Vitol overtakes Glencore as biggest company in Switzerland; GFG Alliance targets more modern Australia IPO for steel unit-sources; an energy billionaire is now the second-richest Thai person; Goldman and Facebook choose Geneva to expand their businesses; the shipping sector comes under pressure to reduce its carbon footprint and BP returns to animal feed by making a $30 million Calysta investment.
Vitol overtakes Glencore as biggest company in Switzerland: Commodity trader Vitol has taken the top spot for the largest company in Switzerland with a growth of 28.8% turnover ($231 billion) in comparison to Glencore’s $115 billion. Please click here to read more
GFG Alliance targets more modern Australia IPO for steel unit-sources: GFG Alliance is aiming to list part of its Australian Liberty Steel Business to sell for over $701 million. This is a much more realistic target when Executive Chairman Sanjeev Gupta aimed to sell part of the units. The entire value is around $2.5 billion, however only 40% may be achievable. As part of the IPO plans, GFG will run the local distribution and recycling centres. Please click here to read more
Energy Billionaire Is Now Second-Richest Thai: Sarath Ratanavadi has now been listed as Thailand’s second-richest man, with a net worth of over $6.3 billion after running a highly successful business in the power plant sector of Thailand, Vietnam and Oman with the intention of tapping into Southeast Asia’s infrastructure. Sarath told Investment Conference: “My main focus is stable and sound growth in the long term, rather than short-term movement in the share price.” Please click here to read more
Sunbathers at Geneva’s new lakeside beach could face competition with Facebook and Goldman: The new beach in Geneva is set to cause competition between tourists and two of the biggest global brands – Facebook and Goldman Sachs Group Inc. Facebook claimed they would be investing in a share office, while just two days later, Goldman claimed they would be investing in their wealth management business by undergoing a refurbishment. Swiss country head Stefan Bollinger claimed that Goldman would reinforce its position “in one of the most important centers for international wealth management.” Please click here to read more
Shipping sector comes under pressure to reduce its carbon footprint: Shipping is set to face dramatic changes with technology as it starts to edge away from fossil fuels as a way of decarbonising. Shipping is one of the biggest contributors to climate change – tallying up to 3% of global emissions and 10% transport emissions. According to the Economic Co-operation and Development, “emissions will rise by between 50% and 250% by 2050 if nothing improves.” Please click here to read more
BP returns to the animal feed business: After 25 years exiting the animal sector, BP will be making a return. It will be investing $30 million into Calysta Inc which produces the likes of protein for fish, livestock and pet food. The company is expected to generate profits for BP in the future. “This could become a reasonably material part of our gas supply business over time,” Dominic Emery told Reuters. Please click here to read more