ABN Amro Group NV, the state-owned Dutch bank that’s expanding overseas, plans to add commodity staff next year in Asia where its trade-finance business is growing as China increases consumption of energy and metals.
The region now accounts for about 25 percent of the 250-strong commodity team, said Jan-Maarten Mulder, global head of commodities. The planned increase in Asia will be toward the high end of single digits in percentage terms, said Jacqueline Chang, head of the Singapore commodities team.
ABN Amro’s plan contrasts with reductions at the world’s 10 largest banks, which collectively pared global commodities staff this year to the lowest level since at least 2009, according to analytics firm Coalition. ABN Amro said in March it’s seeking to boost international operations, including commodity financing, to lower reliance on the Netherlands. China, the largest user of energy and copper, will expand 7.5 percent next year, the median of economists’ forecasts tracked by Bloomberg shows.
“The underlying fundamentals are still pretty strong, driven by demand for raw materials in China or Asia more broadly, ” Mulder, who joined the bank this year from Trafigura Beheer BV, said in an interview in Singapore on Dec. 4. “We have had support from the headquarters to grow in a sustainable fashion, ” he said, describing commodity finance as a key area.
The bank aimed to double the size of its commodities business in terms of revenue by 2017, and also expand the number of staff, Mulder said on Oct. 7. Its Asian commodity team is based in Hong Kong and Singapore and also handles agriculture, said Chang. The Dutch government said in August that it plans to sell ABN Amro, formed after the collapse of Fortis five years ago, in an initial public offering.
The on-balance-sheet energy, commodities and transportation business totaled 14.3 billion euros ($19.6 billion) as of Sept. 30, according to the bank, citing its so-called exposure at default. That compares with 12.5 billion euros as of Dec. 31, 2012, with growth driven by higher volumes in Asia and the U.S.
Cap and trade. Right.
Old news but worth repeating because the politicians keep talking this shit. Remember dotcoms? Remember weekly refinancing for 125% of home equity? Meet the next game called cap and trade. $7B USD magically disappears and no one is accountable.
Flying below the American radar, a tax scandal has been rocking the global carbon markets. Ironically, it is emanating from Copenhagen, the city that six months ago hosted the world's largest climate summit
Since 1984, successive governments have engaged in major macroeconomic restructuring, transforming New Zealand from a highly protectionist and regulated economy to a liberalised free-trade economy. These changes are commonly known as Rogernomics and Ruthanasia after Finance Ministers Roger Douglas and Ruth Richardson. A recession began after the 1987 share market crash and caused unemployment to reach 10% in the early 1990s. Subsequently the economy recovered and New Zealandâs unemployment rate reached a record low of 3
A "bailout" answer that protects you and me
How Wall Street Can Bail Itself Out Without Destroying The Dollar
by Thom Hartmann
For Grover "Drown Government In The Bathtub" Norquist, this bailout deal will work out very well. At a proposed cost of $4,780 per taxpayer, it'll further the David Stockman strategy of so indebting us that the next president won't have the luxury of even thinking of new social spending (expanding health care, social security, education, infrastructure, etc.); taxes will even have to be raised just to pay for the bailout. It'll debase our currency, driving up commodity prices and interest rates, which will benefit the Investor Class while further impoverishing the pesky Middle Class, rendering them less prone to protest (because they're so busy working trying to pay off their debt)