure continued and improved water quality and access for residents in Fort Providence , a much needed gathering camp for the Metis community in Fort Resolution to be able to connect with their culture, and improved air quality for all who work in and visit our Territorial Legislative Assembly. We will continue to work with northerners on their priorities for their communities." – Michael McLeod , Member of Parliament for Northwest Territories , on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities "Everyone deserves to live free from violence. Yet, far too often, Indigenous women, their children, and 2SLGBTQI+ people face disproportionate risks simply because of their gender or identity. That's why the opening of Providence Shelter is so important. With 60 rent-free beds, this shelter will offer a safe haven for those escaping violence, providing critical support in times of need. This project reflects our plan to address the national tragedy of missing and murdered Indigenous women, girls, and 2SLGBTQI+ people. It's a step toward healing, undoing generational harms, and ensuring that everyone has the safety and dignity they deserve." – The Honourable Patty Hajdu, Minister of Indigenous Services "These investments in our NWT communities show a commitment from all levels of government to provide clean, sustainable drinking water, and supports shelters for those in need. Cultural camp funding builds our communities and strengthens our residents by providing a venue for traditional activities. We will continue to find unique investments that meet the needs of our communities, and our residents." – Vince McKay , Minister of Municipal and Community Affairs, Government of the Northwest Territories "Infrastructure Canada's Investment funding program has provided an opportunity for enhancements to the communities dated and deteriorated system for treating and distribution of drinking water. Providing a dependable water source and upgrades to the Water Treatment Plant ensures safe drinking water for all Hamlet of Fort Providence residents for many years to come." – His Worship Danny Beaulieu, Mayor of Hamlet of Fort Providence "Today's announcement marks a significant step forward for our resilient community. The shelter will serve as a safe haven, addressing the unique needs of Indigenous women, children, and the 2SLGBTQ+ community. By empowering and supporting our most vulnerable members, we strengthen the entire community. Together, we are dedicated to creating an environment where everyone feels protected, supported, and inspired to thrive." – Michael Vandell , Chief of Deh Gáh Got'ı̨ę First Nation Quick facts: Funding for today's announcement is as follows: Providence Shelter project: $7,183,279.78 from the federal government through the Indigenous Shelter and Transitional Housing Initiative (ISTHI) delivered by Canada Mortgage and Housing Corporation (CMHC). The Fort Providence Water Treatment Plant and Reservoir: $3,580,875 from the federal government through the Investing in Canada Infrastructure Program (ICIP). the Simpson Islands Métis All-Season Cultural Gathering Camp: $1,083,05 from the government through the ICIP. the Legislative Assembly Chiller Unit project: $305,578 from the federal government through the ICIP. Canada's National Housing Strategy (NHS) is a 10-year, $115+ billion plan that will give more Canadians a place to call home. The NHS is built on strong partnerships between the federal, provincial, and territorial governments, and continuous engagement with municipalities, Indigenous governments and organizations, and the social and private housing sectors. It was created after consultations with Canadians from all walks of life, including those who have experienced housing need. All NHS investments delivered by the federal, provincial and territorial governments will respect the key principles of NHS that support partnerships, people and communities. The $420 million Indigenous Shelter and Transitional Housing Initiative (ISTHI) was launched in November 2021 to support the construction of additional shelters and transitional homes for Indigenous women, children, and 2SLGBTQI+ individuals fleeing gender-based violence, including in urban areas and in the North. The funding is part of the $724.1 million budget for a comprehensive Violence Prevention Strategy, as announced in the 2020 Fall Economic Statement, of which: Canada Mortgage and Housing Corporation (CMHC) is allocating $420 million over 5 years to support the construction of new shelters and transitional housing. Indigenous Services Canada (ISC) is investing $304 .1 million over five years, and $96 .6 million annually to support the operational costs of new shelters and transition homes and expand funding for culturally relevant violence prevention activities. CMHC and ISC sought input from Indigenous organizations and subject matter experts to form committees and develop the evaluation process. Eligible applications are evaluated by Indigenous-led committees comprised of representatives from CMHC, ISC, Indigenous organizations, subject matter experts in shelters and housing delivery, as well as people with lived experience. This ensures selected projects are culturally appropriate and meet the needs of clients. The committees provide overall direction and prioritization, as well as review and score proposals. The Federal Pathway is Canada's contribution to the broader 2021 Missing and Murdered Indigenous Women, Girls, and 2SLGBTQQIA+ People National Action Plan developed in partnership with provincial and territorial governments, Indigenous Peoples, survivors, families, and Indigenous women's organizations in response to the National Inquiry into Missing and Murdered Indigenous Women and Girls. Call for Justice 4.7, 16.19 and 18.25 of the Final Report of the National Inquiry into Missing and Murdered Indigenous Women and Girls call for all governments to support the establishment and funding of shelters, safe spaces, transition homes, second-stage housing, and services for Indigenous women, girls, and 2SLGBTQQIA+ people. The Missing and Murdered Indigenous Women and Girls Crisis Line is available to provide emotional support and crisis referral services to individuals impacted by the issue of Missing and Murdered Indigenous Women, Girls and 2SLGBTQQIA+ people. Call the toll-free Crisis Line at 1-844-413-6649. This service is available 24 hours a day, 7 days a week. Associated Links: Visit Canada.ca/housing for the most requested Government of Canada housing information. As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC's aim is that everyone in Canada has a home they can afford and that meets their needs. For more information, please visit cmhc.ca or follow us on X , Instagram , YouTube , LinkedIn and Facebook . To find out more about the National Housing Strategy, visit: www.placetocallhome.ca . More information about the Indigenous Shelter and Transitional Housing Initiative can be found here: ISTHI Visit Housing for Indigenous Peoples for more information on Programs and subsidies that support the building and management of housing for Indigenous Peoples Check out the National Housing Strategy Housing Funding Initiatives Map to see affordable housing projects that have been developed across Canada. Information on the Family Violence Prevention Program is available at: Family Violence Prevention Program (sac-isc.gc.ca) More information about the Government of Canada's work with partners to end violence against Indigenous women, girls and 2SLGBTQI+ people can be found here: Backgrounder: Federal Pathway to Address Missing and Murdered Indigenous Women, Girls and 2SLGBTQQIA+ People The Federal Pathway to Address Missing and Murdered Indigenous Women, Girls and 2SLGBTQQIA+ People 2021 Missing and Murdered Indigenous Women, Girls and 2SLGBTQQIA+ People National Action Plan Reclaiming Power and Place: The Final Report of the National Inquiry into Missing and Murdered Indigenous Women and Girls SOURCE Government of Canada View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2024/06/c7355.html © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
By Stephanie Lai and Hadriana Lowenkron, Bloomberg News Donald Trump says he is selecting venture capitalist David Sacks of Craft Ventures LLC to serve as his artificial intelligence and crypto czar, a newly created position that underscores the president-elect’s intent to boost two rapidly developing industries. “David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness. David will focus on making America the clear global leader in both areas,” Trump said Thursday in a post on his Truth Social network. Trump said that Sacks would also lead the Presidential Council of Advisors for Science and Technology. Related Articles In Sacks, Trump is tapping one of his most prominent Silicon Valley supporters and fundraisers for a prime position in his administration. Sacks played a key role in bolstering Trump’s fundraising among technology industry donors, including co-hosting an event at his San Francisco home in June, with tickets at $300,000 a head. He is also closely associated with Vice President-elect JD Vance, the investor-turned-Ohio senator. Sacks is a venture capitalist and part of Silicon Valley’s “PayPal Mafia.” He first made his name in the technology industry during a stint as the chief operating officer of PayPal, the payments company whose founders in the late 1990s included billionaire entrepreneur Elon Musk and investor Peter Thiel. After it was sold to eBay, Sacks turned to Hollywood, where he produced the 2005 satire Thank You for Smoking. Back in Silicon Valley, he founded workplace communications company Yammer, which was bought by Microsoft Corp. in 2012 for $1.2 billion. He founded his own venture capital firm, Craft Ventures, in 2017 and has invested in Musk-owned businesses, including SpaceX. Sacks said on a recent episode of his All-In podcast that a “key man” clause in the agreements of his venture firm’s legal documents would likely prevent him from taking a full-time position, but he might consider an advisory role in the new administration. A Craft spokeswoman said Sacks would not be leaving Craft. In his post, Trump said Sacks “will safeguard Free Speech online, and steer us away from Big Tech bias and censorship.” Protecting free speech is a keen interest of Sacks. He regularly speaks about “woke” interests that try to muzzle unpopular opinions and positions. The new post is expected to help spearhead the crypto industry deregulation Trump promised on the campaign trail. The role is expected to provide cryptocurrency advocates a direct line to the White House and serve as a liaison between Trump, Congress and the federal agencies that interface with digital assets, including the Securities and Exchange Commission and the Commodity Futures Trading Commission. Trump heavily campaigned on supporting crypto, after previously disparaging digital assets during his first White House term, saying their “value is highly volatile and based on thin air.” The president-elect on Thursday said Sacks would “work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the U.S.” During the campaign, Trump spoke at a Bitcoin conference, accepted crypto campaign donations and met with executives from Bitcoin mining companies and crypto exchanges multiple times. Trump’s desire to give priority to the digital asset industry is also reflected in his close allies and cabinet selections, including his Commerce secretary pick, Howard Lutnick, and Treasury secretary nominee Scott Bessent. On the AI front, Sacks would help Trump put his imprint on an emerging technology whose popular use has exploded in recent years. Sacks is poised to be at the front lines in determining how the federal government both adopts AI and regulates its use as advances in the technology and adoption by consumers pose a wide array of benefits as well as risks touching on national security, privacy, jobs and other areas. The president-elect has expressed both awe at the power of AI technology as well as concern over the potential harms from its use. During his first term, he signed executive orders that sought to maintain US leadership in the field and directed the federal government to prioritize AI in research and development spending. As AI has become more mainstream in recent years and with Congress slow to act, President Joe Biden has sought to fill that void. Biden signed an executive order in 2023 that establishes security and privacy protections and requires developers to safety-test new models, casting the sweeping regulatory order as necessary to safeguard consumers. A number of technology giants have also agreed to adopt a set of voluntary safeguards which call for them to test AI systems for discriminatory tendencies or security flaws and to share those results. Trump has vowed to repeal Biden’s order. The Republican Party’s 2024 platform dismissed Biden’s executive order as one that “hinders AI Innovation, and imposes Radical Leftwing ideas on the development of this technology.” Sacks can be expected to work closely with Musk, the world’s richest person and one of the president-elect’s most prominent supporters. Musk is also a player in the AI space with his company xAI and a chatbot named Grok — efforts which pit him against Silicon Valley’s giants — and he stands to wield significant influence within the incoming administration. The appointment won’t require Sacks to divest or publicly disclose his assets. Like Musk, Sacks will be a special government employee. He can serve a maximum of 130 days per year, with or without compensation. However, conflict of interest rules apply to special government employees, meaning Sacks will have to recuse himself from matters that could impact his holdings. Sacks’s Craft Ventures is known more for enterprise software investing than for crypto, but it has made a few crypto investments, including BitGo and Bitwise. Still, Sacks has firm opinions on the sector. Speaking last month on All-In, Sacks praised a bill on crypto regulation that had passed in the U.S. House but not the Senate earlier this year. The Financial Innovation and Technology for the 21st Century Act would regulate certain types of digital assets as a commodity, regulated by the Commodity Futures Trading Commission. “The crypto industry basically wants a really clear line for knowing when they’re a commodity and they want commodities to be governed, like all other commodities, by the CFTC,” he said on the November podcast. He also disparaged some of the Securities and Exchange Commission’s positions on crypto under its chair, Gary Gensler. “The days of Gensler terrifying crypto companies,” he said. “Those days are about to be over.” Earlier this week, Trump nominated crypto advocate Paul Atkins to lead the SEC. With assistance from Zoe Ma, Bill Allison, Sarah McBride, Anne VanderMey and stacy-marie ishmael. ©2024 Bloomberg L.P. Visit bloomberg.com. Distributed by Tribune Content Agency, LLC.
AP News Summary at 5:33 p.m. ESTWASHINGTON — Senate Democrats failed Wednesday to confirm a Democratic member of the National Labor Relations Board after independent Sens. Joe Manchin and Kyrsten Sinema opposed the nomination, thwarting their hopes of locking in a majority at the federal agency for the first two years of President-elect Donald Trump's term. A vote to move ahead with the nomination of Lauren McFarren, who currently chairs the NLRB, failed 49-50. Had she been confirmed to another five-year term, it would have cemented a Democratic majority on the agency's board for the first two years of the incoming Trump administration. Now, Trump will likely be able to nominate McFarren's replacement. The NLRB oversees labor disputes, supervises union elections and has the power to investigate unfair labor practices . The partisan breakdown of the NLRB’s leadership is fiercely contested by businesses and labor groups, as the majority on the board sets the agenda and determines how readily the agency uses its power to investigate and enforce labor laws. “It is deeply disappointing, a direct attack on working people, and incredibly troubling that this highly qualified nominee — with a proven track record of protecting worker rights — did not have the votes," Senate Majority Leader Chuck Schumer, D-N.Y., said in a statement. The rejection of McFarren was yet another blow to Senate Democrats and President Joe Biden from Manchin and Sinema, who served as major brakes — and at times outright obstacles — to much of their legislative agenda the first two years of Biden's term. Manchin left the Democratic Party in May, while Sinema withdrew from the party in 2022. Both chose not to run for another Senate term and will be leaving the Congress in January. Some congressional Republicans praised Manchin and Sinema for preventing the confirmation. “This NLRB seat should be filled by President Trump and the new incoming Senate. Not a historically unpopular president and a Senate Democrat Majority that has lost its mandate to govern,” Sen. Bill Cassidy of Louisiana, said in a statement after the vote. “Big Labor knows the days of having the federal government do its bidding are numbered,” Rep. Virginia Foxx, R-N.C., wrote in a statement. Foxx, who chairs the House Committee on Education and the Workforce, said that the incoming Trump administration would focus on “enacting a truly pro-worker agenda.” Business groups also praised the rejection of McFarren. Kristen Swearingen, a vice president at Associated Builders and Contractors, a trade group, called McFarren's policies “harmful” and said the process to nominate her was “flawed.” “Under McFerran’s leadership, the NLRB has issued decisions and expanded interpretations of the National Labor Relations Act that have been rejected by the business community, Congress and federal courts," argued Swearingen. Labor unions decried the vote. Liz Shuler, president of the AFL-CIO, the nation's largest consortium of labor unions, said the senators who rejected McFarren's nomination “voted against the working people of this country” and warned that the incoming Trump administration would direct the NLRB to side with management over workers. “Make no mistake: This vote had nothing to do with stopping Chair McFerran’s renomination and everything to do with reversing generations of progress workers have made toward building a fairer and more just economy," Shuler said. Democratic lawmakers, like Schumer, took a dim view of the vote. Some directed their anger directly at Manchin and Sinema. “Shortchanging workers is a bad way to leave,” Rep. Mark Pocan, D-Wis., wrote on social media .NONPROFIT SHOES THAT FIT’S EVERY STEP MATTERS CAMPAIGN NEEDS YOUR HELP TO REACH $200,000 TARGET BY THE END OF 2024
A record-breaking rally for coffee prices shows no sign of slowing down, analysts say, with some warning it could take years for one of the world's most traded commodities to recover. Drought and high temperatures, alongside a global reliance on supplies from relatively few regions, are regarded as the key drivers for the dramatic price rise. "History suggests that coffee prices will only ease back as and when supply improves and stocks are replenished," David Oxley, chief climate and commodities economist at Capital Economics, said in a research note. A record-breaking rally for coffee prices shows no sign of slowing down, analysts say, with some warning it could take years for one of the world's most traded commodities to recover. > 24/7 San Diego news stream: Watch NBC 7 free wherever you are Arabica coffee futures with March delivery hit a fresh intraday high of 348.35 cents per pound on Tuesday, notching their highest level in nearly 50 years. The contract has since cut some of its gains but remains up a whopping 70% year-to-date. The last time the price for arabica beans, the world's most popular variety, traded that high was in 1977 when snow destroyed large areas of Brazilian plantations. Renowned for their smooth taste and sweet flavor, arabica beans make up between 60% to 70% of the global coffee market. They are commonly used in espressos and other barista-made coffee. Drought and high temperatures, alongside a global reliance on supplies from relatively few regions, are regarded as the primary drivers for the recent price rise. Robusta futures, meanwhile, also climbed to a fresh record high in late November. Robusta beans are known for their strong and bitter flavor and are typically used in instant blends. The extraordinary price rally for coffee, which is considered the second-most traded commodity by volume, after crude oil, comes amid concerns over the 2025 crop in Brazil, by far the world's largest producer. Money Report European markets set to open lower as investors digest European Central Bank rate cut New AI winners beyond Big Tech are set to emerge, UK fund manager predicts "The country experienced its worst drought in 70 years during August and September, followed by heavy rains in October, raising fears that the flowering crop could fail," Ole Hansen, head of commodity strategy at Denmark's Saxo Bank, said in a research note published Tuesday. For some, the poor growing weather in Brazil means it could take a long time for coffee prices to unwind. "History suggests that coffee prices will only ease back as and when supply improves and stocks are replenished," David Oxley, chief climate and commodities economist at Capital Economics, said in a research note published on Nov. 29. "Crucially, this is a process that can take years, not months," Oxley said. A staple beverage for billions of people across the world, demand for coffee has been boosted in recent years by growing consumption in China . Production, however, has struggled to keep up. "Like cocoa, coffee is grown in a relatively narrow tropical band, with key producers including Brazil, Vietnam, Colombia, and Ethiopia," Saxo Bank's Hansen said. "This concentration makes it particularly vulnerable to adverse weather conditions, especially in Brazil and Vietnam, which together account for approximately 56% of global production," he added. Read more World’s largest olive oil producer says ‘liquid gold’ prices on track to halve from record levels Orange juice prices are going through the roof — forcing some makers to consider alternative fruits Cocoa and coffee prices have soared to record highs — and Citi says there may still be room to run The U.S. Department of Agriculture said in its semi-annual report last month that it expects Brazil's coffee production for the marketing year 2024/2025 to come in at 66.4 million (60 kilogram per bag) comprising of 45.4 million bags of arabica and 21 million of robusta. The USDA said its forecast reflected a 5.8% drop from its previous projection, attributing the decrease to irregular weather patterns that negatively affected crop development, particularly for arabica trees. "In Brazil, this will be the fifth consecutive arabica harvest that is disappointing because of adverse weather," Carlos Mera, head of agricultural commodities markets at Dutch lender Rabobank, told CNBC via video call. Asked whether the climate crisis appears to be amplifying the risks for coffee production, Mera said it was difficult to measure accurately, but there are growing concerns across the industry that extreme weather could prevent typical growth in coffee trees. Looking ahead, Mera said coffee prices "can certainly go even higher" from their current record levels. For coffee drinkers, analysts say it is practically inevitable that coffee makers will need to pass on the costs to consumers in order to limit the impact of higher bean prices on their bottom line. Nestlé , the world's biggest coffee maker, which owns leading brands including Nescafé and Nespresso, said last month that it would continue raising prices and making packs smaller to offset the impact of higher prices. "Like every manufacturer, we have seen significant increases in the cost of coffee, making it much more expensive to manufacture our products," a Nestlé spokesperson told CNBC via email. "As always, we continue to be more efficient and absorb increasing costs where possible whilst maintaining the same high quality and delicious taste that consumers know and love," they added. Italian coffee maker Lavazza and U.S. coffee giant Starbucks both declined to comment when contacted by CNBC. Also on CNBC Norway hits pause on controversial deep-sea mining plans This startup makes thrifting furniture far easier, even for big retailers like Pottery Barn Richard Branson to young people: 'We can overcome climate change'Smile, were you and your phone caught out on Macquarie Pass?
NoneUSDA Orders Testing of Milk Supply for Presence of Bird Flu Virus
