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abercrombie france BHP profit still in league of its own
"In the longer term, we expect the rate of growth in steelmaking raw materials demand, particularly in China, to decelerate as underlying economic growth rates revert to a more sustainable level," it said in a statement hollister.

No new buybacks

Chief executive Marius Kloppers described the result as"robust" and a strong and predictable performance.

"A very good result abercrombie france. Nine billion dollars over a six-month period is pretty amazing,&#8217;&#8217; said Chris Kimber, managing director of Fat Prophets.

BHP has 16 &#8220;buy&#8221; and 4 &#8220;hold&#8221; recommendations, according to data compiled by Bloomberg, prior to today's results hollister online shop Luxury SUV with 13 lamps penalty (Figure) off-road vehicle. The company may post full-year net income of $US20.6 billion in fiscal 2012, according to the median of 22 estimates surveyed by Bloomberg. The company reports results in US dollars, reflecting its global share ownership and the currency most of its products are priced in.

Iron ore made up half of the group's earnings, with underlying profit from the core ingredient in steel rising 36 per cent to $US7.9 billion.

The 5 per cent drop in profit came despite a 9.7 per cent rise in revenue. Sales rose even as prices for iron ore hollister online shop, copper and coal fell, and the company warned that markets would remain volatile because of Europe's woes and weak global growth.

BHP shares slipped 15 cents, or 0.4 per cent, to close at $37.75 hollister france Supra Tk Society Mirror Bargain Powerget A Maxiton, after earlier falling by as much as 1.1 per cent.

"The result was in line pretty much. The underlying earnings number was a bit below but that was largely due to tax charges a bit higher than we had (forecast) hollister. That (dividend) was a bit below, largely reflecting the earnings being a bit below," said Hayden Bairstow, an analyst with CLSA.

Analysts have warned the company may have to slash the value of the shale gas business on its books later this year.

That was largely due to BHP's hugely profitable iron ore business hollister uk, a strength it shares with its main rival, Rio Tinto, which separately unveiled a $3.4 billion expansion in the Pilbara.

"I don't think Glencore-Xstrata is a threat," said Mark taylor, senior resources analyst at Morningstar. "BHP and Rio Tinto already have the globe's best mining assets and Glencore-Xstrata are not so heavily into the staple developing-economy commodities like copper iron ore and coking coal."

Metal prices slide

Lacklustre

BHP is both Australia's biggest company - worth about 12 per cent of the ASX200 - and the world's biggest miner. Its fate is closely tied to the strength of the Chinese economy, which buys much of its iron ore and coal production. BHP is also facing stiffer competition especially following the biggest mining merger in history with Xstrata and Glencore joining forces overnight.

Petroleum earnings, a focus for investors concerned about the company's push into shale gas in the United States last year, rose 38 per cent, with a four-month contribution from Petrohawk, its biggest US gas acquisition. Investors are worried that the move into shale gas will dent BHP's returns for some time as a gas glut has knocked US natural gas prices down nearly 50 per cent since last June.

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Mal Maiden: Always some cylinders firing for BHP Kloppers blames work laws for recent strikes Rio to spend $US3.4b on Pilbara expansion Major blow for $90b mining mega-merger

BHP shares in London ended down 0.9 per cent overnight, or 20 pence, to 2,180 pence. Rival Rio Tinto fell even more, losing 1.9 per cent, or 76.5 pence to 3869.5 pence.

BHP profit reaches almost $US10 billion for the half year. Photo: Reuters

&#8216;&#8216;They've got plenty of cash to do whatever they like with, whether that's further (acquisitions) or possible better dividends or buy backs going forward. We're very happy with it and will be maintaining our 'Buy' (recommendation)," he said

Despite the 6 per cent drop in half-year profit to $US9.94 billion ($9.2 billion), BHP made more cash profits in six months than the $US90 billion marriage of commodities trader Glencore and miner Xstrata would have made in all of 2011 - and from far fewer revenues.

Pker@theage.com hollister france.au with Reuters, AAP, Bloomberg

The result is one of the biggest in Australian corporate history, but fell short of the record $US10.52 billion set by BHP last year and the expected $US10 billion level analysts had predicted.

BHP will pay a 55 US cent fully franked dividend for the period on March 22.

&#8220;The biggest hit comes from base metals,&#8221; Lee Bowers, a resources analyst at Macquarie Group in Sydney, said&#160; before the results.

Nothing 'bullish' in outlook

"I don't expect to see anything bullish in the outlook. If it's tempered, that's probably where we are globally and probably about right. I wasn't expecting to see anyting positive come out of the outlook statement,"&#160; he said hollister.

A pool of more than 20 analysts from around the world had forecast a first-half profit of $US10.004 billion for BHP.

Mr Kloppers said BHP's strategy would not change in the wake of the proposed tie-up between Glencore and Xstrata. BHP was distinct from the proposed new entity because it was the only company to invest solely in tier-one, long-life, low-cost assets.

Costs rise The company, battling unions in Australia - as are its peers everywhere from South Africa to Canada - warned that rising labour costs will remain a challenge.

In February last year the company posted a half-year profit of $US10.52 billion on the way to Australia's biggest ever full-year profit of more than $US23 billion.

The company said today its review of its diamonds business in Canada was ongoing.

BHP's result - its first fall in two years - was boosted by a strong performance in iron ore but weighed down by lacklustre results in aluminium and nickel.

BHP Billiton has reported a rare fall in earnings, hurt by labour battles and weaker commodity prices, but the result shows it is still in a different league from its would-be rival: Glencore-Xstrata.

Nine billion dollars over a six-month period is pretty amazing

After underperforming the market last year hollister deutschland, BHP's shares have jumped 11 per cent so far this year prior to today, nearly double the rise in the broader Australian market, on confidence in the US economic recovery and a soft landing in China abercrombie.

It's the first time in two years the world's biggest miner posted a profit fall, as numbers were hurt by lower commodity prices and higher costs.

As expected, BHP did not announce any new share buybacks following a $US10 billion buyback and $US17 billion in shale gas acquisitions last year, saving its cash for expansion projects in iron ore, coal, copper and potash.

Metal prices in London declined 20 per cent in the half on reduced demand in Europe and slowing industrial production in China, the world&#8217;s largest metals buyer. Mr Kloppers has committed to spending $US80 billion over the next five years to boost output of iron ore, copper and coal hollister sale hollister france Female butt after blocking aid continued po, with $US27 billion planned for the current year.

As expected, the Anglo-Australian giant did not announce any new share buybacks following a $US10 billion buyback and $US17 billion in shale gas acquisitions last year, saving its cash for expansion projects in iron ore, coal, copper and potash.

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Xinyu city police said hollister france, because this case occurred in the downtown area, the mobile population, people pays close attention to very much, attaches great importance to the police.The police through meticulous investigation, successfully lock guilty suspect Liu Mou (male woolrich outlet Man with a 5 year old son non biological cho, 27 years old abercrombie, Xinyu City District People) woolrich outlet.Four thirty on August 23rd Xu woolrich, Liu initiative to surrender to the public security organs.

vent personal spite, Liu in a local fireworks store to buy two pieces of &quot abercrombie deutschland Louis Vuitton Sale 9067 Wo;firecracker&quot; (5 a), eight thirty hollister, carrying one of them to victory in the North ATM ATM machine, with a lighter to ignite departed the scene.

currently, guilty suspect Liu Mou on suspicion of defiance and affray crime criminal detention by the police.

the micro-blog issued, cause a netizen attention, hundreds of people are reproduced, comments.

eight fifty-eight on August 22nd, the netizen &quot;the heart lived devil drop mushroom&quot abercrombie; issued a micro-blog says, &quot;just heard a loud noise, the colleague is downstairs commercial bank ATM is fried, who early in the morning to rob a bank?Person flow is the most concentrated place, will not deliberately made the mess, but no one hurt.&quot;

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abercrombie paris Snowball gets his day in the sun
Remember Suncorp is one of the four banks with a $450 million exposure to the developer behind the struggling discount shopping centre operator DFO, although Snowball appears to have set aside as much as $70 million during the third quarter to cover this exposure.

LOW-BALL OFFER

Nedbank of South Africa is most famous in local banking circles for providing Gail Kelly with her first banking job, as a teller, in 1980.

With Standard Chartered beaten to the punch by HSBC, Smith won't have to deal with the challenge of African indigestion if the opportunity for a combination, focused on building out ANZ's Asian presence, unfolds.

While there's been no word from Singapore-based Nippon, there is every chance that Asia's leading paint brand will disappear from the market abercrombie france. Bunnings has been the group's only local customer.

But with Wattyl reinvigorated, and soon to be owned by Valspar, it seems Bunnings no longer sees a need to sponsor a challenger brand.

JACK HIGH

Suncorp has been out of the headlines lately, and that's how the low-profile chief executive, Patrick Snowball abercrombie paris Banks slow in passing on rate cu, likes it. He heads into today's full-year profit result with a $110 million tailwind from the sale of insurance joint ventures in Queensland and South Australia, and facing persistent talk of a sale of the Tyndall funds management division.

While Suncorp pushes hard to fatten insurance margins, the banking operation could throw up a couple of sore spots in business lending and commercial property. Westpac this week talked of a spike in small to mid-sized business bad debts abercrombie france, which doesn't augur well as Suncorp has a big presence in that part of the market.

NEAR MISS

This adds up to a $1.50 a share offer from Stockland that's going nowhere. With Aevum shares trading at $1 abercrombie.72 yesterday, the market couldn't be more clear abercrombie.

Standard Chartered Bank, long regarded as a preferred merger partner by the ANZ boss Mike Smith, had been regarded as a frontrunner for Nedbank.

But news that HSBC is closing in on the $7.6 billion acquisition of a 52 per cent interest in the Sandton-based operation could pave the way to Nedbank playing a fresh role in shaping the Australian sector louboutin.

Cowin's point is well made. This column has previously questioned how the RHD board could recommend a deal priced at just 3 louboutin pas cher.8-times 2010 earnings before interest, tax, depreciation and amortisation.

With no surprises, the market is tipping Suncorp to deliver a full year profit of $780 million, up from $537 million a year ago.

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RHD is yet to release its scheme booklet, but this is a deal that deserves to be restruck before being put to shareholders.

PARTY'S OVER

Turning to another underpriced corporate offer, the Aevum annual result has done Stockland no favours in its efforts to acquire the retirement operator on the cheap.

&#160;

After all, when Peoplebank was acquired late last year, the independent expert reckoned that the bottom end of the fair valuation range for a small recruitment business with steady performance would be a six-times multiple.

Usual valuation rules of thumb would see Aevum change hands on a multiple of 10 times operating cashflow - suggesting a share price of about $2.30. That's in line with where Aevum's net tangible assets would sit if the company replicated Stockland's approach to valuing retirement assets.

Queensland has been the laggard in commercial property recovery, with bankers saying it may not turn the corner until the end of the year. Suncorp's exposure to the Gold Coast alone runs to nearly $1 billion.

dsymons@fairfaxmedia abercrombie paris.com.au

More substantial problems could be lurking as a hangover from the days when Suncorp saw itself as a big property lender. It still has the biggest exposure to commercial property in Queensland. Much of this is sitting in the $14 billion-plus non-core bank.

In the latest skirmish in the battle for paint department shelf space Nippon Paints has been destocked by Bunnings abercrombie paris Around the traps with Ferret.

The result includes guidance that operating cashflow for the year to June 2011 should be $50 million, a figure bolstered by increased development stock available for sale and continued improvements in portfolio occupancy.

It's a merger that would transform ANZ's patchy Asian platform focused on trade flows into a full-service regional offering with both investment banking and retail arms.

The move is testament to the turnaround underway at Wattyl, which is No abercrombie paris Small lenders in survival struggle. 2 behind Dulux in the local paint market. It was dissatisfaction with Wattyl's supply chain management that saw Bunnings invite Nippon onto the shelves two years ago.

That would make a fair price for RHD close to $1 a share.

Ross Human Directions' proposed sale to Peoplebank is heading to the Takeovers Panel, with the 11.5 per cent shareholder Jack Cowin asking for a review of the RHD board's decision to recommend the 61.5&#162 moncler; a share offer, as well as the company's commitment to arrangements that make a higher bid from a third party unlikely.

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There were predictions now that the US could be self-sufficient in energy by 2025 to 2030, he said.

BHP Billiton chief executive Marius Kloppers is confident that he and his top managers have the support of the mining group's board, despite BHP's announcement yesterday morning that BHP will book asset write-downs totalling $US3.3 billion abercrombie france, including a $US2.84 billion write-down of shale gas tenements in the US acquired in February last year for $US4.6 billion.

In the announcement of the write-down, Jac Nasser said the board remains of the view that the investment in the US shale assets is the right decision for BHP Billiton shareholders.

It was nevertheless very disappointing that low domestic gas prices had led to a write-down of the carrying value of the Fayetteville assets, Mr Nasser said abercrombie paris Don't be sucked into food fads, and the board agreed with the decisions of Mr Kloppers and Mr Yeager to forgo their short-term bonuses for the June year. Last year, Mr Kloppers received short-term bonuses in cash and shares of about $5 million.

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Support: Despite write-downs, Jac Masser has confidence in Marius Kloppers.

BHP's Australian-listed shares fell by 29 per cent in the year to the end of July as commodity prices eased on concerns about the European crisis and slowing Chinese economic growth and demand. Over the same period, Rio Tinto's Australian shares, Xstrata's shares and Anglo American's shares fell by 39 per cent.

The US shale gas boom was transforming the United States' energy demand-supply equation and the world is only beginning to understand the implications abercrombie College students open site organization gay prostitution was sentenc, he later told BusinessDay.

BHP and the board were fortunate to have Marius' leadership, together with a strong management team supporting him in challenging times, Mr Nasser said.

The results of the review were considered by the board's audit and risk committee on Thursday and confirmed by the board yesterday morning, creating a price-sensitive event that under Australian continuous disclosure rules needed to be disclosed before BHP's June 30 profit announcement on August 22.

The assets that BHP had acquired, in particular the Petrohawk business, were high quality and would generate good returns for shareholders, he said abercrombie, adding that the board supported the move led by Mr Kloppers and Mr Yeager to refocus expansion production on leases that were liquids-rich abercrombie paris.

The BHP group is expected to post a profit of close to $US17 billion for the June year, down from a record $US21 abercrombie.7 billion in the previous year to June 2011.

Miners with operations in Australia were being challenged as their $A-based production and development costs rose and the US dollar-denominated price of the minerals they sold eased.

Petrohawk's leases have greater development potential and contain a greater

Comments by BHP chairman Jac Nasser that accompanied the write-down announcement were a statement of support for him, his senior management team, including BHP's petroleum boss abercrombie paris, Mike Yeager abercrombie france Corporate world looks at making life fairer, and the group's expansion into shale last year, Mr Kloppers said.

Mr Kloppers maintained yesterday that BHP's strategy of investing in large, long-life, low-cost mineral assets was delivering superior performance for BHP and its shareholders abercrombie. With the benefit of future vision it would have been better to predict what the gas price would be, he said, but the only thing that ultimately matters is the relative share price, and [BHP's strategy] has served us extremely well.

proportion of oils and liquids that are not exposed to the weak US domestic gas price; and as it shifts expansion and production at Petrohawk into liquids that it expects will account for 50 per cent of production and about 80 per cent of revenue by 2015, BHP has elected to quarantine Petrohawk from the write-downs.

Mr Kloppers was quoted in the announcement saying the shale gas write-down was clearly disappointing but said the group had joined the rush by oil and gas majors into US shale gas last year ''after extensive deliberation and due diligence &#8230; our work convinced us that this significant, low-carbon fuel source would play a meaningful role as the world makes its future energy choices. We are still of this view, particularly given the ongoing positive technological advancements in the shale industry.''

BHP confirmed the write-down after reviewing the value of the gas shale assets against benchmark US domestic gas prices that have fallen sharply since BHP acquired the leases in Fayetteville abercrombie france, Arkansas, from US company Chesapeake, in February last year, and paid another $US15 billion to take over another US shale gas and liquids producer, Petrohawk, five months later.