Maybe: “how come Glencore gets away with 1.5bn fine only?"

1/2 Commodity trading is definitely a big boy game... Trafigura is counting in $73bn worth of credit line to absorb the oil and gas price increases.

2/2 In half a year, revenues equal the whole 2019 Trafigura revenues. With over 3 times the profits generated during that year. Just in 6 months though! This allows Trafigura to easily absorb the Russian exit costs and keep investing in the energy transition. Not bad...

BNP, once one of the largest lenders to commodity traders, is exiting its commodities finance business in the US following earlier retreats in other parts of the world bloomberg.com/news/articles/…

USD liquidity management for a European bank which has decided to focus its (now limited) commodity finance business in Europe. Timely when commodity prices are inflating lines utilisation. MUFG however confirms that large Japanese banks cannot disregard this strategic activity.

Will ‘He’ turn off the gas spigot?

Singapore doing the right thing, eventually. Or does it? This comes much too late and too little to reflect the magnitude of the accounting shenanigans. Merely a slap on the hand compared to investors’ losses. Not quite what to expect from a major financial centre.

Even proxy wars create pain. How much Europe is willing to endure will define the outcome for Russia. A great paper from The Economist.

How times have changed! Industrial countries are eager to lock in supply come rain or come shine. Or sanctions or war… What an acknowledgement of the key role of commodity trading-houses! So criticised and yet so relevant in the world today.

Very dell don me to the major trading house (s) which helped G7 devising a smart cap mechanism. This might actually work !

Claude Dauphin in his wildest dreams would not have dared dreaming about such an achievement!

So eventually German banks are getting the message from their government. Commodities are strategic and financing them is a must do. How long for other European banks to acknowledge this and get back to business?

Tough on the CFO. Let’s see how the principals will be sentenced then

The inside story of the alleged nickel fraud that’s cost Trafigura half a billion dollars — and the key role Citi played in uncovering it Jonathan Browning bloomberg.com/news/articles/…

This is first class investigation journalism!

Trafigura's profits fall to a four-year-low after a "massive problem" in Mongolia trib.al/ddYRTmm

From a business perspective, a $2.7 billion result is very solid given the current market environment. In a few months, the 2024 results from other trading houses will provide further context and validation. However, it is evident that the historic window of heightened volatility

From a business perspective, a $2.7 billion result is very solid given the current market environment. In a few months, the 2024 results from other trading houses will provide further context and validation. However, it is evident that the historic window of heightened volatility

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Love and connection through music 💕 A special duet playing Holm Sound by Erland Cooper to open this year’s ‘Together at Christmas’ Carol Service. Watch Royal Carols: Together at Christmas on ITVX now.