▲ Up
 
17:33 25-08-2016
MAIN АКИpress CA-News
About us On-line subscription
KazakhstanKyrgyzstanMongoliaTajikistanTurkmenistanUzbekistanWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
Glencore to buy back $1bln of stock as profit gains

Bishkek (AKIpress) - Glencore Glencore Plc (GLEN)’s billionaire Chief Executive Officer, Ivan Glasenberg, underscored his belief in the longevity of the global commodities boom by beating his biggest rivals in handing out surplus cash to investors, Bloomberg reports.

Glencore, the third-largest miner by market value, today announced a $1 billion share buyback after first-half profit gained 8 percent on higher production. Investors in BHP Billiton Ltd. (BHP) sent the stock down the most in more than three years in London yesterday after the world’s biggest mining company chose to retain cash because of weaker commodity prices.

Global mining investors have been demanding greater returns following a period marked by failed acquisitions and spending on mine expansions that flooded metals markets. After a decade of explosive price gains fueled by Chinese demand, often defined as the commodities supercycle, mining companies are contending with slower growth by spurning mergers and cutting costs.

“The supercycle ain’t over, China is still buying, demand for commodities hasn’t tapered off, it’s even higher than it’s ever been,” Glasenberg said today in an interview. “The demand is pretty good. We’ll grow. We may do acquisitions where you’re not creating more supply in the market.”

The stock gained as much as 1.7 percent to 365 pence in London today and traded at 36 at 10:14 a.m. London time. It’s up 18 percent this year giving it a market value of about $80 billion.


Twitterfacebookprint
17:03 20.08.2014
LATEST NEWS
17:21 Turkmenistan imports textile products worth $1.4 mln to Kyrgyzstan in 201617:09 Diplomats of Kyrgyzstan, Uzbekistan negotiate release of 4 Kyrgyz radio relay station workers detained by Uzbek police17:03 Kyrgyz, Turkmen presidents to attend 5-star hotel cornerstone laying ceremony in Issyk-Kul17:03 Kyrgyzstan looks for labs abroad for chemical examination of unidentified 4.5 tons of chemicals16:47 Uzbekistan considers disputable Ungar-Too Mountain area its territory, says detained Kyrgyz citizens crossed borders illegally16:47 Turkmenistan considering Kyrgyzstan's proposal to open Ashgabat-Bishkek-Urumqi flight16:18 Joint session of Kazakhstan's bicameral parliament set for Sep 116:15 4 workers of Kyrgyz radio relay station detained by Uzbek police allegedly for illegal border crossing, locals say16:12 Only 11 out of 30 joint Kyrgyz-Turkmen enterprises functioning today in Kyrgyzstan: Minister16:06 Kyrgyzstan wants to join Iran-Oman-Qatar-Turkmenistan-Uzbekistan transport corridor: Minister16:04 Criminal probe into unlawful issuance of residence permits to 996 Chinese citizens ongoing15:55 Kyrgyzstan-Turkmenistan trade turnover up 23.7% in Jan-May 201615:36 Kyrgyzstan spends less than 1% of health care funding on prevention of noncommunicable diseases15:29 Germany, Russia write off $43.5 million of Kyrgyzstan debt since year start15:27 USAID assists Kyrgyz farmers to explore business opportunities with local supermarkets15:21 Municipalities of Issyk-Kul, Jalal-Abad regions to improve life of citizens with support of Switzerland15:16 Over 2,500 teachers receive government certificates for completing reading instruction training15:12 India ranked world's top exporter of information, communication technology15:11 World population to rise 33% by 2050 to nearly 10 bn14:40 Baiterek holding, number of Polish companies sign cooperation deals
Astana
+28° C
Ashgabat
+31° C
Bishkek
+27° C
Dushanbe
+29° C
Tashkent
+32° C
Ulaanbaatar
+16° C
exchange rates
 
77.52
68.64
10.28
1.06
382.17
338.83
50.94
5.23
6.85
6.26
1.01
0.12
3286.53
2888.39
446.81
42.81
3.95
3.50
0.53
0.05

© AKIpress News Agency - 2001-2016. All rights reserved
Republication of any material is prohibited without a written agreement with AKIpress News Agency. Any citation must be accompanied by a hyperlink to akipress.com.
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)90-07-75