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.
GENEVA, June 6 (Reuters) – European banks trying to make a
comeback in commodity trade finance may struggle to regain their
dominance from the Asian banks and new types of lenders that
have stepped in to replace them.
Many European banks in the $1.5 trillion a year business of
lending to traders to finance commodity transactions ceded
ground to competitors as new regulations aimed at preventing a
repeat of the 2008 crisis forced them to cut lending.
GENEVA (Reuters) – The mega rich have become the hottest property in private banking and wealth managers are pulling out all the stops to court them, offering perks ranging from lunches with sports stars to track days at the Monaco Grand Prix circuit.
The focus on “ultra high net worth clients” marks a shift from an earlier strategy of chasing the “mass-affluent”, or moderately rich, in an attempt to boost revenue on the back of this fast-growing segment.
GENEVA, June 5 (Reuters) – Top Chinese refiner Sinopec’s
Addax Petroleum is embroiled in a legal dispute with
Gabon over an oilfield in which claims and counter claims total
more than $1 billion, sources familiar with the confidential
The case adds to questions about whether African enthusiasm
for Chinese investment in the continent’s resources is fading
after an iron ore project in Gabon was placed under review and
separately three Chinese licences were revoked in Zambia’s coal
GENEVA, May 24 (Reuters) – Sinopec subsidiary
Addax Petroleum wants to buy more North Sea assets this year,
its Chief Executive said, in a sign that Chinese firms may
further boost their regional investments after two multi-billion
deals in 2012.
Addax, a Swiss-based oil producer and explorer which was
bought by China’s top refiner in 2009 for more than $7 billion,
first entered the North Sea last July with the purchase of a 49
percent stake in Canada’s Talisman.