Jardine Matheson plans to cut costs by $1 billion and raise profit expectations for its commodities trading division.

Glencore has announced that after evaluating its extensive network of mines and smelters, it will cut costs by approximately $1 billion, while also raising long-term profit expectations for its commodities trading division for the first time since 2017. Glencore did not disclose details on how the cost cuts will be achieved, but stated that they will be fully implemented by the end of 2026. CEO Gary Nagle stated in a statement, "We conducted a comprehensive review of our industrial asset portfolio and identified opportunities to simplify industrial operations, optimize department management and reporting, and support improvements in technology and operational focus." Glencore has increased its long-term profit expectations for its commodities trading division for the first time since 2017. The expectation has been raised from a long-term range of $22-32 billion to $23-35 billion. Glencore reported that the trading division made a profit of $1.35 billion in the first half of the year.