News Summary: Charge hits Glencore Xstrata profit

News Summary: Glencore Xstrata profit drop comes on $7.66 billion write-down following merger

Associated Press

MINING LOSS: Newly merged commodities and mining group Glencore Xstrata Plc reported a near $9 billion first-half loss as it wrote down the value of its mining assets by $7.66 billion.

TOUGH MARKETS: Trading conditions have been difficult. The company said it was hurt by weaker prices in core commodities, but that was partially offset by improved production at many of its industrial operations.

THE BACKGROUND: The merger between Glencore and Xstrata, completed in May, created an industry giant that controls a chain of businesses in mining, refining, storage and shipping of basic commodities like coal, copper and corn.

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