News Wrap

IN THIS morning’s News Wrap: Shell outperforms with $6.6b earnings; BHP and Rio will relent on expansions, says Cliffs; and ERM makes ex-AAPT chief Jon Stretch managing director.

Lou Caruana

Shell outperforms with $6.6b earnings

Royal Dutch Shell beat expectations with core earnings of $US5.8 billion ($6.6 billion) for the third quarter and maintained its dividend as both upstream and downstream divisions delivered strong results, according to the Australian Financial Review.

Europe's biggest oil company by market value also said it had appointed former chairman of Bank of America Charles Holliday as its chairman. Holliday will take over from current chairman and former boss of Finnish mobile group Nokia, Jorma Ollila, in 2015.

BHP and Rio will relent on expansions, says Cliffs

The fifth biggest iron ore exporter from Australian shores has predicted that Rio Tinto, Vale and BHP Billiton will not be able to fund their iron ore expansions out of revenue and will be forced to change their attitude towards export growth, according to the Sydney Morning Herald.

The new chief executive of American miner Cliffs Natural Resources, Lourenco Goncalves, said the market had failed to fully appreciate the big capital expenditure bills the miners would face if they went ahead with their expansion plans.

ERM makes ex-AAPT chief Jon Stretch managing director

Power producer and retailer ERM Power has named former AAPT chief executive Jon Stretch as its new managing director, replacing Philip St Baker, who advised in August of his intention to step down after the annual shareholders meeting on Thursday, according to the Australian Financial Review.

Stretch, who more recently headed up the Europe, Middle East and Africa activities for energy metering company Landis+Gyr, will take up the role on February 2. ERM chief financial officer Graeme Walker will have interim responsibilities as chief executive until then.

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