Emma's Feed
Nov 26, 2013

Malian music by moonlight seems far from country’s woes

LOMPOUL, Senegal (Reuters) – Encircled by moon-lit sand dunes, desert blues band Tamikrest from Mali’s northern city of Kidal was the headline act at a Sahel music festival this weekend, held seemingly light years away from unrest in the group’s native country.

The six-man Tuareg band strummed out mellow, hypnotic electric-guitar driven ballads on the themes of suffering and kinship in the local Tuareg language Tamashek.

Nov 25, 2013

Trafigura’s Puma deal shows trading houses cool on IPOs

LONDON/DAKAR, Nov 24 (Reuters) – Global trading giant
Trafigura has raised $500 million via a stake sale in its Puma
unit, showing that private traders will favour partnerships with
selected investors over public share offerings as a way to raise
capital.

“The company believes private ownerships is the right type
of ownership for us. There is no active consideration of an IPO
for Puma,” a company source said.

Nov 11, 2013

Klesch awards German refinery supply deal to Barclays

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.

Nov 4, 2013

Switzerland opens probe into gold refiner Argor for Congo dealings

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.

Oct 25, 2013

Last Swiss finishing school – not just for women anymore

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.

Oct 17, 2013

Louis Dreyfus agrees JV to develop Ukraine commods terminal

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
facility there.

Oct 9, 2013

ECB policymakers see no need for new long term loan now

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.

Oct 1, 2013

Swiss to vote on ban for speculation in agricultural commods

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.

Sep 27, 2013

CME delays start of London exchange for second time

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.

The 165-year-old exchange is trying to better compete with European rivals such as Germany-based exchange Eurex (DB1Gn.DE: Quote, Profile, Research, Stock Buzz).

Sep 25, 2013

Swiss traders lured by oil assets in pursuit of scale

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.