Glasenberg faces tricky talks with bankers,plus Britain’s long-awaited pay rise, and Andy Haldane prepares to tweetAs any child knows, and an apology doesn’t count if you cross your fingers behind your back while making it. Last week we saw the City version of this approach,when commodities giant Glencore finally gave in to shareholders and admitted it had got it wrong approximately its balance sheet. Well, sort of.
The company announced a programme to cut its debts by approximately $10bn, and including raising $2.5bn of additional funds – essentially giving in to demands from investors. Still,chief executive Ivan Glasenberg’s statement on this enforced U-turn began with the word however”, before going to define why he was accurate and shareholders were wrong.
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Source: theguardian.com