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SummarySummary Companies H1 profit misses estimateInterim dividend beats estimatePositive on demand outlook from ChinaStarts process to sell two Queensland met coal minesFeb 21 (Reuters) - Global miner BHP Group (BHP.AX) was positive about demand outlook through to fiscal 2024 as top metals consumer China reopens and shifts policy towards its debt-laden property sector, the company said on Tuesday after its 2023 first-half profit missed estimates. However, its interim dividend of 90 cents per share, while lower than last year's $1.50 per share, beat Vuma Financial's estimate of 88 cents. "We are positive about the demand outlook in the second half of fiscal 2023 and into fiscal 2024, with strengthening activity in China on the back of recent policy decisions the major driver," Chief Executive Officer Mike Henry said. But the reopening of the world's second-biggest economy and a property sector policy shift has BHP upbeat on the commodity demand outlook. However, in an environment where central banks are aggressively tightening their monetary policy, BHP expects its operating environment to remain volatile in the near term, but expects China to be a source of stability for commodity demand.

☆ BHP upbeat on demand outlook on China reopening, first-half profit drops 32%
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +2 min

Feb 21 (Reuters) - BHP Group Ltd (BHP.AX) on Tuesday reported a steeper than estimated 32% drop in profit for the first half, citing weak iron ore prices, but forecast a positive demand outlook on strengthening activity in China. However, its interim dividend of 90 U.S. cents per share, while lower than last year's 150 cents per share, beat Vuma Financial's estimate of 88 cents. "We are positive about the demand outlook in the second half of fiscal 2023 and into fiscal 2024, with strengthening activity in China on the back of recent policy decisions the major driver," Chief Executive Officer Mike Henry said. But the reopening of the world's second-biggest economy and a policy shift for its debt-ridden property sector has BHP upbeat on the commodity demand outlook. Reporting by Sameer Manekar and Himanshi Akhand in Bengaluru; Editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ BHP reports 32% drop in first-half profit on low iron ore prices
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +1 min

Feb 21 (Reuters) - BHP Group Ltd (BHP.AX) reported a 32.1% drop in its first-half profit on Tuesday, as a stringent zero-COVID policy in top consumer China weighed on iron ore prices and surging inflation led to higher production costs. Miners have wrestled with surging costs and a tight labour market amid sharply lower iron ore prices over the latter half of 2022, as China's strict zero-COVID-19 policy curtailed economic activity and dented demand. However, the Melbourne-based miner now eyes a recovery in demand for steelmaking products from China as the world's second largest economy eases COVID curbs and lends support to its struggling property sector. The world's largest listed miner said underlying profit attributable from continuing operations was $6.60 billion for the six months ended Dec. 31, compared with $9.72 billion a year earlier. Reporting by Sameer Manekar and Himanshi Akhand in Bengaluru; Editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

BENGALURU/MELBOURNE, Feb 14 (Reuters) - Australia's iron ore giants BHP Group, Rio Tinto and Fortescue are set to report a steep drop in their earnings, which is set to compress their payouts to shareholders, after China's COVID lockdown drove down iron ore prices. Average realised prices for iron ore fell sharply in the six months to December, hitting earnings. First-half net profit at Fortescue, reporting on Feb. 15, is seen declining to $2.34 billion from $2.78 billion. Underlying half-year profit at Rio Tinto, which reports on a calendar year cycle, is seen declining 48% to $4.77 billion from $9.21 billion. Rio will report on Feb. 22.

☆ Bullish bets on Asian FX ease as Fed rate-hike concerns weigh - Reuters poll
▼ + stars: | 2023-02-09 | by ( Himanshi Akhand | ) www.reuters.com time to read: +3 min

Long positions on the South Korean won , the Singapore dollar and the Indonesian rupiah eased, while market participants turned bearish on the Indian rupee , according to a fortnightly poll of 10 respondents. The dollar is currently hovering near a one-month high after blockbuster U.S. jobs data last Friday boost expectations that the Fed may continue to hike rates to tame inflation. Investors also scaled back long bets on China's yuan , to a near one-month low, the Malaysian ringgit as well as Asia's best-performing currency this year, the Thai baht . Meanwhile, investors turned slightly bearish on the Indian rupee as concerns over a rout in local equities filtered into money markets. The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3.

☆ Australia's Lynas Rare Earths' quarterly revenue rises on strong demand
▼ + stars: | 2023-01-29 | by ( ) www.reuters.com time to read: +1 min

Jan 30 (Reuters) - Australia's Lynas Rare Earths (LYC.AX) on Monday reported a 14.8% rise in second-quarter revenue from growing demand for specialised metals used in components of electric vehicles amid a global push toward green energy and decarbonisation. Lynas said it continues to receive enquiries from potential new customers - mainly auto-part makers and new magnet manufacturing projects outside of China. The world's largest producer of rare earths outside China said revenue rose to A$232.7 million ($165.15 million) in the three months to Dec. 31, compared with A$202.7 million a year ago. The company also said that prices for rare earths stabilised during the quarter and that future pricing trends will depend mainly on the economic recovery in China. Quarterly output of NdPr came in at 1,508 rare earth oxide tonnes (REOt) compared with 1,359 REOt a year earlier.

☆ South32 sees shipping delays tying up cash in inventory
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, Jan 23 (Reuters) - Australian diversified miner South32 Ltd (S32.AX) on Monday reported production of key commodities that largely met expectations but noted that shipping snarls had led to an inventory buildup, impacting working capital. In its quarterly report, South32 met coal, aluminium and copper forecasts and slightly exceeded analyst estimates for manganese ore production, for which it is the world's biggest producer. "While production was inline, sales were impacted, leading to weaker-than-expected cash generation," said analyst Glyn Lawcock of Barrenjoey in Sydney. "This impact is most acute in our aluminium value chain in Southern Africa due to ongoing shipping delays." In manganese ore, South32 reported 1,477 kilotonnes (kt) of production, ahead of an RBC estimate by 7%.

☆ Stellantis, Vulcan Energy to develop renewable energy assets in Germany
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

Jan 17 (Reuters) - Automaker Stellantis (STLA.MI) has teamed up with lithium group Vulcan Energy Resources (VUL.AX) to develop geothermal energy projects in Germany to help decarbonise production of electric vehicles at Rüsselsheim, the two companies said on Tuesday. Stellantis' Rüsselsheim facility is where the world's third largest carmaker by sales produces its DS 4 and Opel Astra models. War in Ukraine has tightened Europe's energy supply, causing uncertainty for manufacturers already suffering from strained supply chains for raw materials and components such as semiconductors. Stellantis CEO Carlos Tavares said the partnership with Vulcan reinforced the group's commitment to greater use of cleanenergy. The carmaker, formed two years ago through the merger of Fiat Chrysler and Peugeot maker PSA, already has a deal with Vulcan for lithium supply from the miner's project in the Upper Rhine Valley in Germany.

☆ Air New Zealand raises first half profit outlook on travel demand
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

Dec 8 (Reuters) - Air New Zealand Ltd (AIR.NZ) on Thursday increased its earnings forecast for the first half of fiscal 2023, helped by strong travel demand across its domestic and international networks and a decline in jet fuel prices. The increased profit outlook follows a moderation in fuel prices in recent weeks and assumes that the airline will fly about 75% of its pre-COVID capacity levels across the network in December, according to Air New Zealand. Air New Zealand, however, added that capacity was still constrained and would continue to impact pricing. The company, which has been posting losses since 2020, did not provide a full-year outlook, citing factors such as inflationary pressures. ($1 = 1.5731 New Zealand dollars)Reporting by Himanshi Akhand in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Australia sues AmEx on alleged breach of credit card distribution laws
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

Dec 6 (Reuters) - The Australian securities regulator on Tuesday took the local unit of American Express Co (AmEx) (AXP.N) to court alleging two of its credit cards co-branded with retailer David Jones were issued and distributed without ensuring customers understood them. The Australian Securities & Investments Commission(ASIC) alleged in a lawsuit that AmEx knew some customers would be confused whether they had applied for a loyalty card or a credit card, and that it failed to limit distribution to customers looking for a card that earns points and other benefits. The card payment service provider was aware of the high cancellation rates among customers who apply for credit cards at David Jones outlets, compared with their online counterparts, ASIC said in a statement. AmEx and South Africa's Woolworths Holdings (WHLJ.J), which owns the department store chain, did not immediately respond to Reuters' request for comment. Reporting by Sameer Manekar and Himanshi Akhand in Bengaluru; Editing by Shounak Dasgupta, Uttaresh.V and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Australian regulator sues AmEx for alleged breaches of distribution obligations
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

Dec 6 (Reuters) - Australian corporate regulator on Tuesday filed a civil lawsuit against American Express Co's (AmEx) (AXP.N) Australian arm, seeking declarations and pecuniary penalties for alleged breaches of design and distribution obligations. The Australian Securities & Investments Commission (ASIC) said the lawsuit was related to two co-branded credit cards issued by AmEx to retail consumers in David Jones stores, owned by South Africa's Woolworths Holdings Ltd (WHLJ.J). ASIC added that AmEx continued to issue the cards despite being aware of the deficiencies in TMD, risking customers with a financial product that was not in line with their needs. AmEx and Woolworths Holdings did not immediately respond to a Reuters' request for comment. Reporting by Himanshi Akhand in Bengaluru; Editing by Shounak Dasgupta and Uttaresh.VOur Standards: The Thomson Reuters Trust Principles.

☆ Hackers dump more customer data from Australian insurer Medibank
▼ + stars: | 2022-12-01 | by ( Renju Jose | ) www.reuters.com time to read: +2 min

"The raw data we have analysed today so far is incomplete and hard to understand," chief executive David Koczkar said. On Thursday, media reported that a blog, believed by cyber experts to be used by the hackers, carried a new post: "Happy Cyber Security Day!!! Medibank did not immediately respond to a Reuters question asking whether it believed all stolen data had now been released. Australian Federal Police last month said Russia-based hackers were behind the Medibank cyberattack, which compromised the details of almost 10 million current and former customers. In its latest update, Medibank said there were currently no signs that banking data had been stolen.

☆ Australia's Medibank says hacker leaked customer data on dark web
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

Nov 8 (Reuters) - Medibank Private Ltd (MPL.AX), Australia's biggest health insurer, said on Wednesday some customer personal data believed to have been stolen from its systems has been released by the hacker on a dark web forum. The leaked data includes names, addresses and phone numbers of its customers, and in the case of some international students, passport numbers. Some health claims data was also released. Local media has reported the leaked data was posted on a blog linked to ransomware crime group REvil, which has links to Russia. read more read moreReporting by Harshita Swaminathan and Himanshi Akhand in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Rio Tinto tempers annual iron ore shipments outlook as demand weakens
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

Oct 18 (Reuters) - Rio Tinto (RIO.AX), (RIO.L) on Tuesday forecast annual iron ore shipments at the lower end of its outlook after third-quarter iron ore deliveries fell amid weak global demand, particularly in top metals consumer China. read moreWeakness in prices and cooling China demand had led Rio to more than halve its interim dividend payout in July. The world's biggest iron ore producer shipped 82.9 million tonnes (Mt) of the steel-making commodity in the three months ended Sept. 30, compared with 83.4 Mt a year earlier. The company retained its annual cost outlook for iron ore, but raised estimates for copper to between 150 cents and 170 cents per pound from 130 cents to 150 cents a pound. Rio last month said it would team up with China Baowu Steel Group to develop an iron ore project in Western Australia for $2 billion.

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