Oct 23 (Reuters) – Rio Tinto said on Friday it will invest $1.9 billion to develop the Kangwinan bauxite project in Queensland, Australia, replacing output from its ageing Andoom mine and lifting annual production capacity at its Weipa bauxite operations. The miner said the investment would add 20 m
By Raul Cortes MEXICO CITY, Oct 22 (Reuters) – Grupo Mexico said on Thursday it will push ahead with major investments at its US mining unit Asarco, expanding the Ray and Silver Bell mines in Arizona and aiming to restart the Hayden smelter and refinery, after copper output fell in the third quarter
SYDNEY, Oct 23 (Reuters) – KPMG Australia breached a contract with the country’s biggest federal agency by transferring sensitive government material outside its secure environment, prompting officials to consider firing the firm, documents reviewed by Reuters show. The incident is the global accoun
SAO PAULO, Oct 22 (Reuters) – Brazilian lender Banco Bradesco on Thursday reported a 14.6% increase in its third-quarter recurring net profit from a year earlier, meeting analysts’ expectations despite softer growth in credit-related revenue. Bradesco, which kicked off earnings season for large Braz
By Eric Onstad LONDON, Oct 22 (Reuters) – General Motors, the biggest customer of a US factory making rare earth magnets for electric vehicles, cancelled its long-term supply deal with the manufacturer, and the two sides are in arbitration, according to regulatory documents and a person with knowled
By Andrea Shalal WASHINGTON, Oct 22 (Reuters) – The US Treasury Department on Thursday announced proposed rules for screening outbound investment in China, Russia and other countries, a list that no longer includes Venezuela now that the country’s former president Nicolas Maduro is not in power. Tre
Oct 22 (Reuters) – SpaceX said on Thursday its potential merger with Tesla will require controlling investor Elon Musk’s approval, even though the entrepreneur has recused himself from talks between his two companies because of conflicts of interest. Musk, the world’s richest person, said on Tuesday
By Varun Sahay and Divya Rajagopal Oct 22 (Reuters) – Newmont beat analysts’ third-quarter profit estimates on Thursday, as elevated gold prices and a recovery in copper production at its Cadia mine in Australia boosted earnings. Gold prices averaged $4,204.59 per ounce during the quarter, up about
HONG KONG, Oct 22 (Reuters) – China Evergrande Group’s liquidators have recovered $435.9 million from asset sales and loan recoveries so far, highlighting the challenge of repaying creditors with claims of about $46 billion against the developer. In their second progress report since a Hong Kong cou
By Lewis Krauskopf and Sudeshna Ghoshal NEW YORK, Oct 22 (Reuters) – The tab for the next round of the AI buildout came due on Thursday. Investors sold shares of Meta Platforms and a wealth of companies central to the AI trade, a day after Meta — one of the so-called hyperscalers spending billions t
By Daniela Desantis ASUNCION, Oct 22 (Reuters) – Paraguay’s central bank and its president face mounting calls to resign as scrutiny intensifies over how they supervised a fast-growing digital bank with political ties. Senators from the ruling party and the opposition have urged President Santiago P
By Nathan Gomes and Apratim Sarkar Oct 22 (Reuters) – Record fuel prices are pushing freight off US highways and onto trains, helping railroad companies rake in higher revenue and profits as shippers look for cheaper ways to move goods long distances. Union Pacific, Norfolk Southern and CSX all repo
By Shivansh Tiwary Oct 22 (Reuters) – US airlines are entering the final quarter of the year with a central problem: resilient passenger traffic and sharply higher fares have not been enough to fully offset soaring fuel costs. Third-quarter results from most of the US carriers revealed that the stea
Oct 22 (Reuters) – AI safety research group METR said on Thursday a pilot exercise to stress-test OpenAI’s internal monitoring system uncovered several new vulnerabilities, including an exploit that AI agents could have used to keep hundreds of their recent actions from being monitored. OpenAI has s
By Pritam Biswas Oct 22 (Reuters) – Nasdaq chief executive said on Thursday that initial public offerings market has softened modestly after a wave of macroeconomic turbulence forced several high-profile companies to slam the brakes on their public debuts. Speaking at the exchange operator’s third-q
By Tassilo Hummel and Alessandro Parodi PARIS, Oct 22 (Reuters) – Gucci sales fell in the third quarter as shoppers stayed away from its stores, its owner Kering said on Thursday, blowing hopes of a rapid return to growth for Luca de Meo, who took over as CEO last year. The former automotive industr
By Pooja Menon Oct 22 (Reuters) – Dow forecast fourth-quarter adjusted core profit above market expectations, betting that higher polyethylene prices and its cost-cutting measures would offset the impact from the rise in raw material and logistics costs due to the Iran conflict. The closure of the S
Oct 22 (Reuters) – The outlook for European companies has slightly improved, the latest LSEG forecasts showed on Thursday, as energy majors are expected to deliver a big jump in third-quarter profit and investors digest a mixed bag of results. Companies on Europe’s benchmark STOXX 600 index are expe
Oct 22 (Reuters) – Nippon Steel will invest about $3 billion in the U.S. Steel-operated Mon Valley works in Pennsylvania to upgrade the plant’s hot rolling facility, the Nikkei newspaper reported on Thursday. The move is part of the Japanese steelmaker’s pledge to invest $11 billion in U.S. Steel by
Oct 22 (Reuters) – The cost of insuring Meta Platforms’ debt against default hit an all-time high on Monday, as investors grappled with concerns about the cost of its expanding AI build-out. Five-year credit default swaps gained 7.3 basis points to a record high of 114.5 bps and were set for its big
Oct 22 (Reuters) – EBay said on Thursday it will cut about 9% of its global workforce as part of a restructuring plan to move resources to its top strategic priorities, confirming an exclusive Reuters report from earlier this week. The online marketplace operator also said it expects to report third
By Lucia Mutikani WASHINGTON, Oct 22 (Reuters) – The number of Americans filing new claims for unemployment benefits dropped to near 57-year lows last week amid low layoffs, suggesting a modest pickup in job growth in October after September’s underwhelming performance. The weekly jobless claims rep
Oct 22 (Reuters) – Norfolk Southern beat Wall Street estimates for third-quarter adjusted profit on Thursday, as the railroad operator benefited from strong freight demand, despite higher fuel costs that were largely recovered through surcharges. Railroads have benefited from tight trucking capacity
By Lawrence White LONDON, Oct 22 (Reuters) – Barclays said it is cutting around 5,000 jobs or 5% of its workforce this year, as it uses technology such as AI to slash fixed costs and improve returns. The job cuts were revealed as Barclays reported third-quarter profit of £2.3 billion ($3.08 billion)
Oct 22 (Reuters) – Union Pacific beat Wall Street estimates for third-quarter profit on Thursday, helped by core pricing gains, but flagged a hit from higher fuel prices. The railroad’s shares were up about 2% in early trading. The Middle East conflict has pushed fuel prices higher, increasing costs
By Juveria Tabassum and Alexander Marrow Oct 22 (Reuters) – Procter & Gamble on Thursday warned that rising raw material, energy and freight costs would take a bigger bite out of annual profit, even as resilient demand for its beauty and home-care products drove first-quarter sales. The Tide deterge
Oct 22 (Reuters) – Comcast on Thursday flagged more than $1 billion in charges for the fourth quarter as it changes its organizational structure, ahead of the planned spinoff of its NBCUniversal business in mid-2027. The company lost more broadband customers than expected in the third quarter as fie
LONDON, Oct 22 (Reuters) – British pension funds could have greater exposure to AI-related risks than trustees realise, Britain’s pensions regulator said on Thursday, and urged them to challenge advisers on how a market downturn could affect their portfolios. In a statement the Pensions Regulator, o
By Mike Stone and Aatreyee Dasgupta Oct 22 (Reuters) – Lockheed Martin raised its annual sales and profit forecasts on Thursday after beating Wall Street estimates for third-quarter results, as ongoing geopolitical conflicts drove demand for its missile defense systems and fighter jets. Shares of th
Oct 22 (Reuters) – Blackstone, the world’s largest alternative asset manager, posted a drop in third-quarter earnings on Thursday, as a turbulent market environment weighed on its ability to cash in on investments. Global markets have been roiled by surging bond yields, expectations of higher-for-lo
