These include the implosion of Singapore energy trader Hin Leong, the collapse of Agritrade International and Hontop Energy. The company moved into packing and distribution for other firms and created its own consumer brands, including the Zarah pulses range and a line of biodegradable refuse sacks known as Enviro Care produced at its own plastics factory in Ajman. Chez Phoenix Markets, nous veillons à ce que vous débutiez à trader en ligne avec toutes les informations et ressources dont vous avez besoin. The company says it is already one of the top three rice traders globally. Next Article EY orders consultants to take time off as work slows. Je m'appelle Assongmo Necdem.
Much of the planned increase in Phoenix’s supply will come from India, the world’s biggest exporter, he said. The Rice Trader is the world’s leading trade publication dedicated to in-depth analysis of the global rice industry. Salut Je sui l'auteur de cet article qui a été grossièrement reprise par Actu Cameroun. UAE-based agricultural and food firm plans to double $2b turnover in 3-5 years.
Dubai Multi Commodities Centre, the authority responsible for the free zone from which Phoenix Global traded, declined to comment. This raises the prospect of a liquidity crunch triggering a wave of defaults and bankruptcies across the sector. It also said attempts to secure records and documents have been complicated by the coronavirus lockdowns. Your organization will find valuable intelligence that assists your risk management, trade, and decision making abilities across the rice industry supply chain. Phoenix, which began as a rice trader in 2000, expects to generate $1.3 billion in annual rice sales over the next three to five years, Dhawan said. Putting Our Heart and Soul into Rice Market Analysis.
Phoenix traded 12m tonnes of commodities and goods last year and claims to be one of the largest rice distribution companies in the world. These include the implosion of Singapore energy trader Hin Leong, the collapse of Agritrade International and Hontop Energy. This section is about Living in UAE and essential information you cannot live without.
Click here to read the Mint ePaperMint is now on Telegram. https://www.reuters.com/article/us-phoenix-bankruptcy/commodities-trader-phoenix-goes-into-liquidation-due-to-coronavirus-documents-idUSKBN22K1N8, https://www.ft.com/content/e486c1f4-05fc-4d5c-b7e5-246d4d2a7f2b, https://www.farmlandgrab.org/cat/show/847, Uganda environment authority greenlights clearing of Bugoma Forest, Perú: Colonias menonitas deforestan más de 3 mil hectáreas en la Amazonía, Nigeria: Edo communities accuse Okomu Oil of land grabbing, Farmers buy back Riverina holding from US fund, Insecure land tenure in Port Loko: Affects on women farmers' livelihood from large scale agricultural investments, Two Karuturi directors file suit against receivers over property, La Zambie lance un projet d'autonomisation des terres, Indonesia’s ‘militarized agriculture’ raises social, environmental red flags, Chinese could draw the curtains on historic Tassie property, Brasil: “Grilagem organizada” ameaça biodiversidade e comunidades do Matopiba. This week HSBC took steps to remove the management of ZenRock Commodities Trading, as it tries to hammer out a debt restructuring agreement.
It'll just take a moment. In an April 20 email to all staff, seen by The National, Mr Dhawan said the company was impacted by the Covid-19 outbreak which caused delays to goods and payment, and that “the situation got compounded many times through a massive payout required in the financial markets team, which completely shocked us and severely impacted the cash flow of the company”. Phoenix Commodities began as a rice trading business in 2001. You are now subscribed to our newsletters. In case you can’t find any email from our side, please check the spam folder. Privacy Policy. Mr Dhawan did not respond to requests from The National to comment. The liquidators report states that Phoenix’s hedging losses were “disastrously compounded” by a Dubai-based derivatives trader “exceeding his authority” by allegedly placing several additional bets on currency markets in an attempt to recover previous losses.
Bloomberg. A spokeswoman for Deloitte confirmed the appointment of Mr Smith and Mr Jarvis, but declined to comment further. Phoenix traded 12m tonnes of commodities and goods last year and claims to be one of the largest rice distribution companies in the world. The group grew turnover to $3.1bn and made a $43.5m profit last year, according to management accounts provided to the provisional liquidators. By Maha El Dahan, Roslan Khasawneh, Anshuman Daga 3 Min Read DUBAI/SINGAPORE (Reuters) - Phoenix Commodities Pvt Ltd, a trader of agricultural products with offices in Dubai and Singapore… The company engaged restructuring firm Quantuma in March to undertake a review of its finances as the scale of the trading desk's losses grew, and directors attempted “a last ditch financial restructure” of its balance sheet, which ultimately failed and led to the appointment of Quantuma and KRyS Global as provisional liquidators on April 20, according to a document filed by its provisional liquidators. Its executive chairman, Gaurav Dhawan, became the majority shareholder in 2006 and expanded its activities. Phoenix Commodities, which was registered in the British Virgin Islands but had its main operating entity, Phoenix Global DMCC (PGD), in Dubai, was undone by “accrued losses incurred by its financial derivative trading desk” in February and March, according to the document seen by The National. However, a separate corporate presentation seen by the FT showed Phoenix had drawn $105m from a credit line provided by Standard Chartered at the end of September and $41m from another facility provided by HSBC. NWCF Client deals completed: About NWCF.
The string of high-profile blow-ups and scandals, including the current crisis at Phoenix Group, are forcing trade finance banks to rethink their exposure to the commodity trading industry, a high-volume, low-margin business. It had three main divisions - agrifoods, resources (coal and metals trading) and consumer brands. Last week, the Financial Times reported that UK-headquartered lenders HSBC Holdings and Standard Chartered were also owed millions by the company. That compares with 1.5 million tons this year. The hedges were related to the movement of the US dollar against the rupee, euro, rand and rouble. Je suis journaliste en service... A citation export link would be useful. Worldwide exports in 2018 will hold near this year’s record 45.7 million tons, on expanding consumption in Africa and the Middle East, the US Department of Agriculture estimated in November. Copyright © HT Digital Streams Limited All rights reserved. Love to write and stay updated with news world. Find information on used, new and certified cars on Autotrader. The report said Phoenix had $1.6bn of “available banking facilities” across its main subsidiaries but does not detail how much the group had drawn down on these credit lines at the time. Hang in there. (Nous sommes désolés, on n'avez pas cette information avant.) “As losses continued to accrue on PGD’s open trades so did the requirement for the company to post margin calls in the form of cash collateral which it was unable to meet,” the document said, adding the situation was exacerbated by counterparties who were unwilling to let the firm close its trades. We have a whole new range of products to show you. The company plans to spend $300 million over the next five years, mostly on increasing processing and production, as well as expanding into farming in Africa, Kazakhstan and Ukraine, Dhawan said. It will be supplemented by rice from Pakistan, Thailand and Vietnam.
Begin your car search at the ultimate automotive marketplace. Mr Dhawan's email said he had flown to London in mid-March in a bid to resolve the company's issues but that Covid-19 restrictions meant he remained there since. MADE SIMPLE AND SECURE. The troubles at Phoenix are the latest in a series of scandals and failures to hit the commodities trading sector. Sheikh Mohammed reveals date UAE's Hope probe will reach Mars, New inheritance laws to create long term prospects for UAE residents, UAE leaders congratulate Biden and Harris on US elections win, Leading Edge: an exclusive look inside the Middle East's biggest defence company, UAE sets out overhaul of personal and family law, ‘Should end-of-service benefits include the full notice period?’, 10 mistakes that will drag down the value of your home, Etihad restructures to 'leaner' size amid Covid-19 headwinds, Fintech company Ripple sets up regional base in DIFC, NMC Health's administrators begin legal action for 'in excess of £1bn' against auditor EY. The liquidators report states that Phoenix's hedging losses were "Disastrously compounded" by a Dubai-based derivatives trader "Exceeding his authority" by allegedly placing several additional bets on currency markets in an attempt to recover previous losses. © Al Nisr Publishing LLC 2020. Mr Dhawan is negotiating with lenders to the group’s main Dubai entity and the report said the 45-year-old businessman “is in the process of securing financial support as part of a rescue plan”. The valuation, provided by Deloitte India based on the company's June 2019 accounts, show the speed at which currency trading losses incurred by the company's financial derivatives desk in Dubai led to its decline. “This is a unique bespoke facility, centred around rice business to Africa and allowing the flexibility for value capture across the entire chain from primary domestic procurement in Asia to downstream import and whole sale distribution in Africa.
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