19 December 2012 18:12 [Source: ICIS news]
HOUSTON (ICIS)--Many chemical industry executives see the ongoing fiscal cliff deadlock in the ?xml:namespace>
The so-called fiscal cliff is a combination of automatic income tax increases and cuts in federal government spending that will kick in on 1 January, unless Congress and the White House can agree on terms to lessen the blow.
KPMG said that 41% of executives polled indicated that in the current macro-economic environment, their biggest concern is the
"The threat of the fiscal cliff is an obvious concern, leading many companies to focus on improving business effectiveness and maintaining a strong balance sheet," said Mike Shannon, global chairman of KPMG's Chemicals and Performance Technologies practice.
"Companies that are successful in these endeavours can gain a competitive advantage and be better positioned to capitalise if the economic tide turns,"
However, despite near-term economic challenges, executives expect that the
Nearly one-third of executives surveyed said that shale gas developments in the
Additionally, 37% said that US shale exports will force increased competition, leading to price and margin erosion in
The KPMG survey results reflect responses from 87 senior chemical industry executives who self-selected to participate in the survey.
Earlier this month Dow Chemical CEO Andrew Liveris said he was optimistic about a positive resolution to the US fiscal cliff and that his company was not feeling any major impact so far.Additional reporting by Joe Kamalick in
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