Core Viewpoint - Lagfin, the Luxembourg-based holding company controlling the majority of Campari's voting rights, has agreed to pay €405 million ($474.5 million) to settle a tax dispute in Italy to protect the interests of all Campari shareholders [1]. Group 1: Tax Dispute Details - Lagfin had €1.3 billion ($1.49 billion) worth of shares seized by Italian authorities due to allegations of tax evasion [1]. - The Italian financial police enforced a precautionary seizure order over €1.29 billion of shares, claiming that capital gains exceeding €5.3 billion were left undeclared after Lagfin absorbed its Italian subsidiary [2]. - Lagfin maintains that it has always complied with applicable regulations, including Italian tax laws, and asserts that the exit tax was not applicable [3]. Group 2: Settlement Agreement - Lagfin will make an initial payment of €152 million by the end of the year, with the remaining amount to be paid in equal quarterly installments between June 2027 and September 20, 2029 [4]. - The company believes that litigation could have negatively impacted Campari's share price, despite Lagfin's confidence in prevailing in court [4]. Group 3: Corporate Purpose - Preserving control of Campari is central to Lagfin's corporate purpose, and the company aims to safeguard the interests of current and future investors [5].

Core Points - Amazon has reached a settlement with Italy's tax collection agency for €510 million ($582 million) to resolve a longstanding tax dispute [1] - Milan prosecutors are continuing their criminal investigation into Amazon, suspecting tax evasion of approximately €1.2 billion related to the years 2019 to 2021 [2] - Amazon has faced multiple investigations, including one for suspected tax evasion from 2021 to 2024 and another concerning alleged customs and tax fraud linked to imports from China [2] - An Italian subsidiary of Amazon paid €180 million to Italy's tax authorities in December 2025 to resolve a different inquiry into tax fraud and labor practices [3] - Amazon has launched a trial rapid-delivery service called Amazon Now, promising delivery of everyday items within 30 minutes in selected neighborhoods [4] Tax Dispute and Investigations - The settlement of €510 million is part of a series of tax and compliance issues Amazon has faced in Italy [1] - The ongoing criminal investigation by Milan prosecutors aims to conclude by early 2026 [2] - Amazon's criticism of the Italian regulatory framework has been noted, although the company confirmed the settlement without disclosing the amount [2] Additional Developments - The €180 million payment by an Italian subsidiary was part of resolving a separate inquiry into tax fraud and unlawful labor practices [3] - The settlement places Amazon among over 30 companies that have reached similar agreements since 2023 [3] - The launch of the Amazon Now service reflects the company's efforts to enhance its delivery capabilities in the U.S. market [4]

By Emilio Parodi MILAN, Dec 10 (Reuters) - Amazon has agreed with Italy's tax collection agency to pay 510 million euros ($582 million) ​to settle a tax dispute, two sources close to the ‌matter said on Wednesday, in one of a number of cases involving the company ‌in Italy. However, in an unusual development, Milan's prosecutors are in disagreement with the accord between the revenue agency and the U.S. tech company and plan to continue their criminal investigation, two other sources said. Amazon confir ...

Core Viewpoint - First Majestic reported record silver production and significant revenue growth for Q3 2025, yet its stock price has declined due to investor concerns over a tax dispute with the Mexican government [1][3]. Financial Performance - The company achieved a record silver production of 3.9 million ounces in a single quarter, representing a 96% year-over-year increase [5]. - Revenue for the quarter reached $285.1 million, marking a 95% increase compared to the same period last year [5]. Stock Performance - First Majestic's stock has decreased by 14.6% from the end of last Friday's market session to the end of trading today [2]. - The current stock price is $10.90, with a market capitalization of $5 billion [4][5]. Tax Dispute - A recent ruling by the Mexican Supreme Court against a wholly-owned subsidiary of First Majestic regarding a tax appeal related to the San Dimas mine has raised concerns among investors [3]. - The CEO of First Majestic, Keith Neumeyer, downplayed the significance of the tax dispute, stating it has been ongoing for 13 years and that the company is actively working with the Mexican government to resolve the issue [5]. Investment Opportunity - The stock is currently valued at 13.3 times operating cash flow, which is a discount compared to its five-year average cash flow multiple of 25.3, suggesting a potential buying opportunity for investors [6].

Financial Data and Key Metrics Changes - The company reported record Q3 silver production of 3.9 million ounces, with year-to-date production reaching 11.3 million ounces [10] - Revenues for the quarter were also at a record level, contributing to a cash flow of $140 million and a cash position exceeding $560 million [10][16] - EBITDA reached another record of $128 million, indicating strong operational performance [19] Business Line Data and Key Metrics Changes - The company is on track to meet its guidance of over 30 million silver equivalent ounces for the year, with a breakdown of 55% silver, 35% gold, and 10% lead and zinc [12] - Significant improvements were noted at the San Dimas operation, with production increasing and costs decreasing, returning to budget after previous challenges [14] - At La Encantada, a transition to sub-level caving is expected to reduce costs and enhance operations by Q1 2026 [15] Market Data and Key Metrics Changes - The company maintained a strong inventory level, holding 758,000 ounces of silver and nearly 4,000 ounces of gold, representing $50 million in potential revenue [16][17] - Marketable securities valued at $140 million as of September 30, indicating substantial liquidity [18] Company Strategy and Development Direction - The company is focused on operational efficiencies and cost reductions while continuing to explore and develop its assets, particularly at Los Gatos and Santa Elena [12][13] - Plans to increase throughput at Los Gatos to 4,000 tons per day are underway, with further guidance expected in January 2026 [12][21] - The company aims to enhance its exploration efforts, particularly at Jerritt Canyon, with updates anticipated by early 2026 [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a strong Q4 and ending 2025 positively, despite ongoing tax issues that are not viewed as material to the business [10][11] - The company is actively working with the Mexican government to resolve a long-standing tax dispute, with no significant changes expected in the near term [4][6] Other Important Information - The company has a solid dividend policy in place, with potential for increases depending on future performance [20] - Safety and sustainability performance have improved, positioning the company favorably within the mining sector [18] Q&A Session Summary Question: Are you doing any share buyback at these prices? - The company confirmed that share buybacks were conducted recently, indicating active management of capital [23]

Financial Data and Key Metrics Changes - The company reported record Q3 numbers, with silver production reaching 3.9 million ounces and year-to-date production at 11.3 million ounces [10] - Revenues for the quarter were also a record, contributing to a cash flow of $140 million and a cash position exceeding $560 million [10][19] - EBITDA reached another record of $128 million, indicating strong operational performance [19] Business Line Data and Key Metrics Changes - The company is on track to meet its guidance of over 30 million silver equivalent ounces for the year, with a breakdown of 55% silver, 35% gold, and 10% lead and zinc [12] - Significant improvements were noted at San Dimas, with production increasing and costs decreasing, bringing the operation back within budget [14] - At La Encantada, a transition to sub-level caving is expected to reduce costs and enhance operations by Q1 2026 [15] Market Data and Key Metrics Changes - The company maintained a strong inventory level, holding 758,000 ounces of silver and nearly 4,000 ounces of gold, representing $50 million in potential revenue [16] - Marketable securities amounted to $140 million as of September 30, contributing to the company's liquidity [18] Company Strategy and Development Direction - The company is focused on operational efficiencies and cost reductions while continuing to enhance its production capabilities [3][10] - The integration of the Los Gatos acquisition is progressing well, with plans to increase throughput to 4,000 tons per day [12] - Exploration efforts at Santa Elena have yielded two major discoveries, which are expected to extend the mine's life significantly [13] Management's Comments on Operating Environment and Future Outlook - Management views the ongoing tax dispute with the Mexican government as non-material and continues to work towards resolution [4][6] - The company is optimistic about ending 2025 on a positive note, anticipating a strong Q4 performance [10] - Management emphasized the importance of focusing on operational achievements rather than sensationalized media reports [3][8] Other Important Information - The company plans to provide further guidance in January 2026 regarding its budget and production targets [12][21] - Safety and sustainability performance have improved, positioning the company favorably within the mining sector [18] Q&A Session Summary Question: Are you doing any share buyback at these prices? - The company confirmed that share buybacks were conducted recently [23]

Financial Data and Key Metrics Changes - The company reported a record silver production of 3.9 million ounces for Q3 2025, with year-to-date production reaching 11.3 million ounces [11] - Revenues for the quarter were also at a record level, contributing to a cash flow of $140 million, and the company holds over $560 million in cash [11] - EBITDA reached a record of $128 million, indicating strong operational performance [19] Business Line Data and Key Metrics Changes - The company is on track to meet its guidance of over 30 million silver equivalent ounces for the year, with a breakdown of 55% silver, 35% gold, and 10% lead and zinc [13] - Significant improvements were noted at the San Dimas operation, with production increasing and costs decreasing, now operating within budget [15] - At La Encantada, a transition to sub-level caving is expected to reduce costs and improve operations by Q1 2026 [15] Market Data and Key Metrics Changes - The company maintained a strong inventory level, holding 758,000 ounces of silver and nearly 4,000 ounces of gold, representing $50 million in potential revenue [16] - Marketable securities valued at $140 million as of September 30, 2025, contribute significantly to the company's liquidity [19] Company Strategy and Development Direction - The company is focused on operational efficiency and cost reduction while continuing to explore and develop its assets, particularly at Los Gatos and Santa Elena [14][15] - The integration of systems from the Los Gatos acquisition is progressing well, with plans to increase throughput to 4,000 tons per day [14] - Future guidance for 2026 will include updates on production and cost strategies [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a strong Q4 2025, building on the positive results from Q3 [11] - The ongoing tax dispute with the Mexican government is not viewed as a material issue, and management is focused on operational performance rather than tax concerns [5][7] - The company is optimistic about exploration results, particularly at Santa Elena, which could extend the mine's life significantly [14] Other Important Information - The company plans to update resource estimates at the Navidad project in March 2026, indicating ongoing exploration and development efforts [21] - The dividend policy remains intact, with potential for increases depending on future performance [20] Q&A Session Summary Question: Are you doing any share buyback at these prices? - The company has conducted share buybacks recently, indicating confidence in its stock value [22]

Financial Performance - Revenues aligned with expectations at $1151 billion [1] - Earnings per share (EPS) reported at $587, missing the estimate of $697% [1] - Operating margin was 282%, lower than the street account estimate of 317% and below the guidance of 315% [2] Explanations for Underperformance - Lower than anticipated operating margin attributed to an expense related to an ongoing dispute with Brazilian tax authorities [2] Future Outlook - Company guides to Q4 revenues ahead of estimates [2] - Company guides to Q4 EPS a penny ahead of the street account estimate [2]

Core Viewpoint - The Peruvian Tax Authority (SUNAT) has cancelled a tax assessment and fine totaling approximately S/ 1.6 billion soles against Credicorp, allowing the company to challenge the resolutions through legal channels while maintaining its commitment to regulatory compliance [2][3]. Group 1: Tax Dispute Update - The total amount of the Tax Assessment Resolutions and Fine Resolutions issued by SUNAT on June 27, 2025, has been cancelled, resolving any potential misperception of outstanding obligations to the Peruvian State [2]. - Credicorp is exercising all legal rights available to challenge the Resolutions and remains confident in a favorable outcome, assessing the contingency as remote [3]. Group 2: Company Overview - Credicorp is the leading financial services holding company in Peru, with operations in Chile, Colombia, Bolivia, and Panama, and has a diversified business portfolio organized into four lines: Universal Banking, Microfinance, Insurance & Pension Funds, and Investment Management & Advisory [4].