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
GENEVA, March 27 (Reuters) – Oil trader Trafigura, a dealer
in Sudanese oil long before the nation split, has signed an
export agreement with the South which is preparing to resume
output after a gap of more than a year.
The deal is a coup for Trafigura. Until late last year the
firm was caught up in a legal dispute over a cargo of oil that
South Sudan claimed was stolen by its northern neighbour.
GENEVA, March 21 (Reuters) – Only about a third of commodity
price moves are caused by news, reflecting the growing role of
high-frequency trading in steering prices, according to a study
selected by the International Monetary Fund.
The study, co-written by researchers at the United Nations
Conference on Trade and Development and ETH Zurich, may spur
regulators who blame traders for price volatility.
GENEVA, March 18 (Reuters) – Switzerland plans to present a
reform of its corporate taxation law by mid-year, its finance
minister said on Monday, bowing to pressure from Brussels after
a row over the incentives it offers to multinationals.
Financial haven Switzerland is home to thousands of global
companies including commodities trading giant Glencore
and online retailer eBay.
GENEVA (Reuters) – U.N. agencies want to strengthen national drought policies after warnings that climate change would increase their frequency and severity.
Droughts cause more deaths and displacement than floods or earthquakes, making them the world’s most destructive natural hazard, according to the Food and Agriculture Organisation, one of the groups taking part.
GENEVA, March 13 (Reuters) – Private investors and hedge
funds seeking new ways to gain exposure to commodities may
provide a lifeline to trading houses desperate for the
short-term liquidity that banks used to offer.
European banks have cut their lending in commodity trade
finance, the $1.5 trillion-a-year business of financing oil
shipments or copper deliveries, ahead of Basel III restrictions
aimed at reducing systemic risk after the 2008 financial crisis.
GENEVA, March 11 (Reuters) – Cotton prices could rise by as
much as 10 percent before the end of the season, according to a
leading commodity trader, even as the market braces for a record
surplus and merchants worry that high prices will discourage
Raw cotton fibre, the world’s worst performing commodity
over the last two years, has already risen by 15 percent since
the start of 2013 as speculators have bet on strong Chinese
imports while farmers switch acreage away from cotton to