Commodities trading firm hit by both falling Chinese demand and prices to buy back shares and reduce debt Ivan Glasenberg,the billionaire chief executive of Glencore, is to put up some $210m (£140m) of his own cash as part of a humiliating $10bn programme of fundraising and cuts designed to prepare the company for a doomsday scenario”.
The enormous initiative – which will still leave the commodity trading and mining empire with a debt mountain of some $20bn – comes only weeks after the company’s management insisted they were comfortable with the groups financial position.. Related: Glencore's former wealthy boy rues multibillion-pound loss Continue reading...
Source: theguardian.com