ZURICH/GENEVA, June 14 (Reuters) – Browsing glossy brochures
in search of an exotic and relaxing summer holiday is the norm
for Swiss private bankers at this time of year.
But many will be going no further than the Alps, fretting
that Switzerland’s tax disputes with the United States and other
nations could leave them open to arrest and extradition if they
leave the country and are suspected of aiding tax cheats.
GENEVA, June 12 (Reuters) – Cyprus-registered commodities
trader Gunvor said its Singapore branch had signed a $635
million loan agreement with mostly Asian banks, as trading
houses look for new sources of capital amid a retrenchment by
traditional European lenders.
European banks involved in commodity trade finance, such as
market leader BNP Paribas, have cut back lending,
under pressure from new rules requiring them to boost their
capital and from a shortage of dollar liquidity.
GENEVA, June 7 (Reuters) – The United States is disappointed
that Switzerland has not yet adopted the European Union’s
embargo on Iranian oil, the U.S. Ambassador to Switzerland said,
adding that he did not expect the country to permit a legal
loophole in the long run.
Switzerland, a major physical oil trading hub and base for
Iranian state-owned oil trading firm Naftiran Intertrade
Company, extended an Iran blacklist in April but postponed a
decision on the EU ban until a “later date”.
GENEVA/LONDON, June 1 (Reuters) – Egypt has struggled to
obtain bank payments for its fuel purchases, trade sources said,
delaying diesel supplies for transport, industry and agriculture
ahead of the second round of an election vote.
The payment problems have caused shipping delays and
prompted some suppliers to think again before offering oil into
a forthcoming $1 billion import tender, half a dozen trade
sources, including current suppliers, told Reuters.
GENEVA, May 31 (Reuters) – Swiss-based trader Gunvor,
co-owned by a Russian tycoon, has bought a second European oil
plant from Petroplus, as trading houses emerge as the biggest
winners from the insolvent refiner’s asset sale.
Petroplus’ five plants came on the market at a time when
trading houses, traditionally the middle-men in global oil
markets, are seeking to snap up physical assets to become more
like integrated oil firms as profit margins shrink.
LONDON (Reuters) – Debt-stricken Greece is surviving on oil priced at a premium from trading houses Vitol and Glencore, who have stepped in as suppliers of last resort after sanctions forced Greece to halt imports from its main supplier Iran.
Greece has been forced to halt Iranian oil purchases because of EU financial sanctions ahead of an oil embargo in effect from July 1.
NEW YORK/GENEVA (Reuters) – Trafigura TRAFGF.UL and U.S. aluminum producer Ormet Corp (ORMT.PK: Quote, Profile, Research, Stock Buzz) have formed a joint venture to buy bauxite, alumina and aluminum projects, they said on Thursday, as the Swiss trading house looks to build its physical presence in the aluminum market.
Trading houses like Trafigura and rival Vitol, traditionally the middle men on global sales, are looking to acquire physical assets like aluminum smelters as trading profits shrink and stricter derivatives regulations loom.
GENEVA, May 24 (Reuters) – Libyan-owned Tamoil’s Swiss
branch said it will spend “tens of millions” of Swiss francs on
its Collombey refinery after cantonal authorities issued an
ultimatum on a clean-up of the plant and threatened to force it
to suspend operations.
The Swiss canton of Valais, best known for the “Toblerone
mountain” and world-class ski resorts, in March published a list
of 15 steps it said Tamoil should implement to clean up the
50-year old plant.
GENEVA/SINGAPORE, May 23 (Reuters) – Commodities trader
Trafigura said on Wednesday that Singapore would
become its main trading centre as it seeks to tap booming
regional demand, dealing a blow to Switzerland as a commodities
Asian economic growth led by China is causing a shift in the
global demand centre from West to East, prompting a hiring spree
among Singapore’s commodity houses.
GENEVA, May 18 (Reuters) – BB Energy said on Friday it has
hired three commodity finance specialists as the energy trading
house seeks to tap alternative sources of funding for downstream
acquisitions and its expansion in crude oil trading this summer.
Many small to mid-sized trading houses have seen their
credit lines trimmed or cut in the last year as the traditional
kings of commodity trade finance, the European banks, have
struggled to raise dollar funding.