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 huge 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 group’s financial position..

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Source: The Guardian Circular Economy RSS