Armajaro Holdings Ltd., founded by Anthony Ward and Richard Gower, agreed to sell its soft commodities trading unit to Ecom Agroindustrial Corp., the world’s second-biggest coffee and third-largest cocoa trader.
Facebook Inc.’s deal to acquire Instagram, the mobile photo-sharing application, for about $1 billion in cash and stock, was done in a mere 54 hours said Facebook’s lead partner on the deal, Greg Roussel of Fenwick & West LLP.
Sales of gold coins are on track for the best month in a year amid the worst commodities rout since 2008, a sign that bullion’s longest bull market in nine decades has further to run, if history is a guide.
Andrew Hall, the former Citigroup Inc. energy trader, saw his hedge fund’s Astenbeck Commodities Fund II lose more than 10 percent last month, the Wall Street Journal reported, citing a June 1 letter to investors.
Occidental Petroleum Corp. , the largest onshore crude producer in the continental U.S., said fourth-quarter profit increased 29 percent on gains from its Phibro LLC trading business and record oil production.
Citigroup Inc.’s first-quarter trading revenue fell by 30 percent after last year’s sale of the Phibro LLC energy-trading unit, contrasting with trading gains at JPMorgan Chase & Co. and Bank of America Corp.
Occidental Petroleum Corp. Chief Executive Officer Ray R. Irani will take a pay cut and retire next year in the wake of shareholder criticism of a compensation package that made him the highest-paid CEO in the energy industry.