It’s one thing to talk about corporate purpose, quite another to make it happen in a way that has real-world meaning for those at all levels of the organisation. In this article, the authors offer a framework designed to assist leaders in doing just that.Corporate purpose has become a hotly debated topic in recent years, yet its practical implementation often lags behind the rhetoric. Defining purpose is only the starting point; the real challenge lies in living it—creating an emotional connection to a set ...

Copper exchange inventories have climbed above 1 million tons for the first time in 21 years. Meanwhile, smelter activity has slowed, China’s demand softened, yet the price remains elevated despite pulling back from January highs.The answer lies in a lack of confidence in long-term supply. The market has entered an era of electricity intensity. Therefore, copper is no longer merely a cyclical industrial input but a foundational infrastructure for the 21st-century economy.Months Vs. DecadesElectric vehicles ...

Across the pond, Salesforce shares fell in pre-market trading after its earnings , as its efforts to say "everything will be fine" fell on deaf ears as investors worry that AI might destroy prospects for business software providers.For LSEG it's AI assurances are being listened to more than others.“Kitchen seller Howden Joinery also continued its run of quietly getting on with the job and then reminding the market it can still take a step forward in a difficult market."The blue-chip UK index has is being "p ...

Teck Resources Conference Call Summary Company Overview - **Company**: Teck Resources (NYSE: TECK) - **Industry**: Mining, specifically focused on copper and zinc operations Key Highlights 1. **Merger with Anglo American**: Teck is progressing towards a merger with Anglo American, which is expected to position the combined entity as a top five global copper producer with over 1.2 million tons of annual copper production supported by six world-class copper assets [3][4] 2. **Regulatory Approvals**: The merger has received completion and antitrust approvals from multiple jurisdictions including Canada, Chile, Australia, Japan, the EU, and the US, with only two approvals remaining [4] 3. **Operational Review**: A comprehensive operational review was completed, leading to a strong operational performance in 2025 and reaffirmation of annual production guidance for 2026 to 2028 [4][11] 4. **Financial Performance**: In 2025, Teck reported a 48% increase in Adjusted EBITDA to $4.3 billion, driven by higher copper prices and increased by-product revenue, resulting in an adjusted EBITDA margin of approximately 50% in Q4 [5][6] 5. **Shareholder Returns**: Teck returned $1.3 billion to shareholders through share buybacks and dividends in 2025, maintaining a robust balance sheet and returning to a net cash position by year-end [6] Operational Insights 1. **Quebrada Blanca (QB) Performance**: QB's quarterly copper production reached 55,000 tons, with significant progress on the TMF development work, expected to enable steady state operations by the end of 2026 [5][9] 2. **Production Guidance**: Teck reaffirmed its annual production guidance for 2026 to 2028, with expectations of further growth in copper production and significant operating cash flows [11][12] 3. **Copper Price Outlook**: The copper price reached record highs in Q4 2025, with a quarterly average exceeding $5 per pound, and a consensus price increase of 35% from $4 to $5.35 per pound for 2026 [13][14] Market Dynamics 1. **Demand Drivers**: The demand for copper is expected to outpace economic growth, driven by urbanization, electrification, and the expansion of the electrical grid, with a near double-digit CAGR anticipated through the end of the decade [16] 2. **Supply Constraints**: Existing mine production is expected to decline starting in 2027, with limited growth options beyond 2029, creating a compelling long-term outlook for copper [17][18] 3. **Investment Opportunities**: Teck plans to unlock additional copper production through optimization projects, including a potential increase of 175,000 tons per annum from processing higher-grade ore from Quellaveco [27] Strategic Focus 1. **Critical Minerals Strategy**: Teck has refocused its portfolio on critical minerals, exiting its energy and steelmaking coal businesses, and completing the QB2 project, which is expected to generate substantial cash flow for decades [18][19] 2. **Value Creation from Merger**: The merger with Anglo American is expected to deliver $800 million in annual corporate synergies and $1.4 billion in annual underlying EBITDA uplift from combined operations [20][21] 3. **Future Growth**: Teck aims to balance capital investment in growth projects with shareholder returns, focusing on high-return opportunities within the combined portfolio post-merger [29] Additional Considerations 1. **Chinese Regulatory Review**: The merger is undergoing a normal regulatory review process in China, with no anticipated changes to the expected timeline of 12-18 months for completion [32] 2. **Operational Stability**: The company is focused on maintaining operational stability and executing its plans effectively, with significant improvements noted in the TMF development work [24][25]

Wanblad reiterated expectations for completion about 12–18 months from the announcement, putting the estimated closing window between September 2026 and March 2027. He also said a $4.5 billion special dividend is expected to be payable to Anglo American shareholders of record around completion. When asked about U.S. approvals, Wanblad said all required approvals applied for have been received, with only South Korea and China outstanding.Anglo American also described progress toward its proposed merger with ...

♪ ANNOUNCER: NEWSMAKERS AND MARKET MOVERS. THIS IS "THE PULSE." JOUMANNA: GOOD MORNING AND WELCOME TO "THE PULSE," I’M JOUMANN OF A BERSETCHE. LET’S BRING IN ALEC BIEBER.WE’VE SEEN A JUMP IN THE P. M. I.HIGHER THAN FORECAST. TALK TO US THROUGH THESE NUMBERS. >> THE NUMBERS ARE AFFIRMING WE’RE CONTINUING TO GROW IN THE EURO ZONE BUT THE TAKEAWAY IN TODAY’S NUMBERS IS WHEN YOU LOOK AT THE MANUFACTURING SECTOR, ESPECIALLY IN GERMANY AND NOW THE P.M. I. INDICATOR JUMPED TO ABOVE 50, THE NUMBER THAT INDICATES GR ...

>> GOOD MORNING. IT IS FRIDAY, FEBRUARY 20. PRIVATE CREDIT CRACKS AND IT'S A BIG DAY TODAY IN THE U.S..GUY: BRENT CRUDE IS UP BY ANOTHER .5%. 7202. MOVING AWAY FROM WTI. DUBAI IS MOVING AWAY FROM BRENT.THE STORY OUT OF THE OIL MARKET IS OF SIMMERING CONCERN ABOUT WHAT IS HAPPENING AND WHAT COULD HAPPEN THIS WEEK AND WITH IRAN. U.S. STOCK FUTURES HIGHER THIS MORNING UP BY AROUND .5% GOING INTO DATA IN THE U.S. LATER WITH EARNINGS TO FACTOR IN AS WELL. THE DOLLAR GETTING A LITTLE TRACTION.11757, DOWN ON EURO- ...

OLIVER: LIVE FROM LONDON. THIS IS BLOOMBERG DAYBREAK EUROPE. DEAL DEADLINE.PRESIDENT TRUMP SAYS IRAN HAS 15 DAYS TO REACH A DEAL AS THEY AMASS MORE FORCES IN THE MIDDLE EAST. TALKING WITH TIGHT ROPE BETWEEN WAR AND PEACE. INVESTORS BRACE FOR INFLATION.A POTENTIAL SUPREME COURT RULING THAT COULD STRIKE AT THE HEART OF PRESIDENT TRUMP’S TARIFF POLICY. WE HAVE EURO STOXX 50 UP HALF A PERCENTAGE POINT. WE CAN SEE THIS MORNING GIVING BACK SOME OF THE LOSSES THAT WE SAW YESTERDAY ACROSS THE BOARD.THE DOLLAR GAINI ...

Anglo American took yet another writedown on its struggling De Beers unit, as its diamond operations continued to weigh on earnings https://t.co/BtY4VfEAr2 ...

Market Overview - European stocks are expected to open higher, with London's FTSE 100 projected to rise by 0.5%, Germany's Dax by 0.3%, and France's CAC 40 by 0.6% [1] - U.S. futures increased overnight as key economic data is anticipated, including the personal consumption expenditures index and the fourth-quarter GDP report [3] Earnings Reports - Several European companies are set to report earnings on Friday, including Air Liquide, Danone, Sika, Anglo American, and Kingspan Group [2] Economic Data - Traders are awaiting important economic data, such as U.K. retail sales figures, German producer price figures, and PMI flashes for the U.K., France, Germany, and the euro zone [2]