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According to Interfax news agency, Sergei Shoigu, Secretary of the Russian Security Council, stated that Russia is establishing comprehensive cooperative relations with the Taliban in the economic and trade fields.On May 14th, Turkish Central Bank Governor Callahan stated that the duration of regional tensions is crucial to the inflation outlook, and that the continued rise in oil prices is leading to increased transportation costs. Speaking at the release of the central banks quarterly inflation report in Istanbul, Callahan noted that Turkeys fuel pricing mechanism has, to some extent, mitigated the impact of rising energy prices. He added that food inflation has had some impact on overall inflation in recent months, but he expects the decline in vegetable prices in May to have a positive effect on the inflation situation.On May 14th, He Yongqian, spokesperson for the Ministry of Commerce, stated at a regular press conference that, in accordance with the work deployment of the "Special Action Plan for Boosting Consumption" issued by the General Office of the CPC Central Committee and the General Office of the State Council, the Ministry of Commerce, together with the Ministry of Finance and the State Taxation Administration, will fully launch the prize-winning invoice campaign before the 2026 Spring Festival, conducting pilot programs in 50 cities including Beijing and Shanghai. Currently, all work is progressing steadily, and the pilot programs effectiveness is rapidly becoming apparent, mainly in three aspects. First, the campaigns popularity continues to rise. As of May 13th, over 2.6 million merchants from eight major industries, including retail and catering, participated in the prize-winning invoice pilot program, with over 520 million people uploading invoices for the lottery. "Issuing invoices for consumption" and "lottery with invoices" have become hot topics. Second, the campaign experience is constantly being enriched. Third, the effect of boosting consumption is significant. The prize-winning invoice policy effectively promotes sales growth and stimulates offline consumption by increasing customer traffic and attracting customers. As of May 13th, the 50 pilot cities have invested 4.89 billion yuan in prize money, with invoices totaling 208.82 billion yuan participating in the campaign.Turkish central bank governor: Policy remains tight, and policy rates will remain unchanged in March and April.Turkish Central Bank Governor: Oil prices continue to drive up transportation costs. The duration of regional tensions is crucial to the inflation outlook.

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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