) increased after it topped Wall Street estimates for first-quarter wireless subscriber additions on Wednesday, with rapid growth in the country’s immigrant population boosting demand for its services.
The copper miner reported a net loss attributable to shareholders of the company at $159-million for the quarter ended March. 31, as the company continues to be impacted by Cobre Panama mine closure. It had posted a profit of $75-million in the year-ago quarter. “The deal was supported by foreign and local investors,” Eduardo Francisco, president of BDO Capital, the IPO’s underwriter. “It is a big discount which will give good dividend yield and upside to investors.”
OceanaGold’s Didipio mine started commercial operations in 2013 and has a mine life of up to 2035. It held 1.1 million ounces of gold and 140,000 tons of copper as of end-2023, with opportunities to increase output through exploration.) was up after saying it earned US$35-million in its first quarter, up from a loss of US$42-million a year earlier.
Boeing said its first-quarter cash burn, a metric closely watched by investors, was US$3.93-billion, better than average analyst expectations of a cash burn of US$4.49-billion. Since the Jan. 5 accident on an Alaska Airlines-operated jet, the U.S. Federal Aviation Administration has imposed a cap on production of Boeing’s strong-selling 737 MAX jets. The FAA also has told Boeing to develop a comprehensive plan to address “systemic quality-control issues.”
Combined with compensation Boeing had to pay airlines for the temporary grounding of MAX 9 aircraft, margins at its commercial airplanes business deteriorated to negative 24.6 per cent from negative 9.2 per cent. Wall Street analysts expect Tesla to report a profit of US$2.24-billion for the second quarter, according to LSEG data.
Tesla, which is planning to use its existing factories to build the new models, reiterated on Wednesday it expects capital expenditure to exceed US$10-billion in 2024 and to be between US$8-billion to US$10-billion in each of the following years. The company is seen as a bellwether for semiconductor demand, as its products are used across industries ranging from automotive to industrial and consumer electronics including smartphones and personal computers.
If gains hold, the stock will be set to add around US$10-billion to its market valuation. It is valued at US$150-billion based on its Tuesday closing price. U.S. consumer spending has remained remarkably resilient despite higher-for-longer interest rates, with Americans still looking to spend on big-ticket purchases and international travel.
Visa’s payment volume climbed 8 per cent in the second quarter. Cross-border volume excluding intra-Europe, a gauge of international travel demand, jumped 16 per cent. Processed transactions rose 11 per cent in the period. “There were a lot of investors who thought that they would have to cut the guidance, and the fact that they did not, is a positive for Visa,” said Dan Dolev, senior analyst at Mizuho.) was lower a day after its executives suggested a stable economic outlook and rising cargo demand bode well for this year, despite the Red Sea crisis dampening container figures on the East Coast.
The ongoing missile strikes by Iran-backed Houthi militants in Yemen have pushed major container carriers to steer clear of the area. Since mid-December, hundreds of vessels have sailed around the tip of Africa instead of passing through the Suez Canal, tacking on major fuel and crew expenses and triggering a spike in freight rates.
On Canada’s West Coast, container import volumes for CN rose 12 per cent year over year as traffic returned to Vancouver and Prince Rupert after last summer’s strike by 7,400 B.C. dockworkers.
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