Mexican broadcaster Televisa flips to profit in second quarter
Revenues slid 6%, meanwhile, to 14.73 billion pesos, in line with the estimate from analysts polled by LSEG.
($1 = 18.7654 pesos at end-June)
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Reuters
4 hours ago
- Reuters
Most Gulf stocks firm as markets brace for pivotal week
July 27 (Reuters) - Most Gulf equities ended higher on Sunday as investors anticipated a critical week ahead, focusing on key corporate earnings and the U.S. Federal Reserve's policy meeting, while President Donald Trump's August 1 trade deadline loomed. Gains were tempered by oil prices slipping to a three-week low, pressuring sentiment in a region where oil remains a key economic driver. Saudi Arabia's benchmark index (.TASI), opens new tab added 0.1%, helped by a 4% jump in healthcare provider Dr Sulaiman Al Habib ( opens new tab and a 2.2% increase in SABIC Agri-Nutrients Co ( opens new tab after the duo reported a rise in second-quarter profit. Elsewhere, Yanbu National Petrochemical Co ( opens new tab gained 2.9% after the firm reported a more than two-fold sequential increase in second-quarter profit. Qatar's stock index (.QSI), opens new tab rose 0.3%, extending its winning streak into the new week after notching gains in all sessions last week, as it climbed to a fresh peak last seen over two and a half years ago. Shares of index heavyweight Qatar International Islamic Bank ( opens new tab jumped nearly 3%, as investors positioned ahead of Monday's dividend eligibility cutoff to secure an upcoming payout. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab - which traded after a session's break - advanced 1.3%, hitting a fresh record high, with Commercial International Bank ( opens new tab advancing 3.3%. Investors across the region are also eyeing the U.S. Federal Reserve's two-day policy meeting, where rates are widely expected to remain unchanged at 4.25%–4.50%, despite renewed political pressure from Trump for cuts. A rise in U.S. inflation to 2.7% in June has clouded expectations for a potential rate reduction in September, with market odds narrowing to nearly 50-50. Fed policy remains closely watched in the Gulf, where most currencies are pegged to the U.S. dollar, making it a key anchor for regional monetary stability.
The Independent
13 hours ago
- The Independent
Here's how a major Mexican tomato exporter is affected by Trump's 17% tariff
The Trump administration's decision to impose a 17% duty on fresh tomatoes imported from Mexico has created a dilemma for the country providing more tomatoes to U.S. consumers than any other. The import tax that began July 14 is just the latest protectionist move by an administration that has threatened dozens of countries with tariffs, including its critical trading partner Mexico. It comes as the Mexican government tries to also negotiate its way out of a 30% general tariff scheduled to take effect Aug. 1. While the impacts of the tomato tariff are still in their infancy, a major grower and exporter in central Mexico shows how a tariff targeting a single product can destabilize the sector. Surviving in times of uncertainty Green tomato plants stretch upward row after row in sprawling high-tech greenhouses covering nearly six acres in the central state of Queretaro, among the top 10 tomato producing states in Mexico. Climate controlled and pest free, Veggie Prime's greenhouses in Ajuchitlan send some 100 tons of fresh tomatoes every week to Mastronardi Produce. The Canadian company is the leading distributor of fresh tomatoes in the U.S. with clients that include Costco and Walmart. Moisés Atri, Veggie Prime's export director, says they've been exporting tomatoes to the U.S. for 13 years and their substantial investment and the cost to produce their tomatoes won't allow them to make any immediate changes. They're also contractually obligated to sell everything they produce to Mastronardi until 2026. 'None of us (producers) can afford it," Atri said. "We have to approach our client to adjust the prices because we're nowhere near making that kind of profit.' In the tariff's first week, Veggie Prime ate the entire charge. In the second, its share of the new cost lowered when its client agreed to increase the price of their tomatoes by 10%. The 56-year-old Atri hopes that Mastronardi will eventually pass all of the tariff's cost onto its retail clients. Mexican tomato exports brought in $3 billion last year Experts say the tariff could cause a 5% to 10% drop in tomato exports, which last year amounted to more than $3 billion for Mexico. The Mexican Association of Tomato Producers says the industry generates some 500,000 jobs. Juan Carlos Anaya, director general of the consulting firm Grupo Consultor de Mercados Agrícolas, said a drop in tomato exports, which last year amounted to more than 2 billion tons, could lead to the loss of some 200,000 jobs Experts: U.S. will have difficulty replacing fresh Mexican tomatoes When the Trump administration announced the tariff, the Commerce Department justified it as a measure to protect U.S. producers from artificially cheap Mexican imports. California and Florida growers that produce about 11 million tons would stand to benefit most, though most of that production is for processed tomatoes. Experts believe the U.S. would find it difficult to replace Mexico's fresh tomato imports. Atri and other producers are waiting for a scheduled review of the measure in two months, when the U.S. heads into fall and fresh tomato production there begins to decline. In reaction to the tariff, the Mexican government has floated the idea of looking for other, more stable, international markets. Mexican Agriculture Secretary Julio Berdegué said Thursday that the government is looking at possibilities like Japan, but producers quickly cast doubt on that idea, noting the tomatoes would have to be sent by plane, raising the cost even more. Atri said the company is starting to experiment with peppers, to see if they would provide an option at scale. President Claudia Sheinbaum said recently her administration would survey tomato growers to figure out what support they need, especially small producers who are already feeling the effects of a drop of more than 10% in the price of tomatoes domestically over fears there will be a glut in Mexico.
The Sun
a day ago
- The Sun
I was commuting 3 hours a day to my dead end job & barely saw my kids – now my self-taught side hustle has made me £327k
A WOMAN has revealed how she ditched her dead end job for a side hustle that makes her £327,000. Desiree Hill, 39, was sick of travelling three hours a day to her medical assistant job, where she earned £28,000. 2 2 She worked long hours, and never got to see her kids, which she says "took a toll", on her mental health. After getting divorced in 2018, Desiree, from Atlanta, Georgia, decided that she needed to earn some extra cash to provide for her two children. After deliberating about how to do this, she decided that it would be a great idea to buy, repair and resell rundown cars. "Everybody needs transportation, that's never going to stop, no matter what", she told CNBC Make It. "I knew that it was something that I could spend a small amount on, and potentially make a lot of profit." Desiree's first project was an old truck that she bought for £893 and did up herself, despite having no prior experience. Using Google and YouTube, she was able to teach herself how to fix the vehicle, which she realised just needed a replacement throttle which set her back just £44. "I just fixed this vehicle with a $60 part, and I didn't have to pay anybody to do it", she said. Desiree went on to sell that first truck for £2977, meaning she made £2040 profit. "It was almost like a high. I wanted to keep doing it", she said. I earn cash by selling 'actual rubbish' on eBay - I flogged a freebie I found on the floor by a bin for £10, it's crazy She kept flipping and selling cars whilst working full time in healthcare. After work, she would make dinner and then put the kids to bed before working on the cars until three in the morning, even though she had to be up at six for work. In 2020, Desiree flipped and sold 38 cars, and decided that now was the time to leave her job. She documented her journey on social media, which helped to build her client base. Side hustles in numbers Based on new research from Finder, an estimated 22.8 million Brits are using side hustles to top up their income. Among those aged 18-23, 68 percent have a side hustle in 2024. Those aged 24-42 aren't far behind, with 65 per cent having an additional source of income. Side hustles are less popular among older generations, with 40 percent of those aged 43-54 having one. Whereas 23 percent of people aged 55-73 and just 7 per cent of those aged 74 and over are earning extra cash this way. The mum now has 120,000 TikTok followers, and in 2021 launched a mobile repair service, where she would travel to people's houses and fix their vehicles. She found this to be much less stressful, as she didn't have to worry about whether the car was going to sell, and made exactly the same amount of money as the car flipping. Desiree decided to switch from flipping cars to being a mechanic, and her business grew so rapidly that she was able to hire a mechanic and rent a repair space in a shop for £297. A kind client then offered her a whopping £7500 loan, which enabled her to buy a larger space, and she now owns Crowns Corner Mechanics, which raked in £327,000 in 2024. She now gets to spend much more time with her family, and her kids now even help out at the shop.
