Mining and commodities trading giant Glencore posted on Thursday, August 6, a net loss of $2.6 billion for the 1st half of the year and suspended dividend payments to shareholders as it took massive coronavirus-related charges.
Companies must reevaluate the value of their assets regularly in light of developments, and many firms have posted huge impairment charges as a result of lockdowns imposed to stem the spread of the coronavirus. It said the crisis pushed down the value of the thermal coal, oil, and zinc it produces as well as expectations concerning their long-term operations."The outlook remains uncertain in the short term," chief executive Ivan Glasenberg said in a statement.
Like many banks whose trading units profited from the volatility in the markets, Glencore's commodity trading operations did well, more than doubling adjusted earnings before interest and tax changes to a record $2 billion.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SMC’s H1 net loss at P4BConglomerate San Miguel Corp. incurred a net loss of P4 billion in the first semester as the lockdown protocols during this coronavirus (COVID19) pandemic bludgeoned its beer and petroleum
Source: inquirerdotnet - 🏆 3. / 86 Read more »
BMW swings to first loss in a decade as virus hits salesBMW posts an operating loss of 666 million euros ($787.6 million) in April-June 2020, after selling around 25% fewer cars compared to the same period in 2019.
Source: rapplerdotcom - 🏆 4. / 86 Read more »
House acts on measure to mitigate sudden loss of jobsThe House Committee on Labor and Employment directed Wednesday (August 5) its sub-panel to convene and conduct “further studies” on a bill seeking to institutionalize a National Unemployment Insurance Program that would provide assistance to workers during periods of unemployment. 😴 sleeping while Rome burns
Source: manilabulletin - 🏆 25. / 51 Read more »
Nintendo reports bumper $1 billion net profit in first quarterThe Japanese giant raked in 106.5 billion yen for the 3 months to June, a more than 6-fold increase from 16.6 billion yen a year earlier.
Source: rapplerdotcom - 🏆 4. / 86 Read more »
Filipinos in Canada report high job losses in pandemicVANCOUVER, British Columbia — Filipinos responding to an online Statistics Canada survey reported huge job losses or reduced hours due to the coronavirus pandemic. Some 36,000 Canada residents answered an online Statistics Canada questionnaire on the impact of the pandemic between May 26 and June 8. ADVERTISEMENT Of Filipino respondents, 42% reported that they had …
Source: inquirerdotnet - 🏆 3. / 86 Read more »
WNBA: Lynx hand Ionescu-less Liberty 5th straight loss
Source: ABSCBNNews - 🏆 5. / 83 Read more »