give us your take on how bhp billiton is doing.efing. give us your take on how bhp billiton is doingm the briefing. give us your take on how bhp billiton is doing. it is very much steady as she goes, as you pointed out, they had some i—off items which affected the net profit figures for this particular year, with the right backs for the cost of the samarco disaster as well as some other items. the other thing is that costs are rising as far as internal costs are rising as far as internal cost of production, whether it is iron ore, copper, orwhatever. otherwise the company is showing discipline pretty well. so i am not too concerned. it is pretty much where i expected. andrew mckenzie, the chief executive, talking to the press after the earnings came out, mentioned a few issues. one of them was his concern about the impact of the trade tariffs that have been slapped on goods between the us and china. what are your thoughts on that, and how it might impact bhp billiton? it is not the tariffs themselves which would be bhp billiton‘s c

the world's biggest miner, bhp billiton, sees a 37% drop in net profit. we dig into the numbers to find out what drove earnings lower. live from london, that's our top story on tuesday, 21st august. fears over trade wars and a slow down in the biggest users of raw materials. china are fanning fears that the industry could see more rocky times ahead. also in the programme: president trump accuses beijing of currency manipulation to combat us tariffs on some chinese products, as a further $16 billion worth are due to come into force. markets europe looking better. also, in the programme, markets in europe are looking better. and, the art of crockery, these british designs are proving particularly popular, especially across the pond. we'll find out why and how portmeirion plans to expand further. a new survey shows the traditional nine—to—five job is now far from the norm. we want to know, do you still work nine—to—five? are those set hours outdated? let us know, just use the hashtag #bbcbizlive. hello and welcome to business live. the commodities industry i

that was bhp billiton ceo andrew mackenzie speaking to bloomberg. r more we are joined by the metals and mining analyst at shaw and partners. he has a recommendation on bhp. we see shares coming down this morning. what do you think about the news? >> the news -- there was obviously a line, it was a good result, not a great result. be at thatting to point in the cycle where inflationary pressures are picking up. the has manifested across their portfolio. that is probably the negative take today. on the positive side, that if you about the tariffs backdrop and the global trade backdrop, which is cautiously better than some had expected. the news overall was that the -- earningsill backed heavily at the moment. it feels as if we are in a holding pattern. that is what the market is waiting to hear about. >> that's the big news. it has been big news for quite a while. proceeds being given back to shareholders through buybacks, we are expecting a larger scale for bhp. certainly there is amount of expectation. we can expect to hear something today about whe

15 here in london. 1%.asx down by that has to do with the mining industry, and the numbers from bhp billitoneighing on that market. speaking of bhp, the world's biggest miner says protectionism is hurting economic growth and raising the price of goods. bhp expects consumers to push back as they become aware of what is the true economic problem. seeew mackenzie does not any slowdown for bhp, especially in china. andrew: we are not seeing a slowdown in china. copper,a little bit in but other than that, everything is going well. obviously, the concerns looking forward is that if protectionism takes hold, it will have a dampening effect on the economy, and that will affect bhp. but we do expects china will mitigate some of the impact it faces. we do not just sell to china. we do more to stimulate domestic demand, and this week we will what irder, and from learned from talking to trade ministers around the world, a lot of countries want to trade more with each other, and it looks like the u.s. wants to trade less. china will walk into that area and find exports with other people. we do not think

the world's biggest miner, bhp billiton, saw a 37% drop in net profit. find out what drove earnings lower. the world of work later in the programme and how it is changing and what the challenges are for the future. a warm welcome to the programme, briefing you on all you need to know in global news, business and sport. also in the programme — the world of work is radically changing. a poll by you gov shows only 6% of workers in the uk work 9 to 5 and the chief economist from the bank of england warns a revolution‘s required to prevent many from becoming technologically unemployed. what is your work life like? do tell, just use the hashtag #bbcthebriefing. the opposition in venezuela is calling for a national strike on tuesday, in protest at president maduro‘s latest attempts to stop his country's economic freefall. on monday he devalued the currency, issueing a new type of bank note which effectively takes five zeros off the bolivar. meanwhile thousands of venezuelan migrants continue to cross into neighbouring countries, as lebo diseko reports. walking

he talked to us about the problems of bhp billiton.ver and is disappointed given that three out of the four businesses they had had a really good pricing environment. they are involved in base metals, coal and oil. all those three businesses should have done really well given that prices are up 20% from where they were in the previous period. all right, but they can indeed bounce back despite these issues. they are a large company. taking a look at other earnings around the region, you have sinopec. what are you expecting from the chinese oil company? generally i think refiners are ina company? generally i think refiners are in a good position, especially in china. refining margins in china area in china. refining margins in china are a very decent levels where they can makea are a very decent levels where they can make a ton of cash. i think it is sort of driven by two things. one is sort of driven by two things. one is just the rapid is sort of driven by two things. one isjust the rapid pace of is sort of driven by two things. one is

we also have bhp billiton and releasing four year results on tuesday. and that is it.ews. the top stories this hour: a small break in the weather has allowed rescuers in the indian state of kerala more access to those affected by the worst flooding for a hundred years. but thousands have been made homeless by the disaster north korea is set to host a temporary reunion of families separated by the korean war. a total of 93 people from the south and 88 from the north will be able to meet their family members for three days each. brazil is sending troops to its border with venezuela after local people attacked camps housing venezuelan migrants, in an attempt to drive them out. it comes amid economic and political turmoil that's led more than 2 million venezuelans to leave their country in the last three years. but the flow of venezuelan migrants is affecting nations across south america, including chile, argentina and peru. 0ur south america correspondent katy watson has been following the story. venuzuela's neighbours have long said the migration crisis is getting out of

francine: that was the bhp billiton chief executive, andrew mackenzie.'s bring in nicholas gartside , cio, jpmorgan chase and neville hill, chief european economist, credit suisse. they have the difficulties they focus on -- >> they are all dependent on china. similarity ina the reporting this earnings clear, it seems fairly they are losing control. it is not too dramatic, but if you look at the cash costs have gone up, there is a theme coming through that the dividends are not big enough, but we want more money back please. is there a danger they under invest? stuart: there are no megaprojects we are seeing. there are nine projects on the board, so there are some, but it is not spending at the scale we saw. francine: there are some that so more to china, or are they all the same? it is more dependent on china than others. even selling to another territory, chinese demand will dictate the price i can charge in that territory. --ncine: it if my would love phone -- it is not a good dream to have. francine: is that a game changer on the impact it would have

the world's biggest miner, bhp billiton, saw a 37% drop in net profit.

however, gains were limited by a fall across heavyweight mining stocks, with shares in rio tinto, bhp billitonest level in more than a year. the pound is recovering a little bit against the dollar. that's all the business news. much more coming up from italy, we will keep you up—to—date following the appalling collapse of a bridge yesterday. at least 38 people are known to have died. now it's time for a look at the weather, with louise lear. hello. today has not been quite so straightforward for many of us. we started off with clarity skies and the best of the breaks in the cloud have been further south and east. as you can see by this weather watcher picture from east sussex. quite a lot of cloud, particularly further north and west. and that has brought some rain with it as well. for the remainder of the day of the best of the sunshine we will see the best of the warmth, with highest values perhaps into the mid—20s. further north and west, the cloud the breeze, a little bit cooler and fresher. it looks like that rain will continue to push south and east overnight, so some welcome rain for ga

but bhp billiton — the mining company — down sharply.oncerned about operating cost pressures and a delay in making future savings. and the pound is slightly were covering a little bit this week against the dollar. there will be more business drop the afternoon, but back to you. an area of sea in the arctic that is normally frozen all year round has broken up, opening up waters north of greenland. this unusual event, which has never happened before, has happened twice this year already due to a change in climate conditions. our environment correspondent, matt mcgrath, explained to joanna gosling why scientists are worried about this development which affects the oldest and thickest ice in the region. normally you get ice that is four metres thick, up to 20 metres thick in some regions. basically it is blown across the arctic area from siberia. it is very unusual and scientists have always said it would be one of the last areas of ice to break up. what has happened twice this year, and it is the first time that it has been recorded since w

you'll get a weakening of stock price the issue is really around the transformation of not just bhp billitonthe entire mining industry to a much less aggressive model there's a greater focus on increasing shareholder returns so we saw this change in bhp and again across the industry in terms of dividend payout policy. we moved to a payout ratio and we've seen bhp move above the guidance they've gave. the payout ratio is 67%, 69% of underlying earnings, ver versuse baseli baseline that they set so this is an industry moving towards a shareholder-friendly approach of course still exposed to commodity price volatility, but one doing its best to make sure shareholders are rewarded for the risk they bear in taking on that commodity price >> i want to ask the obvious question here. this came up in the outlook. he said short-term the outlook is negative because of the trade tensions between china and the u.s. it is unavoidable at this juncture how do you think it's affecting valuations have we been oversold? >> i think personally for me i think the industry is oversold i look at the commodity price

. >>> welcome back some stock stories now include bhp billiton, reported annual profit rising 33%.owever it's also warning of cost pressures at some operations the ceo says the company is more apprehensive of the near-term because of trade tensions. >>> a change in the top at hertz. the company says its cfo resigned to pursue other opportunities. come kennedy has been in the role since 2013. shares of hertz down 3.5%. >>> shares of nordson are down by 8%. it's a maker of adhesives. third quarter earnings in line with forecasts >>> a few other big names reporting results this morning including kohl's, tj maxx and urban outfitters let's get more from mary epner thanks for joining us. >> thank you >> as viewers on the east coast know, it's rained pretty much every day since memorial day >> yes >> every time you go by a mall it's packed. i think people are just bored. should we anticipate a strong back to school shopping season >> so far in the checks we've done it is very strong number one, the inventory levels left over from spring and summer are in good shape for the most part for m

-yuan fruergaard jorgensen later. , ande glencore getting hit royal dutch shell is off, total, bhp billitono tinto. miners getting hit. the winners, abn amro. we heard the cfo talking about how much more the bank can pay back in dividends. investors like that. you also see defensive stocks up like b.a.t., british american and unilever gaining. consumer staple stocks doing well. european markets have opened after in general, equities in asia pared gains with china, leading to declines as investors fret about the next tips in the trade war between the u.s. and china. joining us, global head of rates research at bank of america merrill lynch. thank you for joining us. to the ratet conversation soon, but the equities market opened up. let me get your take on a couple of things surrounding stocks. backr one, the s&p 500 is to almost a record high. de-risk so much optimism on the stock side out there for the u.s. economy with the tailwinds of tax reform, for earnings season, which has been lackluster but pretty good in europe. what do you think about the optimism in stocks in the u.s.? isgenerall

glencore, bhp billiton getting hit the hardest. you also have novo nordisk and novartis down.into just added to the basic materials slice. the general point is most of the stocks trading today are up. most of the groups we are looking at are up. european markets are rising slightly after a negative session in asia. joining us now, the cio for european equities at allianz global investors. it is easy to understand why asian stocks were down. they are not releasing new video games. what about the rest of the world? can we breathe out following the that roileds markets the last couple of sessions? lulu: -- >> nothing solved. a lot of people talking about that. fax will be fine. the turkish government has to do a lot to clear that and at the moment, i am sorry to say it is more the question of how demanding they will be in turkey. that is the discussion the market has. be big echoes. we hope for a soft landing, but that is normal. you talk about drugs and alcohol . after a good party, you have to live with the morning after. itt: we heard how difficult will be for emerging markets

speaking of the aussie market, all eyes on bhp billiton coming through. t how bhp has closed out the session. it trades in london as well. it will be key for market watches. bhp closing higher by 1.5%. in currency, we coming through from the commodity currencies -- and the new round of under a little pressure. beenhinese yuan, we have -- for a third day in a row, lysing to -- rising to its highest level in a week. that is going to be one currency in focus ahead of the new tariffs coming into effect. anna: thanks very much. let's start with some geopolitics this hour. hosted vladimir putin this weekend in their first bilateral meeting in germany since 2013. they discussed syria, iran, and ukraine, where the annexation of crimea plunged their relations into crisis. concernsd putin shared about the unpredictable nature and impact of recent u.s. levies. joining us from moscow is bloomberg's germany government editor from berlin. let's go to you first. after years of strained relations between these two, why did angela merkel open her door to president clinton?

bhp billiton, now just bhp.he will be joining us in five minutes to talk about their latest earning resultsmiss when it came to the latest numbers out of the company. a miss actually, lower than the lowest estimates. about thatking him and more. andrew mackenzie is on his way. ♪ rishaad: looking across vittorio haberrbor. coming to the start of the day, not just here but for showing jen and shanghai. futures are indicating that as well. local companies are still-- out with their earnings. we have got country garden and china land resources, some of those coming out. right. what do we have? pbocve the vix, the weakening, strengthening the yuan. that is one thing hot on the heels of what we had that was donald trump accusing the europeans and the chinese of being currency manipulators. that was one thing. and that's probably because of the recent bout of dollar weakness that we saw the yuan appreciated donald trump went on to criticize jay powell for him tightening monetary policy. it's all about the open. and here is sophie. markets,or mainland adding 1/10 of 1%. the shanghai composite flirt

bhp billiton one to watch as well after full-year income is the lowest analyst estimate.lying profit rose 33% on stronger commodity prices. andrew has been covering this for us. tell us the highlights of this and report, what really drove it this time around? andrew: the highlight this time was copper. increase their% which was a big change for the company. the other thing to look for was the big boost in dividends. what can investors take away from this result? jason: they're going to be looking for detailed very much on how much they get them u.s. shale. php pledged to return a lot to shareholders. that's the question for them. ramy: what was missing in the result that folks may have wanted to know? jason: definitely news on the shale sale, and i suppose a bit more about where china was going. bhp made a comment that china is a huge market, they made a bit of a comment on the trade war's affecting road there, but we will get more when we speak to the ceo later today. ramy: andrew hobbs in sydney with the latest on bhp. up next, and maybe a worst-case scenario for some i

the one to watch with jackson hole coming true, and key earnings from big companies, including bhp billiton the market is the fact that turkey will be off-line all week. >> the lack of that lines from turkey does help but suffice it news ande lack of bad good news is not going to be enough to push the higher. we talked about thailand a little bit, that's opening up, and i don't have to tell you which way the data was pointing. we are getting no more's table chinese currency but it has strengthened again. the bloomberg dollar index, and we talked about hong kong following. a better start to the week today, and this takes us to the broader view. let's have a look at technicals quickly. msci asia, let's have a look at the other charts. onshow you this chart back friday, we were sitting right on , andf two support levels on the gtd library you can do men and we are seeing a nice bounce. , the 200 day moving average. >> that is a pretty chart. let's get the first word news with debra mao in hong kong. the report from washington says the administration has toected turkey's attempt release an amer

however, gains were outweighed by a fall across mining stocks, with shares in rio tinto, bhp billitononal qualifications which can be used to gain entry to university courses. steph mcgovern has spent the morning with students at gateshead college. so, sarah, does that mean you've passed ? oh, wow. so, do you start a job? yes. i start at the salon next week. congratulations. when it comes to education, it is not all about gcses and a—levels. these are some of the millions of people studying vocational qualifications, and it is everything from robotics, catering, performing arts, engineering, hairdressing. we have sport and health and social care to name a few. last year 5.1 million people in england did gcses. 1.5 million did a—level or a/s—levels and 3.8 million people did vocational qualifications. so you guys all did btecs. why did you decide that? i want to be a midwife, so i thought health and social care would be perfect for me because it gives a lot of experience on the health side. and that was important for you? yes. i want to go in cyber security. so one day i'll be teaching

aluminum china, bhp billiton, and even the coal stocks the president trying to boost the coal industry recently we would be hitting the new highs if it wasn't for -- >> we'll get that fixed. having some trouble there. we're instead going to have a market discussion. >> we are, indeed. the s&p within striking distance of reaching all-time highs, and on wednesday the bull market will turn 3,453 days old happy birthday the longest bull market in history. will the good times continue jeff carbone is managing partner with cornerstone financial partners jason weir is with albion financial group. what do you think? can the market just rally hoe? >> i'm not smart enough to tell you whether or not over the short run the market is going to continue to move higher. it should continue to move higher given the fundamentals that we see out there, which is a strong economy, even stronger earnings growth, low inflation, low interest rates, and a valuation that's still not terribly demanding on the market you know, i mean, the trend is still higher, where the longer term trend is still higher take from

bhp billiton was hurt by costs related to the samarco mine disaster in brazil, as well as the sale ofrding to new industry data. according to kantar world panel, sales at britain's second largest supermarket group rose 1.2% in the 12 weeks to august. that trailed growth at asda, tesco and morrisons. game has said that its full—year revenue and profits are set to fall due to high store rental costs and a weak second—hand video games market. despite this, its high—margin gaming experiences business, or e—sports, is gaining traction after striking a deal with mike ashley's sports direct in february. for those of you who enjoy fishing... for those of you who enjoy fishing... angling direct, the largest specialist fishing tackle retailer in the uk, says revenuejumped in the first half thanks to strong online sales and new store openings. sales grew to £22 million in the six months to 31 july, up from £1a million in the same period last year. before we go a quick look at the markets. the markets are struggling for direction. it is down very slightly, the ftse. there you go,. asi slightly, t

you can get better insight into the overall macro environment if its demand >>> bhp billiton reportingn annual profit rise of 33%. they say they are more apprehensive due to trade tensions between the u.s. and china. shares are down by 1%. >>> hertz shares are falling after announcing a new cfo will take over. >>> shares of nordson are down by 8%. it's a maker of adhesives. third quarter earnings in line with forecasts >>> president trump renewing his criticism over the federal reserve and jay powell himself eamon javers has more. >> the president saying to reuters yesterday something similar to what he told joe kernen earlier in the summer in terms of his relationship with the fed and expectations for what the fed ought to do look at some key points from the interview. the president saying that he is not thrilled with jay powell for raising interest rates, and said the fed should be more accommodating. the president also said i should be given help by the fed he said he will continue to criticize the fed if it continues raising rates. he also made news on a couple other topics he talk

the world's biggest miner, bhp billiton, sees a 37% drop in net profit.