PRESS DIGEST- New York Times business news - Sept 27
Sept 26 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.
Magnesita, the world's No. 3 producer of fireproof material for steel mills, saw third-quarter net income plunge 71 percent from the prior three months after costs and expenses fell at a slower pace than revenue. Output of refractory material and minerals such as dolomite, magnesite and graphite dropped 11 percent and 21 percent, respectively, on a quarter-on-quarter basis, the company said in a securities filing.
Net income at 10.7 million reais ($5.3 million) missed the average estimate of 18.3 million reais predicted by a Reuters poll of four analysts. On a year-on-year basis, profit sank 69 percent.
Earnings before interest, tax, depreciation and amortization, a gauge of operational profitability known as EBITDA, slumped 20 percent to 84.3 million reais, down from an estimated 88.8 million reais in the poll.
* Oil tries to hold latest bounce as OPEC talk waxes and wanes
Sept 27 U.S.-based brokerage Investment Technology Group Inc said it appointed Ruben Costa-Santos as director and head of foreign exchange, and Andre Nogueira as a director in its analytics team.