GENEVA (Reuters) – Switzerland said it will reintroduce quotas for European Union workers, bowing to growing unease about immigration from poorer neighbors, in a decision Brussels says violates an accord.
Prosperous, landlocked Switzerland has seen the net influx of workers rise to up to 80,0000 a year, contributing to a house price bubble and prompting criticism from right-wing parties.
GENEVA (Reuters) – Trafigura TRAFGF.UL, the world’s third-biggest trader in raw materials, reported a 3.2 percent rise in first-quarter net profit thanks to higher oil revenue.
LAUSANNE, April 17 (Reuters) – Vivo Energy, a joint venture
between oil trader Vitol, Royal Dutch Shell and Helios
Investment Partners, will invest $200 million in Africa’s fuel
sector and plans within months to enter three new countries, its
Vivo, formed in 2011 when Vitol entered the
African fuel storage and distribution business and took a 40
percent stake, is still dwarfed on the continent by France’s
Total but the new investment could narrow the gap.
LAUSANNE, Switzerland, April 16 (Reuters) – Privately held
commodity merchants will face mounting pressure to list shares
as they compete for capital to fuel their expansion beyond
trading, senior executives said on Tuesday.
Glencore raised more than $10 billion via an initial public
offering in 2011, although major rivals such as Vitol and
Mercuria have so far not followed suit.
LAUSANNE, April 16 (Reuters) – Investors are reassessing
commodities after sharp price falls and years of poor returns,
but traders say the long-term outlook is still promising for
those with specialised expertise.
Global demand for raw materials will continue to increase as
the populations of China and other emerging economies consume
more, offering support for prices and creating local shortages
and price imbalances that can provide attractive margins.
LAUSANNE, Switzerland, April 16 (Reuters) – Privately-owned
commodities trader Gunvor said on Tuesday it hoped to raise $300
million through the sale of a 5-7-year bond, as the company
seeks to expand its energy assets.
“We are going to go for our first bond – unrated as well -
to hopefully raise $300 million (over) three to five years,”
Chief Financial Officer Jerome Schurink told a Financial Times
commodities conference in Switzerland.
GENEVA, March 28 (Reuters) – Addax & Oryx Group (AOG),
chaired by billionaire Jean Claude Gandur, plans to list its oil
exploration subsidiary Oryx Petroleum in Canada, the firm said
on its website.
Oil industry veteran Gandur was catapulted onto the Forbes
rich list in 2009 when he sold Addax Petroleum to Sinopec
three years after its IPO.
GENEVA, March 28 (Reuters) – Commodity trading houses are
expanding aggressively in Africa as they look to add volume and
take on assets that promise to benefit from a continent
achieving some of the highest economic growth in the world.
Merchant traders have historically been mostly concerned
with shipping Africa’s oil onto global markets but are now
viewing Africa as a destination market for fuels and are
investing in the storage and retail networks the continent needs
GENEVA/SINGAPORE, March 28 (Reuters) – Energy trader Arcadia
Petroleum plans to replace its long-serving CEO, a well-informed
industry source said, and other sources said it would
restructure its trading desk in the latest sign that profit
margins in the sector are shrinking.
London-based Arcadia, which is one of the world’s top oil
traders and is owned by a Norwegian shipping magnate, will part
company with its British CEO Peter Bosworth who joined as a
novice trader more than 20 years ago.
GENEVA, March 27 (Reuters) – A Swiss government
investigation into the country’s $20 billion commodities sector
has stopped short of proposing any new or tighter rules on
trading companies as it seeks to prevent departures to Asian
The long-awaited report published on Wednesday said that the
sector’s 500 or so companies and about 10,000 employees
contributed roughly 3.5 percent of Switzerland’s GDP and that
the country needs to regulate the sector without chasing them