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Stock Market & Financial Investment News

News Breaks
May 21, 2014
06:27 EDTBHPBHP Billiton warns on potential strike at Port Hedland
BHP Billiton President Iron Ore, Jimmy Wilson expressed growing concern over possible industrial action by members of the Maritime Union of Australia at the Port of Port Hedland. Wilson said any action by MUA members would have severe consequences for Australian exports and would damage the country’s international reputation, and its overall national interest. “Industrial action by the MUA will stop all shipments out of the Port and cost exporters like BHP Billiton, Fortescue Metals Group and Atlas Iron about A$100M a day. In addition, the State and Federal Government stand to lose tens of millions of dollars a day in royalties and corporate tax revenue,” he said. "Mining companies like BHP Billiton will not be able to make up the shipments lost during industrial action, and governments cannot recover the lost royalties and taxes. Any interruption to shipments of iron ore would have a detrimental impact on Australia’s international reputation as a stable and reliable supplier of critical resources. BHP Billiton is actively pursuing the limited options available to the company under the Fair Work Act to prevent industrial action at Australia’s largest export port." Reference Link
News For BHP From The Last 14 Days
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September 30, 2014
06:21 EDTBHPBHP sends Phil Montgomery to Jansen potash project, WSJ reports
BHP Billiton has sent Phil Montgomery, its head of group project management, to run the massive Jansen potash development in Canada, the Wall Street Journal reports. BHP has committed $3.8B to the project, but it has no fixed completion date, and last year work was halted for months due to technical issues. Reference Link
September 25, 2014
13:03 EDTBHPBHP Billiton discussing possible resolution of 2009 anti-corruption case
In its annual report, BHP Billiton said that it was currently discussing a possible resolution to its 2009 anti-corruption case. The company said, "As previously disclosed, BHP Billiton received requests for information in August 2009 from the SEC. Following that request, the group commenced an internal investigation and disclosed to relevant authorities evidence that it has uncovered regarding possible violations of applicable anti-corruption laws involving interactions with government officials. The issues relate primarily to matters in connection with previously terminated exploration and development efforts, as well as hospitality provided as part of the company’s sponsorship of the 2008 Beijing Olympics. The Group is currently discussing a potential resolution of the matter."
10:06 EDTBHPOn The Fly: Analyst Upgrade Summary
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07:37 EDTBHPBHP Billiton to freeze pay for CEO, non-executive directors
Following the Remuneration Committee’s annual review the CEO Andrew Mackenzie’s base salary and target remuneration for this year will remain unchanged. Last year, the Remuneration Committee believed that Mackenzie's remuneration should be rebased down and as a result, the CEO’s package was reduced by approximately 25%. Non-executive Director fees will also remain unchanged. In its annual report, the company believes these outcomes align remuneration with shareholder interests and the prevailing business environment.
07:32 EDTBHPBHP Billiton upgraded to Buy from Neutral at Citigroup
September 24, 2014
13:45 EDTBHPBHP Billiton mulls secondary listing in London for spin-off company, WSJ says
BHP Bilton is mulling a secondary listing in London for its new spin-off company that contains noncore mining assets, The Wall Street Journal reports, citing a shareholder letter. The move comes following increased shareholder pressure regarding the company's original plan to spin off the company only in Australia and South Africa. Analysts estimate the new company could be worth approximately $17B, The Wall Street Journal added. Reference Link
September 23, 2014
06:07 EDTBHPBHP Billiton shedding 700 mining jobs in Queensland, Guardian reports
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September 17, 2014
10:00 EDTBHPOn The Fly: Analyst Downgrade Summary
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05:26 EDTBHPBHP Billiton downgraded to Underperform from Neutral at Exane BNP Paribas
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September 16, 2014
07:43 EDTBHPAnglo American, Rio Tinto seen as potential targets for Glencore, FT says
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06:51 EDTBHPChina ban could hurt Australia coal exports, China Daily says
China's decision to ban imports of dirty coal starting in 2015 could significantly reduce the amount of coal that Australia exports to the Asian country, according to China Daily. BHP Billiton (BHP) and Rio Tinto (RIO) mine coal in Australia. Reference Link China ban could hurt Australia coal exports, China Daily says

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