Fed Chairman Jerome Powell faces the tough challenge of presenting a unified voice on Fed policy from the most divided Fed in years.Market Insiderread more
Dow to rise; Fed chief Jerome Powell speaks; Fed presidents offer their views; bonds stable; and Larry Kudlow adds a tax twistMarketsread more
Falling air cargo demand could be flashing warning signs about the broader economy.Transportationread more
James Bullard says the Fed should continue to ease monetary policy because of the recession signal being flashed by the bond market.Investingread more
U.S. Secretary of State Mike Pompeo says Huawei CFO Meng Wanzhou, who is under house arrest in Canada and facing extradition to America, is not a bargaining chip in the trade...Technologyread more
Target's latest earning report shows how these investments are driving traffic and sales at a time when other retailers are struggling.Retailread more
European Union officials drafted a plan to launch a sovereign wealth fund to invest in companies that could compete with U.S. and Chinese tech giants, according to reports in...Technologyread more
The chip, called the Ascend 910, was first unveiled in October last year and is aimed at data centers.Technologyread more
Brazilian President Jair Bolsonaro hit back at French leader Emmanuel Macron, after he urged dialogue among G-7 leaders on the rising number of fires in the Amazon rainforest.World Politicsread more
Investors are rushing to get a piece of its privately held rival Impossible Foods before it goes public, according to the Wall Street Journal.Food & Beverageread more
"The economy may be in good shape now, but if we keep getting more and more tariffs it could deteriorate," Jim Cramer says.Mad Money with Jim Cramerread more
(Adds outlook-related comments)
RIO DE JANEIRO/SAO PAULO, Aug 1 (Reuters) - Brazil's Vale SA is expecting its results to improve in the third quarter after the company surprised analysts by posting a quarterly loss because of writedowns related to a deadly dam burst in January, its chief financial officer said on Thursday
Vale has been trying to ramp up production after several of its mines were shuttered as prosecutors and regulators scrambled to avoid a recurrence of the collapse of the Brumadinho dam, which killed 248 people.
"We hope the second quarter was transitional and that we're going to have quite a strong third quarter to support reparation efforts as well as future shareholder returns," Luciano Siani told analysts in a conference call.
On Wednesday, Vale reported a $133 million quarterly loss, confounding analysts' expectations of a $2.84 billion profit for the period.
Shares were down 1.2% in early afternoon trading in Sao Paulo.
The weak results were in contrast to those of other big mining companies like Rio Tinto and Anglo American , which in recent weeks have reported blockbuster quarters, helped in part by a spike in iron ore prices this year fueled by Vale's woes. Both substantially raised their payouts, with Rio Tinto announcing a record one earlier on Thursday.
Vale Chief Executive Eduardo Bartolomeo emphasized during the call that the company was trying to focus on safety and reconstruction and that it was too early to talk about resumption of dividend payments.
Speaking a day after Vale announced $2 billion in charges related to both Brumadinho and a prior dam disaster at Samarco, a joint venture with BHP Group, Siani added that the company hopes to wrap up a global compensation settlement for victims of the dam burst by year-end.
It remains unclear whether Vale's writedowns, which now total some $7 billion, would cover every part of a victims' settlement, but Siani suggested that further charges would be minimal.
"From a qualitative point of view, we already have a good idea of the scope of reparations and environmental compensation and we're using our best estimate," he said.
He reiterated Vale's prior forecast for a resumption of production at Samarco, closed since 2015, in the second half of next year.
Siani said Vale now has an annual iron ore capacity of between 340 million and 345 million tonnes, and said he expected strong copper and nickel output in the second half of the year. (Reporting by Marta Nogueira in Rio de Janeiro and Christian Plumb in Sao Paulo; editing by Bernadette Baum and Dan Grebler)