Trafigura, commodity trader, says shipments of nickel it bought did not contain the metal. Find out more
Play Video
An impairment charge of up to US$577 million will be recorded in the first half of 2023 related to the alleged fraud, which Trafigura said involved “misrepresentation and presentation of a variety of false documentation” by the companies. TMT Metals, Gupta and UD Trading did not immediately respond to requests for comment. No TMT Metals representative responded when the Financial Times on Thursday visited the shared office where its London business is based.Article content, rising 6 per cent on Thursday to more than $29,000 per tonne compared with roughly $9,000 for copper.
The impairment marks a potentially significant hit to Trafigura’s earnings, equivalent to more than 7 per cent of the record US$7 billion net profit the company made in its 2022 financial year.Global nickel cartel off the table as Canada's trade minister rebuffs Indonesia's approach
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trafigura faces $577 million hit after shipments of nickel it bought did not contain the metalTrafigura, commodity trader, says shipments of nickel it bought did not contain the metal. Find out more
Read more »
Traifigura takes $577 million loss due to fraudA roundup of all the mining news in the precious metals sector with a variety of company news, mining sector analysis, newsletter writer insights and executive interviews.
Read more »
Bank of Canada Seeks ‘New Thinking’ With Outsider at Rate Table(Bloomberg) -- The Bank of Canada wants to reinvigorate its interest-rate setting process, bringing an outside voice to the table next month amid a broader effort to bolster its credibility.Most Read from BloombergCommodity Trader Trafigura Faces $577 Million Loss After Uncovering Nickel FraudRussia Blames US for Nord Stream Blasts, Threatens ConsequencesChinese Balloon Was Part of Years-Long Spying Program, US SaysMeta Asks Many Managers to Get Back to Making Things or LeaveChina’s Balloon Was
Read more »
VIDEO: Race to find survivors as quake aid pours into Turkey, Syria - Terrace StandardVIDEO: Race to find survivors as quake aid pours into Turkey, Syria
Read more »
Employers around North America beginning to find Calgary attractive for business, career building: CED surveySeventy\u002Dfour per cent of business leaders said they believe Alberta\u0027s largest city is quickly becoming a hub for tech and innovation.
Read more »
Employers, workers beginning to find Calgary attractive for business, career building: surveySeventy\u002Dfour per cent of business leaders said they believe Alberta\u0027s largest city is quickly becoming a hub for tech and innovation.
Read more »