Demand for natural resources has left the door open for human rights abuses in some countries. But should commodities specialists be held accountable for practices abroad that wouldn’t be acceptable where they are headquartered?
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Traders now represent three per cent of Switzerland’s GDP. Is it possible to imagine exploiting resources without some form of international accord? Would forcing companies to adhere to Swiss values, possibly encouraging them to leave the country for better conditions elsewhere, be naive or necessary?
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Pressure grows to defuse commodities ‘time bomb’
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Switzerland’s commodities sector has grown spectacularly over the past decade, largely unchecked and out of the public eye. It now represents close to 3.5 per cent of gross national product, more than the machine and tourism industries. But critics say the high concentration of trading and extractive firms in Switzerland, such as Glencore, Xstrata and…
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The basic numbers make for impressive reading: gross profits increased from SFr1.3 billion in 2001 to SFr20 billion ($21 billion) last year. The sector now contributes nearly 3.5 per cent of total economic output in Switzerland, outstripping tourism and mechanical engineering. Geneva has emerged as arguably the biggest centre of oil trading in the world,…
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The main sticking point in the $90 billion (SFr87.5 billion) deal to create the world’s largest single commodities entity – and the issue that forced a postponement of the vote from July – is Glencore’s valuation of Xstrata, in which it already has a 34 per cent stake. Glencore has offered 2.8 of its shares…
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One of the main factors behind this change is Geneva, which is home to shipping giants like Mediterranean Shipping Company (MSC), explained Bernard Morard, dean of the faculty of Economic and Social Sciences at Geneva University. “[The city] manages to offer networks that include commodity traders, banks, as well as insurance, shipping and quality control…
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