Alcoa Posts Higher Second-Quarter Earnings Despite $115 Million in Aluminum Tariff Costs
The Pittsburgh aluminum producer reported $164 million in net income, or 62 cents a share, up from $20 million, or 11 cents a share, from the prior year.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New York Times
2 minutes ago
- New York Times
Alden Global Capital Makes a Play for The Dallas Morning News
MediaNews Group, the newspaper operator owned by the investment firm Alden Global Capital, put in a bid on Tuesday to buy The Dallas Morning News, a last-minute twist in the sale of a publication that has been locally owned for 140 years. This month, the media conglomerate Hearst agreed to acquire DallasNews Corporation, the parent company of The Dallas Morning News, in a deal valued at $75 million, or $14 a share. That deal has been approved by the boards of each company and was expected to close later this year. MediaNews Group is offering $16.50 a share, or roughly $88 million, for the company, according to a letter to the DallasNews board that was disclosed in a filing with the Securities and Exchange Commission. MediaNews Group urged the board to consider what it said was a superior offer. It also said it would ensure that the print edition of the newspaper continued. 'We have been considering a potential transaction with DallasNews for several years,' MediaNews Group wrote in the letter, 'because we are consistently impressed with its commitment to high-quality local journalism supported by operational efficiency that maximizes resources available for the newsroom.' MediaNews Group is a subsidiary of Alden Global Capital, an investment firm that has bought dozens of newspapers around the country, often cutting costs by shrinking newsrooms through layoffs. It is the second-largest newspaper publisher in the company, with publications like The Denver Post, The Boston Herald and The San Diego Union-Tribune. According to the securities filing, MediaNews Group has purchased nearly 10 percent of DallasNews stock. Under the Hearst deal, The Dallas Morning News would join Hearst Newspapers, which operates 28 daily newspapers, including The San Francisco Chronicle. Hearst has been acquiring publications in Texas and in February reached a deal to buy The Austin American-Statesman from Gannett. MediaNews Group does not own any newspapers in the state. A spokesman for DallasNews declined to comment. A representative for Hearst did not immediately respond to a request for comment. DallasNews is a publicly traded company, but has retained the structure of a family-owned business. Robert Decherd, a descendant of the paper's founder, is the controlling shareholder. The Dallas Morning News has faced the same headwinds as other local newspapers, such as declining advertising revenue and a struggle to reach profitability. It offered buyouts to staff in 2023 and recently sold its Plano, Texas, printing plant. According to a recent article, the newsroom has 157 employees. Colleen McCain Nelson was recently named executive editor. She is expected to start in the role in August.
Washington Post
2 minutes ago
- Washington Post
Trump says U.S. has a deal with Japan to lower proposed tariffs
President Donald Trump on Tuesday said he had cinched a trade deal with Japan, reducing the tax he had planned to levy on imports from a major trading partner as the deadline he has imposed for negotiations over tariffs nears. Trump posted on his Truth Social social media site Tuesday evening that he would impose a 15 percent duty on Japanese imports, down from the 25 percent he'd threatened earlier this month. In exchange, Trump said, Japan will invest $550 billion in the United States and remove trade barriers for U.S. auto and agricultural imports. The Japanese government did not immediately confirm those details, though Prime Minister Shigeru Ishiba told reporters he had received initial word from his negotiating team.
Bloomberg
2 minutes ago
- Bloomberg
Morgan Stanley Faces Finra Probe on Client-Vetting, WSJ Says
Morgan Stanley is being probed by the Financial Industry Regulatory Authority over its vetting of clients for risk of money laundering, the Wall Street Journal reported. The scrutiny focuses on the US bank's clients, risk ranking and other practices from Oct. 2021 through Sept. 2004, the report said, citing unidentified people familiar with the matter. Morgan Stanley is already facing potential fines from federal investigations into its anti-money laundering practices, the report said.
