Glencore spinning off Coal in a green-driven market – Javier Blas
Glencore is spinning off its coal business, betting that US investors’ love for green (the dollar) will outweigh environmental concerns.
Glencore is spinning off its coal business, betting that US investors’ love for green (the dollar) will outweigh environmental concerns.
Glencore’s next chapter plot twist: the buyer could very well become a seller in a transaction that reshapes global mining industry.
Glencore Plc has been ordered by a federal judge in New York to pay $700 million as a criminal punishment for a global bribery scheme.
Glencore Plc has its investors questioning the climate impact of its top coal mining unit.
Glencore’s recent agreement on a multimillion dollar payment to the Democratic Republic of Congo appears to show movement away from the big commodities group’s shady history.
A judge handed down a penalty of £276 million for Glencore’s conduct, on top of around $1.1 billion the company has already paid.
The company admitted to seven counts of bribery across countries including Nigeria and Cameroon. Prosecutors said that Glencore Plc paid more than $28 million in bribes to secure access to oil cargoes.
Glencore faces a raft of class-action style lawsuits in the UK, months after it pleaded guilty to market manipulation and bribery.
Mining giant Glencore recently pleaded guilty to worldwide corruption, market manipulation, and bribery with the multinational slapped with a $1.2bn penalty.
For a time, Glencore chose to turn its back on its colourful history. Now newish boss Gary Nagle is attempting to recognise and atone for that past.