In a huge sign that China’s declining growth has halted the global mining boom, BHP Billiton (NYSE:BHP) is discontinuing its plans for a $20 billion Olympic Dam cooper project expansion in Australia. It will now consider a “less capital intensive option.” BHP saw its second half profits fall 35 percent to $7.16 billion and now it won’t accept new projects until the middle of next year.
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Dell’s (NASDAQ:DELL) shares fell 4.5 percent in post-market trading after the company reported its fiscal quarter two earnings and warned about future income. Net profit dropped to $732 million from the previous year’s $890 million. Its $0.50 earnings per share beat estimates but its 8 percent revenue decline to $14.48 billion did not meet consensus. Consumer revenue dropped 22 percent as Dell underwent price pressure at the low end but on positive notes, enterprise solutions/services increased 6 percent and servers/networking jumped 14 percent.
Hewlett-Packard Company (NYSE:HPQ) will report earnings after the closing bell on Wednesday. The company is expecting a net loss of up to $8.9 billion. This represents its largest loss in corporate history and comes from a huge write down from its 2008 EDS acquisition and a charge between $1.5 billion to $1.7 billion after job cuts.
Royal Bank of Scotland (NYSE:RBS) is being investigated by the Fed and Department of Justice for potential violations of sanctions against Iran, reported the Financial Times. In 2010, the bank had agreed to pay $500 million in fines for its Dutch unit ABN Amro embargo violations against Libya, Sudan, Cuba and Iran. Germany’s Commerzbank (CRZBY.PK) is also supposedly being investigated for violations of Iran sanctions.
United Parcel Service, Inc. (NYSE:UPS) said on Tuesday its offer period for the company’s public offer of TNT Express NV (TNT.AE) has been extended until November 9 after its initial expiration date of August 31. UPS will confirm the extension in a September 5 regulatory fling.