Glencore reported an annual loss of $5 billion

Glencore reported an annual loss of $5 billion, reflecting big write-downs of mining assets; without those, the Swiss mining-and-trading group’s net income was $1.3 billion, down by 69%. Glencore expects to sell $4 billion-5 billion-worth of assets this year and to cut net debt, once $30 billion and a worry for investors, to $15 billion by the end of 2017.