Tag: Yahoo Finance

Chile Protests Threaten to Dethrone World’s Top Copper Producer

(Bloomberg) -- Codelco’s standing as the world’s top copper producer is increasingly at risk in the wake of a citizen uprising that is shaking Chile to its core.Codelco planned to spend $20 billion over a decade to modernize its aging mines and hold off a looming production slump. But protests that have sent millions into the street to demand changes in everything from pensions and health care to education could jeopardize the state-owned miner’s push for needed government funding.The alternatives are largely unappealing. The company could delay the work, but its costs for processing lower-quality ore from aging mines is growing. It could boost borrowing, but its debt already sits at a record high. The bottom line: Without government funding, the company that now produces about 8% of global copper may soon find itself slipping from its top spot, according to Colin Hamilton at BMO Capital Markets.“Targeting flat production is optimistic,”...

Smartphone maker Xiaomi posts slowest-ever revenue growth in third quarter

Chinese smartphone maker Xiaomi Corp posted its slowest-ever quarterly revenue growth, as the country's smartphone market copes with a protracted lull in sales and bigger rival Huawei [HWT.UL] grabs more market share. Demand for smartphones has eased in China as consumers hold on to devices longer. As well, Chinese shoppers have rallied behind and boosted sales at Huawei, the world's second-largest smartphone maker, which was added to a trade blacklist by the United States....