GENEVA, July 9 (Reuters) – The Swiss canton of Geneva,
pressured by EU demands to end tax breaks, cannot guarantee its
proposal for a tax compromise will get through, its finance
minister said, even though trading houses said less attractive
conditions could drive them away.
In April the co-owner of Gunvor, Gennady Timchenko, said it
could move to Singapore, a rival commodity trading hub, if
Switzerland became less attractive.
VIENNA/GENEVA (Reuters) – Bolivia on Wednesday accused the United States of trying to “kidnap” its president, Evo Morales, after his plane was denied permission to fly over some European countries then inspected at Vienna airport on suspicion he was taking fugitive U.S. intelligence analyst Edward Snowden to Latin America.
Snowden was not on the plane and is still believed to be stranded in the transit lounge of a Moscow airport. The United States has been trying to get its hands on him since he revealed details of its secret surveillance programs last month.
GENEVA/NEW YORK, June 27 (Reuters) – Swiss asset manager GAM
Holding said on Thursday it plans to launch base metals
funds backed by physical aluminium, copper, nickel and zinc
stored in Trafigura’s warehousing unit.
The JB Industrial Metals Funds will use North European
Marine Services (NEMS), a warehousing company owned by
commodities trader Trafigura, to store the metals in London
Metal Exchange-registered facilities, a Swiss & Global
GENEVA, June 20 (Reuters) – Geneva-based agricultural trader
Afegra – an exporter of cereals to Iran until last year – is
parting company with its managing director and its trading team,
sources familiar with the matter said.
Gert Bosscher, a former Glencore trader, has
resigned as managing director, and a team of at least six
traders will be made redundant this summer at Afegra, which was
launched in 2010 and specialises in wheat, barley, corn and
rice, the sources said.
LIBREVILLE/GENEVA, June 18 (Reuters) – Switzerland’s Gunvor
has signed a deal with Gabon to create a joint venture to sell
refined oil products along the western coast of Africa, sources
said on Tuesday, as the trader seeks to expand in one of the
world’s fastest growing fuel markets.
Gunvor will provide a loan of around $500 million to help
start the joint venture, which will be 55 percent owned by the
Gabonese state and 45 percent owned by the trader, they said.
GENEVA/PARIS, June 17 (Reuters) – The chief executive of
Louis Dreyfus Commodities has resigned, the company
said on Monday, ending an eight-year reign in which the
agribusiness giant more than tripled turnover and its profits
rose to a record last year.
Serge Schoen, the firm’s chief executive since 2005, will
step down as of June 30 and be succeeded by Ciro Echesortu, who
is now chief operating officer and head trader, the group said.
GENEVA/LONDON, June 17 (Reuters) – Energy trading houses are
diversifying into food commodities and metals, which makes them
likely to invest in assets such as port capacity as they copy
their rival Glencore Xstrata to escape excessive
reliance on oil.
Oil giants Vitol and Mercuria have expanded in
agricultural commodity markets by recruiting traders in the past
18 months, while Gunvor and Mercuria have also hired metals
specialists and begun trading for the first time.
LONDON/GENEVA, June 14 (Reuters) – European authorities are
close to agreeing on the final draft of markets abuse rules that
will make the standard commodities market practice of trading on
inside information illegal.
Commodities market players say the draft regulation, which
will lay the ground work for jail terms for insider trading,
could force them to reveal their trading strategies and
undermine their businesses.
GENEVA, June 11 (Reuters) – The Swiss parliament agreed a
motion on Tuesday that could result in tougher rules for the
mining and commodity trading sectors, reviving a fierce debate
over transparency in the $20 billion sector.
The vote in Switzerland’s lower house follows the release of
a government inquiry in March that stopped short of proposing
legally-binding transparency measures for the commodities sector
which accounts for nearly 4 percent of GDP.
GENEVA, June 6 (Reuters) – China’s yuan will become a key
currency for trade in commodities over the next few years and
has already begun making inroads into the U.S. dollar’s
dominance in Asia, according to bankers.
As the world’s top consumer of commodities such as base
metals and rubber, China is expected increasingly to dictate the
terms for its imports, they said this week on the sidelines of
Euromoney’s Global Commodities Finance Conference in Geneva.