BHP Billiton boss Andrew Mackenzie’s salary was halved in the wake of the Samarco dam disaster September 21, 2016 The chief executive of BHP Billiton took a more than 50 per cent pay cut in the 2016 fiscal year, as a result of a tragic dam failure at one of the company's Brazilian mines. The failure of the dam at Samarco Mineracao in November 2015, which BHP Billiton jointly owns with local company Vale, [...]
City Moves for 13 September 2016 | Who’s switching jobs September 13, 2016 Terence O’Rourke Matt Nicholson has left his role as director of planning at CBRE UK to join specialist planning and design consultancy Terence O’Rourke as special projects director and run the company’s London office. Matt has 16 years’ experience in public and private roles within the planning industry, having also held senior planning roles at Sainsbury’s [...]
FTSE 100 dips to a six-week low on US rate hike fears September 12, 2016 Shares on the FTSE 100 fell to their lowest since the beginning of August today, as investors showed their nerves over a potential rate hike. After ending last week 1.7 per cent lower than it started, the index was 1.4 lower in mid-afternoon trading, at 6,685 points The fall was led by Primark owner Associated British Foods (ABF), which [...]
BHP Billiton chief Andrew Mackenzie has bonus axed after Samarco iron ore mine disaster and record profit loss August 30, 2016 BHP Billiton's chief executive will have his bonus scrapped this year following a fatal dam collapse at a Brazilian mine last November and the ongoing decline in global commodity markets. Andrew Mackenzie, who has been at the helm of the mining giant since 2013, will receive no bonus on top of his $1.7m (£1.3m) base salary [...]
Samarco dam disaster pushes BHP Billiton to $6.4bn loss August 16, 2016 And lo, it came to pass (almost): miner BHP Billiton unveiled a multi-billion dollar loss for the year, after a series of unfortunate events. The figures BHP said it had made an attributable loss of $6.4bn (£5bn) in the year to the end up June, down from a profit of $1.9bn last year. That was driven by $7.7bn of exceptional items, including [...]
BHP Billiton due to report largest loss since its inception August 14, 2016 Struggling mining giant BHP Billiton is expected to reveal a historical near $7bn (£5.4bn) loss in its full-year results next week. Analysts have predicted that the Samarco dam disaster and a tough business environment led to the largest loss in BHP's history, which goes back to the 1850s. Read more: BHP Billiton downgraded by Moody’s "This represents BHP Billiton's largest corporate [...]
Coal industry urges UK government to reconsider carbon capture storage August 10, 2016 THE COAL industry is urging the new government to change its stance on support for the development of carbon capture storage (CSS). The World Coal Association, which represents FTSE-listed miners such as Glencore and Anglo American, has written to business secretary Greg Clarke asking him to better support the requisite technology in the UK. CCS would remove and store CO2 emissions [...]
FTSE 100 charges towards 14-month high as miners gains August 8, 2016 The FTSE 100 charged higher this morning, as miners clambered towards the top of the index. It was 0.46 per cent higher to 6,822.53 points this morning, after hitting a one-year high on Friday. It had been buoyed by a BoE interest rate cut, £70bn of additional quantitative easing and a new round of cheap loans which could pump £100bn of [...]
Rio Tinto share price falls as first half profits nearly halve August 3, 2016 Shares in Rio Tinto fell 0.70 per cent to 2,424.50p per share today, after the miner's first-half profit fell to its weakest in 12 years. The figures: Rio's underlying earnings tumbled 47 per cent year-on-year in the first half to $1.56bn, from $2.92bn. This beat analysts' forecasts of around $1.46bn. Its efforts to shrink net debt also exceeded expectations, falling [...]
Platinum miner Lonmin shares fall as it flags political headwinds August 1, 2016 Shares in Lonmin fell as much as two per cent per cent to 233.5p per share today, after the platinum miner warned it could be hit by political and industrial headwinds in the near future. It came as the broader mining sector was boosted by a better-than-expected economic data release out of China, the world's [...]