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Iran will reopen its stock market on Tuesday, May 17, according to a report by the Islamic Republic News Agency (IRNA) on Saturday, citing a senior official. The report stated that trading had been suspended due to conflicts with the United States and Israel. Hamid Yari, deputy supervisor of the Iranian Securities and Exchange Organization, said, "The suspension of stock market activities since the outbreak of the war was aimed at protecting shareholder assets, preventing panic trading, and creating a more transparent pricing environment." He added, "Now, with the reopening of the stock market, we will see all sectors of the capital market fully resume operation."On May 17th, according to the Financial Times, two Federal Reserve officials nominated by US President Trump opposed allowing Jerome Powell to serve as interim chairman of the Fed "without time limit." This highlights the escalating political divisions within the central bank amid continued attacks from the White House. Powells second term as Fed chairman ended on Friday. He was appointed interim chairman to assume the duties until his official successor, Warsh, takes office. Milan and Bowman, nominated by Trump to the Feds board of governors, stated in a joint statement that they supported Powells temporary appointment as interim chairman, but "could not support this action" because the arrangement was "without time limit." Milan voted against it, while Bowman abstained. Milan and Bowman stated that Powells interim chairmanship "should be limited to a clearly defined and finite timeframe, at least one week," but they "can support a maximum period of one month."On May 17, the Africa Centres for Disease Control and Prevention (Africa CDC) convened an emergency regional coordination meeting on May 16, local time, to discuss and deploy a new round of Ebola prevention and control efforts with relevant personnel from the Democratic Republic of Congo, Uganda, South Sudan, the World Health Organization, and the African Medical Association. The meeting focused on current priorities, including cross-border surveillance and early warning management, infection prevention and control, case management, close contact management, logistical support, and resource mobilization.On May 17, US President Trump warned Iran that it would face a "very bad situation" if a peace agreement was not reached soon. In a telephone interview with French broadcaster BFMTV, Trump said, "They are interested in reaching an agreement." Iranian Foreign Minister Araqchi said on Friday that the Iranian government had received a message from the Trump administration indicating its willingness to engage in new negotiations, but he also warned that "distrust" of Washingtons true intentions remained.The Israeli military says it attacked 100 targets in southern Lebanon in two days.

BHP Reports Record Annual Profit and Continuing Demand from China

Charlie Brooks

Aug 16, 2022 10:41

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BHP Group Ltd. (ASX:BHP), the world's largest mining firm, reported a record underlying profit in fiscal year 2022, driven by healthy sales of its Western Australian iron ore and China's sustained metals demand.


For the fiscal year ended June 30, 2022, the miner's underlying earnings grew by 26% to a record $21.32 billion. BHP also issued a final dividend of $1.75 per share.


China, BHP's largest market, has a healthy demand for iron ore, which has contributed to the company's outstanding financial performance.


Despite a fall in demand for metals in more developed economies, the company predicts this trend to continue until 2023, with Chinese consumption staying strong. Energy crises in Europe and rising inflation are two of the miner's most important problems.


"As policy support gets in pace, we think that China will emerge as a source of stability for commodity demand in the coming year. In addition, we anticipate a slowdown in developed economies as monetary policy tightens "said BHP CEO Mike Henry.


The Anglo-Australian miner forecasts that production at its Western Australia Iron Ore operations would exceed 300 million tonnes per annum (mtpa) by 2023, and is examining options to raise production to as much as 330 mtpa.


In 2022, the total revenue from iron ore declined from $34.34 billion in 2021 to $30.63 billion due to a decline in iron ore prices in the second half of the year.


China's sluggish industrial output as a result of a series of COVID-19 lockdowns enacted this year precipitated the decrease in commodities prices.


China's industrial output is declining, according to data released on Monday, a trend that could be negative to BHP this year. Rio Tinto Ltd (ASX:RIO), the largest iron ore miner in the world, reported weaker underlying profitability for the first half of the year, citing a decline in Chinese imports.


In an effort to expand its portfolio beyond iron ore, BHP made a $5.8 billion bid for copper miner OZ Minerals Ltd (ASX:OZL) last week. The offer was declined.

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