This year's drought could cost $12 billion dollars, the highest since 1988. And the latest numbers from the U-S-D-A are bleak. The agency says 88% of corn and 87% of soybeans are in drought condition. 67% of pasture land are rated to be in poor condition. This could push food prices up by at least 3% or 4% next year.
Hotel prices are going up. An international survey by trip-advisor found half the hotels in the U.S. are expecting to raise rates this fall. Most hotels reported high profits for the first half of the year. The survey also found only 16% of hotels expect to lower their rates.
The bitter battle between Apple and Samsung went to court today. Apple says that Samsung copied their iPhone and iPad. Samsung says that Apple is trying to lessen competition and limit consumer choice. The case has already created an injunction banning the sale of Samsung's newest tablet. Apple is seeking more than two billion dollar in damages.