Antofagasta posts 60% increase in core earnings in first half
Earnings before interest, tax, depreciation and amortisation (EBITDA) for the first six months of the year rose to $2.2 billion from $1.39 billion last year, in line with analysts' consensus expectations.
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Reuters
27 minutes ago
- Reuters
'No deal until there's a deal': Trump-Putin talks yield no breakthrough on Ukraine
ANCHORAGE, Alaska, Aug 15 (Reuters) - A highly anticipated summit between U.S. President Donald Trump and Russian President Vladimir Putin on Friday yielded no agreement to resolve or pause Moscow's war in Ukraine, though both leaders described the talks as productive. During a brief appearance before the media following the nearly three-hour meeting in Alaska, the two leaders said they had made progress on unspecified issues. But they offered no details and took no questions, with the normally loquacious Trump ignoring shouted questions from reporters. "We've made some headway," Trump said, standing in front of a backdrop that read, "Pursuing Peace." "There's no deal until there's a deal," he added. The talks did not initially appear to have produced meaningful steps toward a ceasefire in the deadliest conflict in Europe in 80 years, a goal Trump had set ahead of the summit. But simply sitting down face-to-face with the U.S. president represented a victory for Putin, who had been ostracized by Western leaders since Russia's full-scale invasion of Ukraine in 2022. Following the summit, Trump told Fox News' Sean Hannity that he would hold off on imposing tariffs on China for buying Russian oil after making progress with Putin. He has targeted India, another major buyer of Russian crude, with an additional 25% tariff on U.S. imports. "Because of what happened today, I think I don't have to think about that now," Trump said of Chinese tariffs. "I may have to think about it in two weeks or three weeks or something, but we don't have to think about that right now." Trump has also threatened sanctions on Moscow but has thus far not followed through, even after Putin ignored a Trump-imposed ceasefire deadline earlier this month. In the Fox News interview, Trump also suggested a meeting would now be set up between Putin and Ukrainian President Volodymyr Zelenskiy, which he might also attend. He gave no further details on who was organizing the meeting or when it might be. Putin made no mention of meeting Zelenskiy when speaking to reporters earlier. He said he expected Ukraine and its European allies to accept the results of the U.S.-Russia negotiation constructively and not try to "disrupt the emerging progress." He also repeated Moscow's long-held position that what Russia claims to be the "root causes" of the conflict must be eliminated to reach a long-term peace, a sign he remains resistant to a ceasefire. There was no immediate reaction from Kyiv to the summit, the first meeting between Putin and a U.S. president since the war began. When asked by Hannity what he would advise Zelenskiy, Trump said, "Gotta make a deal." "Look, Russia is a very big power, and they're not," Trump added. The war has killed or injured well over a million people from both sides, including thousands of mostly Ukrainian civilians, according to analysts. Zelenskiy has ruled out formally handing Moscow any territory and is also seeking a security guarantee backed by the United States. Trump said he would call Zelenskiy and NATO leaders to update them on the Alaska talks. As the two leaders were talking, the war raged on, with most eastern Ukrainian regions under air raid alerts. Governors of Russia's Rostov and Bryansk regions reported that some of their territories were under Ukrainian drone attacks. Ukraine's opposition lawmaker Oleksiy Honcharenko said on the Telegram messaging app, "It seems Putin has bought himself more time. No ceasefire or de-escalation has been agreed upon." The anticlimactic end to the closely watched summit was in stark contrast to the pomp and circumstance with which it began. When Putin arrived at an Air Force base in Alaska, a red carpet awaited him, where Trump greeted Putin warmly as U.S. military aircraft flew overhead. Putin is wanted by the International Criminal Court, accused of the war crime of deporting hundreds of children from Ukraine. Russia denies the allegations, and the Kremlin has dismissed the ICC warrant as null and void. Russia and the United States are not members of the court. The day before the summit, Putin held out the prospect of something Trump wants - a new nuclear arms control agreement to replace the last surviving one, which is due to expire in February. It was unclear if the issue was discussed on Friday. Zelenskiy, who was not invited to Alaska, and his European allies had feared Trump might sell out Ukraine by essentially freezing the conflict and recognizing - if only informally - Russian control over one-fifth of Ukraine. Trump had sought to assuage such concerns on Friday ahead of the talks, saying he would let Ukraine decide on any possible territorial concessions. "I'm not here to negotiate for Ukraine, I'm here to get them at a table," he said. Asked what would make the meeting a success, he told reporters: "I want to see a ceasefire rapidly ... I'm not going to be happy if it's not today ... I want the killing to stop." The meeting also included U.S. Secretary of State Marco Rubio; Trump's special envoy to Russia, Steve Witkoff; Russian foreign policy aide Yury Ushakov; and Foreign Minister Sergei Lavrov. Trump, who said during his presidential campaign that he would end the Ukraine war within 24 hours, conceded on Thursday it had proven a tougher task than he had expected. He had said if Friday's talks went well, quickly arranging a second, three-way summit with Zelenskiy would be more important than his encounter with Putin. Trump ended his remarks on Friday by telling Putin, "I'd like to thank you very much, and we'll speak to you very soon and probably see you again very soon." "Next time in Moscow," Putin responded. Trump said he might "get a little heat on that one" but that he could "possibly see it happening." Zelenskiy said ahead of Friday's summit that the meeting should open the way for a "just peace" and three-way talks that included him, but added that Russia was continuing to wage war. "It's time to end the war, and the necessary steps must be taken by Russia. We are counting on America," Zelenskiy wrote on Telegram.
Times
2 hours ago
- Times
Times letters: How inheritance tax changes affect growth
Write to letters@ Sir, You argue in your leading article 'From Me to You' (Aug 14) that it is 'morally wrong' to levy inheritance tax on 'those who have worked hard throughout their lives to earn something to pass onto the next generation', but the biggest slice of inherited wealth is in the form of a house sale. The amount of income used to acquire a house depends mainly on the size of the mortgage at the time the house was bought — that is, its historic value — not on what it is sold for as part of probate, its current value. An adjustment for inflation may be appropriate, but there is no reason a house should be tax-exempt because its deceased owner 'worked hard to acquire it'.Peter Curwen Leeds Sir, For Rachel Reeves, wealth is a sin and she intends to tax it like other sinful behaviours. Sin taxes have a long history in reducing activities that politicians disapprove of. Sin taxes on smoking, drinking and driving have succeeded. Inevitably, as our sinning diminishes, so do sin tax revenues. Tobacco and fuel duty revenues are both down. Alcohol duty revenue is up, marginally, but on lower per capita consumption because tax rates on stronger booze have increased. Sin taxes on wealth will have the same result. There will be far less of the sinful activity of wealth creation, and eventually tax revenues will fall. The worst sinners are already fleeing our shores. Inheritance tax revenue will disappear as people stop leaving wealth to their children. As you have reported (Jul 28), capital gains tax revenues are already falling, from £14.6 billion in 2022-23 to £12.1 billion in 2023-34 as the sinners prepare to repent. What's more, with far fewer of the '1 per cent club' who pay 30 per cent of total income tax, we can all look forward to even higher tax bills ReeceLondon N4 Sir, I wonder if Rachel Reeves has fully considered the implications of subjecting pensions to inheritance tax. Having worked for more than 40 years and contributed to a pension in the belief that this would relieve the state of any responsibility for me in old age, I am now confused. Obviously I don't know how long I may live, but in the hope it may be a reasonably long time I have invested in UK stocks and shares, both to protect my family and to promote UK stocks and shares. All of us have benefitted, but now I must re-evaluate. Several of my options include selling the UK stocks and shares. Reeves has said she wants pension funds to invest more in the UK stock market, but how will her policies encourage that?Paul Mitchell Thédirac, France Sir, The proposal to 'tighten' rules on the seven-year exemption to IHT on gifts is odd ('Budget may tighten rules on inheritance tax', Aug 13). We seem to have forgotten the reason for this relief, which is to encourage growth. Essentially, it is better for growth for elderly people to pass on assets to younger people who will use them. A simple example is an older person taking cash from their bank and giving it to their child to buy a house. This results in work for estate agents, surveyors, solicitors and contractors, as well as a tax contribution in stamp duty and VAT. For a pro-growth government, to remove the incentive to give these gifts seems HardsBlakeney, Norfolk Sir, John Stewart says (Thunderer, Aug 13) that the proliferation of cycle lanes on main roads is because priority is given to cyclists making longer trips, at the expense of people using side-roads for shorter journeys. The reason priority is given to main roads is that they are where cyclists are in most danger. In many places outside London, it is impossible to make even short journeys without using main roads. I agree, though, that the design of cycle lanes needs review. Bumps and bollards that separate cycle lanes from vehicle lanes are hazards, as are jay-walking pedestrians and car passengers opening doors without looking. Some cycle lanes at junctions are so labyrinthine that they are difficult for both pedestrians and cyclists to navigate. The sad fact is that at present some cycle lanes are so badly designed that it is often safer, and certainly quicker, to avoid SpenceSale, Cheshire Sir, The residents of Streatham Hill are due to suffer more than a year of roadworks as Transport for London and Lambeth council reduce the motor vehicle capacity of the A23 to a single lane. The reason is that it is safer for cyclists and pedestrians to create a segregated cycle lane with floating bus stops and reduce access from residential side roads. I believe that if they wanted to keep everyone safe — and save money — they could ban cyclists from this stretch of the A23 and direct them to the low-traffic neighbourhood along the southbound carriageway. One of reasons the council gave for creating the LTN was that it would make it safer to cycle and CrillyLondon SW16 Sir, Harry Wallop writes (Business, Aug 15) about the poor prospects for delivery riders in the gig economy. These riders and others in such jobs will, at the end of their working lives, have little if any pension and will be dependent on the state. The people running these companies will have retired comfortably and left taxpayers to look after their former workers. Bill ParishBromley, Kent Sir, Sadly, the stone coffins and skeleton that have been on view in the northeast corner of Sherborne Abbey for the last century cannot be those of Alfred the Great's brothers (letter, Aug 14). They lie immediately beneath a 14th-century tiled pavement, within a chantry chapel, and are more likely to be those of a late-medieval abbot. When they were uncovered, in 1925, during the making of WD Caroe's new Lady Chapel, no archaeologist was there to study or record them. If the present vicar wishes to find the burials of Alfred's brothers, I suggest a careful research excavation on either side of the high Tatton-BrownSalisbury Sir, The discussion about the remains of his family brings into focus the location of Alfred himself. After his death, in 899, he was buried in Old Minster, Winchester. He was then moved to New Minster, the church built by his son, King Edward, as the dynastic focus for the family. The Norman destruction of both minsters led to the building of Hyde Abbey, just outside the walls of the city, as the 'final' resting place for Alfred, Edward and other family members. Sadly, Hyde Abbey fell victim to Henry VIII. Alfred's grave was lost until 1788, when the building of a bridewell on the site led to its rediscovery. The authorities allowed the bones to be lost around the building site. So we can now say with some confidence that the bones of Alfred and his immediate family lie scattered and shattered adjacent to the entrance to River Park in Hyde. We have long lobbied Winchester city council for a proper commemoration of Alfred and the story of the abbey in Hyde Gate, almost the last remaining original building within the abbey FennellFounder, Hyde900Winchester Sir, Further to your article 'Rolls-Royce's UK plans go nuclear' (Business, Aug 14), I have no doubt Rolls-Royce's aero-engine business will remain remarkably successful but its enthusiasm for land-based small modular nuclear reactors (SMRs) is commercially misplaced. Firstly, SMRs are essentially experimental prototype scale-ups. I would be surprised if savvy companies such as Google and Amazon were contemplating reliance on experimental tech. Secondly, authoritative research by academics at the University of Pennsylvania, in a paper published in May 2022, demonstrated that SMR radioactive waste is harder to handle than waste from Gigawatt-sized nuclear David LowryInstitute for Resource and Security Studies, Massachusetts, US Sir, Alice Thomson calls for 'honest but calm dialogue' about migration (Comment, Aug 13). She concedes that 'some Islamic countries don't share western values', but understates in my opinion how big a barrier that is to integration. The schism between Catholicism and Protestantism endured for BickleyHuntingdon, Cambs Sir, In response to your question 'Which artist best captures the true spirit of Britain — in a single frame?', (Times2, Aug 15), surely Banksy's Girl with Balloon, his powerful 2002 mural, best encapsulates the nation's sentiments in these troubled times. It was voted the nation's favourite in 2017 and, as well as being one of his most famous works, it is also one of Banksy's most optimistic, as the original mural was accompanied by the words: 'There is always hope.'Adrian BrodkinLondon N2 Sir, Your excellent article overlooked Walter Sickert. Over his long and prolific career, he painted ordinary British people at the music hall and in grimy bedsits. He reinvented himself more than once and has influenced and inspired many who came later. My choice would be BostonKingshill, Kent Sir, David Hockney has spent a great deal of his time on British landscapes, most notably Garrowby Hill, and his innovative artwork on the iPad is ClarkeRye, E Sussex Sir, Anthony Roberts (letter, Aug 14) brings to mind the warning attributed to Henry Longhurst that 'If you call on God to improve the results of a shot while it is still in motion, you are using an outside agency and subject to appropriate penalties under the rules of golf.'John Murray Compton Chamberlayne, Wilts Sir, A friend of my parents had his bicycle stolen. It was found two days later and, being a good Catholic, he went to church to thank St Anthony. On leaving church, he found that it had been stolen YoungSouthampton Sir, Public statues in London have always been controversial, for many reasons (News, Aug 8, and letters, Aug 13 and 14). In 1937, a decision was made to site the memorials to Admiral Jellicoe and Admiral Beatty in Trafalgar Square, which required moving the statues of General Napier and Major General Havelock, and there had even been discussions about moving William IV from his plinth to an island at Virginia Water. It was all too much for Sir Patrick Duff, secretary of the Office of Works, who was still reeling after controversies about the statue of Field Marshal Haig on Whitehall. In a letter to the first commissioner, Sir Philip Sassoon, in January 1938, Duff fumed that the best site for all statues was at the bottom of the CrellinThorner, W Yorks Sir, Marion Brown's letter (Aug 13) revived an old misapprehension of my own. As a child I had a box of watercolour paints with the printed name of the tint under each pan. Owing to inconsistency in the printing I was convinced for many years of the existence of the colour Clive DorrPlymouth Write to letters@
Reuters
2 hours ago
- Reuters
Investors react to US-Russia summit reaching no agreement
NEW YORK, Aug 15 (Reuters) - A highly anticipated summit between U.S. President Donald Trump and Russian President Vladimir Putin on Friday yielded no agreement to resolve or pause Moscow's war in Ukraine, despite both leaders describing the talks in Alaska as productive. During a brief appearance before the media following the nearly three-hour talks, the two leaders said they had made progress on unspecified issues. But they offered no details and took no questions, with the normally loquacious Trump ignoring shouted questions from reporters. "There were many, many points that we agreed on. I would say a couple of big ones that we haven't quite got there, but we've made some headway," Trump said, standing in front of a backdrop that read, "Pursuing Peace." COMMENTS: HELIMA CROFT, GLOBAL HEAD OF COMMODITY STRATEGY AT RBC CAPITAL MARKETS, NEW YORK: "It seems to be the scenario that we anticipated in our note. Soundbites signaling diplomatic progress but few concrete deal specifics. We will watching to see whether the 'too be continued' outcome is enough to table the secondary sanctions on India for continuing to import Russian oil. Certainly will fall short of anything that will convince the Europeans to consider vacating their Russian energy sanctions." CAROL SCHLEIF, CHIEF MARKET STRATEGIST, BMO PRIVATE WEALTH, MINNEAPOLIS: "The only news was absolutely no news out of it. Not sure there will be any market impactful portions - geopolitical issues in general do not tend to preoccupy market attention for very long if at all." "Markets are at new highs despite this conflict going on for three years. Markets care more about consumers, inflation and commentary from Wyoming next week." ERIC TEAL, CHIEF INVESTMENT OFFICER, COMERICA, CHARLOTTE, NORTH CAROLINA: "The fact that there were no economic sanctions is a positive and markets should breathe a sigh of relief, but it doesn't appear as though a deal is in hand." "If anything, we see opportunity in the energy sector, as oil prices are at pretty low levels here and the prospect of sanctions on oil did not bear out. There could be a relief rally and that would be an opportunity to invest in energy as we head into higher seasonal demands and economic growth beginning to re-accelerate." "Gold and precious metals are likely to sell off because of being an asset class good for safety. Given concerns about inflation, they are a good buying point as well if any weakness." EUGENE EPSTEIN, HEAD OF TRADING AND STRUCTURED PRODUCTS, NORTH AMERICA, MONEYCORP, NEW JERSEY: "I don't think anybody expected it to be particularly specific or substantive. It's essentially a first step towards potentially something more. They both kind of said everything diplomatically. But it's more about the significance of the meeting as a whole, as opposed to the content of what they're saying." "Again, I don't think anybody really expected them to suddenly within a couple of hours come up with a very specific set of plans or any kind of blueprint to something. It basically was just showing their willingness to have continued talks to arrive at a conclusion that is beneficial for all parties. And I think this is just the first steps, and many more to come." "Basically, President Trump needs to go back to the European Union and relay what Putin has said. And then he's got to negotiate with Zelenskiy. For the most part, I think they've laid the groundwork for a deal. And my feeling is that it will probably get done, but there's probably a couple more steps. I'm thinking one of those steps will be Trump, Putin and Zelinski all meeting in the next month." "They will probably reach a deal in 30 days. I was kind of surprised that they didn't take any questions. So there's a little bit of disappointment in that, but until a deal is done, you can't really take any questions." "Overall, the markets will like it marginally because I think they've made some progress. But I don't think we will be up 400 points in Dow futures on Sunday night." MICHAEL ASHLEY SCHULMAN, CHIEF INVESTMENT OFFICER, RUNNING POINT, EL SEGUNDO, CALIFORNIA: "At this point, it has been three years into the war, so it really shouldn't have much effect. I think markets will take it as status quo, but I think there's only upside from here." JAMIE COX, MANAGING PARTNER, HARRIS FINANCIAL GROUP, RICHMOND, VIRGINIA: "Without Ukraine at the table, there was little chance for a peace accord. That Putin attended at all was significant, but he can't be seen ending the conflict while on American soil meeting with Trump."
