U.S. Markets close in 4 hrs 18 mins

BHP Billiton cost cuts include lower pay for new CEO, FT says

BHP Billiton's (BHP) new CEO Andrew Mackenzie will be paid significantly less than his predecessor and said he is determined to cut costs and drive productivity with an overhaul of the company's management and operations, Financial Times reported. Under the new structure, the heads of BHP’s five key business units--petroleum and potash, copper, iron ore, coal, aluminum manganese and nickel--will report directly to Mackenzie.