![]() Companies like Vitol figure throughout, shipping oil from sometimes shady regimes to often shady buyers, always with an upside-for the traders, at least.įor decades, the big trading houses had been private, keeping their books to themselves not even the traders at Glencore knew who actually owned the shares until it came time to sell them. Trafigura was a scrappy trader-until a toxic dump in the Ivory Coast and a toxic relationship with its big French banker threatened to flatline the firm. There’s plenty of room for Cargill’s pioneering role in feeding the world, while minting more billionaires than any other family (not to mention literally minting its own currency in Zimbabwe at the height of the currency crisis). Few of the secretive commodity traders, all from a small constellation of firms with names like Cargill and Vitol, had spoken on the record before there are plenty of juicy details about how traders changed the world, from saving Fidel Castro’s Cuba to the role that oil traders played in sustaining Vladimir Putin’s Russia after it was crushed by Western sanctions in 2014. Who bet on coal-not just as traders, but actually at the minehead-as the Chinese economy exploded, making a killing? Who got mixed up with the straight-from-the-headlines Dan Gertler in mining operations in the Democratic Republic of the Congo, much to its ultimate chagrin? Who went public, revealing for the first time the fabulous wealth-more than a dozen billionaires in a single stock offering-that the big trading houses had for years kept under wraps? Always Glencore.īlas and Farchy have two big advantages: They know what they are talking about, and they know who to talk to. Who helped create the mining giant Xstrata, which foresaw and which would so richly benefit from the early 21st-century Chinese commodities boom? Glencore. ![]() banks wouldn’t touch him-his underlings formed a new company, Glencore, which played an outsized role in the new economy and, naturally, in the book. When his eponymous firm became too toxic-U.S. Blas and Farchy describe how his firm dominated shady dealings with rogue regimes, physically connecting the people who had things like oil with the people who needed it. Take Marc Rich, the trader who made a killing in the 1970s before becoming a tax fugitive. What they found isn’t pretty-but it’s plenty illuminating. The World for Sale: Money, Power, and the Traders Who Barter the Earth’s Resources, Javier Blas and Jack Farchy, Oxford University Press, 416 pp., $29.95, March 1, 2021 The World For Sale: Money, Power, and the Traders Who Barter the Earth’s Resources, Javier Blas and Jack Farchy, Oxford University Press, 416 pp. The book is superbly researched and tidily written: There’s no overwrought prose or tortured jargon, just a clean, compelling chronicle of the central role that commodity traders have played in the global economy from the end of World War II to the present. They mined thousands of pages of legal filings, company reports, prospectuses, and other rich veins of information. If you have the slightest interest in how the modern world was made, by whom, at what price, and at what profit, this is the book for you.īlas and Farchy, who both covered the commodities industry for the Financial Times before moving to Bloomberg News, have spent years talking with people who don’t talk. There’s not a word about the Bronze Age in The World for Sale, from Javier Blas and Jack Farchy, but there’s a motherlode about the people who literally created the world we live in now by trading the modern equivalents of tin, whether oil, coal, or cobalt. Now we do know-maybe not about them, but about the modern tin traders. ![]() We don’t know who they were, what they earned, or what corners they cut. Somebody found a source-in Cornwall, or Devonshire, or Brittany-and somehow delivered it to Egypt or Sumer. ![]() It was a crucial commodity, mixed with copper to make the rudimentary swords and spears that drew the borders of the ancient world. ![]() The Bronze Age, which midwifed the modern world, relied upon unknown traders in tin, a metal in short supply across Europe and the Middle East. ![]()
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![]() To reflect the policies of the shipping companies we use, all weights will be rounded up to the next full pound. The weight of any such item can be found on its detail page. Please also note that the shipping rates for many items we sell are weight-based. Crafted from beautiful seamless fabrics and designed to feel like a second skin, while still giving you total support and freedom of movement these shorts are essential for your workout wardrobe. Depending on the shipping provider you choose, shipping date estimates may appear on the shipping quotes page. Seamless Shorts For Women Feel powerful and comfortable in a pair of seamless shorts. When you place an order, we will estimate shipping and delivery dates for you based on the availability of your items and the shipping options you choose. Note that there are restrictions on some products, and some products cannot be shipped to international destinations. We can ship to virtually any address in the world. We'll notify you via e-mail of your refund once we've received and processed the returned item. If you need to return an item, simply login to your account, view the order using the "Complete Orders" link under the My Account menu and click the Return Item(s) button. This time period includes the transit time for us to receive your return from the shipper (5 to 10 business days), the time it takes us to process your return once we receive it (3 to 5 business days), and the time it takes your bank to process our refund request (5 to 10 business days). You should expect to receive your refund within four weeks of giving your package to the return shipper, however, in many cases you will receive a refund more quickly. We'll also pay the return shipping costs if the return is a result of our error (you received an incorrect or defective item, etc.). 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The exact temperatures and times involved will depend on the grade of steel, with both heating and cooling rates impacting the final product. These cycles help to soften steel and relieve internal stress. This involves controlled heating and cooling cycles. AnnealingĪfter rolling, most steel undergoes an annealing process. However, it can also deform the steel’s structure and often requires heat treatment to recrystallize the steel to its original microstructure. This process creates a more attractive, uniform finish. Multiple supported rollers are used to shape the steel. Often used when precision is required, cold rolling occurs below the recrystallization temperature of the steel. In most cases, this will involve rolling through multiple mills over time to achieve the desired thickness. The process uses repeated passes to adjust the dimensions of the steel slowly. Precise temperature control throughout the process keeps the steel soft enough to work without altering the structure. Performed at temperatures higher than the recrystallization temperature of the steel, this step helps to set the rough physical dimensions of the steel. ![]() Blooms and billets become bars and wires.ĭepending on the grade or format ordered, a steel might go through some of these steps multiple times to create the desired appearance or characteristics. The exact shape and dimensions will depend on the final product.įorms are then marked with an identifier to track the batch through the various processes to follow.įrom here steps will differ depending on the intended grade and final product or function. With the molten steel created, the foundry must now create the primitive shape used to cool and work the steel. Adjustments are then made until the mixture meets the required standard. This ensures that the metal meets requirements for its intended grade and that the steel’s composition is consistent throughout the batch. Step 3: TuningĪfter reducing carbon, a final balancing and homogenization of temperature and chemistry occurs. A vacuum then removes vented gases from the chamber, further reducing carbon content.īoth methods offer precise control of carbon content to ensure a proper mixture and exact characteristics in the final stainless steel product. In this method, molten steel is transferred to another chamber where oxygen is injected into the steel while heat is applied. The other method used is Vacuum Oxygen Decarburization (VOD). Injecting an argon gas mixture into the molten steel reduces carbon content with minimal loss of other essential elements. The first is through Argon Oxygen Decarburization (AOD). There are two ways foundries control carbon content. However, too much carbon can create problems-such as carbide precipitation during welding.īefore casting molten stainless steel, calibration and reduction of carbon content to the proper level is essential. Step 2: Removing Carbon ContentĬarbon helps to increase the hardness and strength of iron. ![]() This helps to not only control costs but reduce environmental impact.Įxact temperatures will vary based on the grade of steel created. Using high-power electrodes, the EAF heats the metals over the course of many hours to create a molten, fluid mixture.Īs stainless steel is 100% recyclable, many stainless orders contain as much as 60% recycled steel. Manufacturing stainless steel starts with melting scrap metals and additives in an electric arc furnace (EAF). How a grade of steel is shaped, worked and finished plays a significant role in determining how it looks and performs.īefore you can create a deliverable steel product, you must first create the molten alloy.īecause of this most steel grades share common starting steps. The exact process for a grade of stainless steel will differ in the later stages. ![]() ![]() ![]() India 10-year bond yield at 4-month peak as higher U.S.It would only give around 75 per cent of that which is Rs 7,20,000 in the first tranche and the rest (Rs 2,40,000) when the financial institution receives balance payment from the customer. Now, the factor might not advance the entire amount of Rs 9,60,000. The factor may choose to discount the invoice at 4 per cent and will keep RS 40,000 as part of his/her commission. ![]() To gain access to cash, you approach a factor or a financial institution who has agreed to purchase your invoice worth Rs 10,00,000 from ABC Ltd. But in the meantime you need access to cash to address immediate liquidity needs. You own a business and you have accounts receivable pending with you which will be due after three months. Let's understand factoring with the help of an example. The only benefit of factoring is that a company doesn't have to wait for two or three months and can address its liquidity needs by approaching a financial institution. Once the factor collects payments from the creditors, it pays back the rest of the money after deducting its fee or commission. The advance rate could vary from 80 per cent to about 90-95 per cent of the total invoice amount. The terms, as well as the nature of factoring, could differ from financial institution. There are four main types of factoring - maturity factoring, finance factoring, discount factoring, and undisclosed factoring. It is slightly different from invoice financing. Under the transaction between both parties, the factor would pay the amount due on the invoices minus its commission or fees.ĭescription: In order to meet short-term liquidity needs, a business has to sometimes resort to factoring. Definition: Factoring is a type of finance in which a business would sell its accounts receivable (invoices) to a third party to meet its short-term liquidity needs. ![]() |
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