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...Gross profits from commodities trading activities — including by banks, hedge funds, independent traders and asset-backed businesses such as BP and Shell — rose from about $36bn in 2018 to a record $148bn...
...While at Macquarie O’Kane turned the Australian bank into an energy trading power house....
...BHP, like many miners, also has a long history of value-destructive deals and investors will have to decide whether they trust Henry to get this one right....
...It is now not uncommon to hear analysts predicting an oil price of above $100, and Bank of America said Brent could peak at $95 during the summer....
...The figures reflect the earnings from commodities trading activities across the entire sector, including by independent traders, banks, hedge funds, national energy companies and asset-based businesses such...
...Charles Boakye, an energy transition strategist at Jefferies, one of the few investment banks studying the sector, thinks this will happen between 2035 and 2037, but is doubtful the device will be ready...
...“It is a better fit than BHP,” said Ben Davis at investment bank Liberum, adding that Glencore “seem to have endless bandwidth for corporate strategy compared to other people”....
...The report said that given the duration of Gruenberg’s time at the top, as well as allegations about his temper, “may hinder his ability to establish trust and confidence in leading meaningful culture change...
...Incoming CFO Jansma joined Trafigura in 2013 as head of structured and trade finance, and previously held positions at Rabobank and Fortis Bank....
...And, you know, I think banks do appreciate that,” he added....
...While at Macquarie, O’Kane turned the Australian bank into an energy trading power house and had been tipped as a possible next chief executive....
...It’s now at 4 per cent, and European Central Bank president Christine Lagarde suggested that the bank would hold rates steady until the summer....
...I’m joined now by Tom Wilson who covers energy for the FT. Hi, Tom. Tom Wilson Hi, Marc....
...Energy Source is written and edited by Jamie Smyth, Myles McCormick, Amanda Chu and Tom Wilson, with support from the FT’s global team of reporters....
...The bribes were routed through US banks by shell companies in Panama and the British Virgin Islands, they added, detailing one instance in which a Gunvor employee also directed an intermediary to use the...
...Marc Filippino Tom Wilson is the FT’s natural resources editor. Thanks, Tom. Tom Wilson Thanks very much....
...Poor data undermines trust and skews forecasting — as several central banks, including the Bank of England, discovered when it came to inflation....
...Wilson ennobled as a life peer his old friend, Joseph Kagan, who had already received a knighthood in 1970, and made large financial contributions to Wilson’s trust....
...Turning these missions into a reality will be crucial to rebuilding trust in politics but Labour will need to radically reform government to achieve it....
...Activists have filed motions against companies ranging from Wall Street banks to Big Tech groups in recent years, calling on them to take stronger positions on environmental, social and governance matters...
...They are commonly used by hedge funds to build positions in companies and are typically facilitated by big banks....
...Bank of England governor Andrew Bailey this week told university students that the low valuations of UK banks puzzles him....
...Amer has appointed Goldman Sachs, Bank of America, JPMorgan and Morgan Stanley as bookrunners for the IPO....
...by a panel of five judges of making more than €14mn in profit between 2017 and 2021 from trading on inside information shared by a partner of Perella Weinberg Partners, a prestigious boutique investment bank...
...Since then, it has suffered from a sell-off in growth companies prompted by aggressive interest rate rises from central banks to fight inflation....
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