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.
ABUJA/GENEVA, May 23 (Reuters) – Nigeria’s state-oil company
and a local unit of Exxon Mobil plan to tap the bond
market by 2016 to fill a funding shortfall in developing oil
exploration projects, the companies have said.
The Nigerian National Petroleum Corporation (NNPC) owns at
least 50 percent in several joint ventures with oil majors such
as Royal Dutch Shell, Exxon and Chevron but
often fails to meet its share of project funding.
GENEVA/LONDON, May 22 (Reuters) – The UK and French
governments will join a global initiative that will require oil
and mining firms to comply with new disclosure measures aimed at
tackling corruption, British Prime Minister David Cameron said
The Extractive Industries Transparency Initiative (EITI) has
stakeholders in the public and private sectors and requires
resource companies to disclose payments made to governments.
LONDON/ZUG, Switzerland (Reuters) – Glencore (GLEN.L: Quote, Profile, Research) bosses tightened their grip on the newly enlarged miner and trader on Thursday, as shareholders voted out all former Xstrata directors including the already outgoing chairman, replacing him with former BP boss Tony Hayward.
The move propels Hayward – “vilified” for his role in the Gulf of Mexico oil spill – back into the corporate limelight at one of London’s largest companies.
LONDON/ZUG, Switzerland (Reuters) – Glencore Xstrata (GLEN.L: Quote, Profile, Research, Stock Buzz) Chairman John Bond surprised investors on Thursday by announcing he had been voted out of the top job at the miner and trader at the group’s first annual shareholders’ meeting.
Bond gave no explanation, but as the meeting began in Zug, Switzerland, he handed responsibility for chairing the gathering to former BP (BP.L: Quote, Profile, Research, Stock Buzz) boss Tony Hayward, the company’s senior independent director.