Tag Archives: Mining and Heavy Industries

31 Mar

Unions bridle at BHP’s cost-cutting plans

Unions have not taken kindly to BHP Billiton’s refreshed push for productivity measures and an increased government focus on productivity policy. In a move signalled on March 16 by BHP chief executive Andrew Mackenzie, the mining giant wants to cut labour costs across its operations, and it wants the government to look into industrial relations

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16 Mar

Moody’s downgrades FMG, Russian billionaire sells shares

Russian billionaire Viktor Rashnikov is thought to have sold just under a sixth of his roughly 5% stake in Fortescue Metals Group, while credit agency Moody’s has  downgraded the miner’s rating. The Australian reported this week that Rashnikov, through his company Magnitogorsk Iron and Steel, took advantage of a bounce in Fortescue’s share price last week

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