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Vol 50 No 12

Published 12th June 2009


How to win in a recession

The trading of oil and other commodities is far more lucrative and resistant to demands for scrutiny than the beleaguered banking sector

The world of oil trading is as remarkable for its profits as for its opacity, some of its largest businesses having an annual turnover of several hundred billion dollars a year. Swiss-based Glencore handles 3% of the world’s daily oil supply. Many trading businesses are privately held, so their financial statements are not available, much less their tax details. They would make fascinating reading.

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