Commodity Trader ED&F Man Expands Into Cotton With Viterra Hires
Commodities trader ED&F Man Holdings Ltd. is expanding into the cotton market after hiring a team from Viterra, an agriculture company backed by Glencore Plc, according to people familiar with the matter.
The London-based trader, best known for hauling sugar and coffee around the world, has tapped more than 10 traders from Viterra, said the people, who asked not to be named because the information isn't public. The new hires include Josh Taylor, global trading manager for cotton at Viterra, and Andrew Kelly, head of physical cotton trading at the company, the people said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
42 minutes ago
- Yahoo
22% of homes on market ‘have been sitting there for over six months'
More than one in five homes listed for sale have been sitting on the market for more than six months without a buyer snapping them up, according to analysis by a property website. Zoopla said that 22% of homes listed for sale have been on the market for over six months and remain unsold. Its report said: 'Many sellers have a price in mind that they want to secure a sale for their home, or a price they need to achieve in order to unlock their next home move.' They may eventually get their price but 'may have to wait a long time to achieve it', the report cautioned. Sellers may have to balance achieving a specific price against a timely sale, it added. House price growth is cooling as more homes are put on the market, the website said. The average estate agent has 37 homes for sale, compared to 32 last year. House price inflation is lower in higher-value markets, with modest price falls being seen typically in areas with home values over £500,000, the report said. These markets account for 8% of UK homes, Zoopla added. The report said there is a 'clear link' between house price inflation and the change in the number of homes for sale over the past year. In London, the South East and South West regions of England the number of homes for sale has jumped compared with a year ago, with house prices 'barely rising', Zoopla said. In contrast, northern England regions, the West Midlands and Scotland have registered a smaller increase in supply, creating an element of scarcity and driving above-average price growth, it added. Zoopla said that house prices across the UK generally increased by 1.4% annually in May. The report said: 'Home values are currently increasing fastest, at over 3.5% per annum, in parts of the North West of England and Scotland, specifically Wigan (WN), Falkirk (FK) and Blackburn (BB) postal areas.' Meanwhile, prices have fallen by more than 1% over the past year in the west central London (WC) and west London (W) postal areas, alongside Torquay (TQ) and Truro (TR) areas in the South West, the report said. It added: 'In addition to affordability factors, tax and policy changes aimed at second homeowners and landlords are leading to weaker demand and more sales by these owners, which is compounding the impact on house price growth at a localised level.' Richard Donnell, executive director at Zoopla, said: 'The number of buyers and sellers agreeing home sales continues to increase year-on-year, demonstrating a continued desire of more households to move home in 2025. Improving mortgage affordability will support buying power in the second half of the year. 'However, buyers remain price-sensitive, especially in higher-value markets where the number of homes for sale has grown the most in the last year, boosting choice for home buyers. Serious sellers need to be realistic on where they set their asking price in order to achieve a sale and secure a home move in 2025. 'The market remains on track for 5% more sales in 2025 but house price inflation will remain between 1% and 2%.' Sarah Cartlidge, branch manager at Fraser Reeves estate agent based in the North West of England, said: 'We're always keen to emphasise to prospective vendors that they do need to price positively and realistically from the get-go, in order to secure a good buyer in good time, and to make the best first impression possible when their property hits the market. 'We know that any property can sell for the right price, taking into account the local competition and the particular characteristics of each individual home.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
44 minutes ago
- Yahoo
UK business confidence levels hit highest since 2015, Lloyds says
LONDON (Reuters) -Confidence levels among British employers hit a fresh nine-year high this month as companies became more optimistic about the outlook for the economy, according to a survey published on Monday. The Lloyds Bank Business Barometer rose by one point to 51%, the highest since November 2015, adding to an 11-point jump in May following a tumble in April when U.S. President Donald Trump announced a big jump in import tariffs, many of which have since been suspended. The survey's measure of economic optimism touched a 10-month high, rising by a point after a 16-point increase in May. Hann-Ju Ho, senior economist at Lloyds Bank Commercial Banking, said a rise in hiring intentions - with 60% of firms expecting higher staffing levels in the coming year - suggested employers were starting to prepare for future growth. The Bank of England is watching Britain's jobs market closely as it tries to gauge how much inflation pressure remains in the economy. Governor Andrew Bailey said last week that he saw signs of a slowdown in the labour market, due in part to the government's tax increase for employers, which began in April. But the Lloyds survey showed wage growth expectations rose for a second month in a row, with 36% of respondents forecasting average pay increases of 3% or more. Separate figures published by jobs website Adzuna showed UK staff vacancies edged down in May from April but rose by 0.5% compared with May last year, the third such increase in a row after more than a year of falls. "May reinforced the sense that the job market in the UK is gradually regaining its footing," said Andrew Hunter, co-founder of Adzuna. The Confederation of British Industry (CBI) said its gauge of expectations among businesses about the economy over the next three months were less negative than in May but remained weak after the tax increase on employers and geopolitical upheaval. "Companies are still grappling with higher employment costs, cautious spending behaviour on the part of households and increasing global uncertainty," said Alpesh Paleja, the CBI's deputy chief economist. (Writing by William Schomberg;Editing by Helen Popper) Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
an hour ago
- Yahoo
Welfare concessions to be set out ahead of crunch vote
The Government is to set out the concessions it has made to its welfare reforms in the hope that the climbdown on cuts will be enough to shore up support in a crunch vote. Work and Pensions Secretary Liz Kendall said the Bill aims to deliver a 'fairer, more compassionate system' ahead of the legislation's second reading on Tuesday. The Government will amend the Bill at the Commons committee stage to put the changes in place. The original plans restricted eligibility for the personal independence payment (Pip) and cut the health-related element of universal credit. The changes to Pip will now only apply to new claims from November 2026. Plans to cut the health-related element of universal credit have also been rowed back, with all existing recipients to have their incomes protected in real terms. Details of a review of the Pip assessment, to be led by disabilities minister Sir Stephen Timms and 'co-produced' with disabled people, will also be published. Draft regulations for the 'right to try', to enshrine in law the right for people receiving health and disability benefits to try work without fear of reassessment, will also be laid in Parliament. The Work and Pensions Secretary said: 'We must build a welfare system that provides security for those who cannot work and the right support for those who can. Too often, disabled people feel trapped, worried that if they try to work, they could lose the support they depend on. 'That is why we are taking action to remove those barriers, support disabled people to live with dignity and independence, and open routes into employment for those who want to pursue it. 'This is about delivering a fairer, more compassionate system as part of our Plan for Change which supports people to thrive, whatever their circumstances.' Some £300 million in employment support will also be brought forward over the next three years. Those with severe conditions who are unlikely to recover – about 200,000 people – will not be called for a reassessment of universal credit. From next year to 2030, all those who already receive the health element of universal credit and new claimants with severe conditions and 12 months or less to live will see an annual rise to their combined standard and limited capacity for work allowance at least in line with inflation. Ms Kendall had confirmed concessions to the plans after 126 Labour backbenchers signed an amendment that would have halted the Universal Credit and Personal Independence Payment Bill at its first Commons hurdle. That is now expected to be withdrawn after the move appeased some rebellious MPs, but others are considering backing a similar amendment to be tabled on Monday. Health Secretary Wes Streeting told Sky News the changes 'have put us in a much better position' and give 'peace of mind' to those receiving Pip, but he did not rule out further concessions. Labour MP Rachael Maskell said she would sign the new amendment aiming to stop the Bill, saying it was not clear how the promised concessions would be brought in. 'There's no confidence… we're being asked to sign a blank check even with these changes,' she told the PA news agency. Vicky Foxcroft, who quit as a Labour whip over the reforms, told The Guardian there were 'areas where I still think there's need for movement' and that she had not decided how to vote. Olivia Blake, a Labour MP with a disclosed disability, told the paper the changes could create 'an unethical two-tier system that treats two people with the exact same injury or illness differently'. The Liberal Democrats plan to vote against and have called for the Government to speed up access-to-work decisions to help people enter the workforce. Deputy leader Daisy Cooper said: 'Liberal Democrats simply cannot support any measures that make things harder for unpaid carers, disabled people who rely on support with daily tasks in order to stay employed, and those whose disabilities mean that they will never be able to work. Conservative leader Kemi Badenoch has called the concessions 'the worst of all worlds'. Shadow work and pensions secretary Helen Whately would not say on Sunday how the Tories would vote and that the party would wait to see what the Secretary of State sets out.
