TOEIC TOEIC Reading Part 7: Reading Comprehension - Exercise 3

BUSINESS DAILY            November 8

TECHGIANT INC. TO ACQUIRE CLOUDWAVE SOLUTIONS
Deal valued at $2.4 billion

SAN FRANCISCO — TechGiant Inc. announced yesterday that it has reached an agreement to acquire CloudWave Solutions, a leading provider of cloud storage services. The deal, valued at $2.4 billion, is expected to close in the first quarter of next year pending regulatory approval.

Market reaction to the acquisition was overwhelmingly positive. TechGiant's stock price rose 8% in after-hours trading, while CloudWave shares surged 15%. Analysts say the deal positions TechGiant to compete more effectively in the rapidly growing cloud computing sector.

"This acquisition represents a major step forward for our company," said TechGiant CEO Maria Santos in a press conference. "CloudWave's technology and talented team will help us deliver better solutions to our customers worldwide."

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INDUSTRY INSIGHT
RISING TEMPERATURES DRIVE UP COFFEE PRICES

Global coffee prices have reached their highest levels in five years, and experts say the trend is likely to continue. [1] Unpredictable weather patterns, including severe droughts in Brazil and heavy rainfall in Vietnam, have significantly reduced crop yields in the world's top producing regions.

Coffee farmers are feeling the pressure. [2] Many small-scale growers report that rising production costs and lower harvests have cut their profit margins by nearly half. Some have been forced to switch to other crops or abandon farming altogether.

Industry analysts warn that consumers should prepare to pay more for their morning cup. [3] Wholesale prices are already up 30% from last year, and retail prices typically follow within three to six months. [4]

"We're seeing a fundamental shift in the market," said economist Dr. Helen Park. "Climate change is no longer a future concern—it's affecting supply chains right now."