Glencore assured investors it is reducing its debt pile this week and President Obama rejected a request to suspend review of the proposed Keystone XL pipeline.
Glencore Says Debt Payoffs On Track
Glencore said on Wednesday it was on track to reduce its debt and boost liquidity thanks to asset sales, and plans to deepen copper output cuts to help lift prices.
Swiss-based Glencore has pledged to cut its net debt to $20 billion from $30 billion by the end of 2016 to regain the trust of investors after its shares tumbled to record lows this year.
Obama Still Wants to Rule on Keystone XL
President Barack Obama wants to rule on the long-pending Keystone XL oil pipeline by the end of his presidency, the White House said on Tuesday, calling a request by the project’s Canadian developer, TransCanada, to delay a review while it works out route details with Nebraska officials “unusual.”