The Strategic Case for Commodities
Interest in commodities as an asset class has risen substantially in recent years. The strategic case for commodities, grounded in economic logic and supported by empirical evidence, is increasingly leading the world’s largest pension funds and endowments to incorporate passive, unlevered, long-only investments in commodity baskets into their balanced portfolios.
By Stefan Weiser, Executive Director, Goldman Sachs International

The Legal 500
The commodities extract from the new edition of The Legal 500, a fully updated review of major legal firms and their activities.
Legal 500.

Consolidation: The Key for the Future of Gold Mining?
As a geopolitical region Europe will enlarge next year. In energy, European companies are now becoming major global players, largely assisted by the retrenchment of US utilities to their domestic market in the post-Enron era.
By Jeremy Wilcox.

Mining - A Survey of Global Reporting Trends
Are stakeholders in global mining firms getting the full picture? Not always, according to a new survey from KPMG. Inconsistencies in the way some mining companies report on their performance could leave investors and other stakeholders in the dark. But significant improvements have been made.
KPMG.

Nickel: Price Prospects
This year, nickel replaced aluminum and copper as the more prominent mover into a growth cycle, increasing in price from US$7,300/MT in January to a high of US$9,950 at one point in mid-August. But nickel’s price is attributable to more than just improving growth prospects.
By Edward Meir.

Corporate Accountability Reforms
Described by George W. Bush as “the most far-reaching reforms of American business practices since the time of Franklin D. Roosevelt”, Sarbanes-Oxley reached its first birthday recently. But while the jury is still out on its effects, there is no doubt that it has reduced the scope for corporate malfeasance. Here, Matthew Frye of OpenLink discusses the impact and effects of the Act for Energy companies.
By Matthew Frye, OpenLink.

The Natural Gas Price Reporting Conundrum
What started as an issue of false price reporting and inaccurate data is swelling to encompass other aspects of the energy trading business and causing a host of new problems. In addition, the Commodity Futures Trading Commission (CFTC) has levied fines for false price reporting ranging from US$3 – 20 million each on nearly half a dozen current and former energy trading giants with more such penalties rumoured to be in the works.
By Greg Lander, Principal, Skipping Stone Inc.

The European Emissions Trading System
The Kyoto Protocol (KP) is close to entering into force. Governments in the Annex-1 nations (the countries with caps on GHG emissions under Kyoto) are all developing strategies in order to meet the Kyoto targets in the first Commitment Period (2008-12). One of the most significant measures being put into place to manage national GHG emissions will be through the recently agreed EU Emissions Trading System (EU ETS) – a mechanism that will regulate some 46% of the EU’s CO2 emissions.
By Justin Guest, Ecosecurities.

European Emissions Trading
Whereas the success of global climate policy still depends on Russia’s outstanding ratification of the Kyoto Protocol (KP), the European Union is making swift headway towards substantial cuts in greenhouse gas (GHG) emissions. A new directive confronts the larger part of European industry with mandatory emission caps and far reaching business implications. Three recent emissions trading simulations run by CarbonSim Pty Ltd. have provided important insights into emission trading at operational level and helped companies prepare for the carbon-constrained future.
By Urs Brodmann.