Xstrata is a Swiss mining group, producing coal copper, nickel, primary vanadium and zinc. Originally founded in 1926 focusing on infrastructure, Marc Rich + Co AG became its majority shareholder in 1990 and it moved into mining. Glencore is bidding to acquire Xstrata, seeking to marry its coal, copper and zinc mines, with Glencore’s trading prowess.

The Iran Freedom and Counter-Proliferation Act of last year (IFCPA), signed into law by President Barack Obama bans financial services firmsfrom providing services to companies that do business with Iran. Photo: AFP

NY regulator asks foreign reinsurers about Iran links

New York’s financial regulator has asked 20 non-US reinsurers whether they conducted business with entities linked to Iran, as part of a review of these companies’ ability to comply with a new US sanctions law that becomes effective Monday.