Mexican telecoms giant America Movil swings to profit in Q2
Revenues of the company, controlled by the family of Mexican billionaire Carlos Slim, came in at 233.79 billion pesos for the period, up 14% year on year.
($1 = 18.7654 pesos at end-June)
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Reuters
2 hours ago
- Reuters
MercadoLibre misses profit estimates as Brazil free-shipping boost hurts margins
SAO PAULO, Aug 4 (Reuters) - Latin American e-commerce giant MercadoLibre (MELI.O), opens new tab on Monday posted a 1.5% dip in its second-quarter net profit from a year earlier, missing analysts' estimates, as increased free shipping in Brazil drove sales up but also hit margins. MercadoLibre, Latin America's largest company by market value, reported net income of $523 million for the quarter through the end of June, below the $596 million expected by analysts in an LSEG poll. MercadoLibre, based in Uruguay, operates an e-commerce platform and the fintech Mercado Pago, selling in nearly 20 countries throughout Latin America. Net revenue of $6.8 billion was up 34% year-on-year, beating the estimate of $6.7 billion, with sales measured by gross merchandise value rising 37% on a forex-neutral basis. In early June, MercadoLibre cut the threshold for purchases eligible for free shipping in Brazil, after also lowering shipping costs for companies and users selling on its platform in May, amid fierce competition in the country's e-commerce segment. Brazil, the firm's main market, together with Mexico helped MercadoLibre to increase total items sold by 31% in the quarter, the fastest pace year-on-year since mid-2021. However, that also hurt margins, said Chief Financial Officer Martin de los Santos. "We don't want to miss the growth opportunities ahead of us," he said in an interview. "That might generate some structural margin pressure, but we are very optimistic about the long-term trajectory of our profitability." Earnings before interest and taxes (EBIT) reached a record high of $825 million, but also missed the $869 million forecast. The EBIT margin stood at 12.2%, down from 14.3% a year earlier. The CFO said that among the main impacts on margins were investments in free shipping and related marketing, and growth in its so-called 1P business, which sells directly to customers. MercadoLibre's fintech arm grew its credit portfolio by 91% to $9.3 billion, while the 15-to-90-day default ratio fell 1.5 percentage points to 6.7%, the lowest since it started to release the figure seven years ago, the CFO said.
Reuters
4 hours ago
- Reuters
Brazil chooses local relief over retaliation for US tariffs, sources say
BRASILIA, Aug 4 (Reuters) - Brazil's government has set aside for now plans for direct retaliation against steep U.S. tariffs taking effect this week, focusing instead on a relief package for industries hit hardest by the levies, sources familiar with the strategy said. Wide-ranging exemptions granted in U.S. President Donald Trump's executive order last week spared some of the most vulnerable sectors of Latin America's largest economy, to the relief of many investors and business leaders. That has left Brasilia cautious about responding to Trump with reciprocal tariffs or other retaliation that could escalate tensions, said government officials, who requested anonymity to discuss confidential deliberations. Talks with Washington are likely to be slow and complex, said one of the sources, so Brazil's government is prioritizing immediate relief for exporters, such as through public credit lines and other support for export finance. Another official said the government is studying potential responses to the tariffs that would affect U.S. companies, but sees them as a last resort if negotiations fail. Those potential countermeasures, now under review, could include suspension of royalty payments for pharmaceutical patents and media copyrights, two sources said. The government had also signaled last year that it was preparing a new tax that could affect big U.S. tech companies, but shelved the plan this year to avoid antagonizing Trump ahead of his April tariff announcement. At the time, Brazil was saddled with a 10% tariff, among the lowest in the world, which many credited to a longstanding U.S. trade surplus with Brazil. Trump then tied a steeper 50% tariff in July to what he called a political "witch hunt" against former President Jair Bolsonaro, a right-wing ally on trial for an alleged coup plot to overturn his 2022 election loss. Brazilian President Luiz Inacio Lula da Silva initially said he would respond under the country's Economic Reciprocity Law, passed by Congress to provide legal grounds for countermeasures against trade sanctions, fueling speculation about retaliation. Talk of reciprocal action has since faded, even as Lula criticizes Trump's rationale for the tariff hike, defending the independence of Brazil's judiciary and insisting any negotiations should remain strictly focused on trade. U.S. tariff exemptions granted last week for Brazil's aviation, energy and mining industries were taken in Brasilia as evidence that patient diplomacy and lobbying by affected U.S. companies seeking relief was the best way to get results in Washington. Brazil also said it plans to file a formal complaint at the World Trade Organization over the tariffs, even though that dispute settlement system has been stalled since the first Trump administration. "You still need to go through the available channels," one Brazilian official said, while acknowledging that a resolution is unlikely under the current state of the WTO. More immediately, the government is fine-tuning measures to shield sectors most hurt by the U.S. tariffs set to take effect on Wednesday, extending financial relief to companies already facing canceled contracts. Officials have said the package will likely include credit lines and possible tweaks to the export credit insurance and export financing mechanisms, according to one of the sources. Finance Minister Fernando Haddad, who said relief measures could begin rolling out this week, on Friday said the government was never committed to retaliating against Washington. "We never used that verb to characterize the actions the Brazilian government will take," he said. "These are actions to protect sovereignty, to protect our industry, our agribusiness, our agriculture," he told reporters. "That word (retaliation) was not present in the president's speech, nor in any minister's."
Auto Blog
4 hours ago
- Auto Blog
Walmart Is Selling a $270 Milwaukee 2-Tool Combo Kit for 37% Off, and Shoppers Say It's ‘Worth the Price'
By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Mazda sold 45,057 vehicles in the U.S. in July 2025, marking a 13% year-over-year rise. CX‑50, Miata, and strong gains in Mexico and Canada led the surge. View post: Mazda Has Plenty To Smile About As CX‑50 and MX‑5 Drive Big Sales Rebound in July New colors and new trims make the Emira more expensive. View post: The Lotus Emira Is Almost Five Grand More Expensive For 2026 Don't miss out on August's best truck deals. Get the full details on the new 2026 Hyundai Santa Cruz, including a killer lease offer and other competitive incentives. BMW's Gen6 electric motor enters production in Austria, powering upcoming Neue Klasse EVs like the iX3 with 800-volt architecture and new infotainment systems. Autoblog aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission. Whether you're fixing up your car in the garage or finally tackling that long-overdue DIY project, having a dependable cordless tool kit can make all the difference. A solid drill and impact driver are two of the most-used tools across both home and automotive work, and right now, Walmart is making it easy to upgrade. For a limited time, you can score the Milwaukee M12 Fuel 12V Lithium-Ion 2-Tool Combo Kit for just $170, which is $100 off its regular price of $270. The kit includes Milwaukee's compact yet powerful M12 Fuel 1/2-inch drill/driver and 1/4-inch hex impact driver, plus two RedLithium battery packs (a 2.0Ah and a 4.0Ah), a charger, and a contractor bag. Designed with professional users in mind but priced for serious DIYers, it's ideal for everything from assembling furniture to removing rusted bolts under the hood. Milwaukee M12 Fuel 12V Lithium-Ion 2-Tool Combo Kit, $170 (was $270) at Walmart The drill/driver delivers top-tier torque with a brushless motor that maximizes power, while RedLink Plus Intelligence prevents overloads and manages heat. It's the most powerful subcompact drill in its class and also the shortest, making it perfect for tight spaces. The impact driver is the fastest in its category and only 5 inches long, allowing for use in cramped spots. Tri-LED lighting surrounds the bit area for a shadow-free view, and both tools are compatible with over 125 products in the Milwaukee M12 system. Long battery life and strong durability round out the package, making this kit a serious value. Shoppers are impressed with the power-to-size ratio. One reviewer noted, 'Small and light, but also very powerful,' while another added, 'More than enough power for most DIY jobs.' A third chimed in, saying, 'Great price, great product. Can't go wrong with Milwaukee.' Others are thrilled with the reliability and would buy it again. 'The tools are small and compact but very powerful. Definitely worth the price. I would purchase [them] again without hesitation. I'm completely satisfied with my Milwaukee tools.' Walmart flash deals on name brands like this don't stick around for long. So head over there today and pick up the Milwaukee M12 Fuel 12V Lithium-Ion 2-Tool Combo Kit today for just $170, while it's still 37% off. About the Author Andrew Koopman View Profile
