Noble Group to slash headcount to just 400

Noble Group to slash headcount to just 400

Noble Group, Asia’s largest commodities trader at the start of this decade, will slash its staff to just 400 in its latest bid to survive. The Hong Kong-based group, which has been under enormous financial pressure for the last three years, has also outlined further offloading of assets, including its US gas and power business which it will sell to Mercuria Energy Group.

Noble warned Wednesday it will lose up to $1.8bn for the second quarter, heaping pressure on the Singapore listed stock.

Noble said it would “explore strategic alliances in Asia” with Mercuria after establishing some initial links with the Swiss trader’s Asian affiliates.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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