What Does BHP's Profit Plummet Tell us About China?
BHP Billiton Ltd., the world’s biggest mining company, flagged it’s emerging from the worst commodities price collapse in a generation with renewed impetus after reporting a record full-year loss. Commodities prices have rebounded since tumbling to a 25-year low in January and posted their best three months since 2010 in the second quarter as China’s economy stabilized and policy makers backed growth. BHP’s full-year dividend fell 76 percent to 30 cents a share, under a policy set out in February that links the payment to profits. Capital expenditure fell 42 percent to $6.4 billion and will be cut further to $5 billion in the current fiscal year, BHP said. Bloomberg's Stuart Wallace reports and BlackRock Chief Macro Strategist Rupert Harrison discusses with Bloomberg's Francine Lacqua on "The Pulse."
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