Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
President Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
Progress on trade talks will determine how far market will move above new highs.Trader Talk with Bob Pisaniread more
"Sure, the trade war's taking its toll on business ... it's just not taking its toll where it was supposed to," Jim Cramer says.Mad Money with Jim Cramerread more
Joe Biden called on President Donald Trump Friday to release the transcript of a call with a foreign leader that is the subject of a whistleblower complaint. Biden described...Politicsread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Palantir Technologies is targeting a valuation of at least $26 billion in a private fundraising round, the first for the Peter Thiel-backed data analytics startup in four...Wall Streetread more
Michael Pack, a conservative filmmaker linked to Steve Bannon, saw at least $1.6 million in donations from his nonprofit sent into the coffers of his independent production...Politicsread more
The New England Patriots released Antonio Brown just 11 days after signing the wide receiver. The NFL Super Bowl champion team initially had kept him in the face of a rape...Sportsread more
A tour bus carrying Chinese-speaking tourists crashed near a national park in southern Utah, killing at least four people and critically injuring up to 15 others, authorities...U.S. Newsread more
* Hydro reports Q1 earnings after five-week delay
* Core operating profit down 82% y/y
* Hacking, Brazil outage have hurt profit, share price
* Trade tensions may hurt company's market (Adds detail, background, bullets)
OSLO, June 5 (Reuters) - Aluminum producer Norsk Hydro , the victim of a cyber attack in March that paralyzed its IT systems, posted an 82% drop in first-quarter core profit on Wednesday and said a rise in global uncertainty could impact its markets.
The Norwegian company's underlying operating result fell to 559 million Norwegian crowns ($64.3 million) from 3.15 billion crowns a year ago, while analysts in a Reuters poll on average had expected a profit of 123 million crowns.
The earnings report, originally scheduled for release on April 30, had been postponed by five weeks as Hydro struggled to restore systems for reporting, billing and invoicing after hackers penetrated its servers.
Newly appointed Chief Executive Officer Hilde Merete Aasheim recently announced initiatives to boost profitability and a review of one of the company's units following 15 months of production outages.
While global aluminum demand is still expected to slightly outstrip production this year, declining prices and rising political uncertainty added more concerns for the industry, Hydro said on Wednesday.
In addition to the March hacking, which led Hydro to halt some production and switch several units to manual operation, the company was forced last year to curtail output from a key Brazilian plant following a spill.
Hydro recently said it had won permission from a court to resume normal output in Brazil, a move that will increase the supply of raw materials to its smelters and thus further aid its recovery.
"Due to current market uncertainty and industry-wide profitability challenge, we will lift our improvement ambitions, perform a strategic review of Rolled Products and ensure stricter financial discipline and higher earnings," the CEO said, adding that Hydro planned to boost its cash generation.
Rolled Products is a division of Hydro that produces large aluminum sheets used in the automotive, construction and packaging industries, among others.
The cost of the hacking amounted to between 300 million crowns and 350 million crowns in the first quarter and will add a further 200 million crowns to 250 million crowns of cost in the second quarter, Hydro said.
The company's IT recovery plan was progressing as scheduled, and will include a strengthening of its cyber security, it added.
Shares of Oslo-based Hydro are down 20% year-to-date.
($1 = 8.6894 Norwegian crowns) (Reporting by Terje Solsvik, editing by Gwladys Fouche and Subhranshu Sahu)