President Donald Trump said on Monday that China is ready to come back to the negotiating table and the two countries will start talking very seriously.Politicsread more
The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
China's state media is putting up a brave front as the country's trade war with the U.S. escalated sharply over the weekend.China Economyread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
U.S. stock futures surged Monday morning after President Trump said China is ready to come back to the negotiating table following a phone call Sunday and the two countries...Marketsread more
As Washington and Beijing continue to up the ante in their protracted trade fight, the potential of a recession in the U.S. is now "the biggest concern," according to Standard...US Economyread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Concerns over rising costs and the impact of trade tensions between the United States and China weighed on shares of leading miner BHP on Tuesday after a 33 percent jump in annual underlying profit still missed forecasts.
But the miner paid a record final dividend and said it expected to hand more money to shareholders on completion of a sale of U.S. shale assets to oil major BP.
Other miners, which have recovered from the commodity price crash of 2015-16, have been handing back chunks of money to shareholders, under pressure not to repeat the reckless purchases of the commodity boom, but also because of the difficulty of finding suitable opportunities for growth.
Many miners are also struggling to make themselves an attractive prospect to investors concerned about sustainability and climate change.
In 2017, BHP came under pressure for change from activist investor Elliott Advisors, which listed a series of demands to raise shareholder returns, including selling off unprofitable shale assets. Elliott on Tuesday declined to comment.
BHP, which said it was seeking reform of its own accord, in July announced BP would buy U.S. shale oil and gas assets from it for $10.5 billion.
The miner said it would make a decision on how to return profits from the sale to investors once the deal was finalized.
Portfolio manager Andy Forster of Argo Investments in Melbourne said Tuesday's results were solid and the dividend stronger than he had expected.
But the cut in productivity gains expected in the 2019 fiscal year - to $1 billion from a previously promised $2 billion - "slightly took the gloss off the results," he said, although the miner pledged to make additional savings in 2020.
BHP's share price in London fell more than 2 percent before recovering slightly to stand 1 percent lower at 0940 GMT, while the broader mining index was up 0.03 percent.
BHP Chief Executive Andrew Mackenzie, meanwhile, said the company was "a little more apprehensive" on the short-term outlook, given trade relations between China and the United States.
Escalating tensions between China, the biggest commodity consumer, and the U.S. have spooked metals markets and raised the prospect of reduced Chinese demand. Copper prices on the London Metal Exchange have fallen around 18 percent from a four-year high touched on June 7.
BMO Capital Markets, which rates BHP "market perform" said the results were "a touch light" versus estimates and flagged rising costs.
For the year ended June 30, underlying profit, which excludes one-time gains and losses, rose to $8.93 billion from $6.73 billion, supported by higher output and higher prices, just below an estimate of $9.27 billion according to 15 analysts polled by Thomson Reuters I/B/E/S.
BHP paid out a record final dividend of $0.63 a share, up from $0.43 a year ago, on the back of free cashflow of $12.5 billion from a strong operating performance and higher commodity prices.
Including one-time charges, BHP's profit fell 37 percent to $3.71 billion.
BHP on Tuesday announced a $650 million charge for a failure at the Samarco dam, operated jointly by BHP and Vale. The dam collapse in 2015 killed 19 people in Brazil's worst environmental disaster.
BHP also announced a $2.8 billion post-tax charge from the sale of the U.S. shale oil and gas assets.
Total revenue rose 20 percent to $45.81 billion. Revenue from iron ore mining, BHP's biggest division, edged up 1.3 percent. Copper rose by nearly 60 percent driven by higher production from Escondida, the world's largest copper mine, in Chile, where output was hit last year by a 44-day strike.