The mining and trading giant is suffering as the oil price falls and Chinese economy slows down. Now it’s promising to draw in its horns
It’s all happening in Zug, the former Swiss fishing village that now hosts one of the world’s largest concentrations of millionaires. Zug is home to more registered companies than people, and among its 30,000 corporations is Glencore, which will share gory details about the downturn in its fortunes at half-year results on Wednesday.
Unless you are filling up at a petrol station, now is not a great time to be investing in oil. The plummeting price of petrol and the end of the Chinese production boom has hurt the mining and commodities trading company run by the outspoken Ivan Glasenberg. Since its May 2011 float, the shares have lost two-thirds of their value.
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Source: The Guardian Circular Economy RSS