Business in brief: Hecla reports lower losses
Hecla Mining Co. reported lower losses during the second quarter and said that silver production hit a record.
The company reported a $900,000 loss, compared to a net loss of $44 million during the second quarter of 2008.
Silver production hit 3 million ounces during the quarter, a 24 percent increase compared to the prior-year period. Metals prices recovered from the first quarter, but were still lower during the second quarter than they were a year ago, Hecla officials said.
Silver averaged $13.73 per ounce during the quarter, down 20 percent from a year ago. Zinc and lead prices dropped 30 and 35 percent respectively. Gold rose slightly to trade at $922 per ounce.
Bank of Mexico: GDP falling fast
Mexico City – Mexico, the No. 3 U.S. trading partner behind Canada and China, will see its economy contract as much as 7.5 percent this year as exports fall and migrants abroad send less money home, the country’s central bank said Wednesday.
The Bank of Mexico said in a report that gross domestic product is expected to shrink between 6.5 and 7.5 percent in 2009 – a more pessimistic outlook than its previous projection of a 4.8 percent decline. It is also worse than government expectations of a 5.5 percent contraction.
Mexico, which sends 80 percent of its exports to the United States, has been severely hurt by the slowdown in the U.S. economy. GDP declined by 8.2 percent in the first quarter.
Energy investors gain confidence
Denver – Venture capitalists increased investments in alternative energy by 73 percent over the past three months, according to a report issued Wednesday, an indication that the horrible market conditions from earlier this year may have abated.
Venture capital investment totaled $572 million in the second quarter, according to Ernst & Young LLP.
Even though spending was 59 percent below last year during the quarter, the quick infusion of funds when compared with the first three months of the year may signal that the industry has already bottomed out.
Times, Register seal delivery deal
Los Angeles – The Los Angeles Times will deliver the Orange County Register to homes and vending machines beginning in September, the two newspapers announced Wednesday.
The Register said it was making the move to cut costs and improve distribution.
Fifty-five full-time and 143 part-time Register circulation and distribution workers will be laid off, according to the Register, and 721 independent contractors who deliver the Register will be affected.