Latest news with #BHP
The Australian
14 hours ago
- Business
- The Australian
ASX miners slump on Thursday but market's rally extends into July
Weaker than expected earnings from Rio Tinto, troubles travelling to the US and tariffs starting to impact listed businesses, all dragged on the ASX during Thursday's trading. On a mixed day on the market, the benchmark ASX 200 on Thursday fell 13.60 points or 0.16 per cent to close the month of July at 8,742.80. The broader All Ordinaries also slipped down 16.40 points or 0.18 per cent to 8,999.00. Australia's dollar traded 0.26 per cent higher to 64.63 US cents. While the overall market dropped, eight of the 11 sectors traded higher, with gains out of the information technology and consumer discretionary sectors offset by the major miners slumping. The falls followed Rio Tinto announcing its earnings update after trading on Wednesday, informing the market that first half profits came in at their lowest point since 2020, on the back of falling iron ore prices. BHP fell 2.41 per cent to $39.25, Rio Tinto slumped 3.55 per cent to $111.70 and Fortescue slipped 2.31 per cent to $17.77. IG market analyst Tony Sycamore said even with Thursday's wobbles, July's reputation of being a good month for Australian investors continued in 2025. 'As it enters the home straight, it is poised for a 2.35 per cent gain for the month and on track for a fourth straight month of gains made more memorable by its 1580 points (22 per cent) rally from its early April 7169.2 low,' he wrote in an investment note. Consumer discretionary shares jumped after 11.30am after a surprising bounce in retail sales. Shares in JB Hi-Fi were up 1.30 per cent to 411.70, Harvey Norman gained 1.05 per cent to $5.80 and Lovisa Holdings jumped 2.15 per cent to $34.14 on the retail figures. According to the ABS retail sales gained 1.2 per cent for the month of June, its biggest lift since the end of the Covid lockdowns. AMP economist My Bui said June's retail strength, which came off the back of end of financial year sales and the release of the Nintendo Switch 2, might not be a sign of a strong economy. 'In addition, the strong June result has benefited from one-off releases and promotions, which is not necessarily a sign of strength,' she said. Overall though, Australia's market was unable to follow a jump on Wall Street, with the S & P 500 futures up more than 1 per cent on the back of major tech companies beating expectations. Microsoft futures are up 8 per cent and Meta surged 11 per cent as the two tech giants smashed quarterly earnings forecasts. In company news, shares in Flight Centre slumped 7.3 per cent to $11.94 after the business missed its guidance. The travel group said a combination of Middle East tensions, additional costs out of Asia and difficult travel conditions in the US added to the unexpected result. Champion Iron slumped 13.12 per cent to $4.17 after brokers downgraded the miner following a weaker-than expected trading update on Wednesday. Luxury retailer Cettire shares plunged 23.5 per cent to $0.26 after the business said it was accessing the impacts of US President Donald Trump's tariffs on the business. Shipments to the United States represent approximately 40 per cent of Cettire's gross revenue. Read related topics: ASXRio Tinto Business Breaking News End-of-financial-year sales and Australians flocking to one electrical item have triggered an unexpected retail boom. Business Breaking News A key Reserve Bank official has hinted at an August rate cut after welcoming new inflation figures showing the lowest rate since 2021.
Yahoo
15 hours ago
- Business
- Yahoo
BHP, Vale accused of 'cheating' UK law firm out of $1.7 billion in fees
By Sam Tobin LONDON (Reuters) -BHP and Vale are facing a London lawsuit from the law firm representing hundreds of thousands of people over Brazil's worst environmental disaster, alleging the companies sought to cheat the firm out of legal fees by procuring settlements. BHP said it rejected the allegations "in their entirety" and would contest them. Vale declined to comment. Pogust Goodhead, which represents the claimants in an ongoing case against BHP over the 2015 collapse of the Fundao dam in Mariana, southeastern Brazil, says it will seek 1.3 billion pounds ($1.7 billion) for unpaid fees. The firm was representing more than 600,000 Brazilians in the case at London's High Court. A June presentation by BHP and Vale's Samarco joint venture – which owned and operated the dam – said around 130,000 people had settled. In a legal letter sent on Pogust Goodhead's behalf, lawyers representing the firm allege BHP, Vale and Samarco pressured claimants to "settle their claims at far below their true value". Pogust Goodhead also alleges that a 170 billion-reais ($30.3 billion) compensation agreement which Brazil signed with BHP, Vale and Samarco in October 2024 prevented claimants from discussing the deal with the firm or paying its legal fees. The firm says it has also incurred an extra $1 billion in borrowing costs to finance the English case over the dam's collapse. BHP DENIES ALLEGATIONS "We reject Pogust Goodhead's claims and allegations in their entirety and dispute their factual and legal basis," a BHP spokesperson said in a statement. "These allegations and threatened claims are entirely without merit and BHP rejects and will vigorously contest them." The BHP spokesperson pointed to last year's compensation deal, saying: "We continue to believe Brazil is the most appropriate, effective, and efficient place for compensation for the Fundao dam failure from Samarco to be delivered." Pogust Goodhead's threat of legal action - in a so-called "letter before action" that is required as part of the process - is the latest development in the litigation, after the High Court last month ruled BHP should face a full contempt of court hearing for funding parallel litigation in Brazil. BHP, meanwhile, still awaits judgment following a trial of the underlying lawsuit over the dam collapse, in which Pogust Goodhead said it was seeking damages of up to 36 billion pounds. When the dam burst in 2015, it unleashed a wave of toxic sludge that killed 19 people, left thousands homeless, flooded forests and polluted the length of the Doce River. The trial began in October and finished in March. BHP denies liability and says the case duplicates legal proceedings and reparation and repair programs in Brazil. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
15 hours ago
- Business
- Reuters
BHP, Vale accused of 'cheating' UK law firm out of $1.7 billion in fees
LONDON, July 31 (Reuters) - BHP and Vale are facing a London lawsuit from the law firm representing hundreds of thousands of people over Brazil's worst environmental disaster, alleging the companies sought to cheat the firm out of legal fees by procuring settlements. BHP ( opens new tab said it rejected the allegations "in their entirety" and would contest them. Vale declined to comment. Pogust Goodhead, which represents the claimants in an ongoing case against BHP over the 2015 collapse of the Fundao dam in Mariana, southeastern Brazil, says it will seek 1.3 billion pounds ($1.7 billion) for unpaid fees. The firm was representing more than 600,000 Brazilians in the case at London's High Court. A June presentation by BHP and Vale's ( opens new tab Samarco joint venture – which owned and operated the dam – said around 130,000 people had settled. In a legal letter sent on Pogust Goodhead's behalf, lawyers representing the firm allege BHP, Vale and Samarco pressured claimants to "settle their claims at far below their true value". Pogust Goodhead also alleges that a 170 billion-reais ($30.3 billion) compensation agreement which Brazil signed with BHP, Vale and Samarco in October 2024 prevented claimants from discussing the deal with the firm or paying its legal fees. The firm says it has also incurred an extra $1 billion in borrowing costs to finance the English case over the dam's collapse. "We reject Pogust Goodhead's claims and allegations in their entirety and dispute their factual and legal basis," a BHP spokesperson said in a statement. "These allegations and threatened claims are entirely without merit and BHP rejects and will vigorously contest them." The BHP spokesperson pointed to last year's compensation deal, saying: "We continue to believe Brazil is the most appropriate, effective, and efficient place for compensation for the Fundao dam failure from Samarco to be delivered." Pogust Goodhead's threat of legal action - in a so-called "letter before action" that is required as part of the process - is the latest development in the litigation, after the High Court last month ruled BHP should face a full contempt of court hearing for funding parallel litigation in Brazil. BHP, meanwhile, still awaits judgment following a trial of the underlying lawsuit over the dam collapse, in which Pogust Goodhead said it was seeking damages of up to 36 billion pounds. When the dam burst in 2015, it unleashed a wave of toxic sludge that killed 19 people, left thousands homeless, flooded forests and polluted the length of the Doce River. The trial began in October and finished in March. BHP denies liability and says the case duplicates legal proceedings and reparation and repair programs in Brazil.
Yahoo
15 hours ago
- Business
- Yahoo
BHP, Vale accused of 'cheating' UK law firm out of $1.7 billion in fees
By Sam Tobin LONDON (Reuters) -BHP and Vale are facing a London lawsuit from the law firm representing hundreds of thousands of people over Brazil's worst environmental disaster, alleging the companies sought to cheat the firm out of legal fees by procuring settlements. BHP said it rejected the allegations "in their entirety" and would contest them. Vale declined to comment. Pogust Goodhead, which represents the claimants in an ongoing case against BHP over the 2015 collapse of the Fundao dam in Mariana, southeastern Brazil, says it will seek 1.3 billion pounds ($1.7 billion) for unpaid fees. The firm was representing more than 600,000 Brazilians in the case at London's High Court. A June presentation by BHP and Vale's Samarco joint venture – which owned and operated the dam – said around 130,000 people had settled. In a legal letter sent on Pogust Goodhead's behalf, lawyers representing the firm allege BHP, Vale and Samarco pressured claimants to "settle their claims at far below their true value". Pogust Goodhead also alleges that a 170 billion-reais ($30.3 billion) compensation agreement which Brazil signed with BHP, Vale and Samarco in October 2024 prevented claimants from discussing the deal with the firm or paying its legal fees. The firm says it has also incurred an extra $1 billion in borrowing costs to finance the English case over the dam's collapse. BHP DENIES ALLEGATIONS "We reject Pogust Goodhead's claims and allegations in their entirety and dispute their factual and legal basis," a BHP spokesperson said in a statement. "These allegations and threatened claims are entirely without merit and BHP rejects and will vigorously contest them." The BHP spokesperson pointed to last year's compensation deal, saying: "We continue to believe Brazil is the most appropriate, effective, and efficient place for compensation for the Fundao dam failure from Samarco to be delivered." Pogust Goodhead's threat of legal action - in a so-called "letter before action" that is required as part of the process - is the latest development in the litigation, after the High Court last month ruled BHP should face a full contempt of court hearing for funding parallel litigation in Brazil. BHP, meanwhile, still awaits judgment following a trial of the underlying lawsuit over the dam collapse, in which Pogust Goodhead said it was seeking damages of up to 36 billion pounds. When the dam burst in 2015, it unleashed a wave of toxic sludge that killed 19 people, left thousands homeless, flooded forests and polluted the length of the Doce River. The trial began in October and finished in March. BHP denies liability and says the case duplicates legal proceedings and reparation and repair programs in Brazil.
News.com.au
21 hours ago
- Business
- News.com.au
ASX200: Major miners slump on worst half year result since 2020
Weaker than expected earnings from Rio Tinto, troubles travelling to the US and tariffs starting to impact listed businesses, all dragged on the ASX during Thursday's trading. On a mixed day on the market, the benchmark ASX 200 on Thursday fell 13.60 points or 0.16 per cent to close the month of July at 8,742.80. The broader All Ordinaries also slipped down 16.40 points or 0.18 per cent to 8,999.00. Australia's dollar traded 0.26 per cent higher to 64.63 US cents. While the overall market dropped, eight of the 11 sectors traded higher, with gains out of the information technology and consumer discretionary sectors offset by the major miners slumping. The falls followed Rio Tinto announcing its earnings update after trading on Wednesday, informing the market that first half profits came in at their lowest point since 2020, on the back of falling iron ore prices. BHP fell 2.41 per cent to $39.25, Rio Tinto slumped 3.55 per cent to $111.70 and Fortescue slipped 2.31 per cent to $17.77. IG market analyst Tony Sycamore said even with Thursday's wobbles, July's reputation of being a good month for Australian investors continued in 2025. 'As it enters the home straight, it is poised for a 2.35 per cent gain for the month and on track for a fourth straight month of gains made more memorable by its 1580 points (22 per cent) rally from its early April 7169.2 low,' he wrote in an investment note. Consumer discretionary shares jumped after 11.30am after a surprising bounce in retail sales. Shares in JB Hi-Fi were up 1.30 per cent to 411.70, Harvey Norman gained 1.05 per cent to $5.80 and Lovisa Holdings jumped 2.15 per cent to $34.14 on the retail figures. According to the ABS retail sales gained 1.2 per cent for the month of June, its biggest lift since the end of the Covid lockdowns. AMP economist My Bui said June's retail strength, which came off the back of end of financial year sales and the release of the Nintendo Switch 2, might not be a sign of a strong economy. 'In addition, the strong June result has benefited from one-off releases and promotions, which is not necessarily a sign of strength,' she said. Overall though, Australia's market was unable to follow a jump on Wall Street, with the S & P 500 futures up more than 1 per cent on the back of major tech companies beating expectations. Microsoft futures are up 8 per cent and Meta surged 11 per cent as the two tech giants smashed quarterly earnings forecasts. In company news, shares in Flight Centre slumped 7.3 per cent to $11.94 after the business missed its guidance. The travel group said a combination of Middle East tensions, additional costs out of Asia and difficult travel conditions in the US added to the unexpected result. Champion Iron slumped 13.12 per cent to $4.17 after brokers downgraded the miner following a weaker-than expected trading update on Wednesday. Luxury retailer Cettire shares plunged 23.5 per cent to $0.26 after the business said it was accessing the impacts of US President Donald Trump's tariffs on the business. Shipments to the United States represent approximately 40 per cent of Cettire's gross revenue.
