Glencore earnings fall 13% to $4.02bn as company presses ahead with its turnaround plan

Glencore, a miner and commodity trader, posted lower earnings but added its turnaround plan to cut debt through asset sales was on track. It said earnings in the first six months of its year tumbled 13% to $4.02bn (£3.05bn), with the firm suffering from softer commodity prices and lower production volumes as world trade slows. The Swiss-based group said it has sold $3.9bn of assets since last September as part of its recovery plan to reduce debt built up over years of expansion.