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Bankruptcy Commodities

Phoenix Commodities has gone into liquidation after amassing $400m in potential trading losses

Phoenix Commodities, a trader of agricultural products with offices in Dubai and Singapore, is being liquidated after amassing more than US$400 million (S$567 million) in potential trading losses. It was valued at $1.1bn-$1.24bn as recently as January, according to a document filed by its provisional liquidators.. The Phoenix Group, which was registered in the British Virgin Islands, operated globally with about 100 corporate entities located in Europe, Africa, Asia, Australia and North America and employed over 2,500 people.

First Abu Dhabi bank reports $73.3m exposure to Phoenix Commodities. Emirates NBD, Mashreq, HSBC Holdings and Standard Chartered were also owed millions by the company.

ArabianBusiness.com

Phoenix Commodities began as a rice trading business in 2001. Its executive chairman, Gaurav Dhawan, became the majority shareholder in 2006 and expanded its activities. It had three main divisions – agrifoods, resources (coal and metals trading) and consumer brands. Phoenix traded 12m tonnes of commodities and goods last year and claims to be one of the largest rice distribution companies in the world.

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Food Recall – Managing crisis without losing credibility?

Food recalls are a series of corrective actions that remove potentially unsafe products from the distribution channel, store shelves and consumers’ kitchen to prevent public health. Food recalls have different classes and usually done when there is a remote or reasonable probability that eating the food will cause health problems or death.The main causes of Food Recalls are Allergens like milk, peanuts, eggs, wheat (gluten) and Microbiological contamination like E. coli, Listeria, Salmonella, Staphylococcus. Lost revenues due to food recalls includes a missed opportunity to sell the products, cost of discarded products, business interruption, customer reimbursement and the biggest one is loss of credibility among the consumers.

Key information to communicate with regulatory authorities in case of a food recall is the name of the company, contact details, name of the product, batch identification codes, date marks, amount of product in the market, distribution details, nature of food safety risk and consumer advice.

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Differentiated fresh produce distribution channel

A new online platform is launched this week by the Fresh Produce Consortium as a means of ensuring that the fresh produce supply chain keeps moving across the UK. On Your Doorstep has been set up to provide a free of charge service for suppliers of fresh produce in a move to connect them with customers in their local area. On Your Doorstep has received huge support from the industry already and the platform is being populated with suppliers in each region of the UK, ready for its nationwide launch this week.

Development of such differentiated and innovative business models can have long lasting impact on the fresh produce industry. It will definitely support the fresh produce supply chain and keep it moving during these challenging times.

Read more at OnYourDoorstep