Emma's Feed
May 9, 2013

Gunvor says volumes hit record in 2012, crude role shrinks

GENEVA, May 9 (Reuters) – Swiss trading house Gunvor said
tonnage of commodities traded hit a record high last year, with
crude oil contributing less than a third as the firm shifts its
focus to refined oil products and other commodities.

Provisional turnover was a record 136 million tonnes versus
122 million in 2011, while crude accounted for just 30 percent
of the total, according to a presentation given by David Fyfe,
Gunvor’s head of market research and analysis.

May 6, 2013

Swiss open criminal investigation linked to Spain graft scandal

GENEVA (Reuters) – Swiss authorities have opened a money laundering investigation into a former treasurer of Spain’s ruling party suspected of depositing millions of euros from bribes in Swiss bank accounts, the Geneva prosecutor handling the case said on Monday.

Luis Barcenas, accused by Spanish authorities of abusing his position to secure bribes, evading taxes and laundering money is at the heart of a growing corruption scandal that has hurt the conservative People’s Party and Prime Minister Mariano Rajoy.

May 1, 2013

Commodity traders could face regulation for role as lenders

GENEVA, May 1 (Reuters) – The world’s little-regulated and
often secretive commodity trading houses could face new
disclosure rules, and even capital requirements, because of
their money lending activities, after a global regulatory
watchdog’s review of “shadow banking”.

The Financial Stability Board (FSB) – a task force set up by
the G20 group of major economies to improve global financial
regulation in the wake of the 2008 crisis – has asked national
and regional regulators to determine whether commodity traders
should come under the scope of new rules.

Apr 24, 2013

Swiss bring back quotas to control EU immigration

GENEVA (Reuters) – Switzerland said it will reintroduce quotas for European Union workers, bowing to growing unease about immigration from poorer neighbors, in a decision Brussels says violates an accord.

Prosperous, landlocked Switzerland has seen the net influx of workers rise to up to 80,0000 a year, contributing to a house price bubble and prompting criticism from right-wing parties.

Apr 23, 2013

Trafigura profit lifted by higher oil revenues

GENEVA (Reuters) – Trafigura TRAFGF.UL, the world’s third-biggest trader in raw materials, reported a 3.2 percent rise in first-quarter net profit thanks to higher oil revenue.

Trafigura, the third-largest oil trader after Swiss rivals Vitol and Glencore (GLEN.L: Quote, Profile, Research, Stock Buzz), has previously not published its profit.

Apr 17, 2013

Vivo Energy to invest $200 million in African fuel sector

LAUSANNE, April 17 (Reuters) – Vivo Energy, a joint venture
between oil trader Vitol, Royal Dutch Shell and Helios
Investment Partners, will invest $200 million in Africa’s fuel
sector and plans within months to enter three new countries, its
chairman said.

Vivo, formed in 2011 when Vitol entered the
African fuel storage and distribution business and took a 40
percent stake, is still dwarfed on the continent by France’s
Total but the new investment could narrow the gap.

Apr 16, 2013

Trading houses face mounting pressure to go public-execs

LAUSANNE, Switzerland, April 16 (Reuters) – Privately held
commodity merchants will face mounting pressure to list shares
as they compete for capital to fuel their expansion beyond
trading, senior executives said on Tuesday.

Glencore raised more than $10 billion via an initial public
offering in 2011, although major rivals such as Vitol and
Mercuria have so far not followed suit.

Apr 16, 2013

Poor commodities performance prompts investor rethink

LAUSANNE, April 16 (Reuters) – Investors are reassessing
commodities after sharp price falls and years of poor returns,
but traders say the long-term outlook is still promising for
those with specialised expertise.

Global demand for raw materials will continue to increase as
the populations of China and other emerging economies consume
more, offering support for prices and creating local shortages
and price imbalances that can provide attractive margins.

Apr 16, 2013

Trader Gunvor aims to raise $300 mln via 5-7-year bond

LAUSANNE, Switzerland, April 16 (Reuters) – Privately-owned
commodities trader Gunvor said on Tuesday it hoped to raise $300
million through the sale of a 5-7-year bond, as the company
seeks to expand its energy assets.

“We are going to go for our first bond – unrated as well -
to hopefully raise $300 million (over) three to five years,”
Chief Financial Officer Jerome Schurink told a Financial Times
commodities conference in Switzerland.

Mar 28, 2013

Oil veteran Gandur plans Canada IPO for Oryx Petroleum

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.