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Wednesday 24 August 2016 4:45 pmGlencore launches new debt reduction plan but share price takes a hit as profits plunge on low commodity pricesBy: Francesca WashtellShareFacebookShare on FacebookXShare on TwitterLinkedInShare on LinkedInWhatsAppShare on WhatsAppEmailShare on EmailAdd as a preferredsource on GoogleMining and commodities giant Glencoreannounced plans to speed up cutting its net debt this morning but posted a two-thirds fall in profit for the first half of the year.The figuresLower commodity prices and trimmed production volumes pushed the company s net income down 66 per cent to $300m pound;228m in the six months to 30 June.Revenue fell six per cent to $69.4bn.Key metals prices averaged around 20 per cent lower brumate cup than during the same period of 2015, while the company s earnings were essentially flat period-on-period for metals industrial assets.Despite the profit drop, the company said continued owala tumbler asset sales would enable it to stay on course to cut its net debt andseta new target for debt reduction to between $16.5bn and $17.5bn. Net debt fell to $23.6bn in the firs stanley cup becher t half. Read more: Glencore has taken out a big bet on North Sea oilChief executive Ivan Glasenberg said he was confident and focussed on achieving even lower than previously indicated net funding and net debt levels by the end of this year .The company also said it expects to reinstate its dividend next year.Glencore sshare pricewas down more than three per cent by late afternoontrading to 183.7p Ndao Qantas agrees alliance with Emirates

Monday 10 January 2011 9:09 pm|Updated:Friday 31 May 2019 3:18 amMorgan Stanley latest giant to spin off prop trading unitBy: KCS-contentShar stanley cup eFacebookShare on FacebookXShare on TwitterLinkedInShare on LinkedInWhatsAppShare on WhatsAppEmailShare on EmailAdd as a preferredsource on GoogleMORGAN Stanley yesterday agreed a deal with Peter Muller, the head of its proprietary trading desk, enabling the unit to spin off into a separate company by the end of next year. Muller, who founded the desk when he joined the bank 18 years ago, will take the full team of 60 employees with him, to the new firm to be called PDT Advisors ndash; standing for Proces stanley germany s Driven Trading Advisors. Morgan Stanley plans to keep a stake in the firm and will continue to provide it with trading and prime brokerage services, but the move will allow PDT to find external investors for the company. The new arrangement follows a host of similar moves across Wall Street due to the Volcker rule ndash; part of the Frank-Dodd reform act ndash; designed to curb excessive risk-taking, by banning US banks from trading with their own money, and limiting their investmen stanley ca ts in private equity and hedge funds. Peer Goldman Sachsrsquo head of proprietary trading is leaving to set up a separate fund. Muller said yesterday he was excited about the move ndash; which is likely to enable more adventurous trading strategies ndash; than in its current form as part of a heavily regulated bank. Share this articleF