Aurelia Butler

The company’s revenue of $1.46 billion marks a 1.5% increase from the previous year and surpasses the analyst consensus estimate of $1.44 billion. Adjusted EBITDA also saw a rise, accelerating to 5% year-over-year growth.Frontier’s President and CEO, Nick Jeffery, attributed the positive results to the company’s expanding fiber broadband business, which experienced a 24% increase in revenue driven by customer growth and higher average revenue per user (ARPU).The company added 322,000 fiber passings, reaching a total of 6.8 million locations passed with fiber. Additionally, Frontier added 88,000 fiber broadband customers, resulting in an 18% growth compared to the same quarter last year.The company’s adjusted earnings per share (EPS) came in at $0.00, which was $0.07 better than the analyst estimate of -$0.07. Operating income stood at $90 million, and net income was reported at $1 million. Frontier generated net cash from operations amounting to $335 million.For the full-year 2024, Frontier reaffirmed its operational and financial expectations. The guidance includes an adjusted EBITDA of $2.20 to $2.25 billion, fiber passing additions of 1.3 million, and a cash capital investment of $3.00 to $3.20 billion. The company also expects cash taxes of approximately $20 million, net cash interest payments of approximately $750 million, pension and OPEB expense of approximately $40 million (net of capitalization), and cash pension and OPEB contributions of approximately $125 million.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

BUENOS AIRES (Reuters) – Mexico’s peso is set to navigate between a relatively firm economy on one side and some political doubts on the other, with a small depreciation expected in the medium-term, a Reuters poll of foreign exchange experts showed.The currency has lost 1% year-to-date, a minor drop given the list of negative factors it faces, such as the delayed start of monetary policy easing in the United States and higher global volatility due to elevated tensions in the Middle East.In 12 months, the peso is forecast to shed 2.6% more to 17.59 per U.S. dollar from 17.13 on Tuesday, which would still leave it at a stronger rate than during most of the last eight years, according to the median estimate of the survey.Among 16 respondents in the April 29-May 1 poll, the weakest forecast for the Mexican currency in one year was 18.70 per dollar and the strongest was 16.60.”The MXN has underperformed amid a carry unwind, but fundamentals have not changed and Mexico should be the biggest beneficiary in emerging markets of U.S. exceptionalism,” said Erick Martinez, Latam FX and rates strategist at Barclays.”Growth tailwinds from friend-shoring, close links to the United States in terms of the labor market and monetary policy should continue supporting the peso … we remain constructive near-term as it is too soon to trade U.S. election risks.”As speculators cut “carry trade” positions, or bets on currencies of emerging market countries with high interest rates, the Mexican peso is notching up modest losses compared to other Latin American peers.While the country’s central bank lowered its benchmark rate in March by 25 basis points to 11%, the governing board will likely hold it there for longer than markets expect, a key policymaker told Reuters last month.And although inflation remains a challenge, the region’s No.2 economy after Brazil is poised to grow steadily after the presidential vote of June 2, in line with a decent performance in the United States, a separate Reuters poll showed.Former Mexico City mayor and ruling party candidate Claudia Sheinbaum is increasing her lead in the race for the presidency. Some economists doubt she would act with determination against fiscal shortfalls if elected, despite her promises of austerity.”There is significant uncertainty around consequences (if not the outcome) of Mexico’s elections in June, as well as the U.S. election in November,” Capital Economics analysts wrote this week in a note on the outlook for the peso.In Brazil, the real should gain 3.8% in 12 months to 5.0 per dollar from 5.19 on Tuesday. The currency is down 6.5% so far in 2024, as investors focus on a fiscal deterioration deeper than Mexico’s.(For other stories from the May Reuters foreign exchange poll:) (Reporting and polling by Gabriel Burin in Buenos Aires; additional polling by Anitta Sunil, Susobhan Sarkar and Rahul Trivedi; Editing by Ross Finley and Alison Williams) More

Europe’s environmental watchdog is 30 years old this year — a lifespan in which the continent has warmed twice as fast as any other region, and has also witnessed a sea change in green policy in that time.Ahead of the European Union elections, next month, in which climate change will be a key issue, the European Environment Agency has now issued its first climate risk assessment report. It identifies 36 main risks alongside data showing that the continent should prepare for temperatures around 3C warmer than in pre-industrial times, by 2050.Leena Ylä-Mononen, head of the agency, spoke to EU correspondent Alice Hancock about the findings of the report, which she said should serve as an urgent warning to policymakers.This is an edited transcript of that discussion, covering the risks of a financial shock and migration as the bloc heads towards a worst-case scenario of temperatures 7C above pre-industrial levels by 2100, if it does not accelerate climate action.Alice Hancock: How radical an overhaul of EU policy do you think is needed to deal with the climate risks that you outline in the report?Leena Ylä-Mononen: I think it’s a wider call than only [for] EU policy, because some of the risks are really more for member states [to address] — but it is a wake-up call. We see, now, the potential climate change impacts are hitting us and we are [approaching] 1.5C of global warming [since pre-industrial times]. So action is needed and it is urgent action that is needed.So, yes, it is quite a radical wake-up call, I would say. But, of course, we can also see that there are already policies in place. So in some cases it is merely to strengthen them and bring them to the next level or gear up, instead of inventing totally new instruments. For example, most, if not all, the member states have some kind of strategic plan on adaptation, and hence it may [be] a call for reinforcing that. Renderings of climate models made by the Mistral supercomputer at the German Climate Computing Center in Hamburg More

At the recent gathering of G20 finance ministers in Brazil, delegates were gripped by a deep sense of unease over a pressing issue: the potential seizure or use of Russian assets frozen under the western sanctions that followed its invasion of Ukraine.Two ministers — Saudi Arabia’s Mohammed al-Jadaan and Indonesia’s Sri Mulyani Indrawati — were among those particularly alarmed by the idea. Were G7 countries seriously preparing to do this? And had they considered the full implications of such a drastic step?Their questions to their western counterparts cut to the heart of a fraught debate over whether hundreds of billions of euros in frozen Russian central bank assets should be mobilised to help fund Ukraine as the conflict there drags into a third year. Doing so would deliver a financial boost with the potential to turn the war in Kyiv’s favour, argue those in support, led by the US. For opponents of the idea, such a move risks setting a dangerous precedent in international law — one that could endanger not only the interests of any country that falls out with western capitals, but also the international legal order itself. For now, Kyiv is relying on the $61bn package of military aid approved by the US Senate on April 24 following months of political wrangling. But US President Joe Biden is pressing his allies to seek ways of tapping into the roughly €260bn of Russian reserves, with the G7 leaders’ summit in Italy next month seen as a key moment to push for progress. “We immobilised the assets together; we would like to mobilise them together as well,” says Daleep Singh, White House deputy national security adviser for international economics. Yet the topic is dividing the club of advanced economies. The Biden administration has backed calls for confiscation, as have Canada and some members of the UK government, especially its foreign secretary, Lord David Cameron. Meanwhile, Japan, France, Germany, Italy — and the EU itself — remain highly cautious, resulting in a stalemate.Some of the most prominent sceptics are G7 central bankers who are conscious of the stabilising role that foreign exchange reserves play. European Central Bank president Christine Lagarde has warned that “moving from freezing the assets, to confiscating them, to disposing of them [could carry the risk of] breaking the international order that you want to protect; that you would want Russia to respect”.Speaking in São Paulo in February, finance minister Giancarlo Giorgetti of Italy, which holds the G7 presidency this year, said that it would be “hard and complicated” to find a legal basis for seizing Russian state assets. His French counterpart, Bruno Le Maire, was even more trenchant, arguing that the legal foundation simply did not exist.Mohammed al-Jadaan, the Saudi finance minister, with US Treasury secretary Janet Yellen in Brazil in February. Saudi Arabia has been lobbying against plans to seize Russia’s assets More