Dreamtime designs come to life in silk
BHP Billiton has flagged a larger than expected $ US2.8 billion ($ A3.7 billion) hit to its full- year earnings flowing from writedowns in its US oil and gas assets.
The mining giant announced the pre- tax writedowns yesterday, saying they were mostly linked to its gasfocused Hawkville field in Texas. The company insisted the move did not reflect the u n d e r l y i n g quality of its broader onshore US o p e r a t i o n s , and it plans to invest $ US1.5 billion in the business in the 2016 financial year.
“With industry- leading drilling costs and recoveries, we are well positioned to realise significant value for shareholders as we develop our high- quality resource base,” BHP’s petroleum president Tim Cutt said.
BHP shares fell by as much as 1.8 per cent shortly after the announcement, but recovered some of those losses to close 20c lower at $ 26.90.
IG Markets strategist Evan Lucas said the writedown was bigger than expected.
“Clearly the forecasting and operations per WTI ( West Texas Intermediate) oil was a lot higher than what actually they’ve managed to extract in the 2015 financial year,” Mr Lucas said.
All four of BHP’s divisions were seeing prices that had not been forecast, putting pressure on margins, Mr Lucas added. “It’s playing catch- up,” he said.
“( BHP) has low costs but clearly the price is offsetting that, and the margin squeeze is really hurting them, and that may be why they’re having to take quite a large impairment charge.’’ FORMER North Queensland Cowboys boss Denis Keefe has combined his business expertise with the passion of indigenous fine arts guru Charmaine Saunders to create new Aboriginal silk label Mainie in Cairns.
The pair have launched an exclusive and limited range of luxurious silk fashions featuring Dreamtime designs. They say the 12 unique designs of scarfs, wraps, sarongs and tops are “sun- drenched in glorious colour inspired by and reflecting the natural beauty of the Australian outback”.
“Many years in the making, Mainie represents a special melding of ancient cultures: Aboriginal Dreamtime designs from the Yuendumu community in Central Australia’s Tanami Desert and luxurious silk fabrics from the fabled Silk Rd city of Nanjing in China,” they said in a statement.
While the products are principally sold online from $ 180, a shop front has been set up in the heart of Cairns.
Mainie’s maiden collection, comprised of 12 designs of silk scarfs and wraps, is now available at www. mainie. com and via wholesale distribution to a range of retailers.
The first phase is focusing on the key tourism centres of Port Douglas, Palm Cove, Cairns, Mission Beach, Whitsundays and Great Barrier Reef islands, Sunshine Coast, Gold Coast and Sydney.
The maiden collection includes luxurious gift packaging and provenance as well as free shipping within Australia.
Mr Keeffe’s business background has spanned a long career in management for major multinational companies, as well as chief executive roles for national sporting teams and most recently as chief executive of the Central Queensland NRL bid.
BRIGHT IDEA: Charmaine Saunders and Denis Keeffe with their new Mainie range of Aboriginal designs on silk.