Saudi Arabia has shut down half of its oil production after drones attacked the world's largest oil processing facility in the kingdom.Marketsread more
Yemen's Houthi rebels have claimed responsibility for the attacks, which created a huge fire at a processor essential to global energy supplies.Politicsread more
Oil prices are expected to jump as much as $10 per barrel after a coordinated drone strike hit Saudi Arabia's largest oil field, forcing the kingdom to cut its oil output in...Marketsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
BlackBerry has reinvented itself to become a leader in securing mobile communications and in embedded communications. Next year it plans to roll out new products. CEO John...Evolveread more
Trailers have become a cult phenomenon. Even short teasers that reveal little about the plot of the upcoming film are headline-worthy. Blogs and forums have become devoted...Entertainmentread more
Thanks to the performance of Beyond Meat, investors who focus on venture-backed tech IPOs have done well this year despite some notable disappointments.Technologyread more
Software company Intuit, maker of tax helper TurboTax, is in its eleventh year of stock gains and up 36% this year.Investingread more
CNBC did a deep dive through the most recent Wall Street research to find stocks with upside potential.Marketsread more
(Recasts with announcement of new labor talks at Chuquicamata mine)
SANTIAGO, May 30 (Reuters) - Chile's Codelco, the world's top copper miner, reported an 18% year-on-year drop in its first-quarter copper output on Thursday, as unions at its Chuquicamata mine announced they would hold talks with the company in hopes of averting a strike.
Codelco produced just 342,000 tonnes of copper in the first quarter, and its pretax profit fell 31% to $372 million from the same period in 2018, the company said in its earnings statement.
Labor unions 1, 2 and 3 at Chuquicamata said later on Thursday that they would hold government-mediated talks with Codelco on Friday. The talks will stave off plans for a strike that the unions had approved after rejecting the company's last offer for a new contract on Wednesday.
Codelco is seeking to transform the 100-year-old open-pit deposit at Chuquicamata into an underground mine. That is part of a 10-year, $39 billion overhaul of Codelco's key operations as it seeks to maintain output despite rapidly falling ore grades at its deposits.
Codelco's chief executive, Nelson Pizarro, said before the unions' announcement that he was confident an agreement could still be reached with workers. Pizarro also predicted the price of copper would continue to fluctuate and said he did not expect it to hit the average of $3 per pound in 2019 that the company previously estimated.
Codelco said its cost of production per pound of copper slipped 0.3% to $1,347 in the first quarter.
Copper production at Chile's top mines dropped sharply in the first quarter of 2019, Chilean copper commission Cochilco said earlier this month, amid a perfect storm of operational issues, heavy rains and falling ore grades at the largest deposits. (Reporting by Fabian Cambero; writing by Cassandra Garrison, Adam Jourdan and Mitra Taj; editing by Chizu Nomiyama, Bill Trott and Leslie Adler)