The company's S-1 lays the groundwork for what is widely expected to be one of the largest initial public offerings of the year, second only to Uber's IPO in May. It's also...Technologyread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
Trump's tweet comes a day after Apple put out a press release describing the money it spends on U.S.-based suppliers and vendors.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
President Donald Trump held a call on Wednesday with the CEOs of three major U.S. banks, according to people with knowledge of the situation.Marketsread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
Scientists say the smoke plumes, filled with megatons of tiny, harmful particles, could travel to other areas of the world and cause serious respiratory problems for people.Weather & Natural Disastersread more
Some Weight Watchers loyalists applaud Kurbo by WW. But nutritionists worry Kurbo promotes an unhealthy relationship with food during an especially impressionable time.Health and Scienceread more
Benefits from what President Trump called "the biggest reform of all time" to the tax code have dwindled to a faint breeze just 20 months after its enactment, writes John...Politicsread more
Epstein, 66, was found in his cell in Manhattan federal lockup Saturday morning and transferred to a nearby hospital, where he was subsequently pronounced dead.Politicsread more
Air travelers faced delays at U.S. airports on Friday afternoon after a computer issue snarled processing of international arrivals.Airlinesread more
(Adds details on revenues, writedowns, background)
SAO PAULO, July 31 (Reuters) - Brazilian miner Vale SA on Wednesday said it swung to a quarterly loss as the company announced more than $2 billion in fresh writedowns related to two deadly dam bursts suffered by the company over a period of less than four years.
Vale reported a second-quarter net loss of $133 million after a year-ago profit of $76 million and compared with a Refinitiv mean forecast for earnings of $2.84 billion.
Revenue rose 6.6% from a year earlier to $9.19 billion, shy of a forecast of $9.59 billion, lifted by higher iron ore prices, offset by declining nickel and copper prices.
In late January, the collapse of a tailings dam storing muddy mining waste near the town of Brumadinho killed nearly 250 people, less than four years after a deadly disaster at the company's Samarco joint venture with BHP Group.
Vale said it took $1.5 billion in writedowns for the cost of environmental measures and agreements related to the Brumadinho disaster as well as a $257 million charge to shut down its Germano dam and an additional $383 million toward the Renova foundation, which is supposed to distribute funds to the victims of the Samarco disaster.
Vale shares remain 2.3 percent lower for the year to date, although they have rebounded from a sharp drop following the dam burst.
Higher iron ore prices triggered in part by Vale's woes have bolstered key global rival Anglo American, which last week reported stronger-than-forecast first half results and boosted its dividend and share buyback program. Rio Tinto Ltd is expected on Thursday to report its biggest first-half profit in at least six years.
Vale reported last week that iron ore output in the quarter tumbled by more than a third because of various dam and mine shutdowns triggered by January's disaster. (Reporting By Christian Plumb; Editing by David Gregorio, Diane Craft and Sonya Hepinstall)