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Sources said Gunvor’s underlying trading business remained profitable and strong in 2018. However, the trader suffered losses due to one-off factors that will not be repeated this year, the sources said. Those included a write-down of several tens of millions of dollars because of an abandoned upgrade of its Rotterdam refinery, a write-down relating to the Lagansky Caspian Sea oil block in which it no longer holds an interest, and provisions for legal cases that remain open. Gunvor told its bankers that 2018 losses would be non-recurring, the sources said. Final 2018 results will not be published before April. Preliminary nine-month results for 2018 showed a loss in excess of $100 million due to the one-offs, two of the four sources said.

Gunvor declined to discuss the plan and financial performance, “Gunvor has proactively addressed challenges it faced in 2018 by making decisive, strategic adjustments, including restructuring, trimming costs, and investing in its trading platform,” a lucky charm cufflinks company spokesman said, “Gunvor is already off to a strong start across the board in 2019.”, The losses follow a weak performance in 2017, when the firm’s net profit fell nearly 50 percent due to the high cost of building a U.S, trading presence from scratch and a prolonged turnaround at its German Ingolstadt refinery..

The decline prompted a revamp of the company’s leadership structure, with the announced departure of its chief financial officer, who will be replaced by Muriel Schwab later this year. Gunvor owns three refineries in northwest Europe with a capacity of just over 300,000 barrels per day (bpd). The firm had planned to upgrade its Rotterdam plant with a coker unit to increase the output of higher-value products. Installing such units can cost hundreds of millions of dollars and up to $1 billion for large refineries.

Gunvor had started the process and invested millions of dollars before lucky charm cufflinks changing its mind, The investments will have to be written off, the sources said, Gunvor told bankers it is studying the option of bringing in a strategic partner for the Ingolstadt refinery, Gunvor also had to allocate under $100 million as provisions for litigations that are still open, including in China, Last year, one of its former managing directors based in Singapore was sentenced to 12 years in jail for evading Chinese tariffs on fuel imports, As part of the probe, Chinese authorities also seized a fuel tanker..

SAN FRANCISCO (Reuters) - The U.S. Securities and Exchange Commission (SEC) is pursuing a contempt order against Tesla Inc CEO Elon Musk, saying he violated a fraud settlement by tweeting material information without preapproval, sending the firm’s shares down 5 percent. The SEC’s request potentially could reopen a turbulent chapter for the electric vehicle maker in which regulators last year accused Musk of fraud for making misleading tweets about plans to take the company private, and demanded that he be stripped of his CEO title.

Musk, Tesla and the SEC settled the lawsuit, and part of the settlement called for any material statements made by Musk on social media to be vetted in advance by the company, In a court filing on Monday, the regulator pointed to a Musk Feb, 19 tweet: “Tesla made 0 cars in 2011, but will make around 500k in 2019,” noting that Musk did not seek or receive preapproval before publishing this tweet, which was inaccurate and disseminated to over 24 million people, “Musk has thus violated the court’s final judgment by engaging in the very conduct that the preapproval provision of the final judgment was designed to prevent,” the SEC wrote in its motion filed on Monday in lucky charm cufflinks federal court in Manhattan..

The motion asks the judge to issue an order that would put the onus on Musk to show why he should not be held in contempt for violating the settlement. Musk corrected his tweet four hours later to say that the “annualized production rate” at year-end 2019 would probably be about 500,000, with deliveries expected to be about 400,000. Tesla did not immediately respond to a request for comment, but Musk shot back on Twitter on Monday night, tweeting: “SEC forgot to read Tesla earnings transcript, which clearly states 350k to 500k. How embarrassing …”.

Musk was referring to comments made by him in January to analysts that Tesla would make “maybe on the order of 350,000 to 500,000 Model 3s, something like that this year”, Tesla and Musk agreed in September to pay $20 million each to the SEC, and the billionaire stepped down as the company’s chairman but remained as chief executive, In the settlement, the agency pulled back from its original demand that Musk, who is synonymous with the Tesla brand, be barred from lucky charm cufflinks running Tesla, a sanction many investors said would be disastrous..

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