| Glencore, albeit unwillingly, is adopting the brace position aboard the stalling aircraft of world commodities markets. The mining and trading group plans to slash debts by $10.2bn — about one-third — by the end of 2016. Investors sent chief executive Ivan Glasenberg and chief financial officer Steven Kalmin back to their spreadsheets to rework a proposal for a far more modest debt reduction revealed at the time of disappointing half-year results last month.
The surprise shift in strategy underlines the humbling extent to which Mr Glasenberg and his lieutenants have been wrongfooted by market sentiment...............................................Full Article: Source
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