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
GE Vernova raises annual forecasts after second-quarter profit beat
July 23 (Reuters) - Power equipment maker GE Vernova (GEV.N), opens new tab raised its current-year revenue and free cash flow forecast after beating Wall Street estimates for second-quarter profit on Wednesday, sending its shares rising more than 4% in premarket trading. GE Vernova, which became independent last year after a three-way split of General Electric (GE.N), opens new tab, raised its free cash flow target to between $3 billion and $3.5 billion, up from the $2 billion to $2.5 billion forecast earlier, and expects 2025 revenue to trend towards the higher end of a range of $36 billion to $37 billion. The company also said its forecast includes an impact on the lower end of a $300 million to $400 million range from U.S. President Donald Trump's tariffs, as currently outlined, and the resulting inflation. The warning comes when the power industry is bracing for the impact of Trump's shifting tariffs and policies, which have disrupted supply chains, raised costs and threatened the future of offshore wind projects. The company also posted an adjusted profit of $1.77 per share, beating analysts' estimate of $1.51 per share, according to data compiled by LSEG, helped by strong performance in its power and electrification units. According to the U.S. Energy Information Administration, power consumption will hit record highs in 2025 and 2026, driven by rapid expansions in AI and cryptocurrency data centers as well as increased demand from households and businesses. Core profit from GE Vernova's power segment, which provides steam and gas turbines, rose about 27% to $778 million, while the electrification unit reported $332 million, more than double from a year ago. However, the wind segment, which provides wind turbines, blades and services, reported a core loss of $165 million in the second quarter, hurt by higher service cost and the impact of tariffs at Offshore Wind.
Times
3 hours ago
- Times
The inheritance tax raid on pensions will pile misery on grieving families
Coping with the loss of a loved one is hard enough, without the stress of sorting out their financial affairs. But government changes are about to make the whole process a lot more painful. In October 2024, the chancellor said that from April 2027, unspent pension pots would be counted as part of your estate for inheritance tax purposes. At the moment, money left in a pension can be passed on free of inheritance tax, but the government took the view that pensions were too often being used to avoid tax when you die, rather than simply providing for your retirement. • Families face red tape nightmare over inheritance tax on pensions The original proposal was that, in the future, the executor (or other person winding up the estate) would have to contact all the pension firms of the person who had died, find out how much money was left in each, work out how much inheritance tax was due from each, and then send this information to each pension company. Many pension firms expressed concern about all of this, not least the risk that they would face penalties for not paying inheritance tax within six months of the death, even if they had not been notified about the death until months afterwards. In response, HM Revenue & Customs this week made changes that will ease the burden on pension firms — but put more on to grieving families. Instead of the pension schemes being responsible for ensuring that inheritance tax on the pension assets is paid, the executor of your estate will now be responsible. HMRC has set out a 'five step' process that executors will have to go through. This includes finding and contacting pension firms, asking them about the size of any pension pots and who the beneficiaries are, and dealing with those beneficiaries to make sure that they pay the tax due on their share of the estate. Only once all of this has been done can the executor apply for probate and deal with the rest of theestate. The whole process of winding up financial affairs could still be going on a year or more after someone's death. • Will you pay the price for the chancellor's pension shake-up? HMRC said that most estates do not pay inheritance tax and that if the only beneficiary of a pension is a spouse, then inheritance tax does not apply in any case. But the executor will only know who the beneficiaries are once they have contacted all the pension firms, and all of this will take time. There could also be delays where a pension scheme's trustees have 'discretion' over who gets the money, and until the trustees have all the information that they need to reach a decision it will not be possible to finalise the inheritance tax position. There will also be new complexities for the beneficiaries of the pensions. Under the new rules, the person benefiting from a pension can be paid the full amount from the pension and then pay the inheritance tax due on it. But you also have to pay income tax on inherited pensions, so by the time they get the inheritance they are likely to have paid income tax on the full amount. There will now be a process for such people to claim an income tax refund on the part of the bequest that they never really benefited from, because it was paid on to HMRC in inheritance tax. It is simple for a chancellor to say that pensions should not be used as an inheritance tax loophole, to close the loophole, bank the proceeds and move on. But for tens of thousands of grieving families every year, they will not be able to move on. They will instead be faced with many months of additional bureaucracy that will make the process of bereavement all the more painful to Webb was the pensions minister from 2010-2015 and is now a partner at the pensions consultancy LCP
Reuters
3 hours ago
- Reuters
India's Infosys narrows annual forecast helped by banking and financial unit strength
BENGALURU, July 23 (Reuters) - India's Infosys ( opens new tab narrowed its full-year forecast on Wednesday after reporting stronger-than-expected revenue for the first quarter, driven by growth in its financial services segment. The Bengaluru-based software services company narrowed its annual revenue growth forecast to 1%–3% from a prior range of flat to 3%- in line with analyst expectations for a lift in the lower end. Consolidated sales rose 7.5% year-on-year to 422.79 billion rupees ($4.89 billion) in the June quarter, while analysts, on average, expected revenue of 418.06 billion rupees, as per data compiled by LSEG. Revenue from Infosys' banking and financial services segment rose for the fifth consecutive quarter, helped by marquee deal wins including Bank of Sydney, Metro Bank, and U.K.-based AIB. Net profit rose 8.7% in three-month period to 69.21 billion rupees. Analyst had expected 67.55 billion rupees, as per data compiled by LSEG. Analysts have said that U.S. President Donald Trump easing some tariff restrictions, along with global interest rate cuts by central banks, could boost India's $283-billion IT industry, where the banking and financial services segment contributes about a third of total revenue. Net new bookings rose $3.8 billion during the quarter, compared with $2.6 billion in the previous quarter and $4.1 billion in the year-ago period. Infosys also retained its operating margin forecast at 20-22% for FY26. Earlier this month, bellwether Tata Consultancy Services ( opens new tab missed revenue estimates and flagged delays in decision making and project starts. Smaller rivals ( opens new tab and Tech Mahindra ( opens new tab fared better than large caps on account of higher deal wins and better margin. Shares listed in Mumbai closed 0.8% higher ahead of the results. ($1 = 86.3880 Indian rupees)
