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, October 30, 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
Sunaidy, Rajnath sign judicial, legal cooperation agreement
Fair trial forum starts today
Pinda meets investors, promotes Tanzania
SQMC cadets get training with live ammunition
Six housing deals inked
Selection for HM Award set to start
Other Top Stories
White House computer system breached
US government buildings put on high terrorism alert
Iraq army closes in on militia-held Baiji refinery
Rocket to ISS explodes on liftoff
Obama calls on Americans to help check Ebola
India
List of 627 black money suspects submitted to court
Karat denies divide in CPM leadership
Maran brothers, six others indicted in Aircel-Maxis case
Gujarat shifts thousands as Nilofar nears
Delhi all set to test fire long-range missile
NIA set to probe Kerala link in Burdwan bomb blast case
300 black money holders abroad to be prosecuted
Andhra techie held over bid to join Iraq insurgency
Declare TMC ‘terrorist party’
Government bats for self-attestation of documents
Pakistan
Pak coastal areas on alert as Cyclone Nilofar approaches
Pak army ‘can respond’ to any border aggression
Middle East
Violence pushes Libya to point of no return: UN
24,000 Gaza workers get pay in boost to Palestinian unity
Hezbollah dug tunnels to Israel, says army general
House rejects Rowhani nominee for minister again
Houthi rebels seize control of Yemeni city, nine killed
Asia
Bangla politician gets death for 1971 war crimes
HK will be punished if stir continues, says China official
Australia yet to confirm death of Baghdadi militia recruit
Xinjiang schools to curb religious practice
Business
No need to panic, feels Opec
India retains top slot in most confident consumer market: Nielsen
Indian banks’ soured loans rise to 3-year high
Japan factory output records biggest jump in eight months
Meethaq to tap sukuk market in Q1 next year
World Bank urges China to cut GDP growth goal
India fares better in protecting minority investors: World Bank
Adani ropes in consultant for $6.2b Australia coal project
ONGC pips RIL to become India’s top energy firm
Facebook shares tumble despite profit rise in Q3
SEC probes private equity firms
Europe
51 countries sign OECD pact to tackle tax cheats
11,000 UK asylum seekers wait for years to find whether they can stay
Ukraine, Russia in new talks to end gas row before winter
Erdogan to unveil new presidential palace
Cameron rejects Scottish proposal on exit from EU
Sports
Mario finally breaks goal drought
Enrique unaware of Messi’s painkiller
Relief for Dortmund as they cruise through
Proud father Djokovic progresses
Spurs scrape one-point win over Mavs
Al Hilal in line for bumper payday
Thai media giants eye takeover of Bolton
Quality of ISL depends on nationals
Murray happy to be part of new league
Randle fractures leg on debut
Oman Desert Marathon next week
Muneer, Ayaan cruise into OAB Open quarterfinals
Oman International Rally … get, set, go

Sports


International

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