Latest news with #TrafiguraGroup
Bloomberg
02-05-2025
- Business
- Bloomberg
Traders Draw Down LME Copper Stocks as Chinese Market Tightens
Traders including Trafigura Group and Mercuria Energy Group Ltd. are drawing down stocks of copper on the London Metal Exchange, as strong Chinese buying tightens the market for the bellwether metal despite fears of recession. Trafigura was behind a major part of the just over 20,000 tons requested for withdrawal on Friday, according to people familiar with the matter who asked not to be named as the information isn't public. The orders cut available inventories of copper on the LME in Asia to the lowest in a year.
Bloomberg
14-04-2025
- Business
- Bloomberg
Billionaire Economou Seeks to Replace Trafigura As Partner in Italy's Top Oil Refinery
The main investor in Italy's biggest oil refinery is sounding out trading firms to replace Trafigura Group as the plant's supply partner. Greek shipping billionaire George Economou, the main investor in a fund that controls the owner of ISAB Srl, is exploring potential tie-ups with alternative oil traders, according to people familiar with the matter, who asked not to be named because the talks are private.
Bloomberg
31-03-2025
- Business
- Bloomberg
Trafigura Agrees to Pay Brazil $49 Million Over Bribery Scandal
Trafigura Group agreed to pay Brazil's government $49 million after last year admitting to paying bribes to win business in the nation. The payment will be made through its former Dutch holding company, Trafigura Beheer BV, and closes investigations by Brazil's authorities into the commodity trading powerhouse, the company said in a statement Monday.
Bloomberg
26-03-2025
- Business
- Bloomberg
Trafigura Starts Review of Ailing Australian Smelting Assets
Trafigura Group has launched a strategic review of its struggling Nyrstar zinc and lead smelting assets in Australia, with Chief Executive Officer Richard Holtum calling for government intervention. 'Smelting capacity is a national security issue and therefore there probably needs to be significant government support for it,' Holtum, who became Trafigura CEO at the start of this year, said at the Financial Times Commodities Global Summit in Lausanne, Switzerland.
Yahoo
25-03-2025
- Business
- Yahoo
Trafigura's $1.1 Billion Mongolia Fraud Was ‘Humbling,' CEO Says
(Bloomberg) -- Trafigura Group's $1.1 billion loss in a suspected multi-year fraud in Mongolia was a 'humbling experience,' the trading giant's new chief said in his first public comments on the scandal. They Built a Secret Apartment in a Mall. Now the Mall Is Dying. Why Did the Government Declare War on My Adorable Tiny Truck? Chicago Transit Faces 'Doomsday Scenario,' Regional Agency Says Trump Slashed International Aid. Geneva Is Feeling the Impact. Paris Votes to Make 500 More Streets Car-Free Richard Holtum, who took over as Trafigura chief executive officer in January, said that he was encouraging the company's traders to speak up if they saw things that did not make sense. 'I think had our people been empowered to ask the question why, maybe we'd have caught this much earlier,' he said at the FT Commodities Global Summit in Lausanne, Switzerland. Trafigura said in October that it faced a loss of $1.1 billion in Mongolia as a result of manipulation of what it described as data and documents and deliberate concealment of overdue debts by its own employees. It was the second highly embarrassing loss to hit the trading house in as many years, after it revealed a loss of over $500 million in an alleged nickel fraud the previous year. Holtum said that Trafigura had missed the giant losses in the tiny oil market of Mongolia because its office in the country was isolated from the rest of the company, partly as the Covid-19 pandemic prevented executives from traveling there. There was also a 'language issue,' with a limited number of Mongolian speakers in Trafigura's wider staff, he said. 'That in no way is to excuse what happened, but that is essentially how it happened,' he said. The CEO said he could not guarantee that Trafigura would not be a victim of fraud again in the future, but that the company had upgraded its 'plumbing' to try to prevent similar issues. The loss has been 'an enormous catalyst for change internally, because people felt that pain in their pockets and realized and knew that this could not continue,' he said. Google Is Searching for an Answer to ChatGPT The Richest Americans Kept the Economy Booming. What Happens When They Stop Spending? Business Schools Are Back A New 'China Shock' Is Destroying Jobs Around the World How TD Became America's Most Convenient Bank for Money Launderers ©2025 Bloomberg L.P. Sign in to access your portfolio
