BHP Billiton News
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1 hr ago | The Age
Aus shares continue week's gains. BHP Billiton Limited unveils an annual profit jump and plans to create a new $15B spin off entity.
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Asian stocks fell after valuations reached the highest level this year and as BHP Billiton Ltd. slumped, dragging materials shares to the largest decline on the regional gauge.
The dollar climbed against its Asian emerging-market peers and held gains against the euro before the release of minutes from the Federal Reserve 's last meeting.
Energy and mining giant BHP Billiton Ltd. will spin off its aluminum, manganese, nickel, silver and some of its coal operations into a new company, called only "NewCo" for now.
BHP Billiton Limited traded down 3.73% on Tuesday, hitting $70.045. The stock had a trading volume of 4,789,449 shares.
A number of other firms have also recently commented on BHP. Analysts at Cowen and Company raised their price target on shares of BHP Billiton Limited from $72.00 to $74.00 in a research note on Wednesday, July 30th.
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That's going to pay dividends over the long haul, but in the near term, economic growth and commodity prices are going to be a much bigger determinant of financial performance.
Economy President Barack Obama says that the U.S. will continue "limited" airstrikes against Islamic State militants, which have helped Iraqi and Kurdish forces retake the Mosul dam and halted the advance of IS on the city of Erbil.
Chief Executive Andrew Mackenzie, in the top job for just over a year, said the move to simplify BHP to its "four pillars" of iron ore, copper, coal and petroleum would rev up growth in cash flow and boost returns.
BHP also released its annual results for the year to 30 June, reporting a 10% improvement in underlying profits on the back of a "significant improvement in productivity".
Top global miner BHP Billiton will spin off a roughly $14 billion company to shareholders, mostly offloading assets it acquired in its 2001 merger with Billiton, as it looks to focus on its strongest businesses.
Australian shares were steered higher by a batch of robust earnings results on Tuesday, with support also coming from gains in mining stocks and an upbeat session on Wall Street.
Tugboat crews, including deckhands paid more than some New York bankers, are threatening to disrupt shipments from the world's biggest iron ore port as they negotiate for increased wages and improved conditions.
** Telecom Italia is preparing to offer up to 7 billion euros to outbid Spain's Telefonica in the race to acquire Vivendi's Brazilian broadband unit GVT, according to a Bloomberg report on Sunday.
Key investors have questioned whether BHP's proposed spin-off will have sufficient mining expertise at the top.
Updated: Wed Aug 20, 2014 06:56 am
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