Glencore

Ticker GLEN

Today's data summary

Market closed
% change
-0.48%
Price Pence
308.60
Change
-1.50
As of 21:41 26 Mar 2019
Market cap. Pound sterling
42,767.26 million
As of 21:41 26 Mar 2019

Latest updates

Glencore woes abound in trading update

Glencore sign
Getty Images

In case you missed it, the latest earnings results for Swiss commodity trading and mining firm Glencore reveal that the company is facing several obstacles right now.

For one, the miner has been pressured into cutting the amount of coal it produces, due to environmental concerns from the shareholders, including the Church of England, which owns a stake worth just under £10m in the company.

HM Revenue and Customs has also been on the prowl - Glencore admitted that it owes $680m in diverted profits and permanent establishment taxes for the period from 2008 to 2017, and that it had not provisioned for the amount.

As explained by the FT, HM Revenue and Customs uses the diverted profits tax to detect and prevent profit shifting by large corporations, while permanent establishment tax determines whether a company's UK offices are liable to be taxed.

Working in a coal mine

Canary
Getty Images

Mitsubishi will raise A$750m (£427m) by flogging its stake in two Australian thermal coal mines.

The Japanese firm will sell its 31.4% stake in Clermont coal mine to a joint venture between Glencore and Sumitomo, while it plans to sell its 10% stake in Ulan coal mine to Glencore.

Through the deal, which is expected to be completed in 2019, the Glencore-Sumitomo joint venture's stake in the Clermont mine will rise to nearly 81.5 percent, Sumitomo said.

Miners send FTSE 100 lower

Anglo American mining site
Anglo American

The FTSE 100 index is now down 0.78% at 7,084.73 with mining stocks the biggest fallers on the blue chip index.

Anglo American is showing the biggest drop, down 4.6% at £16.69, followed by Glencore whose share price is down 4% at 305.15p.

Exhibitions and publishing group Informa is still the leading riser on Friday, up 2.6% at 710.2p after revealing strong revenue growth over the year to date.

The FTSE 250 is down 0.69% at 19,124.37. After strong gains on Thursday, Hikma Pharmaceuticals is the largest faller on the index, down 6.1% at £19,00.

Next and Glencore shares gain

Glencore mining operation
Getty Images
Glencore plans to buy back more shares

Next has cemented its place at the top of the FTSE 100 risers today after lifting its full-year profit guidance.

Its share price is up 8.39% to £55.53.

Commodities and mining firm Glencore is also one the morning's largest gainers, up 2.5% to 338.27p after it said it will buy back $1bn of additional shares.

Educational publisher Pearson shares are the biggest faller, down 2.7% at 863.2p.

After a profit warning on Monday, Thomas Cook's shares recovered a little today - up 5.7% at 59.15p - to lead the FTSE 250 risers.

The wider FTSE 250 is largely flat at 20,491.24.

Good morning!

Welcome to Business Live.

Insurance groups Prudential and Hastings will both update investors today with their latest financials as will commodities giant Glencore.

Later on the US, fashion house Michael Kors and Virgin Media-owner Liberty Global will publish figures.

But the main focus today will stay on Elon Musk who says he is considering taking electric car maker Tesla private.

If it goes ahead, it would be the largest buyout of its kind.

As always. we'd love to hear from you. Email us at bizlivepage@bbc.co.uk

Good morning!

Welcome to Business Live and a very busy day for company results.

Energy giants BP and British Gas-owner Centrica are reporting their financials this morning - Centrica's boss Iain Conn is on Radio 4's Today programme at around 7.15am.

Mining and commodities groups Glencore and Fresnillo will also reveal their latest figures.

Housebuilder Taylor Wimpey and building supplies firm Travis Perkins will give snapshots of the property market while holiday group Thomas Cook and baker Greggs will also publish updates.

We’ll also get the first results from the banking groups, in this case Standard Chartered. Barclays, Lloyds and RBS report later this week.

As always, we'd love to hear from you. Email us at bizlivepage@bbc.co.uk

Glencore news halts FTSE 100 rise

FTSE graph
BBC

News of that Glencore money-laundering probe really hit the FTSE 100, as our graph above shows.

The market's morning climb was immediately reversed, but it avoided falling into negative territory for the day and has begun to recover.

Top risers so far include BT Group, up 1.52%, and airline IAG, up 1.44%. Glencore leads the losers, falling more than 10% so far.

BreakingGlencore faces money laundering investigation

Glencore has received a subpoena from the US Department of Justice. It wants documents and records related to its business in Nigeria, the Democratic Republic of Congo and Venezuela from 2007 to present.

It is looking into whether Glencore broke US money laundering laws.

A subpoena is a court order which compels an organisation or person to produce physical evidence, or face punishment.

"Glencore is reviewing the subpoena and will provide further information in due course as appropriate," the company said in a statement.

Glencore shares tumble

Coppers smelter Zambia
Getty Images

Glencore shares have tumbled 9% after news of that US subpoena (see below).

Glencore mines and trades commodities and is a huge player in the industry. Pictured above is a copper smelter it owns in Zambia.