BHP chief Andrew Mackenzie to exit three months early

Retiring BHP chief executive Andrew Mackenzie will exit the mining giant three months earlier than planned as his handover to Mike Henry progresses ahead of schedule.

Mr Mackenzie will now leave BHP on March 31 but will still hand the reins to Mr Henry on January 1, as previously announced.

BHP chief Andrew Mackenzie has brought forward his retirement date from the company. Credit:Trevor Collens

The company had previously announced Mr Mackenzie would leave on June 30 to enable a smooth transition to 16-year BHP veteran Mr Henry.

Mr Mackenzie has been chief executive of the world's biggest miner since 2013.

More to come

AAP

Quiz of the Year: Bercow, the Booker and Wagatha Christie

How well do you remember the stories and people in the news this year?

Test your memory of 2019 in the next instalment of our four-part Christmas quiz – 52 questions for 52 weeks of the year. This section covers October to December.

If you cannot see the quiz, click here.

Picture credits: Getty Images, Reuters, PA Media, AFP, Centre for Palaeogenetics

This week on ‘Focus Montreal’: Dec. 22, 2019

This week on Focus Montreal, Global takes a look at Concordia University’s new president, the safety issues related to public Wi-Fi and how volunteering over the holidays is an idea worth looking into.

BASF to sell construction chemicals unit for $3.5B

BERLIN — Chemicals giant BASF said it has agreed to sell its construction chemicals unit for EUR3.17 billion ($3.52 billion), as the German company works to boost profitability through ongoing turnaround efforts.

The sale, to private-equity firm Lone Star Funds, is expected to close in the third quarter of 2020 and is subject to regulatory approval, BASF said in a statement Saturday.

Donald Quintin, president of Europe at Lone Star, said the acquisition will complement the fund’s existing investments in the construction materials industry.

Over the past year BASF has announced job cuts and slashed profit expectations as it works to contend with slowing demand, particularly in the automotive sector, as well as the effects of the continuing U.S.-China trade war. Its portfolio of products extends from oil and gas to plastics and agriculture.

In July, the company said it would cut 6,000 jobs, or 5% of its global workforce, by 2021 in an effort to generate annual savings of EUR300 million. Those cuts came several months after BASF laid out restructuring efforts in November 2018.

For the most recent quarter ended in September, the construction chemicals business recorded sales growth of 5% over the prior-year period, mainly due to currency effects. BASF said the unit includes 7,000 employees in 60 countries around the world, with annual sales of EUR2.5 billion in 2018.

Dallas-based Lone Star was founded in 1995 and comprises 20 funds with total capital commitments of approximately $85 billion, according to its website.

Write to Sara Germano at [email protected]

China reportedly will lower tariffs on hundreds of products in 2020

BEIJING — China is set to lower tariffs on some imported products from the beginning of 2020, said the state-run Xinhua News Agency on Monday, in a bid to expand imports amid weakening domestic demand.

In a plan approved by the State Council, China will lower tariffs on 850 types of products to rates lower than most-favored-nation rates, said Xinhua. These products include a range of consumer goods, such as frozen pork, medicines to treat asthma and diabetes, and semiconductor products.

It also said China would implement negotiated tariff rates with 23 countries and regions starting in 2020.

The State Council, the nation’s cabinet, said the tariff cuts aim to lower import costs and boost China’s opening-up.

An expanded version of this report appears on WSJ.com.

Also popular on WSJ.com:

An $809 car payment, a $660 income: How dealers make the math work.

Speed cameras: The cities with the worst offenders.

16 inmates dead after outbreak of violence in Honduras prison

At least 16 Honduran inmates were killed during a fight between armed gangs of prisoners on Sunday, officials said, the second outbreak of violence to hit Honduras’ beleaguered jails in the past few days.

The deaths took place in Honduras’ El Porvenir penitentiary, about 43 miles (70 km) east of the capital Tegucigalpa, and follow an incident in which 18 inmates were killed during a fight between gangs at a prison in the northern port city of Tela.

Aurora Cannabis exec Cam Battley steps down

Aurora Cannabis Inc. ACB, -0.88%ACB, -0.67% announced Saturday that Chief Corporate Officer Cam Battley has left the company. Battley stepped down effective Friday, the company said in a statement. Battley joined Aurora in 2016 and was instrumental in the Canadian marijuana producer’s international growth. "Aurora is grateful for his contributions to the company’s growth and role as a global medical cannabis leader," the statement read. Last month, Battley joined the board of MedReleaf Australia, a privately held medical cannabis company that Aurora has a stake in. "I am sure Cam will be successful as he moves on to tackle Australia," Aurora CEO Terry Booth said in a statement. Aurora shares are down about 55% year to date, compared to the S&P 500’s 29% gain. Aurora stock has sunk 17% in the past month, after a disappointing earnings report in November that led to multiple analysts cutting their outlook for the company.