GENEVA, May 13 (Reuters) – Swiss trading house Vitol
has dropped plans to bid for Canada-listed oil and
gas producer Sterling Resources, Sterling said on
Monday, after talks stalled over price.
Vitol, which is also a Sterling shareholder, said in
February it would offer C$192 million ($190 million) for
Sterling, giving it a foothold in the North Sea oil and gas
GENEVA, May 9 (Reuters) – Swiss trading house Gunvor said
tonnage of commodities traded hit a record high last year, with
crude oil contributing less than a third as the firm shifts its
focus to refined oil products and other commodities.
Provisional turnover was a record 136 million tonnes versus
122 million in 2011, while crude accounted for just 30 percent
of the total, according to a presentation given by David Fyfe,
Gunvor’s head of market research and analysis.
GENEVA (Reuters) – Swiss authorities have opened a money laundering investigation into a former treasurer of Spain’s ruling party suspected of depositing millions of euros from bribes in Swiss bank accounts, the Geneva prosecutor handling the case said on Monday.
Luis Barcenas, accused by Spanish authorities of abusing his position to secure bribes, evading taxes and laundering money is at the heart of a growing corruption scandal that has hurt the conservative People’s Party and Prime Minister Mariano Rajoy.
GENEVA, May 1 (Reuters) – The world’s little-regulated and
often secretive commodity trading houses could face new
disclosure rules, and even capital requirements, because of
their money lending activities, after a global regulatory
watchdog’s review of “shadow banking”.
The Financial Stability Board (FSB) – a task force set up by
the G20 group of major economies to improve global financial
regulation in the wake of the 2008 crisis – has asked national
and regional regulators to determine whether commodity traders
should come under the scope of new rules.
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.