Emma's Feed
Sep 7, 2012

Glencore delays vote on Xstrata bid, hints at deal

LONDON/ZUG (Reuters) – Glencore’s $34 billion takeover bid for miner Xstrata appeared to be back on after the commodities trader postponed a shareholder meeting on Friday that had been expected to vote on the faltering deal.

Glencore Chairman Simon Murray gave no details, telling shareholders in Zug, Switzerland, only that there had been “developments overnight”, hinting at an improved deal.

Aug 14, 2012

Swiss bank BCGE cashes in on trade finance demand

GENEVA, Aug 14 (Reuters) – A clampdown on trade finance by
some of Europe’s biggest lenders is proving a windfall for one
regional bank in Switzerland, home to some of the world’s
biggest commodity traders.

Banque Cantonale de Geneve (BCGE) is seeing strong demand
for commodity trade finance as trading houses become more
desperate for funding following the retrenchment of traditional
lenders, its Chief Executive Blaise Goetschin said on Tuesday.

Jul 31, 2012

Thousands of Syrians trapped in Aleppo: UNHCR

GENEVA (Reuters) – Battles between the Syrian army and rebels in Aleppo have forced many terrified civilians to flee the city by perilous routes or take refuge in safer areas, a United Nations official said on Tuesday.

“Thousands of frightened residents are seeking shelter in schools, mosques and public buildings,” said Melissa Fleming, spokeswoman for the U.N. High Commissioner for Refugees (UNHCR).

Jul 25, 2012

Insight: War and debt: commodities trading houses cash in

GENEVA/LONDON (Reuters) – The Vitol oil trader dressed in heels picking her way through the armed rebels and pick-up trucks of post-war Tripoli had eyes only for the lucrative oil contracts up for grabs from Libya’s new revolutionary government.

Her landmark deal for Vitol to export Libyan crude heralded the return of commodity houses to their swashbuckling roots, trading oil and grain with countries troubled by war and debt.

Jul 25, 2012

War and debt: commodities trading houses cash in

GENEVA/LONDON, July 25 (Reuters) – The Vitol oil trader
dressed in heels picking her way through the armed rebels and
pick-up trucks of post-war Tripoli had eyes only for the
lucrative oil contracts up for grabs from Libya’s new
revolutionary government.

Her landmark deal for Vitol to export Libyan crude heralded
the return of commodity houses to their swashbuckling roots,
trading oil and grain with countries troubled by war and debt.

Jul 25, 2012

Work on $600 million Swiss Alps resort to start next year: developer

GENEVA (Reuters) – A firm backed by a Russian property tycoon will start building a $618m luxury resort in the Swiss Alps early next year, the company said on Tuesday, in a move likely to be interpreted as a boost for Switzerland’s struggling tourist sector.

Swiss-based firm Aminona Luxury Resort said it was in a position to press ahead with construction after a Swiss federal court gave the project the green light last week, dismissing environmental concerns about its construction.

Jul 24, 2012

Work on $600mln Swiss Alps resort to start next yr-developer

GENEVA, July 24 (Reuters) – A firm backed by a Russian
property tycoon will start building a $618m luxury resort in the
Swiss Alps early next year, the company said on Tuesday, in a
move likely to be interpreted as a boost for Switzerland’s
struggling tourist sector.

Swiss-based firm Aminona Luxury Resort said it was in a
position to press ahead with construction after a Swiss federal
court gave the project the green light last week, dismissing
environmental concerns about its construction.

Jul 24, 2012

U.S. sees no trade sanctions violations by U.N. agency

WASHINGTON/GENEVA (Reuters) – A preliminary U.S. assessment has concluded that the U.N.’s World Intellectual Property Organization (WIPO) did not violate U.N. sanctions when it sent technical equipment to North Korea and Iran, the State Department said on Tuesday.

As two senior U.S. lawmakers accused the Geneva-based agency of stonewalling a U.S. probe into the transfers, the State Department indicated it was satisfied with WIPO’s cooperation on the issue.

Jul 19, 2012

Sierra Leone awards eight offshore oil blocks

GENEVA, July 19 (Reuters) – Sierra Leone has provisionally
awarded contracts to 11 companies including U.S. firms Noble
Energy and Chevron Sahara to explore for oil in
eight offshore blocks, a government statement showed.

Oil exploration has been booming in West Africa following
Tullow Oil’s discovery of the Jubilee field in Ghana but it is
still unclear whether nearby Sierra Leone, still recovering from
a war that ended in 2002, has commercial quantities.

Jul 17, 2012

Testing firm SGS cuts costs to keep on track

ZURICH/GENEVA, July 17 (Reuters) – SGS, the
world’s largest testing and inspection group, said cost cutting
and investment in emerging markets should help it to meet
full-year targets after a one-off restructuring charge led it to
miss first-half profit expectations.

The Swiss group, whose activities include checking toy
safety and testing oil wells, said on Tuesday strength in energy
and mining businesses and an increase in government regulation
was helping to offset slower growth in the euro zone.