Thursday, August 6

Tag: Commodities Trading

BNP Halts New Commodity Trade Finance Deals Amid Unit Review – Yahoo Canada Finance
Commodities

BNP Halts New Commodity Trade Finance Deals Amid Unit Review – Yahoo Canada Finance

(Bloomberg) -- BNP Paribas SA has suspended new commodity trade finance deals while it reviews its involvement in the business in Europe, Middle East and Africa, according to people familiar with the matter. The French bank, one of the largest lenders to global commodity traders, has recently told clients that no new deals will be concluded unless there’s a contractual obligation, said the people, who asked not to be identified because the information isn’t public. BNP is currently reviewing options for the future of its EMEA commodity trade finance business, the people said. The move comes after the bank took a hit from commodity trade houses facing financial stress from Dubai to the U.S., the people said. BNP’s commodity trade finance team suffered heavy losses from the bank’s e...
Why Gold Prices Are Hitting All-Time Highs – The Wall Street Journal
Commodities

Why Gold Prices Are Hitting All-Time Highs – The Wall Street Journal

Gold prices hit a record at the end of last week, notching a new milestone in a bull run that began in late 2018 and has gathered momentum during the coronavirus pandemic. The precious metal has soared roughly 30% in 2020 to stop just short of closing at $2,000 a troy ounce—which would be an all-time high in New York trading—as it outstrips the Nasdaq Composite Index of highflying technology stocks. Here is how the gold market works, and why prices are on the rise now. ...
Second-hand Commodities Trading Platform Market Report 2020 Global Industry Siz – News by aeresearch
Commodities

Second-hand Commodities Trading Platform Market Report 2020 Global Industry Siz – News by aeresearch

The research report on Second-hand Commodities Trading Platform market provides a detailed assessment of this business landscape. As per the report, the market is expected to generate substantial profit and showcase a notable growth rate of XX% during the analysis timeframe. The report gives detailed insights regarding market segmentations, volume of sales, market competition trend, growth opportunities, predicted revenue generation, major manufacturers, and dealers. The report also emphasizes on the market risks and constraints. Additionally, the report includes various scenarios to assess the impact of COVID-19 on the growth of the Second-hand Commodities Trading Platform market. Also, the research report underlines the key aspects of Second-hand Commodities Trading Platform market lik...
Commodity outlook: Gold, silver up; here’s how others may trade on Monday – Economic Times
Commodities

Commodity outlook: Gold, silver up; here’s how others may trade on Monday – Economic Times

Bullion and agricultural commodities were traded higher in Monday’s morning trade, while base metal and energy pack were mixed following global cues.MCX Gold and MCX Silver were up 0.35 per cent and 1.27 per cent, respectively. Meanwhile, crude oil was down 0.32 per cent in the international market. NCDEX Agridex, an agricultural futures index that tracks the performance of the ten liquid commodities, was up 0.83 per cent or 9 point at 1,069 led by gains in guar gum, guar seed and turmeric. Here is how SMC Global expects commodities to fare today: Gold and silver: Bullion counter may extend the rally where gold may test Rs 54,200 and taking support near Rs 52,900 while silver may test Rs 66,200 and taking support near Rs 62,400. Gold prices made a fresh peak early Monday at $1,980 an ...
SocGen shuts S’pore trade commodity unit after Hin Leong hit – The Straits Times
Commodities

SocGen shuts S’pore trade commodity unit after Hin Leong hit – The Straits Times

Societe Generale is closing its Singapore trade commodity finance unit after the collapse of Hin Leong Trading prompted the bank to halt fresh funding to such firms in the region. The bank is dismissing all front office staff dealing with transactions, but keeping some administrative workers, said people with knowledge of the matter, who asked not to be identified. Large Asian commodities trading clients with operations in Singapore will now be handled by Hong Kong, the people said. SocGen is cutting ties with Singapore-based small and medium commodities trading firms. It was among more than 20 Singapore and international banks owed US$3.8 billion (S$5.2 billion) by oil trader Hin Leong, which filed for creditor protection this year after crude prices crashed. The French bank,...
SocGen shuts Singapore trade commodity desk after Hin Leong hit – The Straits Times
Commodities

SocGen shuts Singapore trade commodity desk after Hin Leong hit – The Straits Times

SINGAPORE (BLOOMBERG) - Societe Generale is closing its trade commodity finance unit in Singapore after the collapse of Hin Leong Trading prompted the bank to halt fresh funding to such firms in the region. The bank is dismissing all front office staff dealing with transactions, while still keeping some administrative workers, people with knowledge of the matter said, asking not to be named because the matter is private. Large Asian commodities trading clients with operations in Singapore will now be handled by Hong Kong, the people said. SocGen is cutting ties with Singapore-based small and medium commodities trading firms. Earlier this year, SocGen was among more than 20 Singapore and international banks owed US$3.8 billion (S$5.2 billion) by oil trader Hin Leong, which filed for ...
Oil Giant Vitol Handed Record $2.2 Billion Payout to Its Traders – Yahoo Canada Finance
Commodities

Oil Giant Vitol Handed Record $2.2 Billion Payout to Its Traders – Yahoo Canada Finance

(Bloomberg) -- Vitol Group paid a record $2.2 billion to its executives and staff through share buybacks last year, an unusually large payout that comes as the oil trader undergoes a generational transition in leadership. The buyback -- Vitol’s main way of rewarding about 350 top employees who own the privately-held company -- means the trading house has distributed a total of more than $14 billion in the past 15 years to its partners, according to the company’s audited annual accounts, seen by Bloomberg News. The figure highlights how the riches of the commodities trading industry have accrued to a small cadre of senior executives who have surfed the ups and downs of the energy markets over the past two decades. Led by Chief Executive Officer Russell Hardy, Vitol is the world’s la...
Gunvor, Vitol and Mercuria CEOs confirmed at Reuters Events Flagship Commodity Trading Summit – OilVoice
Commodities

Gunvor, Vitol and Mercuria CEOs confirmed at Reuters Events Flagship Commodity Trading Summit – OilVoice

FOR IMMEDIATE RELEASE Contact: Kathryn Bloxham Head of Commodities, Reuters Events UK Tel: +44 (0)207 375 7567 Email: kathryn.bloxham@thomsonreuters.com   Gunvor, Vitol and Mercuria CEOs confirmed at Reuters Events Flagship Commodity Trading Summit Hear how global commodity leaders are approaching trade in the unprecedented climate London (Reuters Events): July 31, 2020. Reuters Events have just announced their flagship Commodity Trading Summit (November 9-10, Online) with confirmed CEOs from Gunvor Group, Vitol and Mercuria all stepping forward to set the commodity trading agenda. Unprecedented volatility, changing consumer and governmental demands, digital transformation and an intense geopolitical landscape are impacting every commodity, meaning it has never been more imp...
Sanjeev Gupta’s bank faces potential losses over failed commodities trader – Financial Times
Commodities

Sanjeev Gupta’s bank faces potential losses over failed commodities trader – Financial Times

A bank owned by British industrialist Sanjeev Gupta faces tens of millions of pounds in potential losses, after providing more than $100m of funding to a Dubai-based rice trader that recently collapsed. Wyelands Bank, which began offering attractive deposit rates to UK savers in 2017, supplied financing to agricultural commodities specialist Phoenix Commodities, according to four people familiar with the matter and documents seen by the Financial Times. The Dubai-based company collapsed in April after racking up $450m of losses on currency hedges it blamed on a rogue trader. While the British bank’s exposure is to the trading firm’s customers rather than Phoenix itself, it is facing potential losses because it is struggling to collect payment on invoices from companies based in the Midd...
Singapore increases scrutiny on commodity trading and marketing companies – International Tax Review
Commodities

Singapore increases scrutiny on commodity trading and marketing companies – International Tax Review

Singapore is one of the largest commodity trading hubs in Asia The OECD has actively considered related-party commodity transactions under BEPS Action Plan 8 to 10 due to the importance of commodities in the global economy and the unique characteristics of commodity pricing. Singapore is one of the largest commodity trading hubs in Asia and the commodity sector is estimated to contribute nearly 17% of Singapore’s GDP and had a value-added contribution of SG$73.7 billion (US$53.3 billion) in 2018.  Given the importance of the commodity industry to Singapore, the Inland Revenue Authority of Singapore (IRAS) has built on the OECD’s guidance and issued its own transfer pricing guidelines for commodity marketing and trading activities (henceforth referred to as the TP Guidelines) in ...