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(MENAFN - AFP) Global mining giant BHP Billiton Tuesday posted an 86.2 percent slump in annual net profit despite slashing costs, as a collapse in Chinese demand for key raw materials hit hard.

The US$1.91 billion result in the 12 months to June 30 compared to US$13.83 billion a year earlier, as the prices of key commodities, including iron ore, coal and oil, plunged over ...

 
(MENAFN - AFP) German economic growth picked up in the second quarter of 2015, and the public finances of Europe's economic powerhouse were firmly in the black in the first half, data showed on Tuesday.

German gross domestic product (GDP) expanded by 0.4 percent in the period from April to June, up from 0.3 percent in the first quarter, the federal statistics office Destatis ...

 
(MENAFN - AFP) Former Chinese vice finance minister Jin Liqun has been elected to head the new Asian Infrastructure Investment Bank (AIIB), the Chinese government said Tuesday.

Jin was elected as the bank's "incoming president" at a two-day meeting of chief negotiators in the Georgian capital of Tbilisi, according to a statement by China's finance ministry.

Beijing ...

 
(MENAFN - AFP) Japan's finance minister on Tuesday warned over the yen's rapid rise after the dollar plunged to a seven-month low against the unit on fears over China's economy and global growth.

In Tokyo, the greenback fetched 119.94 yen following the comments, from 118.51 yen in New York where it fell at one stage to 116.18 yen, its lowest level since February. The dollar ...

 
(MENAFN - AFP) Prices of crude oil and most other commodities rebounded in Asia Tuesday but stayed under pressure following a global sell-off sparked by the faltering economy in China, the world's top user of industrial metals and energy.

US benchmark West Texas Intermediate (WTI) for October delivery was trading at $38.92 in afternoon Asian trade after closing at $38.24 ...

 
(MENAFN - AFP) South Korea's SK Hynix Inc., the world's second-largest memory chip maker, announced Tuesday it would spend 46 trillion won (US$38 billion) in facility investments over the next 10 years.

The plan was unveiled by SK Group Chairman Chey Tae-Won -- newly released from prison by a presidential pardon -- at a dedication ceremony for a new chip plant in Icheon, ...

 
(MENAFN - AFP) A global scheme meant to keep atmospheric greenhouse gas (GHG) levels in check instead caused some 600 million tonnes of excess emissions, researchers said Monday.

They blamed a loophole in the Kyoto Protocol's Joint Implementation (JI) mechanism which allowed countries to earn and sell credits for emissions cuts which were "not real".

Russia and Ukraine ...

 
(MENAFN - AFP) Unions representing London's Underground staff on Monday called off two 24-hour strikes planned for this week, which threatened more chaos for commuters already hit by walkouts over plans for night services.

Three unions -- the Rail, Maritime and Transport union, Unite and the Transport Salaried Staffs' Association -- cancelled the strikes due for Wednesday ...

 
(MENAFN - AFP) A Greek court on Monday handed prison terms to two Germans, a Frenchman and an Italian involved in an anti-mine protest that degenerated into attacks on police, local officials said.

The four men, part of anti-capitalist group Beyond Europe, each received an 18-month sentence but will likely be sent home, a judicial source said.

Nearly 80 protesters, ...

 
(MENAFN - AFP) South Africa's rand plunged to an all-time low on Monday, breaching 14 to the dollar on the back of a global drop in commodity prices.

The currency of the continent's most developed economy tumbled to 14.0682 against the greenback before midday, an 8.5 percent drop, before it pulled back to 13.33 by mid-afternoon.

The currency has been under sustained ...

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