Free Newsletters - Space - Defense - Environment - Energy - Solar - Nuclear
..
. Earth Science News .




THE PITS
BHP warns of Australian job cuts
by Staff Writers
Sydney (AFP) Aug 16, 2012


Global mining giant BHP Billiton warned Thursday of job losses at its Australian operations as it grapples with China's slowdown and ongoing turbulence in Europe.

The Anglo-Australian miner is due to report its full-year results next Wednesday and speculation is growing of a significant drop in profits due to a slump in commodity prices as Chinese demand sags.

BHP has already warned of production cuts, closing a loss-making Australian coal mine in April, and said last month it would be shuffling its investment projects to minimise cash pressures, with a grim near-term outlook.

It said Thursday that it continued "to focus on reducing our overheads and operating costs across the business... against a backdrop of increasing costs and falling commodity prices," and jobs could be at stake.

"We don't intend to provide any detail about specific adjustments, but clearly there may be some impact on jobs in some areas," the world's biggest miner said in statement ahead of Wednesday's results briefing.

BHP chief Marius Kloppers told staff last month that the company had "continued to see evidence of a faster-than-anticipated economic slowdown" in China as its own costs rocketed, "impacting our profitability significantly".

Kloppers said BHP had to "reduce our cost base, eliminating all non-essential expenditure" and would carefully consider any future capital investment in an internal note to staff published by Australian media.

BHP posted a 5.5 percent fall in first-half profits in February to US$9.4 billion largely due to price volatility and warned of weakening conditions in its June quarter production report.

Major rival Rio Tinto reported a 22 percent slump in annual net profit to US$5.9 billion earlier this month, blaming an easing in commodity prices, and analysts are predicting a similar fall for BHP.

Australia's central bank has predicted that resources investment, a key driver of the nation's world-beating economic performance, is likely to peak by 2014.

.


Related Links
Surviving the Pits






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





THE PITS
53 rescued from China coal mine: state media
Beijing (AFP) July 27, 2012
Fifty-three rescuers sent in to recover five trapped coal miners at a colliery in southwest China had to be pulled to safety Thursday after they too became stuck underground, state media said. The five miners remain trapped in the mine in Guizhou province and have now been underground for over 32 hours, the Xinhua news agency said, citing rescue headquarters. They became marooned when a tunn ... read more


THE PITS
Two African boat migrants dead, 160 rescued off Malta

Deaths from landslides up to 10 times worse than thought

Iran says US quake aid was not in 'good faith'

Asia 'megacities' face infrastructure timebomb: ADB

THE PITS
NTU scientist invents pocket living room TV

Ball Aerospace Incorporates Enhanced Data Communication for JPSS-1 Satellite

Researchers invent system for 3-D reconstruction of sparse facial hair and skin

Nano, photonic research gets boost from new 3-D visualization technology

THE PITS
Warmwater shark runs aground on English channel coastline

Are Methane Hydrates Dissolving?

Global water sustainability flows through natural and human challenges

Oceans suffering from sea sickness, says study

THE PITS
Predictions are in for Arctic sea ice low point

Melting ice opens Northwest Passage

Tropical climate in the Antarctic

Aerial photos reveal dynamic ice sheet

THE PITS
Japan says food diplomacy will keep Hong Kong sweet

Plants exhibit a wide range of mechanical properties

Diversity keeps grasslands resilient to drought, climate change

Rooftop farms flourish in space-starved Hong Kong

THE PITS
Tropical storm Gordon forms over Atlantic: US monitors

Relief as storm leaves Philippines

Seeds of hope amidst Philippine floods

Fresh water breathes fresh life into hurricanes

THE PITS
Kenya keeps up search after Uganda army choppers crash

Heavy fighting near Liberian border

Eight Ugandans survive army helicopter crash; two dead

'Very little' done on Mali military action: defence minister

THE PITS
A new take on how evolution has shaped modern Europeans

Neolithic Man: The First Lumberjack?

New Kenyan fossils shed light on early human evolution

Early human ancestors had more variable diet




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement