COMMODOTIES giant Glencore has reported an eight per cent rise in earnings to $6.46 billion (£3.89bn) for the first six months of the year.

The company also announced a share buyback programme of up to $1bn (£602 million).

The buyback programme is scheduled to begin in the period up to the end of March, 2015.

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Chief executive Ivan Glasenberg said that Glencore had made "decisive progress" as it continued integrate rival miner Xstrata, which it bought for around £26bn two years ago.