2025-10-28 23:07

Oct 28 (Reuters) - Walmart's Mexico and Central America unit (WALMEX.MX) , opens new tab reported on Tuesday a 9% drop in third-quarter net profit, mainly due to higher financial costs and a one-off accounting adjustment, despite growth in sales and operational efficiencies. Net profit for Mexico's largest retailer was 11.75 billion pesos ($641.41 million) in the three months through September, below the 13.7 billion-peso forecast of analysts polled by LSEG. Sign up here. Revenues for Walmex, as the company is known, rose 5% year-on-year to 241.52 billion pesos - slightly below analysts' estimate of 244.8 billion pesos. However, financial expenses rose by 65.7% compared to the same period in 2024, reaching 2.7 billion pesos, while a non-recurrent item impacted the consolidated net income margin. Walmex, which operates Walmart and Sam's Club stores as well as low-cost supermarket chain Bodega Aurrera, is one of Mexico's largest private employers. The quarterly results are Walmex's first under new Chief Executive Cristian Barrientos, who was named acting CEO on August 1 and confirmed as CEO and chair on October 7, replacing Ignacio Caride, who stepped down after fewer than two years in the role. In a presentation on Tuesday, Barrientos celebrated the company's "solid business fundamentals" while noting a volatile economic backdrop. "Given the ongoing uncertainty around tariffs, the coming USMCA (U.S.-Mexico-Canada trade agreement) renegotiation, and volatile consumption, we are encouraged by our team's ability to execute the priorities we have defined," Barrientos said, highlighting the company's "three non-negotiable pillars" of price leadership, product availability and the acceleration of e-commerce. The company reported a 3.9% rise in same-store sales in Mexico and 0.6% growth in Central America. It added 23 stores in Mexico and three in Central America. Looking ahead to the fourth quarter, CFO Paulo Garcia said Walmex was well positioned to navigate the economic environment and that the company is expecting performance in line with the two previous quarters, with "similar top-line growth levels and accelerated market share gains" as well as profit improvement. ($1 = 18.3147 Mexican pesos at end-September) https://www.reuters.com/business/retail-consumer/walmarts-mexico-unit-posts-9-drop-q3-profit-below-forecasts-2025-10-28/

2025-10-28 23:04

Microsoft advances after OpenAI restructuring deal Key results from megacap names due this week Nvidia will build AI supercomputers for US energy department Indexes: Dow up 0.3%, S&P 500 up 0.2%; Nasdaq up 0.8% NEW YORK, Oct 28 (Reuters) - All three major U.S. stock indexes posted record closing highs again on Tuesday as Nvidia shares gained following news it will build artificial intelligence supercomputers for the U.S. energy department, and as investors were optimistic about corporate earnings ahead of key results from megacaps this week. Nvidia CEO Jensen Huang said the company will build seven supercomputers for the U.S. Department of Energy, and said the company has $500 billion in bookings for its AI chips. Sign up here. Nvidia's stock closed up 5%, adding over $230 billion in market value and putting the company on the verge of becoming the first worth $5 trillion. Also boosting the market, Microsoft's shares (MSFT.O) , opens new tab gained 2% after the company reached a deal that allows OpenAI to restructure into a public benefit corporation while giving Microsoft a stake of 27% in the ChatGPT maker. Quarterly results are expected this week from Apple (AAPL.O) , opens new tab, Microsoft, Alphabet (GOOGL.O) , opens new tab, Amazon (AMZN.O) , opens new tab, and Meta Platforms (META.O) , opens new tab. Investors are anxious for details from the companies on AI spending. Shares of Apple ended up just 0.1%, with the company earlier crossing $4 trillion in market value for the first time. "Momentum and earnings are pushing the market higher," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. "Earnings have been good," he said. "Of course, we're waiting for the big tech stocks." Investors were also digesting trade-related news. The Wall Street Journal said U.S. President Donald Trump and Chinese leader Xi Jinping will discuss a trade framework to reduce U.S. tariffs on Chinese goods in exchange for Beijing’s commitment to curb exports of fentanyl precursor chemicals. The Dow Jones Industrial Average (.DJI) , opens new tab rose 161.78 points, or 0.34%, to 47,706.37, the S&P 500 (.SPX) , opens new tab gained 15.73 points, or 0.23%, to 6,890.89, and the Nasdaq Composite (.IXIC) , opens new tab gained 190.04 points, or 0.8%, to 23,827.49. Trump lavished praise on Japan's first female leader, Sanae Takaichi, in Tokyo on Tuesday. They signed a deal to bolster supplies of critical minerals and rare earths, as their nations seek to reduce China's dominance of some areas of key electronic components. QUARTERLY EARNINGS UP With results in from 180 of the S&P 500 companies, third-quarter earnings are estimated to have increased 10.5% from the year-ago period, up from earlier estimates for the quarter, according to LSEG data. On Wednesday, the Federal Reserve is widely expected to announce a 25-basis-point interest rate cut. Investors will be keen to get any details on the rate outlook, especially given that the U.S. government has been shut down for nearly a month, delaying crucial economic data and forcing traders to rely on private releases and corporate announcements. A preliminary estimate of an ADP National Employment Report , opens new tab showed the U.S. economy added an average of 14,250 jobs in the four weeks ending October 11. Even though the ADP data seemed to be positive, it was tempered by layoff announcements by big companies such as Amazon and others, analysts said. Shares of United Parcel Service (UPS.N) , opens new tab jumped 8% after the company posted better-than-expected in a sign its overhaul is making headway. UPS has been shuttering hundreds of facilities, slashing thousands of jobs and offering buyouts to its union drivers as part of its largest-ever overhaul, which aims to reduce costs by $3.5 billion in 2025. After the closing bell, shares of Visa (V.N) , opens new tab edged higher after the company reported a rise in quarterly adjusted profit amid strong transaction volumes. Visa's stock ended the regular session down 0.3%. Declining issues outnumbered advancers by a 1.35-to-1 ratio on the NYSE. There were 613 new highs and 102 new lows on the NYSE. On the Nasdaq, 1,868 stocks rose and 2,862 fell as declining issues outnumbered advancers by a 1.53-to-1 ratio. Volume on U.S. exchanges was 20.5 billion shares, compared with the 20.96 billion average for the full session over the last 20 trading days. https://www.reuters.com/business/us-stock-futures-steady-after-recent-rally-focus-big-corporate-earnings-2025-10-28/

2025-10-28 23:02

LIMA, Oct 28 (Reuters) - Southern Copper, one of Peru's largest copper producers, said on Tuesday that its $1.8 billion Tia Maria mine project is 23% complete, and maintained its 2027 target start date for production. The project is expected to produce 120,000 metric tonnes of copper cathodes per year, the company said in its third-quarter results report. Sign up here. Southern Copper is also working on other mainly copper projects in Peru at exploration or basic engineering stages, with planned investments exceeding $10.3 billion over the next decade, including the Los Chancas and Michiquillay copper projects. "With the support and assistance of the Peruvian authorities, the company is moving forward to secure the required administrative permits and licenses prior to investment," Southern Copper said. Southern Copper, which is controlled by Grupo Mexico, operates the Toquepala and Cuajone copper mines and the Ilo refinery in southern Peru. In Mexico, it operates the Caridad and Buenaventura mines and is developing the El Arco and Pilar copper projects. https://www.reuters.com/business/southern-copper-says-its-tia-maria-project-peru-is-23-complete-2025-10-28/

2025-10-28 22:28

Slovnaft keen to diversify from Russian crude Move 'jeopardises' supply of non-Russian fuel to Central Europe Slovnaft perceives cut as breach of contract Janaf denies breaching terms of contract Oct 28 (Reuters) - (This Oct 28 story has been corrected to clarify that an exemption from EU sanctions has expired, in paragraph 3) Slovak refiner Slovnaft said on Tuesday that Croatian pipeline operator JANAF (JANF.ZA) , opens new tab had reduced deliveries of non-Russian crude to it for technical reasons, hitting its efforts to refine fuel from other sources. Sign up here. Janaf responded denying Slovnaft's assertion that it was in breach of contract. Slovnaft, part of Hungary's oil and gas group MOL (MOLB.BU) , opens new tab, mostly processes Russian oil and an exemption to EU sanctions that allowed it to export products to the Czech Republic derived from those deliveries expired in June. It has sought to raise the amount of non-Russian crude at its refinery and was due to have a mix of 50% of non-Russian crude in October and November, according to a spokesman. SLOVNAFT SAYS ISSUE JEOPARDISES NON-RUSSIAN FUEL SUPPLIES But Slovnaft is facing the loss of 90,000 tonnes of deliveries of Arab Light crude via Janaf, which Slovnaft spokesman Anton Molnar said has told it that volume is needed to help push other volumes through the system. "Janaf told us they need this technological amount because they stopped supplying Serbia's NIS after the U.S. administration sanctioned them," he said. Earlier this month, Janaf said in a statement that it had delivered everything in its system owned by Russian-owned NIS (NIIS.BEL) , opens new tab following the sanctions. Replacing the volume cannot be done quickly, impacting Slovnaft's refining schedule, Molnar said. "They seriously jeopardise the supply of non-Russian fuel to Central Europe," he said, adding that Slovnaft had informed Janaf that it considered the Croatian company in breach of contract. JANAF SAYS CONTRACT BREACH ACCUSATION 'FALSE AND UNFOUNDED' Responding to Reuters, Janaf said oil transport through its system was being carried out according to the transport schedule and in full compliance with its agreement with Slovnaft. "We firmly reject the claims made by Slovnaft ... regarding breaches of the contract provisions as false and unfounded," it said in a statement. It called on the MOL Group to increase its utilisation of the oil pipeline's capacity. "The current use of the pipeline by the MOL Group is significantly below the contracted and customary business practice in the oil pipeline transport sector," it said. The Adriatic pipeline from Croatia is a key route for alternative supplies for Hungary and Slovakia, which have long relied mostly on Russian crude via the Druzhba pipeline. Hungarian and Slovak officials have worried over the Adriatic's capacity and costs. JANAF transports 2.1 million metric tons of crude oil to MOL's refineries in Hungary and Slovakia this year under an existing deal. In 2024, Slovnaft processed a total 4.8 million tonnes of crude, of which 662,000 tonnes were alternative types. Slovakia and Hungary, which both differ with the EU over Brussels' approach to the war in Ukraine, are also facing their own questions over U.S. sanctions on Russian oil companies Lukoil and Rosneft. Hungarian Prime Minister Viktor Orban said last week that Hungary was working on finding a way to circumvent those sanctions and he is expected to meet President Donald Trump next week to discuss the sanctions. https://www.reuters.com/business/energy/slovak-refiner-slovnaft-says-croatias-janaf-cuts-supply-non-russian-crude-2025-10-28/

2025-10-28 21:48

Exxon was awarded the block this year, marking its return to the Caribbean nation Venezuela suspended all energy pacts with Trinidad this week Declares Trinidad's prime minister persona non grata Trinidad will not give further details to Venezuela about the work HOUSTON/CARACAS, Oct 28 (Reuters) - Venezuela is seeking location and other details from Trinidad and Tobago about the first field tests to be conducted by Exxon Mobil (XOM.N) , opens new tab in an ultra-deepwater area it was recently awarded in the Caribbean country, according to two sources and a document seen by Reuters. Venezuela's Vice President and oil minister Delcy Rodriguez demanded information on Exxon's plans, including if potential finds could extend into Venezuela's territory. She relayed this in a meeting she called with the dual-island nation's acting head of its mission to Caracas, Dayne-Marc Chin Slick, earlier this month, according to a diplomatic note he sent to Trinidad's Foreign Minister. Sign up here. Exxon was awarded the block earlier this year, marking its return to Trinidad for oil and gas exploration activities. The block is near the maritime border with Venezuela and northwest of the prolific Stabroek block Exxon operates in nearby Guyana. Venezuela's National Assembly declared Trinidad's prime minister persona non grata on Tuesday, in a further deterioration of bilateral relations. Venezuela on Monday suspended a wide energy pact with the country, including several joint gas projects, after President Nicolas Maduro criticized what he called its pro-U.S. stance amid ongoing military escalation in the region. A similar standoff with Guyana in recent years led to the suspension of Exxon's drilling in the north portion of the Stabroek block, which was declared in force majeure due to Exxon's inability to complete exploration work there. Rodriguez told Trinidad's acting head of mission Chin Slick that, under Article 8 of a delimitation treaty on territorial borders, either country has to inform the other of any planned exploration as long as the area is within 500 meters (1,640 feet) of the border, according to the diplomatic note. Trinidad and Venezuela sit just six miles (9.7 km) away at their closest point. Trinidad is prepared to inform Venezuela about a seismic survey Exxon plans next year, but will not give further details about the work plan or say if there is potential for a discovery extending into Venezuela, since none has been made, the internal Trinidad government memo showed. "The Government of Trinidad and Tobago is bound by confidentiality provisions and, as a consequence, specific and detailed information on Exxon Mobil's operations for Block TTUD 1 cannot be disclosed," the Foreign Ministry's memo stated. Exxon declined to comment. Trinidad's energy ministry, and Venezuela's information and oil ministries did not immediately respond to requests for comment. Up until April, when Trinidad's government changed, the two countries had close relations, with Caracas granting a license to Shell (SHEL.L) , opens new tab and Trinidad's National Gas Company (NGCTT.UL) to develop the 4.2-trillion-cubic-foot Dragon gas field in Venezuelan waters. Venezuela also agreed in 2020 not to object to Trinidad's plans to develop its share of the 10 TCF Loran-Manatee gas field. About 73% of the reserves lie on the Venezuelan side of the border. However, bilateral relations have become complicated since Trinidad's new Prime Minister Kamla Persad-Bissessar arrived. Rodriguez said this week Trinidad's attitude towards Venezuela was "hostile." https://www.reuters.com/business/energy/venezuela-asks-trinidad-provide-details-exxon-field-tests-sources-say-2025-10-28/

2025-10-28 21:43

Oct 28 (Reuters) - U.S. pipeline operator ONEOK (OKE.N) , opens new tab reported a rise in third-quarter profit on Tuesday, helped by robust volumes in the Rocky Mountain region as well as the impact of a series of acquisitions. ONEOK has been diversifying its portfolio through acquisitions over the past two years, including a Gulf Coast NGL pipeline system from Easton Energy, as well as Medallion Midstream and EnLink Midstream. Sign up here. In June, ONEOK completed its $940 million acquisition of the remaining 49.9% stake in the Delaware Basin joint venture from NGP XI Midstream Holdings, giving the company sole ownership of natural gas gathering and processing facilities in West Texas and New Mexico's Delaware Basin. Core profit from the natural gas liquids segment rose nearly 20% to $748 million, while the natural gas gathering and processing segment's core profit jumped roughly 78% to $566 million from a year earlier. Its refined products and crude segment rose to $582 million in core profit during the quarter, primarily driven by the Medallion and EnLink acquisitions. ONEOK transports natural gas, natural gas liquids, refined products and crude oil through its 60,000-mile-long network of pipelines. The Tulsa, Oklahoma-based company reported net income attributable to shareholders of $939 million, or $1.49 per share, for the quarter ended September 30, compared with $692 million, or $1.18 per share, a year earlier. https://www.reuters.com/business/oneok-posts-higher-third-quarter-profit-acquisitions-pay-off-2025-10-28/