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Corely is set to join the LSEG board in the fourth quarter of the year.
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Reuters
25 minutes ago
- Reuters
Mining giant Grupo Mexico reports profit bump as copper costs shrink
MEXICO CITY, July 29 (Reuters) - Mining and transportation conglomerate Grupo Mexico reported net profit rose 10% in the second quarter, helped by lower mining costs and a good performance from its copper byproducts business even as copper production edged down. Net profit for the group, a leading copper producer, came in at $1.23 billion from revenues that fell 4% to $4.24 billion, according to a filing dated late Monday, the latter above a $4.22 billion estimate of analysts polled by LSEG. Earnings before interest, taxes, depreciation, and amortization for the three months through end June rose 1.4% to $2.36 billion. Analysts polled by LSEG had expected EBITDA to land at $2.22 billion. Grupo Mexico, controlled by billionaire German Larrea, ranks among the world's largest copper producers by volume. At midday in Mexico City, its shares were trading up 1.3%. It maintained forecasts for an expected annual output of 1.08 million metric tons of copper, as output of the red metal over the quarter reached 267,325 tons, 1.3% less than the same period a year earlier, due to lower output at its Buenavista mine in Mexico's northern Sonora state. Although copper sales fell 2.9% from a year earlier, sales of molybdenum - a metal used to strengthen steel and speed petroleum refining - along with zinc and silver, rose. The mining division's cash cost for its primary metal, meanwhile, fell 10% from a year earlier, hitting $0.93 per pound of copper versus an average price of $4.55 per pound. Analysts at JPMorgan pointed to "a strategic decision to prioritize zinc and silver production at Buenavista Zinc, impacting copper production," and noted that Grupo Mexico had touted "the lowest cash costs in the copper industry, benefiting from higher byproduct credits." Byproduct credits refer to revenue generated from secondary metals extracted alongside a miner's main product. Santander analysts highlighted the lower metal extraction costs net of byproducts. "Grupo Mexico's balance sheet remains strong," they said. Earlier this month, U.S. President Donald Trump announced a 50% tariff on copper shipments starting August 1 in a bid to promote domestic development. The U.S., however, depends on imports for nearly half of its refined copper needs, and homegrown projects often take years to get off the ground. Chile, Canada and Mexico are currently its main suppliers. "There is an opportunity to invest up to $6.2 billion in the reopening and expansion of projects that align with the new mining and industrial policies of President Trump's administration," Grupo Mexico said in a report. It said it could expand production at its Ray and Silver Bell copper mines as well as reopen its Hayden smelter, all run by U.S. subsidiary Asarco, in Arizona. These proposals follow years of negotiations with local unionized workers. Construction of Grupo Mexico's Tia Maria project in southern Peru is progressing as planned, it added, and should launch in 2027. Sales at Grupo Mexico's transport division slid due largely to foreign exchange effects, the firm said, while its infrastructure arm was hit by the suspension of four platform projects on the part of state oil producer Pemex (
Telegraph
an hour ago
- Telegraph
First British-bred blueberry title claimed… then swiftly lost
Few things stir the spirit like a national first – so when the James Hatton Institute, in Invergowrie, declared this summer that it had produced the UK's first home-bred blueberry, heads were turned. However, no sooner had the institute made the announcement than it discovered that someone had beaten it. It was then forced to relinquish the title of a British first in favour of proclaiming the first Scottish-bred blueberry. The institute had proudly unveiled Highland Charm, a blueberry variety bred on Scottish soil, produced after a decade of research, cross-breedings and a large amount of patience. But instead of relishing in the sweet taste of triumph, the institute had to content with a bitter reality. Highland Charm would fall short of claiming the crown of first UK-bred blueberry, as that accolade had been collected by another pioneer whose identity remains a mystery. The institute issued a correction after being contacted by the people behind the true first British-bred variety, and clarified that it instead had the first blueberry of Scottish heritage. But sources in the berry industry robustly denied that any other berry breeding programmes existed nationwide. Instead, they suggested that the name confusion could have been prompted by the Scottish Government, which reportedly funded the breeding programme, and therefore asserted Scotland's claim on the produce. The Scottish Government denied these accusations, with a spokesman advising that 'it was changed because someone else approached them claiming to have created the UKs first bred blueberry before them'. Waitrose boasted of British blueberries in 2020 but fell short of claiming they were bred here saying instead that they were organically grown. But for institute staff who have spent over 10 years working on Highland Charm, one honest mistake will not get in the way of their celebrations. Susan McCallum, the organisation's resident blueberry breeder, said: 'It combines high yields, excellent fruit size, outstanding flavour, with a balanced sugar-acid profile and a satisfying bite. Growers are really excited about it.' Nick Marston, of British Berry Growers, welcomed the news of a new home-bred strain, saying: 'The potential advantage that breeding in the UK offers is that new varieties will be selected and trialled in the UK climate at an early stage in their development which means they may be better suited to our climatic conditions.' The long process of berry breeding means that growers can brand it a 'Scottish Berry', suited to the weather and native. At present, growers must rely on foreign varieties, and whilst they can be grown in the UK they cannot truly call themselves a native-bred fruit. Tesco reported last year that consumers enjoy more than 60,000 tonnes of blueberries per year, with almost 90 per cent imported from abroad – largely the Americas – a number of weeks after they were harvested. Researchers at Invergowrie wanted to change that with Highland Charm, a resilient and high-yielding seed that has delivered in testing across different seasons and growing conditions both home and abroad. Now it is undergoing a licencing process to allow it to qualify as a new cultivar, meaning Highland Charm could be on supermarket shelves in the next two to three years. Ms McCallum hopes its success will encourage consumers to buy locally produced, in-season produce, and promised: 'They're fresher and have higher health benefits than imported berries that take six weeks to get from field to shelves. You'll taste the difference.'
TTG
an hour ago
- TTG
'It took me seconds to say yes!': Lynsey Jones on her 'shock' redundancy and new start with Ambassador
Lynsey Jones was devastated after being made redundant by Balkan Holidays in April. Not knowing what her professional future looked like meant anxiety started to creep in – and to compound matters, she had just discovered she was pregnant. Jones talks TTG's Harry Kemble through how she got back on track. Lynsey Jones was so admired and respected by agents at Balkan Holidays that she was affectionally known as 'Lynsey Balkan'. Yet, it wasn't just agents who were fond of her. The specialist handed her several promotions during her six-year stint. Jones started as a regional sales manager in 2019 before being promoted to national sales manager in 2022 and then head of sales and brand in November last year. However, in April, Balkan suddenly closed its UK business after nearly 60 years, cancelled all forward bookings and made around 20 UK-based staff redundant – including Jones, who at this point had started telling colleagues she was pregnant. 'I loved it at Balkan but they decided ultimately it was not financially viable to keep operating here,' says Jones. 'While it was a shock to be made redundant, it wasn't a surprise.' 'This is a great move for me' As Jones came to terms with losing her beloved job, she was determined not to let the inevitable stress affect her unborn baby boy due to arrive in October. Fortunately, Jones' army of industry friends rallied around her at one of the lowest ebbs. Ambassador Cruise Line's interim head of trade, Karen Cameron, got in touch to offer her a lifeline. The pair had got to know one another at Scottish Passenger Agents' Association events over the years. "I was made redundant on the Thursday, spoke to Karen on the Friday and then signed my contract on the Tuesday,' recalls Jones. 'I thought about Ambassador's offer for about two seconds!' Jones reveals she was contacted by other travel companies about working for them but only ever gave Ambassador's offer of a four-month contract serious thought despite not having any significant cruise sector experience on her extensive CV, which features spells with the likes of Skiworld, Neilson, Tui and, of course, Balkan. "I was approached by other companies as well but – no pun intended – Ambassador has made a lot of waves recently,' she says with a smile, when asked why she decided to join the cruise sector. "After being made redundant by Balkan Holidays, I just felt cruise was the right step for me. All the feedback from agents I've spoken to before was always cruise, cruise, cruise. I feel Ambassador is a great move for me.' Jones adds: 'I thought cruise – generally speaking – was a lot harder for agents to sell. It felt like I used very complicated systems to sell cruise holidays when I was at Tui.' Prior to joining Tui, Jones spent 12 years managing ski resort hotels in the Alps, meaning she is nearly fluent in French. So, have her linguistic skills helped Ambassador following its merger with French cruise operator Compagnie Francaise de Croisieres (CFC) in January? Jones claims colleagues only discovered her secret talent in July – almost halfway through her short-term contract, which ends just before her due date and the start of Ambassador's debut Caribbean programme. 'I did speak French in a meeting in London with two French colleagues the other day,' she explains. 'To be fair, I've not really needed to [use it] – but never say never.' 'Ambassador investing a lot of money' Jones says she's 'loving' her time at Ambassador. 'I feel so lucky Ambassador took away much of the stress by employing me quickly," she continues. "It sounds cheesy, but Ambassador saw something in me. It's great to feel at home straight away. I've honestly never been part of such a big team. "The other day, we worked out the team had 235 years' travel industry experience with the likes of [national account manager] Louise Tansey, [business development executive] Debbie Ballantyne and Karen.' Her new colleagues are constantly checking in with heavily pregnant Jones to make sure she is comfortable. 'Last week, we were in London, and we had a team meal out – they were asking if I wanted help with the stairs, if I was tired, if I wanted to go home. They're constantly checking in on me." On the day Jones speaks to TTG about her new job, she is visiting a Hays Travel branch in Rochdale with plans to meet agents in Bury and Halifax soon after. 'There's a lot of positivity around the [Ambassador] brand from all the agents that I'm visiting,' Jones notes. 'I think the agents see how much effort comes from the trade team. Clearly, we're investing a lot of money into the brand.' Following Ambassador's merger with CFC, a 10-departure Caribbean programme was announced – part of the line's first-ever fly cruise programme. To help promote the programme and support agents selling it, Ambassador hired 19 reps from sales agency 3For in addition to its own 16-strong in-house trade sales team. Jones says: 'I think Ambassador has done a great job. We're turning the high street purple. And we're offering a completely different Caribbean product to other cruise lines.' Jones reveals she's using her contacts to good effect and is currently working with Virgin Atlantic – one of Ambassador's airline partners for the programme – and Visit Barbados ahead of the October launch. In addition, she has distributed research questionnaires to agents to understand what tools they need to sell Ambassador's new Caribbean sailings. 'Agents have been asking for more posters and training so we're doing a myth-busting session to educate the trade about our new products,' Jones reveals. The burning question on my lips though is what does Jones plan to do when she resumes her successful travel career after maternity leave? After all, Jones has now had time to consider her next move. Plus, being unattached professionally speaking means she won't be tempted to check her work emails during the long-night feeds in the months ahead. 'Hopefully I can come back to Ambassador after nine months,' she says. 'It has all worked out in the end.' Previous Article First look at NCL's upgraded 270-acre private island featuring new waterpark with 19 slides Next Article Titan Travel hires Virgin Voyages' Andrea Jones as trade team expansion continues
