2025-07-24 06:37
LONDON, July 24 (Reuters) - Global miner Anglo American (AAL.L) , opens new tab on Thursday reported a 13% fall in copper production in the first half of the year to 342,200 metric tons, and a 26% fall in rough diamonds, as demand remains sluggish. The London-listed miner still expects to mine 690,000-750,000 tons of copper this year, down from 773,000 in 2024. The metal is used in electrical wiring and its demand is expected to increase for electric vehicles and renewable energy infrastructure. Sign up here. The miner is restructuring its business to mainly focus on copper, as well as iron ore, following BHP's (BHP.AX) , opens new tab failed attempt to take it over last year. It has demerged its platinum business and has agreed, though not yet completed, the sale of its nickel and coking coal assets. These businesses are now expected to be reported as discontinued operations in the company's 2025 half-year results on July 31. Despite a production halt caused by a fire at one of the mines included in the $3.78 billion sale to Peabody Energy ((BTU.N) , opens new tab) in April, the miner still expects the transaction to be completed. On Thursday, it said a formal process for the sale of diamond unit De Beers is advancing, despite the current challenging market conditions. Its first-half rough diamond production dropped 26% to 7.22 million carats. Anglo had previously cut its production forecast for 2025 to a range of 20 million to 23 million carats, from 30 million to 33 million, as demand remains low and inventories high. Iron ore production increased by 2% to 31.38 million tons in the first half. https://www.reuters.com/business/anglo-americans-copper-diamond-production-falls-first-half-2025-07-24/
2025-07-24 06:33
https://www.reuters.com/business/autos-transportation/hapag-lloyd-posts-31-lower-net-profit-h1-lowers-top-fy-forecast-2025-08-14/
2025-07-24 06:30
MADRID, July 24 (Reuters) - Spain's Repsol (REP.MC) , opens new tab said on Thursday its second-quarter adjusted profit beat expectations despite a 175 million euro ($206 million) hit from a massive blackout in April and other smaller power-supply issues. The April 28 blackout that caused traffic chaos in cities and left thousands stranded on trains and in elevators across the Iberian peninsula also cut power supply to Repsol's chemical plants and refineries. Sign up here. Some of its facilities also suffered from external power supply issues on April 22 and June 16. Since it can take one or two weeks for such plants to be fully operational after these events, the utilisation ratios fell significantly in the quarter. "All businesses, both quarterly and half-yearly, have improved their results, except for Industrial, which was impacted by the general blackout on April 28 in Spain," Chief Executive Josu Jon Imaz said in a statement. The company said it was already considering potential legal action once responsibilities related to the outage are officially determined. Spain's antitrust and energy watchdog is carrying out a probe into the blackout but hasn't said when it will release its findings. Repsol booked a quarterly adjusted profit of 702 million euros, compared with 859 million euros a year earlier and a company-provided average forecast of 500 million euros. Net profit fell to 237 million euros from 657 million euros a year earlier. The Spanish firm also said that it is selling its 40% stake in U.S. renewables developer Hecate. ($1 = 0.8494 euros) https://www.reuters.com/business/energy/repsol-beats-expectations-second-quarter-despite-blackout-hit-2025-07-24/
2025-07-24 06:29
Alphabet, SK Hynix, Infosys offer upbeat guidance Nestle and Roche report better-than-expected earnings Rosy forecasts come against backdrop of tariff uncertainty Governments scramble for tariff deals ahead of August 1 deadline Hyundai Motor expects tariffs to take bigger toll in Q3 July 24 (Reuters) - Some of the world's top tech firms, including U.S. search giant Alphabet, South Korean chipmaker SK Hynix and Indian IT services provider Infosys, have provided upbeat guidance in their latest earnings reports, shrugging off an uncertain U.S. trade policy. Corporate operations have been overshadowed by erratic U.S. trade action that has upended supply chains and left firms to navigate fluid tariffs on top of broader economic uncertainties such as regulatory change and currency fluctuation. Sign up here. But tech titans Alphabet (GOOGL.O) , opens new tab, SK Hynix (000660.KS) , opens new tab and Infosys (INFY.NS) , opens new tab - which all reported earnings that beat market forecasts - predicted brighter days to come, with Alphabet and SK Hynix both flagging plans to boost spending. Nvidia (NVDA.O) , opens new tab supplier SK Hynix booked record quarterly profit, boosted by strong demand for artificial intelligence chips and customers stockpiling ahead of potential U.S. tariffs. Indian IT services provider Infosys raised the floor of its annual revenue forecast range to 1% to 3%, from flat to 3%, matching analyst expectations. In Europe, Swiss drugmaker Roche (ROG.S) , opens new tab reported a better-than-expected first-half operating profit on Thursday and said it is in close contact with the U.S. government on tariffs. It said it has ramped up inventories in the United States in case tariffs do come into effect to avoid any initial impact. "We hope that the U.S. government then also sees with all the investments that we and other companies are making, that the companies are intending to produce the medicines that are needed in the U.S. for the U.S. also in locations in the U.S.," said CEO Thomas Schinecker. Nestle (NESN.S) , opens new tab, the world's biggest packaged food company, also on Thursday posted better-than-expected first-half organic sales growth and maintained its 2025 outlook. TURBULENCE The upbeat earnings and guidance amounted to a bright spot in a turbulent second-quarter earnings season that has seen businesses as varied as chipmakers and steelmakers report downbeat results. Companies have reported over July 16-22 a combined full-year loss of as much as $7.8 billion, with the automotive, aerospace and pharmaceutical sectors being hurt most by tariffs. South Korea's Hyundai Motor (005380.KS) , opens new tab on Thursday posted a 16% decline in second-quarter operating profit as U.S. tariffs on vehicles and parts started to weigh on its bottom line. The automaker said U.S. tariffs cost it 828 billion won ($606.5 million) in the second quarter and that it expects tariffs to have a bigger impact in the current quarter. General Motors (GM.N) , opens new tab said tariffs knocked $1.1 billion from second-quarter earnings. On Wednesday, Tesla (TSLA.O) , opens new tab Chief Executive Elon Musk said U.S. government cuts in support for electric vehicle makers could lead to a "few rough quarters", as his firm reported its worst quarterly sales decline in over a decade. TRADE DEALS News that the U.S. had struck a deal with Japan to lower new tariffs on auto imports and spare it punishing levies on other goods lifted stock markets on Wednesday. It stirred hope for a similar deal with the European Union ahead of August 1, when the U.S. said new tariffs will go into effect. The European Union is moving toward a trade deal that could include a 15% U.S. baseline tariff on EU goods and possible exemptions, two European diplomats said. One surprise on Thursday was South Korea's finance ministry saying tariff negotiations had been postponed due to a scheduling conflict for U.S. Treasury Secretary Scott Bessent. The announcement cast doubt about whether South Korea would be able to avert U.S. import duties that could hit some of its major exporting industries. All eyes are on Washington as governments scramble to close trade deals ahead of next week's deadline that the White House has already pushed back under pressure from markets and intense lobbying by industry. While the Japan deal has eased investor worry, the threat of higher tariffs on other large economies remains, including the European Union, Canada and Brazil. An EU-China summit on Thursday will test European resolve and unity as the bloc faces trade pressure from both China as well as the United States, while U.S. Treasury Secretary Scott Bessent meets Chinese officials in Sweden next week. ($1 = 1,365.1800 won) https://www.reuters.com/business/autos-transportation/bright-spots-emerge-corporate-earnings-tariff-uncertainty-lingers-2025-07-24/
2025-07-24 06:13
NICOSIA, July 24 (Reuters) - Two people were killed and hundreds evacuated as a massive wildfire tore through southern Cyprus, destroying homes and threatening communities amid an intense heatwave. At least 100 square kilometres (39 square miles) was razed to the ground in a wine-producing region north of the city of Limassol after the blaze broke out around midday on Wednesday, with several fronts still active on Thursday morning. Sign up here. Two people were found dead in a burned-out vehicle, trapped by the fire. At least 10 people were injured, two of them seriously, police said. As dawn broke, a red hue hung over Limassol, a sprawling coastal city where development in recent years has spilled over to its surrounding mountains. Firefighting aircraft were redeployed at first light after darkness forced a pause. Authorities said it was too early to give a precise account of damage, or what started the fire. "We are talking about very strong winds, with gusts, which were constantly interchanging," fire brigade spokesperson Andreas Kettis said. Temperatures on the island peaked at 43 degrees Celsius (109.4 Fahrenheit) on Wednesday, triggering an amber weather alert. A new amber warning was in place on Thursday, with highs forecast to hit 44 degrees Celsius - the hottest of the year so far. Cyprus has requested help through the European Union's civil protection mechanism, with Spain expected to send two aircraft on Thursday, government spokesperson Konstantinos Letymbiotis said. Jordan has also pledged assistance. Cyprus has struggled with a protracted drought, pushing scarce water resources to critically low levels. The affected area sits just north of Cyprus's Kouris reservoir, the island's largest. It was at just 15.5% of its capacity on Wednesday. https://www.reuters.com/business/environment/two-dead-homes-burn-massive-wildfire-cyprus-2025-07-24/
2025-07-24 06:09
July 24 (Reuters) - Canadian miner Teck Resources (TECKb.TO) , opens new tab beat second-quarter profit estimates on Thursday, helped by improved profitability at its Trail operations. Teck's Trail operations, located in British Columbia, is one of the world's largest fully integrated zinc and lead smelting and refining complexes, according to the company website. Sign up here. The company reported an adjusted profit of 38 Canadian cents per share for the quarter ended June 30, compared with analysts' average estimate of 27 Canadian cents per share, according to LSEG data. Teck said London Metal Exchange (LME) copper prices declined by 2% in the June quarter compared with a year earlier and averaged $4.32 per pound. The company produced 109,100 metric tons of copper in the reported quarter, and cut its full-year copper production guidance to 470,000 tons to 525,000 tons. Teck expects to produce 525,000 tons to 575,000 tons of zinc in the current year. The results come against the backdrop of U.S. President Donald Trump's threat to impose a 50% tariff on copper imports, starting August 1. Teck exports the vast majority of its copper to Asia and Europe. Trump's proposed 50% tariff on U.S. copper imports is unlikely to directly impact Teck, given its minimal exposure to the U.S. market. However, the tariff could tighten global supply and push prices higher, indirectly boosting Teck's revenue and margins. https://www.reuters.com/world/americas/canadas-teck-resources-beats-profit-estimates-second-quarter-2025-07-24/
