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Rio Tinto’s Q1 Australian Iron Ore Shipments Slid 15% From Q4

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Rio Tinto (NYSE:RIO) reported Q1 Pilbara iron ore shipments fell 8% from a year ago and 15% compared to Q4 2021, totaling 71.5M metric tons, below consensus estimates for 73.1M tons, citing challenges in advancing new developments.

In its Q1 operations review, Rio (RIO) said the delayed ramp up of its Gudai-Darri project in Western Australia and continuing commissioning challenges at the Mesa A wet plant slowed plans to increase iron ore production at Robe Valley.

As the company starts to ramp up Gudai-Darri, “our iron ore business will have greater production capacity and be better placed to produce additional tons of Pilbara Blend in the second half,” CEO Jakob Stausholm said.

Q1 Pilbara iron ore production fell 6.2% Y/Y to 71.7M tons.

Rio Tinto (RIO) should continue to generate substantial cash flow from its asset portfolio as prices remain strong through 2022, The Value Portfolio writes in a bullish analysis posted recently on Seeking Alpha.

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Source: seekingalpha.com

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Lumber Futures Rise As Canada Cuts Wood Production

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CBOT lumber futures rose (LB1:COM) for the third straight session on Wednesday to $601.80 per 1,000 board feet, the highest intraday price since July 22, as supply cuts from a top Canadian producer outweigh rising interest rates that are hurting housing markets.

West Fraser Timber (WFG) announced production cuts at two British Columbia sawmills, equivalent to 2.5% of its total North American capacity, and it is cutting plywood output at another facility.

Other potentially relevant tickers include (WY), (LPX), (PCH), (RFP), (OTCPK:CFPZF), (OTCPK:IFSPF), (OTCPK:WFSTF)

ETFs: (NYSEARCA:XHB), (NASDAQ:WOOD), (CUT), (NAIL)

U.S. builders obtain more than 25% of their lumber from Canada, which is the world’s largest exporter of softwood lumber.

This year’s surge in borrowing costs caused ~60K deals for home sales in the U.S. to fall through in June.

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Original Post: seekingalpha.com

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CVS Health Tried to Acquire One Medical Before Amazon Eventually Did – Bloomberg

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Original Source: seekingalpha.com

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Recipe Gone Wrong: Domino’s Calls It Quits in Italy

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Mario Elias Munoz Valencia/iStock Editorial via Getty Images

Seven years after entering the Italian market, Domino’s (NYSE:DPZ) is closing up shop in the homeland of pizza. While the company had already stopped offering delivery from its website on July 29, the last of its 29 local branches just shuttered their doors. Social media is abuzz on the news, with some likening the situation to selling ice in the North Pole, or how the chain could compare their pizza to an authentic Napoletana.

History: Domino’s (DPZ) opened its first outlet in Milan in 2015, via a franchising agreement with a local business called ePizza SpA. At the time, it said it hoped to win over Italian palates with “purely Italian” ingredients like Prosciutto di Parma, Gorgonzola, Grana Padano and Mozzarella di bufala Campana. The biggest catch was a national home delivery model that could take on local artisanal shops and provide an alternative to Italy’s dining out culture.

Cracks in the plan first emerged during the pandemic, especially as delivery became essential during coronavirus lockdowns. Many of the “mom & pop” restaurants went online, allowing buyers to order quality products and gourmet items straight to their homes. As takeout and delivery models were adopted, increased competition was also seen from a rising number of online platforms like Deliveroo, Glovo or Just Eat Takeaway.com.

Go deeper: ePizza borrowed heavily for plans to open over 800 Italian stores through 2030, attempting to land a 2% stake of the national pizza market. As recently as April, it filed for protection from creditors, and while the motion was granted for an initial 90 days, there have been no further updates on the court process. According to the latest audited reports, ePizza had EUR10.6M of debt at the end of 2020, but has since been running out of cash and faltering on its debt obligations.

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Original Source: seekingalpha.com

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