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The Outcome of the Incident: 1. Direct Trigger: The Labour Party suffered a historic defeat in the local elections, winning only slightly over 1,000 out of approximately 5,000 seats up for re-election. This loss of over 1,400 seats, coupled with the loss of control over about 40 local councils, ignited long-simmering discontent within the party. 2. A Wave of Resignations Ignites the Crisis: On May 12th, four Parliamentary Under-Secretaries of key government departments announced their resignations. Three of them publicly demanded that Starmer set a timetable for their resignations, marking the public escalation of the crisis. 3. Long-Term Risks: Starmer was accused of pushing through the appointment of Peter Mandelson, the ambassador to the United States, despite knowing he had failed a confidentiality review, thus triggering sustained attacks from the opposition. This incident has put Starmer under pressure to resign twice. A Divided Cabinet: 1. Opposition: Demanding Starmer Set a Timetable for Resignation ① Core Members: Including Home Secretary Mahmoud, Foreign Secretary Cooper, Defence Secretary Healy, and former Health Secretary Straying, among other core cabinet members. ② Attitude and Stance: They believe Starmer has lost public trust and should be held responsible for his crushing defeat in the local elections. They urge him to resign voluntarily or set a clear timetable for his departure to facilitate an orderly transition of power. ③ Size and Strength: According to British media reports, more than 90 Labour MPs have publicly called for Starmers resignation or a timetable for his departure. This far exceeds the threshold for impeaching the party leader (81 MPs), making Starmers ruling position precarious. 2. Supporters: Calling for party unity and opposing an immediate change of leadership. ① Core Members: Including Deputy Prime Minister and Justice Secretary Lamy, Chancellor of the Exchequer Reeves, Secretary of State for Science, Innovation and Technology Kendall, and Secretary of State for Business and Trade Kell. ② Attitude and Stance: They believe that holding a party election now is inappropriate, and that the Labour Party should unite to regain the trust of voters. Deputy Prime Minister Lamy emphasized that no one in the party has formally nominated a candidate to challenge Starmers leadership position, urging his colleagues to remain calm and put national interests above party interests. ③ Size and Strength: According to British media reports, more than 100 Labour MPs in the House of Commons have signed a statement opposing a change of leadership at this time. They believe that Labours local election losses demonstrate its urgent need to regain voters trust, and that internal cooperation within the Labour Party is crucial; now is not the time to hold a leadership election. Starmer stated: 1. Taking responsibility, refusing to resign: Starmer acknowledged the "grief" local election results and stated he would take responsibility, but made it clear he would not resign and "walk away, plunging the country into chaos." 2. Warning of consequences, prepared to fight: Starmer warned that if Labour changes its leader now, it will repeat the political chaos of the previous Conservative-led administration. He also clearly stated that if any MP calls for a leadership election, he will actively contest it.ECB Governing Council member Dorenz: Energy prices currently have a limited impact on the economy.The chart shows that at 22:00 Beijing time on May 13, there will be large foreign exchange options contracts for the Euro, Australian Dollar, and Japanese Yen expiring, including 6 contracts with strike prices exceeding 1 billion. Please manage your risks.Swedish central bank governor Töden stated that there are still ample reasons not to adjust monetary policy. However, the longer the supply shock persists, the greater the likelihood of an increase in policy rates.On May 13, it was learned that France has strengthened quarantine measures for eight close contacts of a Hantavirus case, sending them to Paris for centralized quarantine and observation. It is understood that five of them were transferred to the Pitié-Salpêtrière Hospital in Paris on the evening of May 12 for isolation and treatment. One close contact currently hospitalized in Rennes will be transferred to Paris on the morning of May 13 along with two other close contacts. According to previous reports from French authorities, eight French citizens who did not participate in the Hantavirus outbreak on the "Hundius" cruise ship have been identified as contacts of a confirmed case. They were on the same international flight from Saint Helena to Johannesburg as the case on April 25.

COVID-19 has a negative impact on BHP's quarterly iron ore production

Charlie Brooks

Oct 19, 2022 14:19

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BHP Group announced on Wednesday that its quarterly iron ore production climbed due to improved performance from its Western Australian assets and an ongoing ramp-up at the South Flank project.


The increase in production happened despite an 18% fall in iron ore spot prices during the September quarter, due to China's "zero-COVID" policy, which impeded economic activity and iron ore demand by frequently shutting down multiple large cities.


Following a quarterly fall in iron ore exports, rival Rio Tinto (NYSE:RIO) cut its annual forecast for iron ore shipments.


During the September quarter, BHP's Western Australia projects had decreased COVID-19 impacts and outstanding supply chain performance, according to the company.


In recent quarters, mining businesses in Australia have suffered shortages of trained workers due to border restrictions and worker absenteeism resulting from COVID-19, which has had a negative effect on production.


The manpower shortage hindered production at its New South Wales coal facilities, which had already been impacted by flooding. New South Wales' energy coal production declined by 38% in the September quarter.


"We predict that global macroeconomic uncertainty will continue to affect supply chains, energy pricing, labor markets, and the availability of equipment and materials in the foreseeable future," said CEO Mike Henry.


The miner's iron ore output climbed by 2% to 72,1 million metric tons in the first quarter (mt). The organization met its annual output and expense projections.


BHP indicated that it intends to speed the production launch of its Jansen stage 1 potash project in Canada. The company expects to start production in 2026.