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High Orange Juice Prices May Be On The Table For A While Due To Disease And Extreme Weather

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MOGI GUACU, Brazil – Prices for orange juice have always been erratic; they rise when frost or a hurricane destroys fruit trees and fall when abundant harvests result in an excess of oranges.

But since the diseases and severe weather decimating orange groves in some of the top-producing nations are not readily fixed, the record-high prices for OJ that the globe is currently experiencing might not last long.

The biggest orange juice producer in the world, Brazil, is expected to have its poorest crop in 36 years due to drought and flooding, according to a prediction by Fundecitrus, a Sao Paulo state citrus growers’ association.

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Orange Juice | AP news Image

High Orange Juice Prices May Be On The Table For A While Due To Disease And Extreme Weather

According to Mogi Guacu, Brazil, orange grower Oscar Simonetti, there is more to worry about than rising juice prices. The worry is not having the juice.

In the United States, Hurricane Ian severely devastated an already suffering crop due to an invading insect, resulting in a 62% decline in orange production in Florida’s 2022–2023 season. Spanish orange output was likewise reduced by drought the previous year.

Low supplies have driven up costs. Government statistics from April show that a 12-ounce can of frozen orange juice concentrate in the United States costs an average of $4.27, 42% more than the previous month.

Consumer research firm Nielsen reports that fresh orange juice prices in the UK, where the British Fruit Juice Association reports supplies are at 50-year lows, increased by 25% over the previous year.

Those price hikes are turning off consumers tired of inflation. Rabobank, a Dutch food and agriculture bank, reports that orange juice consumption has decreased from 15% to 25% over the past year in major worldwide markets, including the United States and the European Union.

Jonna Parker, principal for fresh food client insights at market research firm Circana, noted that more and more people are obtaining their morning fruit from smoothies, energy drinks, and other beverages than orange juice.

People think about other options when the price rises, she said.

Before the current price increases, orange juice consumption fell worldwide due to public concern about the quantity of sugar in fruit juices and rivalry with other drinks. If that tendency keeps up, Rabobank said, it should help balance supply and demand and prevent prices from growing much higher. Limited supplies, however, are expected to keep prices high for some time.

Orange juice has completely gone from the shelves in some stores.

An “orange fruit drink” with 35% orange juice replaced orange juice on the Australian McDonald’s menu late last year. The company mentioned short supplies.

Because of limited Brazilian juice supply, Tokyo-based Morinaga Milk Industry Co. plans to cease delivering its Sunkist orange juice by the end of June. Based in Sapporo, northern Japan, Megmilk Snow Brand Co. ceased shipping 1-liter (approximately a quart) and 450-milliliter (15.2-ounce) orange juice packs in April 2023. The company sells the juice under a Dole contract. Sales have yet to start up again.

juice

Orange Juice | AP news Image

High Orange Juice Prices May Be On The Table For A While Due To Disease And Extreme Weather

A few firms are considering substituting other fruits for oranges in their goods. Citing the expense of routine orange juicing, British juice manufacturer Coldpress launched a mandarin juice product in February.

Still others, though, keep their ideas under wraps. Dole, Tropicana, Florida’s Natural, Uncle Matt’s, and Coca-Cola (which produces the Simply and Minute Maid brands) are among the big orange juice producers that either declined to comment or did not answer questions from The Associated Press.

Decades of history are at the heart of the present supply problems. When an Asian citrus psyllid invaded Florida in 2005, it injected bacteria from its saliva into the orange plants there. By damaging its root systems, the bacteria gradually destroys the tree. Once a tree is afflicted, there is no known treatment.

The effect has been devastating. Florida produced 200 million orange boxes in 2004 before the illness known as citrus greening struck the state. It will provide less than 20 million this year.

Though no orange tree is completely resistant to greening, scientists have been working to breed more tolerant trees, according to Michael Rogers, an entomology professor and head of the Citrus Research and Education Center at the University of Florida.

Though it has advanced more slowly there because of its far bigger orange orchards, citrus greening appeared in Brazil around the same time as in Florida. Rogers added that the disease is carried by insects traveling from tree to tree.

The sickness is still advancing. Fundecitrus projects citrus greening on 38% of Brazil’s orange trees by 2023. According to orange farmer Simonetti, greening affects 20% of his output. On afflicted trees, oranges ripen improperly and fall off early, lowering their juice quality, he said.

Production can only sometimes be moved to other places. Citrus psyllids, for instance, do not do well in the climate of California, where oranges are grown. However, Rogers added, California also lacks the rainfall required for juicing oranges; its oranges are often marketed for consumption.

Extreme weather is another problem that affects orange harvests and is getting more frequent as global warming is caused by climate change.

juice

Orange Juice | AP News Image

High Orange Juice Prices May Be On The Table For A While Due To Disease And Extreme Weather

Nine heat waves that tore across Brazil last year caused reduced production and inferior fruit quality. El Niño has had especially dramatic effects this year, causing terrible floods in the southern state of Rio Grande do Sul and a record drought in the Amazon.

It’s hot during the day. Nighttime brings with it a drop. Simonetti said that this temperature differential is too great for the plant.

Brazil’s 2024–2025 crop is predicted to produce 232 million boxes of oranges, a 24% decrease from the previous year.

Coordinator of Fundecitrus’ crop estimates study Vinícius Trombin commented, “We have never seen a harvest like this.”

Trombin noted that some producers are considering combining oranges and tangerines to manufacture juice to offset the expected lower output. He is dubious, though.

“The consumer wants orange juice made entirely of oranges,” he declared.

Parker of Circana is a little unsure. Blends including other fruits, in her opinion, may help keep prices down and pique customer interest in orange juice.

“The notion of many flavors is a way to stand out and is very popular,” she said. People must be kept interested. Regaining that interest is extremely difficult once it is lost.

SOURCE – (AP)

Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics, Kiara delivers insightful analyses that resonate with tech enthusiasts and casual readers alike. Her articles strike a balance between in-depth coverage and accessibility, making them a go-to resource for anyone seeking to stay informed about the latest innovations shaping our digital world.

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The Credit Suisse Review criticizes SNB and Finma, as expressed by SZ.

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Credit Suisse

(VOR News) – According to a report published in SonntagsZeitung, the financial Credit Suisse regulator Finma, the central bank of the country, and the Federal Council have been harshly criticized by the preliminary findings of the Swiss parliamentary commission that is investigating Credit Suisse’s collapse in 2023.

The Federal Council and the Council of the Federal Republic are additional institutions subjected to criticism.

Credit Suisse’s collapse will be investigated by the commission in 2023.

Despite the fact that the bank had been classified as systemically important for a number of years and that its troubles had been evident for a number of months, the publication contended that the authorities were ill-equipped to prevent or contain the company’s dissolution.

This occurred despite the bank’s prolonged financial difficulties.

This would be in accordance with the Credit Suisse findings of a previous study conducted by Paul Tucker, who is presently a fellow at the Harvard Kennedy School and has served as the deputy governor of the Bank of England. These results would be consistent with the results of the previous evaluation.

The Swiss finance department issued the “Too Big to Fail” study in April, which was based on the foundation provided by this research.

The SonntagsZeitung’s article did not contain any information regarding the legislative report’s origin. Credit Suisse received a request for comment from the Swiss finance minister, members of the committee, and FinMA; however, they declined to comply. The request was received by Bloomberg.

It is anticipated that the investigation will have successfully concluded by the end of the year, in accordance with the most recent forecasts.

Finma, the Swiss agency responsible for overseeing the financial sector, has been subjected to criticism for its lack of firmness, according to SZ. Finma is accountable for overseeing the financial sector.

The Financial Markets Authority (Finma) should be granted additional authority in view of the study’s conclusions. The Swiss government has given some consideration to this matter; however, the regulator has not yet been granted the authority to impose penalties on financial institutions.

Currently, Switzerland is grappling with the challenge of effectively managing a vast financial industry that is dominated by a bank that is more than twice the size of its current economy.

UBS Group AG bought Credit Suisse after it collapsed and this obstacle arose.

Switzerland has been confronted with the challenges of administering a vast financial industry since that time.

The Swiss National Bank was not exempt from the interim conclusion procedure, as indicated by the study’s findings that were disclosed to the public on Sunday. It was explicitly stated that the central bank was overly restrictive in its provision of emergency liquidity during Credit Suisse’s difficulties and that it failed to adequately inform the public about these issues at an early stage.

Furthermore, it was observed that the central bank was unsuccessful in its efforts to raise awareness of these issues among the general public.

Credit Suisse made an effort to contact the Swedish National Bank (SNB); however, they declined to provide a response when approached.

However, the organization responded to the issue in its annual report, which was disseminated prior to the commencement of this year.

The investigation concluded that “Credit Suisse’s preparations were insufficient to fully leverage the potential for liquidity assistance.”

This accusation was made at the outset of the report that is presently being examined. To begin with, the prerequisites that were in place prior to the delivery of specific assets as security were not met in a manner that was both legitimate and enforceable.

This was the situation with respect to specific assets. Secondly, a substantial number of the assets that were eligible for the loan had been encumbered in the past, indicating that they had been committed in addition to previous financial transactions that the bank had conducted. This was the second factor that contributed to the loan’s approval.

SOURCE: YN

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Amazon Prime Day Deals Are Almost Here. Should You Take Advantage Of Them?

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EU Accuses Elon Musk’s X Of Misleading Users

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Tesla CEO Elon Musk

European regulators have charged Elon Musk’s X with violating the wide Digital Services Act, accusing the company of deceiving its consumers, among other things.

“Today, we issue, for the first time, preliminary findings under the Digital Services Act,” Margrethe Vestager, a top official at the European Commission, said in a statement Friday. “In our view, X does not comply with the DSA in key transparency areas, by using dark patterns and thus misleading users, by failing to provide an adequate ad repository, and by blocking access to data for researchers.”

The company’s approach to so-called verified accounts “does not correspond to industry practice and deceives users,” the European Union’s executive arm said. Anyone can subscribe to gain the “verified” status, it stated, and it cited examples of “malicious actors” utilizing the blue check “to deceive users.”

EU Accuses Elon Musk’s X Of Misleading Users

If the Commission’s preliminary findings are verified, X might face a fine of up to 6% of its global annual turnover.

X has yet to react to CNN’s request for comment.

“Back in the day, blue checks used to mean trustworthy sources of information,” Thierry Breton, another senior Commission official, said in the Friday statement. “Now with X, our preliminary view is that they deceive users and infringe the DSA.”

The law took effect in August. Among other things, it prohibits the use of “dark patterns” or subtle design hints that may be designed to persuade users to disclose personal information or make other decisions that the corporation prefers. Consumer organizations frequently mention an example where a firm tries to persuade a user to opt into tracking by displaying an acceptance button in bright colors while downplaying the option to opt-out by reducing the font size or positioning.

EU Accuses Elon Musk’s X Of Misleading Users

The results are the outcome of an ongoing inquiry by EU officials that began in December. As part of the investigation, EU officials are also looking into X’s content moderation policies to determine whether the firm violated the DSA by disseminating illegal content and failing to combat misinformation.

The formal inquiry was launched after EU officials began questioning X early last year, citing rising worries over the prevalence of Hamas-affiliated accounts on the platform following the terror group’s October 7 bombings on Israel.

SOURCE | CNN

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Amazon Prime Day Deals Are Almost Here. Should You Take Advantage Of Them?

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Amazon | AP news Image

NEW YORK — It’s summer, and the deals appear easy at an era when many consumer costs are high.

Since Amazon’s inaugural Prime Day in 2015, July sales events have emerged as a seasonal revenue generator for the retailer. While customers may be lured by claimed can’t-miss bargains on some products, personal finance experts warn against falling for possibly misleading marketing or succumbing to impulse purchases.

Amazon has raised anticipation in recent weeks for its tenth Prime Day event, which will take place on Tuesday and Wednesday. This event is only open to consumers who pay $14.99 per month or $139 per year to enjoy free shipping and other benefits as Prime members.

Rival merchants have previously attempted to capitalize on the Prime Day frenzy by providing deals over two days. This year, Walmart, Target, Kohl’s, and newcomers TikTok Shop and Temu launched summer sales ahead of Amazon, seeking to steal some of the e-commerce giant’s bargain-hunting customers. Meanwhile, Macy’s will launch its “best summer deals” during an eight-day discount campaign starting on Tuesday.

Amazon Prime Day Deals Are Almost Here. Should You Take Advantage Of Them?

Why are companies offering such large summer discounts?
July sales help merchants attract customers who want to jump on back-to-school shopping, the industry’s second-most crucial shopping season after the winter holiday. The markdowns also attract discretionary spending from buyers eyeing technology, household products, and seasonal items like a bikini or a new summer dress.

According to Coresight Research’s head of global research, John Mercer, discounts can help shops battle “a summer lull in retail spending” as consumers transfer their spending to summer holidays and services, such as dining out.

“It drives a bit of excitement in that mid-year period,” when shops might otherwise struggle to generate additional money, Mercer said. He said that businesses have also used discounts to stimulate consumer spending throughout the recent time of high inflation and interest rates.

Amazon does not disclose how much revenue it generates from Prime Day, but it does provide some clues of its performance. According to the firm, last year’s event was the “single largest sales day” in its history, with buyers purchasing over 375 million things.

According to Emarketer, Amazon’s global Prime Day sales will reach $12.5 billion by 2023. The company expects sales to increase by about 7% this year.

Are the offer prices truly bargains or something else?
It depends on whoever you ask.

Retailers overstate their promos to attract customers. However, the New York Times-owned product review website Wirecutter wrote this month that most of Amazon’s early discounts this year “stink.”

Kirthi Kalyanam, a Santa Clara University management professor preparing a book about Amazon, says Prime Day deals have historically been fantastic. According to Halyanam, the company was able to secure discounts from well-known brands like Apple and persuade third-party vendors to decrease their pricing by promising to feature them prominently on the Amandon website.

However, Prime Day discounts may be less relevant as shoppers acclimate to the ultra-cheap products supplied by Amazon competitors Shein and Temu, founded in China.

“Many of (the) deals may not be as competitive compared to Temu and Shien,” said Kalyanam.

At the same time, he stated that competing stores will most certainly look at Amazon’s prices and attempt to match them overnight. Last week, he reported that Best Buy discounted two products after Amazon announced some of its early bargains.

Numerator, a consumer research company, said that most of the approximately 5,000 Prime Day buyers it surveyed following last year’s event received product discounts of up to 40%. According to survey respondents, one-quarter of items were selling at a discount of 60% or more.

Some buying gurus have claimed that previous Prime discounts were smaller than they appeared.

What are some strategies for finding bargains and sticking to a budget?
If you’re on a tight budget, personal finance experts advise you to think twice before you buy.

“Avoid the false sense of urgency of manufactured holidays,” says Mark Elliot, chief customer officer at financial services startup LendingClub. “The idea that ‘The more you spend, the more you save’ — that’s just definitionally not true.”

According to Dan Egan, a vice president at Betterment, a financial advice and investing firm, buyers should compile a list of what they need before the deals begin so that they may make conscious purchases. He advises customers to avoid purchasing late at night or out of boredom.

“Once you have a list, it’s less likely you’ll get distracted by things you don’t need,” Egan told me. “If that list contains almost nothing, I would recommend deleting the (retailers’) apps from your phone for the next week or two. Or you’ll get a lot of notifications.”

He said any consumer who already has a credit card balance should be aware that the interest spent on that balance may cancel out any perceived savings from a summer sale purchase.

“A deal is not a deal if you have to pay interest on it,” according to Egan.

While it may make sense for shoppers to try out free or temporary memberships to qualify for the best deals during the summer sales, according to Erin Witte, the Consumer Federation of America’s director of consumer protection, those programs usually charge a fee to the customer’s credit card on file after a short period of time.

Amazon Prime Day Deals Are Almost Here. Should You Take Advantage Of Them?

“Set a calendar reminder to cancel if you don’t want to proceed with that subscription,” Witte told me. Think about it from the beginning. Remember that these corporations designed this product to make it simple to sign up but more difficult to cancel.”

Consumer Reports also provides some tips: Download Amazon’s app, sign up for invite-only discounts available to a few buyers, and get in the queue for limited-time specials that have already sold out.

Remember to browse around.
Filling up an online Amazon cart appeals to Prime members because they are paying for Prime Day specials. However, comparing costs from multiple websites before buying is always a good idea.

Unlike Prime Day, Walmart’s monthly discount event was available to anyone. However, the business sweetened the bargain for Walmart+ members by giving them early access.

Target only gave discounts to Target Circle members and utilized the weeklong event to promote a new membership program aimed at increasing sales and traffic.

TikTok Shop, the e-commerce arm of the famous video-sharing app, has made its summer sales event available to everyone. The event began on July 9 and continues till Wednesday.

SOURCE | AP

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