Massive Losses Force Glencore To Slash Dividends

Miner and commodities trader giant Glencore (LON: GLEN) posted a $2.6 billion loss for the first half of the year and scrapped its dividend, as the coronavirus pandemic dented global demand and lowered prices and production at its mining division. Despite the virus impact, the Swiss firm managed to remain profitable on an operating basis. Glencore posted $1.5 billion in adjusted earnings before interest and taxes, but booked $3.2 million in impairment charges. The company said it was putting balance sheet strength ahead of shareholder returns,…