Saudi Aramco second-quarter net profit drops 22% on lower revenues
The world's top oil exporter reported a net profit of $22.7 billion in the three months ended June 30, missing a company-provided median estimate from 17 analysts of $23.7 billion.
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Reuters
an hour ago
- Reuters
Banco do Brasil quarterly profit slides, slashes yearly outlook and dividend
SAO PAULO, Aug 14 (Reuters) - Brazilian state-run lender Banco do Brasil SA ( opens new tab on Thursday reported a 60% slide in second-quarter adjusted net profit, and it announced a sharp cut to its full-year outlook and dividend payout. Net profit came in at 3.8 billion reais ($702.4 million), below the 5 billion reais expected in an LSEG poll. "2025 is a year of adjustments for growth acceleration," Chief Executive Tarciana Medeiros said in the earnings statement. Banco do Brasil, which was the last among Brazil's largest listed banks to release results, posted a return on equity of 8.4%, down from 21.6% a year earlier and 16.7% in the first quarter. In a separate filing, Banco do Brasil cut its 2025 shareholder payout to 30% of its profit, down from the previous range of 40% to 45%, attributing the move to factors including the results, cash needs and capital projections. The earnings follow a challenging first quarter, when higher-than-expected delinquency in its key agribusiness loan portfolio and regulatory changes hurt earnings. The bank's shares have fallen more than 30% since the first-quarter report, which had led the lender to suspend some of its initial 2025 projections. Banco do Brasil resumed forecasts for those metrics on Thursday, projecting full-year adjusted net profit between 21 billion and 25 billion reais, far below its initial range of 37 billion to 41 billion reais provided at the start of the year. The mid-point of the fresh range, 23 billion reais, also falls short of the 26.8 billion reais expected by analysts polled by LSEG. The lender also cut the estimate for its credit portfolio growth to between 3% and 6% this year, from its previous expectation of between 5.5% and 9.5%. ($1 = 5.4101 reais)
Reuters
an hour ago
- Reuters
Saudi Arabia, Chile to resume poultry imports from Brazil, memos say
SAO PAULO, Aug 14 (Reuters) - Saudi Arabia has lifted a ban on poultry imports from Brazil's southernmost state of Rio Grande do Sul, where an outbreak of bird flu was reported on a commercial poultry farm in May, according to an Agriculture Ministry memo issued on Thursday and seen by Reuters. Chile, which had also imposed trade restrictions after the outbreak, has also agreed to resume buying Brazilian poultry products produced after August 9, according to a separate document sent from Chile to Brazilian authorities. Chile will be open to importing Brazilian fertile eggs, one-day chicks, fresh chicken and processed products, according to the document, which was issued on Thursday following a visit by Chilean officials to Brazil last week. The document also says that Chilean authorities recognize Rio Grande do Sul state as free of Newcastle disease, which is a highly contagious and viral disease affecting birds, like avian flu. Earlier in the day, executives at Brazilian food processor BRF ( opens new tab welcomed the end of Saudi Arabia's ban and the potential easing of Chile's trade restrictions at a press conference. BRF on Thursday reported strong second-quarter results, but trade bans did affect the company's poultry exports and the quarterly results, managers said. Brazilian companies had faced a number of regional and countrywide trade bans after the country's first-ever bird flu outbreak on a commercial farm, which were gradually lifted. Large food importers like China have not resumed buying Brazilian poultry. (This story has been refiled to fix headline to say 'memos' in the plural)
BBC News
an hour ago
- BBC News
US wholesale prices jump in July as tariffs hit
Producers in the US raised their prices at the fastest pace in more than three years last month as companies grappled with new costs from tariffs introduced by US President Donald Trump. The producer price index, which measures the selling price commanded by US producers, jumped 0.9% from June to July, after being flat the previous month, according to the Labor Department. That was a much bigger leap than the 0.2% forecast by analysts, who predict that the higher wholesale prices will soon mean higher prices for US consumers. The report renewed worries about inflation in the months ahead, despite recent data showing that the increase in consumer prices had held steady at 2.7% in July. The average effective tariff rate in the US has soared since Trump has come into power and put new levies on most goods entering the country. He says tariffs, which are a tax on imports, will raise money for the government and give US manufacturers an edge over their foreign competitors. But economists have warned that expanding production in the US will be costly and difficult and that the primary impact of the new levies will be higher costs for businesses and consumers. Analysts said the building inflation pressures could also complicate calls for the US central bank to lower interest rates, as Trump has demanded. The Federal Reserve sets its policy independent of the White House. It has held off on cuts so far this year, worried that cutting rates at a time when tariffs are expected to push up prices could risk re-igniting inflation. But a string of weak job growth, combined with cooler-than-expected inflation, had increased pressure on the bank to give the economy a boost by lowering borrowing costs. Treasury Secretary Scott Bessent earlier this week called on the Federal Reserve to cut its key lending rate by half a percentage point at its next meeting in September. "The large upside surprise in producer prices highlights the dilemma the Federal Reserve faces," wrote Matthew Martin, senior US economist at Oxford Economics. "The big picture remains that inflation is further away from the Fed's target than the unemployment rate and is likely to climb further over the coming months." The 0.9% over-the-month jump in US producer inflation was the biggest reported since June 2022, the height of post-pandemic inflation in the US. Wholesale prices for services, which includes things such as warehousing and investment advice, jumped 1.1%. Meanwhile, wholesale prices of goods jumped 0.7% from June to July, according to the report, with nearly half of that increase coming from higher food prices. Prices for categories heavily exposed to tariffs, such as home furniture and apparel, also increased. "New tariffs are continuing to generate cost pressures in the supply chain, which consumers will shoulder soon," Samuel Tombs, chief US economist at Pantheon Macroeconomics, wrote after the report.
