Energy
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Saudi to up oil output to 12.5 million b/d
Saudi Arabia’s total oil production capacity is now at 11 million barrels a day (b/d) and plans are in place to increase it to 12.5 million b/d, Saudi Arabia’s Minister of Petroleum and Mineral Resources, Mr Ali Al-Naimi, said Monday.
European emissions trading on track
The EU emissions trading scheme is on track to start in January 2005, with the European Commission having approved 16 out of 25 of the EU member National Allocation Plans that lie at the heart of the scheme, said Peter Vis, acting head of the Industrial…
EEX to launch spot carbon contract
German-based electronic exchange European Energy Exchange (EEX) is to launch a spot contract to trade EU carbon emissions allowances in January 2005.
Static emissions price “does not reflect fundamentals”
The European emissions trading market, with its static price over the last four to five weeks, “is not a good market,” and does not reflect fundamentals, said Chris Rowland, managing director of utilities research at Dresdner Kleinwort Wasserstein.
Insolvency: a survival guide
The collapse of Parmalat has forced European legislators to take a long, hard look at the laws governing insolvency. Moves are now afoot to bring these regimes more in line with a Chapter 11 style of bankruptcy legislation, as Oliver Holtaway discovers
Barclays to issue commodity-backed CDO
Barclays Capital, the investment banking arm of London-based Barclays Bank, is to issue a synthetic collateralised debt obligation (CDO), backed by a series of commodity swaps.
Energy traders urged to pre-register for risk poll
Energy traders wishing to take part in Energy Risk/Risk’s 12th annual Commodity Rankings can now pre-register to vote to avoid missing important voter updates and deadlines in the magazines’ annual survey of the energy business.
Fannie under fire from Ofheo
Last month, US mortgage agency Fannie Mae came under fire from its regulator – the Office of Federal Housing Enterprise Oversight (Ofheo) – for accounting and operational failures, about a year after sibling mortgage agency Freddie Mac became embroiled…
Non-US airlines profit from low-flying dollar
The weak dollar is giving airlines outside the US some relief from the impact of high fuel costs, according to their latest financial results, reports Risk’s sister publication, FXWeek .
Chicago Climate Exchange approved to trade futures
The Chicago Climate Futures Exchange (CCFE) obtained approval from the US Commodity Futures Trading Commission (CFTC) last week to trade emissions futures contracts.
A catastrophe waiting to happen?
As climate change and geopolitical uncertainty ratchet up the risk of a single, catastrophic event, insurers are turning to catastrophe bonds to offset that risk.
Gazprom completes Rosneft merger, appoints head of new company
Sergei Bogdanchikov will retain his job as chief executive of Gazpromneft, the new company formed yesterday by the merger of Russian gas monopoly Gazprom and state oil company Rosneft. He was previously head of Rosneft.
From Russia... with gloves on
Shareholder activism in Russia has historically been a distinctly dangerous pastime, but for investors in The Hermitage Fund and its manager William Browder, it has produced returns of 990% since 1996.
Learning to live with currency normality
Risk management
Setting the stage for Solvency II
Insurance
A popular punt
Oil
Playing monopoly
Oil
Clear intentions
Oil
Dutch pension reforms boost fixed income
Netherlands