Omantribune
Oman Tribune
Omantribune
Omantribune Search News
Web Oman
    Google Search Button
      Tribune
- Oman
- Soccer World Cup
- Other Top Stories
- Middle East
- Business
- Sports
- India
- Pakistan
- Asia
- Europe
- Americas
- Columnists
- Editorial
- Oman Mirror
- Special Features
- Cinema
- PDF Pages
- Weather
- Travel
- Currency Rate
- Hospitals
- Pharmacies
- Services
- Flight Timings
- Museum Timings
Omantribune Home Omantribune About Us Omantribune Advertising Information Omantribune Archives Omantribune Subscribe-Form Omantribune Jobs Omantribune Contact Us
Thursday, December 18, 2014  

BHP profits slump 58%, CEO resigns
SYDNEY BHP Billiton said on Wednesday its boss Marius Kloppers will leave in May, weeks after the head of rival miner Rio Tinto resigned, with profits hit by weak commodity prices and cool Chinese demand.

After nearly six years at the helm, South African Kloppers will be replaced by Andrew Mackenzie, the chief executive of non-ferrous business at the world’s biggest miner.

The departure of Kloppers, who led the firm through the global financial crisis, came on the same day BHP reported that first half net profit plunged 58 per cent to $4.2 billion.

Chairman Jac Nasser gave credit to Kloppers for BHP outperforming rivals.

Demands for change surfaced in November as Kloppers failed to finalise big deals -- including a bid for Rio Tinto -- while he lost his bonus over hefty US shale gas and oil purchases.

However, the succession process had been expected to take a year or two.

Scotland-born Mackenzie, 56, who has spent 30 years working in oil, gas, petrochemicals and minerals, joined BHP Billiton in November 2008.

His appointment was “very aggressive from a timing point-of-view,” said IG Markets strategist Evan Lucas. “We knew it was coming, but this shows BHP is looking to get on to the front foot with a division it has been keen to invest in over the last few years - petroleum,” he said.

The departure of Kloppers comes after Rio chief executive Tom Albanese quit in January owing to $14.4 billion in impairment charges, while last Thursday it logged its first annual loss in 18 years.

And in October Anglo American’s US-born CEO Cynthia Carroll said she would step down owing to a weak performance as well as slumping platinum output on strike action in South Africa, which resulted in dozens of deaths. Anglo American on Friday posted an annual net loss of $1.49 billion -- its first in a decade -- after taking a $4.6 billion hit on the value of an iron-ore project in Brazil and platinum assets.

Agencies
NEWS UPDATES
Oman
Work on new Liwa city set to begin shortly
Economic diversification in focus at workshop
OCCI, FPCCI discuss trade cooperation
Students showcase innovative projects at finale of MYS
Other Top Stories
Obama announces ‘new chapter’ in Cuba ties, to end outdated approach
Palestine to press ahead with UN resolution despite US warning
African leaders urge West to end Libya crisis
MSM gains 73.2 points; crude oil rises above $60
US, Cuba to restart diplomatic ties
India
Opposition stalls Rajya Sabha over conversion row
Rome recalls ambassador to Delhi over marines’ issue
Take sanction before naming CVC and VC, says court
Delhi, Washington discuss liability, technical issues on N-deal
Bangla girl awaits deportation
$700m defence deals cleared
Terror attacks call for world to come together: Delhi
GST Bill clears Cabinet, to be placed in House this session
Job training scheme for minorities launched
‘Clean India, Green India’ theme of government’s calendar, mobile app
Pakistan
No good, bad Taliban: Sharif
Washington expects stiffer Islamabad resolve to counter terror
Afghan Taliban condemn TTP attack
Chilling lesson for keeping ‘snakes’ at home
Anger, grief as most kids shot in head
Middle East
EU court orders Hamas’ removal from terror list
Palestinian rights forum opens in Geneva without Israel, US
Australia acted ‘poorly’ to Iran warnings on Monis
UK probe finds mistreatment of nine Iraqi detainees, rules out torture
Libya crisis revives 2011 war scenario
Asia
Washington rejects Manila bid for Marine’s custody
Many hurt as US-bound airliner hit by turbulence lands in Tokyo
Abbott orders investigation after rules fail to stop felon
Japan set to restart 2 more N-reactors after approval
6 killed in Taliban suicide attack on Afghan bank
Hardliners hold back Xi on Tibet: Dalai
Business
Gulf markets snap 4-day losing streak, oil rises above $60
Russia to take steps to stem rouble collapse
S. Arabia to keep spending in ’15 despite oil price slide
Slumping oil prices not to derail $500b Gulf infrastructure plan
Plastic makers recycle products due to rise in polymer costs
India on track to post 5.5% GDP growth, says ADB
SpiceJet resumes operations after oil row
Diesel deregulation, gas price to boost Indian oil firms, says Fitch
HDFC fund to raise $500m to invest in real estate
Rouble fall dashes Asian car makers’ Russian journey
Russians go shopping ahead of price rise
Japan trade deficit shrinks in Nov. despite slide in exports
Europe
EU ‘united’ over Ukraine crisis
Rouble crisis to weaken Putin’s grip on power
Russian spy in Estonia secret police sings like a canary
Pope gets tango treat for birthday
Romania ‘absolutely open’ to revealing CIA torture site details
Sports
Vijay stands tall for India with century
Vijay credits his feat to past Indian greats
Chelsea down Derby County to advance
Grizzlies snap Warriors 16-game streak
UAE hand Oman second defeat
Al Nahdha, Indian School win
Real in Club World Cup final
Robben’s 100th goal for Bayern
Qatar to host next event
Pedro scores treble as Barca crush Huesca 8-1

Sports


International

© 2013 Oman Tribune. All rights reserved. Best viewed in 800 X 600 resolution