Chris started his career as a researcher in BBC Television’s documentaries department and then became a financial journalist. He was previously Investment Banking Correspondent and Senior Corporate Reporter at the Financial Times, Financial Editor of The Independent and a companies writer at the Investors Chronicle. Chris has also worked at communications consultancy Financial Dynamics (now FTI), as an Associate Partner.
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The commodity trader’s revenue was flattish in 2013, despite weaker metals prices. Leverage will ease this year as capex falls and synergies from the Xstrata deal kick in. Glencore isn’t immune to falling prices but its integrated trading and mining model looks ever more attractive.
Business leaders gathered in Davos are palpably more optimistic than a year ago. But they are embarrassed about declaring “recovery” with any confidence. That’s because they know it’s a revival that excludes many citizens. And it’s still fragile.
Growth is reviving thanks to massive fiscal and monetary stimulus. The benefits flow directly to property owners, but trickle down slowly to the unemployed. The losses for less well-off are permanent, and there has been little effort to reverse the wealth grab by the ultra-rich.
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