8/20/2019

ECONOMY/TRADE DEALS/TRUMP AS PRESIDENT: “The head of the world’s biggest miner BHP (BHPB.L) (BHP.AX) said he will ‘stick up for globalization’ and is more worried about the damage trade tensions are inflicting on the world economy than their impact on demand for the commodities BHP produces.Overseas Chinese and students ‘of course have the right to express their point of view’, he told a daily news briefing. BHP on Tuesday [8-20-19] posted annual profit of $9.12 billion, a bumper figure built largely on selling iron ore, coal and copper to China, the world’s largest importer of commodities. BHP shares were trading 1.6% lower by 1130 GMT, as despite record dividends, analysts said they had expected even better results. CEO Andrew Mackenzie told reporters in London protectionism was an act of economic self-harm…Mackenzie said he would stick up for the benefits of globalization and opposed moves toward greater intervention such as removing the independence of central banks…U.S. President Donald Trump has repeatedly criticized the U.S. Fed, accusing it of undermining the administration’s economic policies.”

Barbara Lewis, “BHP chief to ‘stick up for globalization’ as trade tensions bite,” Reuters, August 20, 2019 5:10 am