Glencore Announces Billion Dollar Share Buyback

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Aug. 20 (Bloomberg) -- Bloomberg’s Jesse Riseborough reports on Glencore earnings and proposed share buyback. He speaks on Bloomberg Television’s “On The Move.” (Source: Bloomberg)

Glencore announced a share buyback of $1 billion.

Let's bring in more.

Jessie is here.

Investors reacting to the buyback.

Positively, marginally positive.

The stock was up about 1% when i last checked.

A stark contrast to what happened yesterday.

Bhp failed yesterday.

The stock got hammered as a result.

There was an expectation glencore were going to do this.

Some expected more.

As much as three?

To only go with $1 billion was a surprise.

Where glencore are trying to differentiate themselves is saying this is an ongoing program.

We were sitting here 24 hours ago talking about bhp.

It ended the day down by 5%. other big news, the spinoff.

Why are investors so focused on getting more returns?

It is a long-term story.

During the commodity super cycle, they were generating enormous amounts of cash.

They failed to return it to shareholders.

There is a view that they wasted it on acquisitions.

They flooded the markets, drove down their own profits.

We have seen a whole new management team, in.

Investors have driven that.

They have instilled in these guys that we want to see this money coming back.

You need to put in a few good years of generating strong cash flows.

You spoke to ivan glasenberg earlier.

He is the man at the top of glencore.

How many times did he say the word "discipline"? capital discipline is one of his favorites.

His message was unwaveringly bullish.

He talked about the commodity super cycle.

The view in the market that chinese demand growth is starting to wane, he said chinese demand has never been stronger on a baseline number, which is true.

He was really spending it that this super cycle is not dead.

We expect to see some interesting news out of glencore.

The brightest man in the room, paul gates, said it.

He has got an incredible reputation in the industry.

He is worth about $7 billion.

His dividend alone is staggering.

Hundreds of millions.

Try not to think about it.

A very savvy investor.

Thanks a lot.

Ok, that is it.

Stay with us.

Anna is next.

She will be with "the pulse." what is happening to equity markets after two days of gains?

Have a good day.

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This text has been automatically generated. It may not be 100% accurate.

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