Hollingsworth Daily Post

• Mining giant BHP Billiton has seen its annual profits rise nearly 70% thanks to a recovery in commodity prices.The company said it made $19.6bn (£12.7bn) in the 12 months to June, up from $11.6bn made in the previous year.Last year's results were hit by a slump in demand for commodities following the economic crisis.In its results BHP gave no update on its $40bn bid for fertiliser maker Potash Corp, which was rejected by the company's board last week.


• Sales of existing homes in the US plunged 27.2% in July compared with June to their lowest level in more than 10 years, figures suggest.Home sales completed in the month stood at an annualised rate of 3.83 million, according to the National Association of Realtors (NAR).The main reason for the drop was the end of tax credits designed to boost sales, the body said.


• Demand for gold jewellery will help underpin the price of the precious metal for the rest of 2010, according to the World Gold Council (WGC).The price of gold has soared during the recession as investors sought a safe haven as shares and other assets fell.In its latest quarterly bulletin, the WGC says retail investors appear to be big drivers of demand for gold.And the WGC also anticipates growing demand from China if the country relaxes restrictions on the market.


• The price of oil has dropped to below $72 a barrel, its lowest level in more than two months, on renewed fears about the strength of the global recovery.US light crude fell by $1.4, or 2%, to $71.66 a barrel, while London Brent dropped by the same amount to $72.26, after disappointing US home sales data.Figures showed that existing home sales fell by 27% in July compared with the previous month, to a 10-year low.The figures also pushed shares on Wall Street lower.The main Dow Jones index closed down 134 points, or 1.3% at 10,045.


• Cairn Energy has discovered gas off the coast of Greenland, a sign that could lead to a possible oil discovery.Edinburgh-based Cairn, the first company for a decade to drill for oil offshore in Greenland, said it had "early indications of a working hydrocarbon system" in Baffin Bay.But environmental campaigners have raised concerns in the wake of BP's Gulf of Mexico oil spill disaster.


• Private defence company Blackwater has been fined $42m (£27m) for violating US export and arms traffic laws.The nearly 300 breaches include the export of illegal weapons to Afghanistan and the unauthorised training of foreign nationals.The alleged violations were revealed in US State Department documents.The multi-million dollar settlement means that Blackwater, now known as XE Services, will be able to bid for government contracts.


• The yen has hit a new 15-year high against the dollar amid continued uncertainty about whether the government will intervene.Speaking at an emergency press conference, Japanese Finance Minister, Yoshihiko Noda, declined to comment on any potential currency intervention.But said that he was monitoring the situation "extremely closely, with grave concern".The strength of the yen is a major worry as it puts a strain on exporters.


• US bookstore chain Barnes & Noble has reported a loss between April and June, in part due to legal costs incurred in a battle with a major shareholder.The chain posted a net loss for the quarter of $63m (£41m), against a profit of $12m a year ago.Almost $10m of the loss related to the chain's fight to block billionaire investor Ron Burkle's attempts to take a controlling stake in the company.

BBC Business News 25th August 2010