Glencore Share Discussion Threads

[leoneobull] 04/12/2018 05:58

To get message across to Fangourn!

[waldron] 03/12/2018 16:51

Rio Tinto
3,714.5 +4.37%


BHP Billiton
1,573 +0.00%



Anglo American
1,676.6 +7.05%



Glencore
302.65 +4.31%



Gold COMEX 1,238.90 +1.05%
Silver COMEX 14.55 +2.31%
Copper COMEX 2.83 +1.52%
Brent Crude Oil NYMEX 60.83 +2.30%
Gasoline NYMEX 1.43 +1.73%
Natural Gas NYMEX 4.36 -5.55%

[waldron] 03/12/2018 16:40

Canada's top stock-market regulator is aiming to settle a long-standing probe with Glencore PLC's Katanga Mining Ltd. by the end of the month, according to people familiar with the matter.

The Wall Street Journal first reported the Ontario Securities Commission, or OSC, was probing more than $100 million in payments Katanga Mining made to a company owned by Israeli businessman Dan Gertler.

OSC investigators were probing financial statements and disclosures by Toronto-listed Katanga related to possible breaches of bribery and anticorruption laws, Glencore later said.

Glencore in July said it had received a subpoena from the U.S. Justice Department, which was demanding records related to its compliance with American antibribery and money-laundering laws in Congo, Nigeria and Venezuela. Glencore didn't provide details and has declined to comment more broadly on the subpoena.

Following the disclosure of the subpoena, the Journal reported that U.S. investigators are focused in part on Glencore's ties with Mr. Gertler, a former co-investor with Glencore in its two Congolese copper operations, including Katanga Mining, citing people familiar with the situation.

Mr. Gertler has repeatedly denied wrongdoing. A representative for Mr. Gertler declined to comment.

Separately, Glencore said Monday its head of copper trading was stepping down. Glencore said Aristotelis Mistakidis, who at one point also ran its copper mining operations in Congo, will leave the Swiss commodity giant at the end of the year.

A spokesman for Glencore declined to comment. Mr. Mistakidis didn't immediately respond to a request for comment.

Mr. Mistakidis for years oversaw mining and trading of copper at Glencore, one of the world's biggest copper producers. He helped set up a pair of giant copper-mining businesses in Congo that have become among the biggest revenue generators for Glencore.

In the process, he became one of Glencore's most senior executives, often seen as No. 2 to the company's chief executive, Ivan Glasenberg. He also became a multibillionaire due to his large holding of Glencore stock.

Mr. Mistakidis had previously stepped down from Katanga Mining's board following an internal review that Glencore said found "material weaknesses" in the company's controls over financial reporting.

Nico Paraskevas, a senior copper trader at Glencore, will replace Mr. Mistakidis.

In December 2017, the U.S. Treasury Department sanctioned Mr. Gertler, alleging he traded on a friendship with Congo President Joseph Kabila to amass a fortune through "opaque and corrupt" deals on behalf of multinational companies seeking to do business in Congo. Mr. Gertler has declined to comment on the Treasury allegations and Justice Department probe.

Write to Scott Patterson at [e-mail] and Ben Dummett at [e-mail]



(END) Dow Jones Newswires

December 03, 2018 10:45 ET (15:45 GMT)

[losses] 03/12/2018 16:06

Glencore appoints new industrial mining chief, copper marketing head to retireHttps://finance.yahoo.com/news/glencore-hires-industrial-mining-chief-141415273.html

[waldron] 03/12/2018 13:40

03/12/18 | 14:00 Business Update Call

[waldron] 03/12/2018 13:40

03/12/18 | 14:00 Business Update Call

[bubloo] 03/12/2018 13:27

Good investor update. Should be higher later in day any comnents please

[fangorn2] 03/12/2018 12:11

Cheers Zho.

Re European cars.

Yes you're right - it's 10% EU levy versus 2.5% US tariff on EU.




But ultimately it is all about the IP China side don't you think??

[zho] 03/12/2018 12:07

WSJ 1/7/18 says "New Chinese import tariffs will penalize U.S.-built cars. ... But those that import vehicles from the U.S. now face a 40% tariff, rather than the 15% ..."

EU level - I've read that everytime a car component crosses a (non EU) border there is a 10% tariff. I think that includes completed cars but I haven't checked.

[fangorn2] 03/12/2018 12:01

I thought it was at 25% (that's the EU level as well isn't?)

Ultimately the problems really boil down to IP theft. The cost to the US must be immense.

[zho] 03/12/2018 12:00

Fanghorn,

The tariff on US cars was 15% but was raised to 40% in retaliation to Trump's tariffs.

[fangorn2] 03/12/2018 11:50

Leoneobull2 Dec '18 - 14:18 - 15331 of 15334
0 1 0
hxxps://eu.usatoday.com/story/news/politics/2018/12/01/donald-trump-xi-jinping-meet-over-dinner-g-20-discuss-trade/2163739002/

Tariff rise from 10% to 25% delayed by three months to allow time for talks

China tariff rates on US cars - 40%!!!

No wonder USA is peeved.

[a2584728] 03/12/2018 08:10

Buying opp

[leoneobull] 02/12/2018 14:18

https://eu.usatoday.com/story/news/politics/2018/12/01/donald-trump-xi-jinping-meet-over-dinner-g-20-discuss-trade/2163739002/Tariff rise from 10% to 25% delayed by three months to allow time for talks

[redtom1] 02/12/2018 09:20

Leon, please, enough with the Brexit posts on here. Please stick to Glencore.

[leoneobull] 02/12/2018 00:28

https://youtu.be/UYonSZ8s3_oSteven Fry video on Brexit deceptions. First class https://youtu.be/UYonSZ8s3_o

[notimpressed] 01/12/2018 09:40

anyone noticed the volume reported today on advfn