DAKAR/LONDON (Reuters) – Swiss industrial group Klesch has agreed that Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) will supply crude oil to its German refinery in a deal worth hundreds of millions of dollars a month that boosts the bank’s drive to increase its commodities business.
New regulations have forced many of the biggest banks in commodities to scale back their activities, especially proprietary trading.
GENEVA/DAKAR (Reuters) – Switzerland said it had opened an investigation into Argor-Heraeus, one of the world’s largest gold refiners, for suspected money laundering and complicity in war crimes.
The probe follows a criminal complaint filed by Swiss NGO TRIAL on November 1 which accused the refiner of processing close to three tons of gold sourced from an armed group in the Democratic Republic of Congo.
GLION, Switzerland (Reuters) – The sign on the door with a stick figure of a man overlaid with a big “X” will have to go now that the last Swiss finishing school, bending to economic reality and social change, is accepting men.
The Institut Villa Pierrefeu, located on a hill above Lake Geneva, is the last in a line of institutions that struggled to shake their image as “schools for princesses” after Diana Spencer, who later became Lady Diana, attended one in the same canton.
GENEVA, Oct 17 (Reuters) – Trading giant Louis Dreyfus
Commodities said on Thursday it has entered a joint venture
agreement with Brooklyn Kiev LLC to develop and manage a
multi-commodity terminal in Odessa as it expands in one of the
world’s top grain exporters.
While Louis Dreyfus is already active in shipping grains
from the Black Sea – a region which accounts for about a quarter
of global wheat volumes – the terminal will help it to compete
with rivals such as Bunge which already has an export
GENEVA/FRANKFURT (Reuters) – Two leading European Central Bank policymakers said they saw no need now for the ECB to make fresh long-term loans to banks, playing down the prospect of any immediate action to tackle moves in money market rates.
The comments from Benoit Coeure, a member of the ECB’s Executive Board and generally seen as a policy dove, and the hawkish Bundesbank chief, Jens Weidmann, suggest there is little urgency on the Governing Council for a new splurge of liquidity.
GENEVA, Oct 1 (Reuters) – Switzerland is obliged to hold a
vote on banning speculation in agricultural commodities after a
left wing political initiative gained enough signatures to force
it to under Swiss law.
The timing of the national vote is not clear and is pending
official guidance from the government. Under the Swiss system,
parliament can propose alternative legislation which is
typically more moderate and also subject to a national vote.
GENEVA (Reuters) – CME Group Inc (CME.O: Quote, Profile, Research, Stock Buzz), the No. 1 U.S. futures market operator, is again postponing the start of operations in London – its first exchange abroad – due to a technical problem, it said on Friday.
It did not provide a new date.
GENEVA, Sept 25 (Reuters) – Swiss oil trading houses are
investing tens of millions of dollars in oil assets, morphing
from middle men to producers, as they look to swoop on cheap
assets during a period of depressed M&A activity.
With oil trading profit margins often as low as 1 percent,
traders are seeking to diversify, especially in Africa where
Vitol and Glencore are already pumping oil.
GENEVA (Reuters) – The London Metal Exchange (LME) may have to return to the drawing board as enthusiasm wanes for its third attempt in as many years to head off a crisis over its warehouse system.
Storage firms owned by big banks and trade houses have made money by building stocks in LME-registered warehouses and allowing queues to grow for clients seeking to withdraw material, all the time charging rent.
GENEVA (Reuters) – Iran plans to invest around 8.5 billion euros ($11.4 billion) in its aluminium industry as part of plans to nearly quadruple production by 2025, an official at mining group Imidro said on Thursday.
Iran is the 20th largest producer of aluminium in the world, according to the Iranian Mines and Mining Industries Development and Renovation Organisation (Imidro), and needs the extra supplies to meet demand which is growing by 10 percent a year.