Glencore: Core change

Glencore continues to inch towards public life. The secretive Swiss commodities trader saw earnings fall 43 percent last year and has warned of a volatile recovery. With Glencore looking to an initial public offering, the sparse two-page statement is hardly auspicious. But one set of mixed results is unlikely to derail an expected overhaul of Glencore’s capital structure in the near future. The privately held group has had a busy year. It issued a $2.2 billion five-year convertible bond in Dece...