
Coffee Falls to November Low as Dry Weather Accelerates Harvest
The most-active contract fell as much as 1.8% to $2.868 a pound, the lowest since November.

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Yahoo
an hour ago
- Yahoo
In US capital, Trump tariffs bite into restaurant profits
Brazilian coffee beans, French champagne and Chinese teas -- drinks are a profit driver for US restaurants, but higher import costs have eaten into margins and fed into consumer prices in the three months since President Donald Trump unveiled sweeping global tariffs. A stone's throw from the White House, a restaurant group that takes pride in dishing up fresh local meat and produce has found itself having to raise prices on its menus. "The reality is, we have to pass along some of those to our guests," said John Filkins, corporate beverage director at Clyde's Restaurant Group. "Could be anywhere from 50 cents to $1 on certain wines by the glass, or spirits, or some of our food menu items," he told AFP. "We've seen huge increases in coffee and in teas, and we're beginning to see some of those increases in food, as well as paper products coming on through as well," he added. Clyde's, which opened in the 1960s in Washington, has more than a dozen restaurants in and around the US capital. One of them is The Hamilton in downtown Washington, where drinks prices have ticked up. While management has tried to limit increases, Filkins said this has been tough. Businesses have encountered snarled supply chains and higher costs since Trump imposed fresh tariffs after returning to the presidency in January. In April, the president unleashed his widest-ranging salvo, a 10 percent duty on imports from most trading partners. This is expected to surge to higher levels for dozens of economies. - 'Low cash, low margin' - Leaders like Filkins are eyeing a deadline next Wednesday when the steeper tariffs are due to kick in. These are customized to each partner, with the level for European Union products rising to 20 percent and that for Japanese goods jumping to 24 percent unless they strike deals to avert or lower the rates. Filkins warned that the longer tariffs remain in place, the fewer small, independent distributors, importers and restaurants there might be. "The hope is we don't see tariffs to the extent where we're seeing them any longer," he added. "Restaurants are, at the end of the day, typically low cash, low margin," Filkins said. A typical outfit probably runs "in the single digits in terms of profit margin," he noted. This means that cutting out 10 percent to 15 percent of their profit for wine by the glass, for example, could prove a significant blow. - 20-30% hikes - Clyde's sources coffee beans from places like Brazil and Indonesia for its blends, while getting teas from India and China. "Over the course of the last probably six months, we've seen about a 20 to 30 percent increase of that cost," Filkins said. This is partly because suppliers and distributors are not only paying the 10 percent tariff but forking out more due to exchange rates. Imports from China face a 30 percent tariff currently even though Washington and Beijing have temporarily lowered tit-for-tat levies on each other's goods. Without a deal, products from Indonesia face a 32 percent duty come Wednesday, and the rate for India spikes to 26 percent. "For liquor, beer and wine, most of the wine we import comes from the EU," Filkins said, noting the impact is biggest on products from France, Italy, Spain and Portugal so far. Yet, his company is trying to hold off passing on additional costs entirely. "Consumers are not comfortable spending more in the current climate," said Filkins. The world's biggest economy has fared well after the Covid-19 pandemic, helped by a solid labor market that allowed consumers to keep spending. But economic growth has slowed alongside hiring. Economists are monitoring to see if tariffs feed more broadly into inflation this summer, and households become more selective with purchases. With Trump's approach of announcing, adjusting and halting tariffs roiling financial markets and fueling uncertainty -- forcing businesses to put investments on hold -- Filkins hopes for an easing of levies. "It's hard for all of us to forecast what's going to happen in the next eight days," said Filkins. "We can't base all of our decisions on speculation." bys/ksb Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Associated Press
2 hours ago
- Associated Press
Ongoing Customs Adjustment Procedure Initiated by the Colombian Tax and Customs Authority
BOGOTA, Colombia, July 2, 2025 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC, the 'Company' or 'Ecopetrol') reports that, on June 3, 2025, the Colombian Tax and Customs Authority ('DIAN') notified Ecopetrol of Special Customs Requirement No. 525, in accordance with its interpretation of the law and pursuant to the applicable customs procedures. In this notice, DIAN announced its intention to issue an official adjustment assessment related to the Value Added Tax (VAT) on the import of diesel fuel (ACPM), and a penalty. The total amount of the proposed adjustment and penalty is COP 1.2 trillion, plus estimated interest of COP 0.5 trillion as of the date of the notice. This adjustment and penalty cover imports from 2022 to 2024. Ecopetrol submitted its response to the notice on July 1, 2025, formally opposing the proposed tax adjustment and the penalty. DIAN's notice and Ecopetrol's response showed the difference in legal interpretations between DIAN and the Company. Considering that DIAN has decided to apply its regulatory interpretation, Ecopetrol has been making VAT payments on the import of diesel and gasoline at the 19% rate since January 2025. It is important to note that these payments do not affect Ecopetrol's right to challenge DIAN's interpretation at the appropriate time and before the relevant authorities. Ecopetrol reiterates its commitment to fully comply with its tax and customs obligations and will respect the decisions issued by the competent authorities when resolving this matter. Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the Company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector. This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements. For more information, please contact: Head of Capital Markets (a) Daniel Alexander Hurtado Email: [email protected] Head of Corporate Communications (Colombia) Marcela Ulloa Email: [email protected] View original content to download multimedia: SOURCE Ecopetrol S.A.
Yahoo
2 hours ago
- Yahoo
Burford Capital (BUR) Falls 7.8% as Traders Take Profits
Burford Capital Limited (NYSE:BUR) is one of . Burford Capital dropped its share prices by 7.85 percent on Tuesday to close at $13.14 apiece as investors resorted to profit-taking following a 22-percent surge in the previous day, thanks to a US court ruling in relation to its litigation case against Argentina. In the Court order, US District Judge Loretta Preska told Argentina to transfer its YPF shares to BNY Mellon within 14 days and within one business day to the plaintiffs. Argentinian President Javier Milei, however, vowed to appeal to 'defend national interests.' The case stemmed from Argentina's 2012 seizure of the 51-percent stake in YPF held by Spain-based Repsol without tendering for shares held by minority investors Petersen Energia Inversora and Eton Park Capital Management. An accountant meticulously going over documents in her office, exemplifying the company's commitment to accuracy and detail. The plaintiffs were represented by litigation funder Burford Capital Limited (NYSE:BUR), which had expected to receive 35 percent and 73 percent of Petersen and Eton Park's respective damages. While we acknowledge the potential of BUR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data