Energy

Statoil penalised over Iranian scandal

Norwegian energy company Statoil could be fined 20 million Norwegian kroner ($2.92 million) in relation to a payment it made to a London investment firm for advice on conducting business in Iran.

Correlated defaults: let's go back to the data

Estimates of asset value correlation are a key element of Merton-style credit portfoliomodels. Many practitioners have access to asset value data for a large universe of listedfirms, so estimation is within reach. Alan Pitts describes a statistical…

Voser returns to Shell from ABB

Troubled energy major Royal Dutch/Shell has appointed Peter Voser as director of its Shell Transport and Trading Company subsidiary and as group managing director and director of finance of the Royal Dutch/Shell group.

APX to launch Zeebrugge gas exchange

APX – formerly known as the Amsterdam Power Exchange – today said it will launch a natural gas exchange for the Zeebrugge hub in January 2005. APX will develop the exchange in conjunction with Huberator, a subsidiary of Fluxys, the Belgian gas…

Fortis to enter energy trading with Xenon

Fortis Financial Services, the market trading affiliate of Fortis Bank, has selected Sakonnet Technology's Xenon trading and risk management application for its new energy trading activities in New York.

Banks make first Isda emissions trade

Investment banks Dresdner Kleinwort Wasserstein and Fortis Bank have made the first ever trade of European Union emission allowances (EUAs) using an annex to the International Swaps and Derivatives Association (Isda) Master Agreement.

Tepco hedges weather

The Tokyo Electric Power Company (Tepko) has entered into weather derivatives contracts with both Tokyo Gas Company and Osaka Gas Company. The deals have been finalised in a bid to limit the effect on Tepco’s earnings from summer temperature conditions,…

Calming supervisory fears

The region's banks have identified the supervisory review process as the main cause for concern when it comes to Basel II. Low Kwok Mun of the Monetary Authority of Singapore talks about the Singaporean regulator’s approach to implementing Basel II.

WRMA elects new president

The Weather Risk Management Association (WRMA) today said that its vice president, Brian O’Hearne, has stepped up to serve as the association’s president. O’Hearne is also president and chief executive of Kansas City-based GuaranteedWeather.

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