Les principaux indices boursiers américains
Steuerhinterziehung und Bestechung breiten sich aus. Im Juli versuchten Peabody Energy Corp. Bloomberg News via Calgary Herald.
It contains about 0. Cushing, Oklahoma , a major oil supply hub connecting oil suppliers to the Gulf Coast, has become the most significant trading hub for crude oil in North America. The price of WCS is currently set at the U. Pipeline constraints can also cause the transportation differential to rise significantly. According to the Financial Post , most Canadian investors continued to quote the price of WTI not WCS even though many Canadian oilsands producers sell at WCS prices, because WCS "has always lacked the transparency and liquidity necessary to make it a household name with investors in the country.
However, he explained that in "one of the only ways to take a position in oil is to use an ETF that is tied to WTI. A fixed price contract, which represents the price of crude oil at Cushing, Oklahoma , and a basis differential contract, which represents the difference in price between Cushing and Hardisty , Alberta. Together, these create a fixed price for Canadian crude oil, and provide an accessible and transparent index to serve as a benchmark to build investable products upon, and could ultimately increase its demand to global markets.
In the spring of , veteran journalist specializing in energy and finance, Jeffrey Jones, described how the price of WCS "surged more than 70 per cent, outpacing West Texas intermediate WTI , Brent" and "quietly" became the "hottest commodity in North American energy.
They argued that North America was experiencing a crude oil inventory surplus. This surplus combined with the "segmentation of the North American crude oil market from the global market", contributed to "the divergence between continental benchmark crudes such as WTI and Western Canada Select WCS and seaborne benchmark crudes such as Brent.
In his presentation to the U. Since then WCS price differentials widened "with rising oil sands and tight oil production and insufficient pipeline capacity to access global markets.
As well, Mexico began to strategically and successfully seek out joint venture refinery partnerships in the s to create a market for its heavy crude oil in the U. Clean Air Act requirements. By January there was a proliferation of trains and pipelines carrying WCS along with an increased demand on the part of U. By early there were approximately , bpd of heavy oil being transported by rail. Heavy discounts on Albertan crudes in were attributed to crudes being "landlocked" in the U.
Since that time, several major pipelines have been constructed to release that glut, including Seaway, the Southern leg of Keystone XL and Flanagan South. However, significant obstacles persist in approvals on pipelines to export crude from Alberta.
However, additional pipelines exporting crude from Alberta will be required to support ongoing expansion in crude production. Frustrated by delays in getting approval for Keystone XL via the US Gulf of Mexico , the Northern Gateway Project via Kitimat, BC and the expansion of the existing Trans Mountain line to Vancouver , British Columbia , Alberta has intensified exploration of two northern projects "to help the province get its oil to tidewater, making it available for export to overseas markets.
Potential heavy oil overseas destinations include India,  where super refineries capable of processing vast quantities of oil sands oil are already under construction.
Eastern Canadian refineries, such as Imperial Oil Ltd. Patricia Mohr, a Bank of Nova Scotia senior economist and commodities analyst, in her report  on the economic advantages to Energy East, argued that, Western Canada Select, the heavy oil marker in Alberta, "could have earned a much higher price in India than actually received" in the first half of based on the price of Saudi Arabian heavy crude delivered to India" if the pipeline had already been operational.
Canada's largest refinery, capable of processing , barrels of oil per day, is owned and operated by Irving Oil , in the deep-water port of Saint John, New Brunswick, on the east coast. The pipelines are owned by ExxonMobil and Suncor.
By , output from the Bakken Shale formation in North Dakota Crude was increasing faster than pipelines could be built. Oil producers and pipeline companies turned to railroads for transportation solutions.
In , there were new rail shipments of WCS. In August , then-U. Large price discounts for oil in locations poorly served by pipelines have offered traders attractive opportunities if they can figure out how to get the crude to higher-priced markets. Data on crude-by-rail shipments is particularly opaque, with government figures only available months after.
The price of WCS rose in August as anticipated expansions in crude-by-rail capacity at Hardisty increased when USDG Gibson Energy's Hardisty Terminal, the new state-of-the-art crude-by-rail origination terminal and loading facility with pipeline connectivity,  became operational in June with a capacity to load up to two rail car unit trains per day , of heavy crude bbd.
Rail way officials claim that more Canadian oil-by-rail traffic is "made up of tough-to-ignite undiluted heavy crude and raw bitumen. On 21 September Suncor Energy Inc. Its destination was Sarroch , on the Italian island of Sardinia.
Gulf Coast, a person with knowledge of booking said today. That shipment will be the first waterborne delivery to the Gulf from eastern Canada for the oil, which is typically carried by pipeline. An Aframax double-hulled crude oil tanker similar to the Minerva Gloria. MC obtained the licence from the U. Investors placed bullish bets in the six weeks from January through February 8, , on oil futures based on the U.
Even a rumor that a hedge fund is in trouble and was liquidating positions can cause the price of U. Signs of strong demand of crude oil from China and India with hopes of a tighter market can raise the price and even an oil rally.
Investors also refer to the Energy Information Administration reports on U. The higher the inventory of crude oil, the lower the price. WCS is transported from Alberta to refineries with capacity to process heavy oil from the oil sands. While Canadian refining capacity has increased through scale and efficiency, there are only 19 refineries in Canada compared to in the United States.
WCS crude oil with its "very low API American Petroleum Institute gravity and high sulphur content and levels of residual metals"   requires specialized refining that few Canadian refineries have. It can only be processed in refiners modified with new metallurgy capable of running high-acid TAN crudes. Refineries in Western Canada run domestically produced crude oil, refineries in Quebec and the eastern provinces run primarily imported crude oil, while refineries in Ontario run a mix of both imported and domestically produced crude oil.
In more recent years, eastern refineries have begun running Canadian crude from east coast offshore production. US refineries import large quantities of crude oil from Canada, Mexico, Columbia and Venezuela, and they began in the s to build coker and sulfur capacity enhancements to accommodate the growth of these medium and heavy sour crude oils while meeting environment requirements and consumer demand for transportation fuels.
The BP Plc refinery in Whiting, Indiana  is the sixth largest refinery in the US with a capacity of ,barrel of crude oil per day bpd.
On 8 August there was a malfunction of piping inside Pipestill 12 causing heavy damage and the unit was offline until August Lloydminster heavy oil, a component in the Western Canadian Select WCS heavy oil blend, is processed at the CCRL Refinery Complex heavy oil upgrader which had a fire in the coker of the heavy oil upgrader section of the plant, on February 11, It was the third major incident in 16 months, at the Regina plant.
Most petroleum enters and exits the plant through a Koch-owned, mile pipeline system that stretches across Minnesota and Wisconsin. On June 1, , it was announced that Citigroup would be removed from the Dow Jones Industrial Average effective June 8, , due to significant government ownership. Citigroup was replaced by Travelers Co. Smith Barney, Citi's global private wealth management unit, provided brokerage, investment banking and asset management services to corporations, governments and individuals around the world.
With over offices worldwide, Smith Barney held 9. In , Citigroup achieved its first profitable year since According to Treasury spokeswoman Nayyera Haq, "This IRS tax rule was designed to stop corporate raiders from using loss corporations to evade taxes, and was never intended to address the unprecedented situation where the government owned shares in banks.
And it was certainly not written to prevent the government from selling its shares for a profit. Citi Express modules, hour service units, were introduced in Colombia. Citi opened additional branches in China, expanding its branch presence to 13 cities in China. Citi Branded Cards introduced several new products in , including: It also has Latin America partnership cards with Colombia-based airline Avianca and with Banamex and AeroMexico; and a merchant loyalty program in Europe.
Citibank is also the first and currently the only international bank to be approved by Chinese regulators to issue credit cards under its own brand without cooperating with Chinese state-owned domestic banks.
In , the Global Markets division and Orient Securities formed form Citi Orient Securities , a Shanghai based equity and debt brokerage operating in the Chinese market.
On March 13, , the Federal Reserve reported Citigroup is one of the four financial institutions, out of 19 major banks, that failed its stress tests , designed to measure bank capital during a financial crisis. On March 26, , the Federal Reserve Board of Governors reported that Citigroup was one of the 5 financial institutions that failed its stress tests.
Unlike in the failed stress test in , Citigroup failed on qualitative concerns that were unresolved despite regulatory warnings. The report specifically stated that Citigroup failed "to project revenues and losses under a stressful scenario for material parts of the firm's global operations and its ability to develop scenarios for its internal stress testing that adequately reflects its full range business activities and exposures.
In February , the company was subject to a lawsuit as a result of the bankruptcy of a Mexican oil services firm. In April , Citigroup announced that it would eliminate its bad bank , Citi Holdings.
Citi Capital Advisors CCA , formerly Citi Alternative Investments, was a hedge fund that offered various investment strategies across multiple asset classes. Despite this deal, industry surveys pegged Citi as the biggest banking player in the forex market.
The operations sold include 27 branches serving approximately , clients. Citi continues to offer corporate and institutional banking and wealth management in Panama and Costa Rica.
On April 1, , Citigroup became the exclusive issuer of Costco-branded credit cards. In April , Citi was given regulatory approval for its 'living will,' its plans to shut down operations in the event of another financial crisis. According to data compiled by Bloomberg , Citigroup is ranked No. Citigroup Center , a diagonal-roof skyscraper located in Midtown Manhattan , New York City, is Citigroup's most famous office building, which despite popular belief is not the company's headquarters building.
Citigroup has its headquarters located in downtown Tribeca Greenwich. It has shops and restaurants serving Metra customers via the Ogilvie Transportation Center. In , Japanese regulators took action against Citibank Japan loaning to a customer involved in stock manipulation. The regulator suspended bank activities in one branch and three offices, and restricted their consumer banking division.
In , Japanese regulators again took action against Citibank Japan, because the bank had not set up an effective money laundering monitoring system. The regulators suspended sales operations within Citibank's retail banking for a month. The case against Citigroup involved recommendations and sales of Class B and Class C shares of mutual funds.
Securities and Exchange Commission said that Citigroup had made misleading statements about the company's exposure to subprime mortgages. The lawsuit was on behalf of investors who purchased certificates in one of two mortgage-backed securities trusts from Citigroup Mortgage Loan Trust Inc in The lawsuit was initially brought by Sherry Hunt, a CitiMortgage employee. This settlement amount makes the NMS the second largest civil settlement in U.
Oklahoma held out and agreed to settle with the banks separately. Attorney General Eric H. Citigroup had conducted illegal practices in marketing add-on products for credit cards, including credit monitoring, debt-protection products and wallet-protection services. Treasury futures markets, i. On October 22, , Citigroup was sued for violating federal securities laws by misrepresenting Citigroup's Enron -related exposure in its Annual Report and elsewhere, and failing to disclose the true extent of Citigroup's legal liability arising out of its 'structured finance' deals with Enron.
On November 8, , Citigroup was sued for financial misrepresentations and omissions of what amounted to more than two years of income and an entire line of business. In , the General Accounting Office issued a report critical of Citibank's handling of funds received from Raul Salinas de Gortari , brother of Carlos Salinas , the former president of Mexico.
The report, titled "Raul Salinas, Citibank and Alleged Money Laundering," indicated that Citibank facilitated the transfer of millions of dollars through complex financial transactions that hid the funds' paper trail. The report indicated that Citibank took on Salinas as a client without making a thorough inquiry as to how he made his fortune, an omission that a Citibank official called a violation of the bank's "know your customer" policy.
The settlement required that the banks separate investment banking from research, and ban any allocation of IPO shares. In a leaked report for their investor clients from , a team of global strategists at Citigroup wrote an analysis of the global distribution of wealth and consumers.
In it, they state that global imbalances have grown to the extent as to justify talking of a plutonomy , and demand for a renewed understanding of how this impacts consumption.
The Managerial Aristocracy, like in the Gilded Age, the Roaring Twenties, and the thriving nineties, needs to commandeer a vast chunk of that rising profit share, either through capital income, or simply paying itself a lot. A love Story while his portrayal of the report has been criticized by the authors. Government's majority holding of Citigroup's common shares , compensation and bonuses were restricted from February until December In November it became public that Citigroup was heavily involved in the Terra Securities scandal , which involved investments by eight municipalities of Norway in various hedge funds in the United States bond market.
Terra Securities ASA filed for bankruptcy November 28, , the day after they received a letter from the Financial Supervisory Authority of Norway announcing withdrawal of permissions to operate. The letter stated, "The Supervisory Authority contends that Citigroup's presentation, as well as the presentation from Terra Securities ASA, appears insufficient and misleading because central elements like information about potential extra payments and the size of these are omitted.
A three-year investigation found that Citigroup from to used an improper computerized "sweep" feature to move positive balances from card accounts into the bank's general fund, without telling cardholders. When a whistleblower uncovered the scam and brought it to his superiors [in ], they buried the information and continued the illegal practice. Robert Kuttner wrote in his book A Presidency in Peril that in spring , Geithner and chief economic adviser Larry Summers believed that they could not seize, liquidate and break up Citigroup because they lacked the legal authority or the tools to do so.
The Treasury Department denied Suskind's account in an e-mail to the media stating "This account is simply untrue. The directive given by the president in March , was to develop a contingency plan for tough restructurings if the government ended up owning large shares of institutions at the conclusion of the stress tests that Secretary Geithner worked aggressively to put in place as part of the Administration's Financial Stability Plan.
While Treasury began work on those contingency plans, there was fortunately never a need to put them in place. The non-binding vote was required under the Dodd-Frank Act, which requires corporations to hold advisory shareholder votes on their executive compensation plans. Many shareholders expressed concerns about Citi's failed Fed stress test and lack of long-term performance-based metrics in its executive compensation plan.
One of the largest and most activist of the shareholders voting no, the California Public Employees' Retirement System , stated Citi "has not anchored rewards to performance". A spokeswoman for Citi said "Citi's Board of Directors takes the shareholder vote seriously, and along with senior management will consult with representative shareholders to understand their concerns" and that the Compensation committee of the Board "will carefully consider their shareholder input as we move forward".
Treasury futures more than 2, times between July and December Citigroup was criticized for failing to adequately supervise its traders and for not having systems in place to detect spoofing, which involves entering fake orders designed to fool others into thinking prices are poised to rise or fall.
In , former chairman Richard Parsons hired long-time Washington, D. Hohlt to advise him and the company about relations with the U. Die geringe Jahresproduktion , knapp über 20 t, sorgt für starke Preisbewegungen. Dazu kommt, dass das Rhodium nicht an den Metallbörsen gehandelt wird, weil die wichtigsten Abnehmer direkt mit den Minenkonzernen verhandeln.
Rhodium kommt nicht allein, sondern immer gemeinsam mit Platin vor und muss aufwendig aus diesem Verbund getrennt werden. Rhodium ist extrem hart, besitzt eine hohe katalytische Kapazität.
Sein starke Glanz wird in der Schmuckindustrie geschätzt, der hohe Schmelzpunkt doppelt so hoch wie Gold macht es besonders geeignet für die Herstellung von TV-Bildschirmen. Hauptabnehmer sind die Produzenten von Abgaskatalysatoren. Im vergangenen Jahr war die von 2,63 Millionen auf 2,81 Millionen Unzen erhöhte westliche Nachfrage zu einem wesentlichen Teil Aus Südafrika wurde der Weltmarkt mit 3,37 Millionen Unzen versorgt, die russischen Lieferungen stellen sich auf 1,28 Millionen Unzen, wovon Unzen auf 7,04 Mio.
Mittels Recycling kamen weitere 1,41 Mio. Unzen auf den Markt. Marktversorgung - Totalnachfrage nach Platin Autokatalysatoren 3,13 Millionen Unzen, Schmuck 2,74 Mio. Die Möglichkeit, mit Warentermingeschäften ähnlich wie im Casino schnelles Geld zu machen ist für viele Menschen sehr verlockend.
Sie wollen lediglich die Differenz zwischen vereinbartem niedrigen Preis und erhofftem hohen Tagespreis kassieren. Es kann jedoch auch umgekehrt kommen, der Tagespreis liegt dann unter dem ursprünglich vereinbarten und die Spekulanten erleiden Verluste. Weniger riskant sind von Banken platzierte Anleihen und Fonds, deren Mittel in Rohstoffe investiert werden.
In den Printmedien wird dafür geworben. Zum besseren Verständnis ein paar Umrechnungszahlen: Mais - führte der regenarme Sommer in Ö zu einer schlechten Ernte. Das war die Ausnahme. Statistik Austria - 3. Jänner gab es in Ö. Reis ist Grundnahrungsmittel für mehr als die Hälfte der Weltbevölkerung. Die WP betrug Mio. Statt die kanadischen Weizen- und Rapsfelder alle paar Jahre zur Bodenregeneration brach liegen zu lassen, begann man in den ern mit dem Anbau von Linsen um den Nährstoffgehalt der Ackerböden wieder ins Gleichgewicht zu bringen.
Rund Millionen Ballen zu je 60 kg beträgt die jährliche Weltproduktion von Baumwolle. Tee wird hauptsächlich dort getrunken, wo er wächst. Wichtigste Anbauländer für Schwarztee: China, Japan, Vietnam, Indonesien. Soja ist war eine genügsame Pflanze, sie gedieh auf kargen Böden und war einfach zu bewirtschaften. Aus den gekochten Bohnen gewinnt man Sojamilch und Tofu. Gepresste Bohnen liefern Sojaöl, der verbleibende Rest, das Sojamehl 80 Gewichtsprozent , wird an Nutztiere verfüttert.
Soja ist nach Weizen und Reis weltweit das wichtigste Agrarhandelsprodukt. China mit 70 Mio. Die Produkte wechseln zum vereinbarten Termin nicht körperlich den Besitzer, es kommt lediglich zur Zahlung des Differenzbetrags zwischen Ankaufs- und Verkaufspreis in bar.
Latex Kautschuk ist der Rohstoff zur Herstellung von Naturgummi. Momentane, dramatische Preisausschläge zeichnen auf dem Rohwarenmarkt ein sehr unscharfes, falsches Bild. Dazu dienen die Indexkonzepte, die in Bezug auf Rohstoffzusammenstellung und deren Gewichtung stark voneinander abweichen. Nach einer festgelegten Gewichtung sind in ihm 19 Rohstoffe enthalten: Stahlindustrie, Maschinenbau Brasilien 83 , Kanada 11 Palladium: Pharmaindustrie, Maschinenbau Australien 24 , Mexiko 20 Wolfram: Die staatliche Korea Resources Corp.
Die geplanten Bestände sollen den südkoreanischen Bedarf etwa an Chrom, Molybdän und Palladium für zwei Monate sichern. Von den 14 angeführten Rohstoffen kommen 9 überwiegend aus China: Die restlichen 5 sind: Mit der Entwicklung neuer Technologien ist in den letzten Jahren Nachfrage nach einer bisher wenig beachteten Rohstoffgruppe entstanden: Es sind dies 17 Metalle, Scandium , Yttrium und die Lanthanoiden 15 metallische Elemente, die im Periodensystem aufeinander folgen: Der Verbrauch ist so stark gestiegen, dass der Bedarf kaum noch gedeckt werden kann.
Die Weltproduktion von Die Preisentwicklung verläuft der Nachfrage entsprechend. Von August bis August stieg der Preis bei Cerium von 3. Im Oktober lag der Preis für eine Tonne Ceriumoxid bei Lynas Corporation - seit ein Verlustbringer - wird Mitte mit der Förderung in den westaustralischen Mount-Weld-Vorkommen beginnen. Molycorp hat die kalifornische Mountain-Pass-Mine bis betrieben und sie dann wegen Umweltproblemen geschlossen.
Bei ihrem Börsengang hat Molycorp knapp Mio. Die Förderung in der Mountain-Pass-Mine soll wieder anlaufen. Eine Menge, die dem Bedarf Japans entsprach.
Im Oktober drehte China die Exporte gänzlich ab. Japan und die USA nahmen es gelassen. Die beiden Staaten haben bereits Lager für mehrere Jahrzehnte aufgebaut. Preis für eine Tonne: Vielfältig sind die Einsatzgebiete von Zink. Zinkpulver wird für Batterien benötigt. Zinn ist ein weiches, gut verarbeitbares Metall. Es wird hauptsächlich für Lebensmittel- und Getränkeverpackungen so wie als Lötzinn und in der Keramik- und Kunststofferzeugung verwendet.
Allerdings verarbeitet China seit August seine gesamte Produktion Seither sieht sich Indonesien - Produktion Dennoch halbierte sich der Zinnpreis von Für wurde eine Weltproduktion von China Shenhua Energy - China: Die Karriere eines schlachtreifen Rindes dauert 18 bis 24 Monate. Mit einem Alter von 14 bis 18 Monaten wiegt ein Kalb zwischen lbs und lbs.
Dann wird es als Jungrind Feeder Cattle bzw. Mastrind Fed Cattle eingestuft. Vier bis acht Monate später, nunmehr 1. Das bringt 0, Dollar je lbs.
An der Nybot wird die mildere, geschmacksintensivere Kaffeesorte, Arabica , gehandelt. Die weniger edle, billigere Sorte, Robusta , notiert in London.
Kaffee wird in Terminkontrakten Futures gehandelt. In den letzten Jahren machte sein Preis den Kaffeeproduzenten ihr Auskommen mehr als unsicher. Jede Interessengruppe bekam 1. Die Mengenzuteilungen erfolgten mit Zweidrittelmehrheit. Erreicht der Preis eine Obergrenze Das Quotensystem war nur wenig wirksam und brach völlig zusammen.
Daher wirken sich Probleme in diesem Staat besonders auf den Weltmarktpreis aus. Als die Kakaopreise abstürzten, hatte das eine Wirtschaftskrise zur Folge. Ein Militärputsch führte im Dezember zum Sturz des ivorischen Präsidenten.
Nach einer manipulierten Wahl kam ein neuer Präsident an die Macht. Von da an herrschte Bürgerkrieg. Ab und zu unterbrochen von unsicheren Waffenstillständen. Weitere Infos auf www. Auf der angestrengten Suche nach ausländischen Investitionen in den Bergbau unterbinden Dritte-Welt-Staaten Gewerkschaftsaktivitäten und missachten den Umweltschutz.
Im Dezember fiel Kupfer auf 2. Silber befindet sich im Rahmen einer ausgedehnten Seitwärtskorrektur seit September in einer moderaten Aufwärtsbewegung. Zink hat sich innerhalb eines Jahres von rund 1.
Aus den Blütenstempeln einiger Krokosarten wird Safran gewonnen. Bolivien 24 , Südafrika 20 , China Edelstahl, Feuerfestindustrie, Turbinen, Magnetbänder. Südafrika 45 , Kasachstan 17 , Indien Halbleiter, Brennstoffzellen, Legierungen, Solarzellen.
Halbleiter, Transistoren, Katalysator, optische Industrie, Solarzellen.