Javier Milei's Gift for Pope Leo
Hayek's fatal conceit is that 'man is able to shape the world around him according to his wishes.' It's a hearty defense of free markets—of classical liberalism. My colleague Matthew Hennessey got taken to task by the vice president for defending free markets on these pages. In 2025!
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Yahoo
12 minutes ago
- Yahoo
Cablevisión Holding announces its First Half and Second Quarter 2025 Results
BUENOS AIRES, ARGENTINA / / August 11, 2025 / Cablevisión Holding S.A., ("Cablevision Holding", "CVH" or "the Company")(BCBA:CVH)(OTC:CVHSY), controlling shareholder of Telecom Argentina S.A. (NYSE:TEO)(BCBA:TECO2), announced today its First Half and Second Quarter 2025 Results. Figures have been prepared in accordance with International Financial Reporting Standards ("IFRS") and are stated in constant Argentine Pesos ("Ps." or "P$") as of June 30, 2025, unless otherwise indicated. The Company's Management has applied IAS 29 (inflation adjustment) in the preparation of these financial statements, following the provisions of Resolution 777/18, issued by the Comisión Nacional de Valores ("CNV"). CVH Highlights (1H25 vs. 1H24): This quarter includes results of Telefónica Móvil Argentina ('TMA'), which was acquired by Telecom Argentina on February 24, 2025, hence, the results for the 1H25 aren't comparable to the results of 1H24 as they include results of TMA from March 1st 2025. Total Revenues reached Ps. 3,357,004 million, an increase of 44.4% in real terms as of 1H25, compared to the same period of 2024, mostly driven by the incorporation of revenue from TMA and by higher ARPUs in real terms in all of the services, in part the effect of price increases carried implemented in 2024 and the decrease in inflation rate; partially offset by a decrease in fixed telephony copper accesses. Total Costs (Excluding Depreciation and Amortization) reached Ps. 2,356,557 million, an increase of 44.1% in constant currency, mainly driven by higher costs on all items, driven by the incorporation of TMA. Excluding this effect, total costs reached Ps. 1,625,722 million, a decrease of 0.6% compared to 1H24. EBITDA reached Ps. 1,000,447 million as of 1H25, an increase of 45.2% in real terms compared to 1H24, mainly driven by the incorporation of TMA's EBITDA, and by higher revenues (excluding TMA), resulting in a higher EBITDA Margin of 29.8% in 1H25, compared to 29.6% in 1H24. Consolidated Net Loss amounted to Ps. 80,188 million. Consolidated net loss attributable to the Controlling Company amounted to Ps. 37,380 million. FINANCIAL HIGHLIGHTS (millions of Ps. in constant Currency as of June 30, 2025) 1H25 1H24 % Ch. 2Q25 1Q25 2Q24 QoQ YoY Total Revenues 3,357,004 2,324,104 44.4 % 1,911,678 1,445,326 1,193,553.5 32.3 % 60.2 % EBITDA (1) 1,000,447 688,776 45.2 % 524,886 475,561 347,058 10.4 % 51.2 % EBITDA Margin (2) 29.8 % 29.6 % 0.6 % 27.5 % 32.9 % 29.1 % (16.6 %) (5.6 %) Net income (80,188 ) 1,193,499 (106.7 %) (172,174 ) 91,985 79,589 (287.2 %) (316.3 %) Attributable to: Equity Shareholders (37,380 ) 459,614 (108.1 %) (67,459 ) 30,077 27,279 (324.3 %) (347.3 %) Non-Controlling Interests (42,808 ) 733,885 (105.8 %) (104,715 ) 61,908 52,310 (269.1 %) (300.2 %) (1) EBITDA is defined as Total Revenues minus operating cost and expenses (excluding depreciation and amortization). We believe that EBITDA is a meaningful measure of our performance. It is commonly used to analyze and compare media companies based on operating performance, leverage and liquidity. Nonetheless, EBITDA is not a measure of net income or cash flow from operations and should not be considered as an alternative to net income, an indication of our financial performance, an alternative to cash flow from operating activities or a measure of liquidity. Other companies may compute EBITDA in a different manner; therefore, EBITDA as reported by other companies may not be comparable to EBITDA as we report it. (2 ) EBITDA Margin is defined as EBITDA over Total Revenues. Investor Relations Contacts:In Buenos Aires:Cablevisión Holding Olivieri, Head of Investor RelationsEmail: ir@ (+54 11) 4309 - In New York:Fig Corporate CommunicationsCamilla Ferreira and Marcella Ewerton DragoneEmail: fig@ +1 917 691-4047 CONFERENCE CALL AND WEBCAST INFORMATION CABLEVISIÓN HOLDING S.A(BCBA:CVH)(OTC:CVHSY)cordially invites you to participate in its Webcast Presentationto discuss the First Half and Second Quarter 2025 Results Date: Wednesday, August 13, 2025Time: 12:00pm Buenos Aires Time/11:00am New York Time/4:00pm London To access the live stream and slide presentation, visit: The webcast presentation will also be available at: ABOUT THE COMPANY CVH was founded as corporate spin-off from Grupo Clarín S.A. and it is the first Argentine holding company that engages in the development of infrastructure and the provision of convergent telecommunications services, focusing on Argentina and the region. CVH's subsidiaries specialize in the provision of cable TV, broadband and mobile communications services; and their brands are well known in the telecommunications and content distribution industries. Disclaimer Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of CVH. You can identify forward-looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could", "may" or "might" the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. CVH does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in CVH's projections or forward-looking statements, including, among others, general economic conditions, CVH's competitive environment, risks associated with operating in Argentina a, rapid technological and market change, and other factors specifically related to CVH and its operations. SOURCE: Cablevision Holding S.A. View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
35 minutes ago
- Yahoo
Grupo Clarín Announces First Half and Second Quarter 2025 Results
BUENOS AIRES, ARGENTINA / / August 11, 2025 / Grupo Clarín S.A. ("Grupo Clarín" or the "Company")(BCBA:GCLA), the largest media company in Argentina, announced today its First Half and Second Quarter 2025 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards (*) ("IFRS") as of June 30, 2025 and are stated in Argentine Pesos ("Ps"), unless otherwise indicated. (*) The Company's Management has applied IAS 29 in the preparation of these financial statements (inflation adjustment) as per Resolution 777/18, issued by the Comisión Nacional de Valores ("CNV"), that establishes that the restatement must be applied to the financial statements. Highlights (1H25 vs. 1H24): For the purposes of the analysis, it should be noted that the results presented in a comparative manner (1H24) include the effect of year over year inflation as of June 30, 2025, which amounted to 39.4%. Total Revenues reached Ps. 232,047.6 million, an increase of 29.5% in real terms compared to 1H24, mainly due to higher revenues in Digital and Printed Publications and Broadcasting and Programming segments. . Adjusted EBITDA(1) reached Ps. 49,517.9 million, an increase of 908.2% compared to 4,911.4 for 1H24, mainly driven by higher EBITDA in the Digital an Printed Publications segment, mainly from school textbooks sales that had not taken place in the previous year, and higher EBITDA in the Broadcasting and Programming Segment, explained by a recovery in advertising sales during 2025. Grupo Clarín's Adjusted EBITDA Margin(2) was 21.3% in 1H25, compared to 2.7% in 1H24. Net Income for the period resulted in Ps. 30,308.2 million, a change of -314.4% compared to a loss of Ps. 14,135.6 million reported in 1H24. FINANCIAL HIGHLIGHTS (In millions of Ps.) 1H25 1H24 % Ch. 2Q25 1Q25 2Q24 QoQ YoY Total Revenues 232,047.6 179,142.4 29.5 % 131,794.1 100,253.5 96,653.1 31.5 % 36.4 % Adjusted EBITDA (1) 49,517.9 4,911.4 908.2 % 36,292.5 13,225.4 3,911.8 174.4 % 827.8 % Adjusted EBITDA Margin (2) 21.3 % 2.7 % 678.4 % 27.5 % 13.2 % 4.0 % 108.7 % 580.4 % Profit/(Loss) for the period 30,308.2 (14,135.6 ) (314.4 %) 25,149.2 5,158.9 (2,789.8 ) 387.5 % (1001.5 %) Attributable to: Equity Shareholders 30,247.5 (15,223.4 ) (298.7 %) 25,195.6 5,052.0 (3,217.6 ) 398.7 % (883.1 %) Non-Controlling Interests 60.6 1,087.8 (94.4 %) (46.3 ) 107.0 427.7 (143.3 %) (110.8 %) (1)We define Adjusted EBITDA as Total Revenues minus cost of sales (excluding depreciation and amortization) and selling and administrative expenses (excluding depreciation and amortization). We believe that Adjusted EBITDA is a meaningful measure of our performance. It is commonly used to analyze and compare media companies based on operating performance, leverage and liquidity. Nonetheless, Adjusted EBITDA is not a measure of net income or cash flow from operations and should not be considered as an alternative to net income, an indication of our financial performance, an alternative to cash flow from operating activities or a measure of liquidity. Other companies may compute Adjusted EBITDA in a different manner; therefore, Adjusted EBITDA as reported by other companies may not be comparable to Adjusted EBITDA as we report it. (2)We define Adjusted EBITDA Margin as Adjusted EBITDA over Total Revenues. Investor Relations ContactsIn Buenos Aires:Samantha OlivieriGrupo Clarín +54 11 4309 7104Email: investors@ In New York:Camilla Ferreira and Marcella Ewerton DragoneFig Corporate CommunicationsTel: +1 917 691-4047E-mail: fig@ CONFERENCE CALL AND WEBCAST INFORMATION GRUPO CLARIN S.A.(BCBA: GCLA)cordially invites you to participate in its Webcast Presentationto discuss its First Half and Second Quarter 2025 Results Date: Tuesday, August 12, 2025Time: 12:00pm Buenos Aires Time/4:00pm London Time/11:00am New York TimeTo access the live stream and slide presentation, visit: The webcast presentation will also be available at ABOUT THE COMPANY Grupo Clarín is the largest media company in Argentina and a leading company in Digital and Printed Publications and broadcasting and programming markets. Its flagship newspaper -Diario Clarín- is one of the highest circulation newspapers and has the largest base of paid digital subscribers in Latin America. Grupo Clarín is the largest producer of media content in Argentina, including news, sports and entertainment and reaches substantially all segments of the Argentine population in terms of wealth, geography, and age. Disclaimer Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Grupo Clarín. You can identify forward-looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could", "may" or "might" the negative of such terms or other similar expressions. These statements are only predictions and actual events, or results may differ materially. Grupo Clarín does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in Grupo Clarín's projections or forward-looking statements, including, among others, general economic conditions, Grupo Clarín's competitive environment, risks associated with operating in Argentina a, rapid technological and market change, and other factors specifically related to Grupo Clarín and its operations. SOURCE: Grupo Clarín S.A. View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
42 minutes ago
- Yahoo
Mineros S.A. Acquires 80% of La Pepa from Pan American to Own 100%
$40 million for 80% of the La Pepa Project that Mineros does not already own Estimated Mineral Resources at the La Pepa Project, effective October 31, 2021: Measured Mineral Resources: 58,816 thousand tonnes (kt) averaging 0.61 g/t Au, containing 1,150 thousand ounces (koz) Au. Indicated Mineral Resources: 65,405 kt averaging 0.49 g/t, containing 1,039 koz Au. Inferred Mineral Resources: 25,024 kt averaging 0.46 g/t, containing 366 koz Au. All dollar amounts are expressed in U.S. dollars. MEDELLIN, Colombia, August 12, 2025--(BUSINESS WIRE)--Mineros S.A. (TSX:MSA, MINEROS:CB) ("Mineros" or the "Company") is pleased to announce that it will acquire from Pan American Silver Corp. ("Pan American") an 80% interest in the La Pepa Project for $40 million (the "La Pepa Project Purchase"), bringing its interest in the La Pepa Project to 100%. The La Pepa Project Purchase is structured as a transaction between subsidiaries of Mineros and Pan American for the purchase and sale of all shares of Minera Cavancha SpA not currently owned by Mineros. Minera Cavancha SpA currently holds the La Pepa Project pursuant to a joint venture between Mineros and Pan American. In connection with the La Pepa Project Purchase, that joint venture will be terminated. The La Pepa Project Purchase is expected to close on or before September 30, 2025. "We are pleased to add the balance of the La Pepa Project not already owned by us to our portfolio of organic growth projects," stated David Londoño, President and CEO of Mineros. "While we remain focused on acquiring producing gold assets or late-stage development assets, we are expanding our strategy to include acquiring earlier-stage projects to enable Mineros to develop a pipeline of growth projects as we mature as a mid-tier gold producer. Additionally, the acquisition of La Pepa Project exposes us to Chile, an additional jurisdiction with a long and well-established mining history." La Pepa Project, Chile The La Pepa Project is an advanced gold exploration project located in the Maricunga Gold Belt of the Atacama Region, Chile, approximately 800 km north of Santiago and 110 km east of Copiapó, at 4,200 metres above sea level in the Andes Mountains. It is 100% owned by Minera Cavancha SpA, a joint venture entity that is owned 20% by Mineros and 80% by Pan American. The La Pepa Project represents a significant exploration-stage opportunity for Mineros in Chile, with promising mineralization and plans for further development. Key details about the project include: Exploration and Development: The project targets a porphyry-style gold system with two types of auriferous mineralization: gold disseminated in stockwork and high-sulphidation epithermal replacement veins. Envisioned as an open-pit mining and heap-leaching operation. Drilling and Results: A 6,342-metre drilling program (2019-2020) confirmed lateral continuity and potential expansion at depth. For further information, see Mineros' annual information form for the year ended December 31, 2021, dated March 31, 2022. Future Plans: Mineros plans to use the Mineral Resource estimate effective October 31, 2021 as the basis for a preliminary economic assessment (PEA) to evaluate feasibility as a heap-leaching operation. Mineral Resources reported in this press release were estimated by Geoestima Spa. (GeoEstima), inside an optimized pit envelope with cut-off grades of 0.20 g/t Au for oxides and 0.26 g/t Au for sulphides, which corresponds to the marginal cut-off grade, assuming a long-term gold price of $1,650 per ounce. All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not add up due to rounding. The qualified person is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the potential development of the Mineral Resources. ABOUT MINEROS S.A. Mineros is a Latin American gold mining company headquartered in Medellin, Colombia. The Company has a diversified asset base, with mines in Colombia and Nicaragua and a pipeline of development and exploration projects throughout the region. The board of directors and management of Mineros have extensive experience in mining, corporate development, finance and sustainability. Mineros has a long track record of maximizing shareholder value and delivering solid annual dividends. For almost 50 years Mineros has operated with a focus on safety and sustainability at all its operations. Mineros' common shares are listed on the Toronto Stock Exchange under the symbol "MSA", and on the Colombia Stock Exchange under the symbol "MINEROS". Election of Directors – Electoral Quotient System The Company has been granted an exemption from the individual voting and majority voting requirements applicable to listed issuers under Toronto Stock Exchange policies, on grounds that compliance with such requirements would constitute a breach of Colombian laws and regulations which require the directors to be elected on the basis of a slate of nominees proposed for election pursuant to an electoral quotient system. For further information, please see the Company's most recent annual information form, available on the Company's website at and from SEDAR+ at QUALIFIED PERSON Scientific and technical information contained in this news release has been approved by Orlando Rojas, MAIG, Principal Consultant and Director at GeoEstima, who is a qualified person within the meaning of NI 43-101, and who is independent of the Company. CAUTIONARY NOTE REGARDING MINERAL RESOURCE ESTIMATES In accordance with applicable Canadian securities regulatory requirements, all Mineral Resource estimates disclosed in this news release have been prepared in accordance with NI 43-101 and are classified in accordance with the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves (the "CIM Standards"). Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. Pursuant to the CIM Standards, Mineral Resources have a higher degree of uncertainty than Mineral Reserves as to their existence as well as their economic and legal feasibility. Inferred Mineral Resources, when compared with Measured or Indicated Mineral Resources, have the least certainty as to their existence, and it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. Pursuant to NI 43-101, Inferred Mineral Resources may not form the basis of any economic analysis, including any feasibility study. Accordingly, readers are cautioned not to assume that all or any part of a Mineral Resource exists, will ever be converted into a Mineral Reserve, or is or will ever be economically or legally mineable or recovered. FORWARD-LOOKING STATEMENTS This news release contains "forward looking information" within the meaning of applicable Canadian securities laws. Forward looking information includes statements that use forward looking terminology such as "may", "could", "would", "will", "should", "intend", "target", "plan", "expect", "budget", "estimate", "forecast", "schedule", "anticipate", "believe", "continue", "potential", "view" or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Such forward looking information includes, without limitation, statements with respect to completion of the La Pepa Project Purchase; the estimate of Mineral Resources; exploration plans; and mining techniques that may be suitable for the La Pepa Project. Forward looking information is based upon estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this news release. While the Company considers these assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. For further information of these and other risk factors, please see the "Risk Factors" section of the Company's annual information form dated March 31, 2025, available on SEDAR+ at The Company cautions that the foregoing lists of important assumptions and factors are not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information contained herein. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information contained herein is made as of the date of this news release and the Company disclaims any obligation to update or revise any forward-looking information, whether as a result of new information, future events or results or otherwise, except as and to the extent required by applicable securities laws. View source version on Contacts For further information, please contact: Ann WilkinsonVice President, Investor Relations+1 (647) Juan ObandoDirector, Investor Relations(+57) 574 266
