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Coffee price heats up on tight Brazil crop fears
Coffee price heats up on tight Brazil crop fears
by  AFP

The price of Arabica coffee hit the highest level since 1977 on Wednesday, approaching a record high as drought in top producer Brazil this year hits supplies. Brazil, the world's largest coffee producer, faced a record-breaking drought this year which has raised significant concerns for 2025/2026 crops amid already tight supplies.

Brazil's top court takes on regulation of social media
Brazil's top court takes on regulation of social media
by  AFP

Brazil's Supreme Court on Wednesday started examining four cases that turn on how far social media should be regulated, and what responsibilities platforms have in cracking down on illegal content. One key point it is looking at is whether social media platforms can be fined for illegal content posted by users.

UBS acquitted on appeal in Credit Suisse cocaine trial
UBS acquitted on appeal in Credit Suisse cocaine trial
by  AFP

Swiss banking giant UBS, which took over its rival Credit Suisse last year, has been acquitted on appeal in a high-profile money laundering trial, Switzerland's Federal Criminal Court said Wednesday. A pillar of Swiss banking and the second-largest Swiss bank at the time, Credit Suisse in 2022 was slapped with a $2 million fine in a money laundering case linked to a Bulgarian cocaine network.

Canadian fund drops bid for Spanish pharma firm Grifols
Canadian fund drops bid for Spanish pharma firm Grifols
by  AFP

Canadian investment fund Brookfield said Wednesday it has dropped its bid for Spanish pharmaceutical firm Grifols following disagreement over its valuation. In a statement sent to Spanish stock market regulator CNMV, Brookfield said it was "not in a position to continue with a potential offer" for Grifols.

Mexico says Trump tariffs would cost 400,000 US jobs
Mexico says Trump tariffs would cost 400,000 US jobs
by  AFP

Mexico said Wednesday the United States will be shooting itself in the foot if President-elect Donald Trump implements his threats to impose 25-percent tariffs on Mexican imports. He said he would charge 25 percent tariffs on Mexican and Canadian imports and 10 percent on Chinese goods "above any additional tariffs" on the world's second-biggest economy.

Car-centric Saudi to open first part of Riyadh Metro
Car-centric Saudi to open first part of Riyadh Metro
by  AFP

Saudi Arabia announced Wednesday it is ready to open the first part of the Riyadh Metro, a major project intended to help shift the car-centric kingdom to public transport. Saudi Arabia is the world's biggest exporter of crude oil, though Vision 2030 is intended to transition the kingdom away from fossil fuels.

Brussels, not Paris, will decide EU-Mercosur trade deal: Lula
Brussels, not Paris, will decide EU-Mercosur trade deal: Lula
by  AFP

France does not get to decide whether a free trade deal between the EU and South America's Mercosur bloc goes ahead -- only Brussels does, Brazilian President Luiz Inacio Lula da Silva said on Wednesday. Brazil's position, stressed by Lula in a speech on Brazilian industry, crosses swords with that of France, which is determined to block the trade pact.