Goldman Sachs has stepped up its trading in battery metal cobalt, latching on to one of the hottest corners of the commodities market as carmakers transition to electric vehicles. The involvement of banks such as Goldman could help bring liquidity to the trading of cobalt, an opaque market where prices are determined privately between buyers and sellers. Already, the price of lithium carbonate has risen 65 per cent this year while cobalt sulphate prices are up 24 per cent, according to Benchmark Mineral Intelligence.
BNP Paribas is facing allegations that its traders mis-sold billions of euros of lossmaking foreign exchange products to Europe’s largest wine exporter, the latest accusations in a widening controversy that has also enveloped Goldman Sachs and Deutsche Bank. J. García Carrión, founded in Jumilla in south-east Spain in 1890, is in dispute with the French lender over currency transactions with a cumulative notional amount of tens of billions of euros. BNP is one of several banks facing complaints from corporate clients in Spain over the alleged mis-selling of foreign exchange derivatives, which pushed some companies into financial difficulties.
Goldman employees are expected to return to the office on 14 June, and workers who have been vaccinated can work in the office without a mask.