China may be routinely underestimating its steel sector output, with official 2013 figures coming in 40 million tons below a key industry estimate.» Read More
Wall Street's upbeat performance overnight, helped by a subside in geopolitical tensions, elevated Asian bourses to fresh closing highs on Tuesday.
*London- listed shares drop 4 pct. MELBOURNE, Aug 19- The world's biggest mining company, BHP Billiton, announced plans to spin off businesses worth an estimated $16 billion, most of them acquired in its 2001 merger with Billiton, to focus on its most profitable activities. BHP's London- listed shares fell 4 percent.
*BHP UK shares drop 4 pct. MELBOURNE, Aug 19- Top global miner BHP Billiton will spin off a roughly $16 billion company to shareholders, mostly offloading assets acquired in its 2001 merger with Billiton, as it looks to focus on its strongest businesses.
BHP Billiton on Tuesday said it planned to create a new global metals and mining company based on a selection of its aluminium, coal, manganese, nickel and silver assets.
*H2 profit up 8 pct to $5.69 bln. MELBOURNE, Aug 19- 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.
Ben Kumar, fund manager at 7 Investment Management, and Yannick Naud, portfolio manager at Sturgeon Capital, discuss the move by BHP Billiton to create a new global metals and mining company.
Glyn Lawcock, Managing Director of Resources Research at UBS, outlines his expectations for BHP Billiton which is set to announce its plans to spin off a range of non-core assets on Tuesday.
Gaurav Sodhi, Resources Analyst at Investor, says markets seem more interested in the miner's move to spin off a range of mining assets to create a separately listed firm.
While BHP Billiton's decision to spin off a suite of assets is a "smart move", the value created for shareholders will be incremental, says Warren Gilman, Chairman and CEO of CEF Holdings.
European stock markets closed down on Friday, on reports that Ukrainian troops had destroyed part of a military unit entering from Russia.
Some of the names on the move ahead of the open.
Chinese metals traders have opened offices in Singapore, aiming to capture opportunities created by the exit of a string of Western banks.
Jeff Largey, head of metals and mining research at Macquarie Group, looks ahead to earnings at BHP Billiton and Glencore Xstrata.
Most Asian bourses followed Wall Street higher on Tuesday, except Chinese and Indian shares which failed to track Asia-wide gains.
Asian stocks were mostly lower on Friday after the U.S. authorized targeted airstrikes on Iraq but strong Chinese data helped to boost sentiment.
Asian equities followed their U.S. peers lower on Wednesday on worries that Russia-Ukraine tensions could escalate into a military conflict.
RIO DE JANEIRO, July 24- Brazil's Vale SA produced record amounts of iron ore in its latest second quarter, rising to the task of battling Australian rivals for market share, but weaker performance at other divisions fanned some concern ahead of results next week.
Asian stock markets were mixed on Wednesday as profit-taking offset a positive lead from Wall Street overnight.
Australia equities are a resilient lot, shrugging off a slew of economic headwinds this year to trade at nearly six-year highs.
Asian stocks ended Monday mostly lower due to ongoing geopolitical tensions while volumes were light with Japan shut for a public holiday.