BHP Billiton

BHP says Mike Henry to take top job

Mike Henry
BHP

BHP says Mike Henry will take over the top job at the Anglo-Australian mining giant next year.

He'll succeed Andrew Mackenzie who is set to retire in December after nearly 7 years in charge.

Mr Henry currently leads the firm's Australian operations and comes to his new role despite some calls for the global miner to bring in outside talent.

TUI leads FTSE 100 risers

TUI plane
TUI

Holiday group TUI is leading the FTSE 100 risers in early trading, with its share price up 2.2% at 777.7p.

Following the publication of its full-year results on Tuesday, miner BHP saw its shares top the blue chip fallers, down 1% at £17.16.

The FTSE 100 is up 0.37% at 7,151.70.

The FTSE 250 is ahead 0.27% at 19,058.72.

BHP 'done a lot' over Brazil dam collapse

Today Programme

BBC Radio 4

mud and animals and a car
CHRISTOPHE SIMON

Andrew Mackenzie, BHP Billiton's chief executive, was also asked about the impact of the collapse of Samarco mine in Minas Gerais state. Brazil, in 2015.

"We have done a lot, the river is much cleaner now and we are getting on with the final phase of the resettlement," he told BBC Radio 4's Today Programme.

The company took a $1.1bn (£900m) charge relating to the disaster in these results.

Demand has softened a little, says BHP boss

Today Programme

BBC Radio 4

BHP Billiton chief executive Andrew Mackenzie
Getty Images

The world's biggest mining company BHP has announced a rise in underlying profit to $9.1bn (£7.5bn) for the year to 30 June up from a previous $8.9bn.

Commenting on current conditions, BHP's chief executive Andrew Mackenzie (pictured), told the BBC Radio 4's Today Programme that the miner is exposed to global trade, particularly in China, where it sends iron ore and other commodities.

He says demand "has softened a bit but to some extent the stimulus [China] put into their economy to counteract some of the potential and real impacts of the trade dispute with the United States has actually created increased demand for our products".

Demand for copper is more affected and he says there is a broader nervousness.

"There is increasing nervousness when you run a large company like ours which operates multi-nationally and is very much a participation in global supply chains. We are, if you like, the product of free trade, of free markets and competition and broad sharing of resources and ideas, and when you see so much politics around the world which is perhaps challenging that.. that to some extent is saying that form of capitalism is less acceptable and a new one is sought.

"But the reality is we like the existing one, and we do worry about what will happen if things like globalism and purposeful capitalism were in someway pushed back".

BHP escapes effects of US-China trade war

Truck in an Australian mine
Getty Images

Global mining giant BHP says the trade spat between the world's two largest economies isn't yet hurting demand for its raw materials.

Speaking as the firm posted a lift in annual profit and declared record dividend, chief executive Andrew Mackenzie said while the US-China trade row putting a dampener on global economic growth, it hadn't yet hit demand for commodities like iron ore, copper or coal in China.

Mining stocks fall

dam
EPA

Miners are the biggest fallers in the FTSE 100 so far today.

Rio Tinto, BHP Billiton and Anglo American are all off 3% or more.

Reuters links this to plans by Brazilian miner Vale to partially resume processing operations at Vargem Grande complex.

Production had fallen - forcing prices higher - after the collapse of the Brumadinho dam in January, which killed at least 248 people.

Reuters notes that a number of brokers are pointing to an increase in iron ore supply in the future.

Earlier this month a judge in Brazil ordered Vale to pay compensation for all damages

Production disruptions hit BHP

Mining vehicle
Getty Images

First-half profits fell 8% at the world's biggest miner BHP Group.

The company blamed the fall on production disruptions and a decline in commodity prices during the period.

Underlying profit from continuing operations for the six months ended 31 December fell to $4.03bn (£3.12bn) from $4.40bn a year ago. That was some way below analyst estimates of $4.209bn.

The company declared an interim dividend of $0.55 per share, the same as last year.

Good Morning

Welcome to today's Business Live page, we'll be with you throught the day.

Coming up at 8am we're expecting official confirmation from Honda about the closure of its Swindon car plant in 2022, with the loss of about 3,500 jobs.

At 9.30am we'll discover the latest Office for National Statistics unemployment figures for January.

Before then in company announcements there'll be Walmart and Asda quarter four figures, and interims from BHP Billiton and the International Hotel Group, with HSBC already having issued disappointing annual results this morning.

Please get in touch with your comments at bizlivepage@bbc.co.uk.