Semiannual Profit Shrank, Glencore Trim Capital Expenditures

The commodities trader and mining company, Glencore reported a decrease of 29% in first half earnings on Wednesday as a decline in the prices of metals and oil as well as saying that capital spending next year is expected to be lower than this year. Glencore says his earnings (EBITDA) reached 4.6 billion dollars.

Glencore last week said it would cut its capital expenditures for the years 2015 to 6 billion dollars from 6.5-6.8 billion dollars that was announced last February. Glencore on Wednesday said that capital expenditure next year is estimated to be no more than 5 billion dollars. Switzerland-based Glencore, and listing in London, said this month that it would suffer a loss worth 790 million dollars in assets of oil in Chad due to a sharp fall in oil prices. Oil prices pressured down by excess supply and oil WTI and Brent has fallen more than half since a year ago.