The blog is delighted that the Financial Times’ Gillian Tett has been named Journalist of the Year, in the annual UK awards. She was the first journalist to call attention to the dangers developing in financial markets, and has been an invaluable source of information. Two postings, from March 2008 and December 2007, illustrate her […]
The blog has been reading the G-20 communiqué, and various news reports, to understand whether the London summit answered the 5 key questions it raised in advance of the meeting. Reuters provides a good summary of the outcome in terms of 3 blog questions: • Global trade. “The Summit ‘reaffirmed’ commitment from previous summit last […]
The blog may be over-optimistic, but as with US house markets, it is hopeful that US auto market may have hit at least a temporary bottom. Spring should be a good period for sales, and March saw auto volumes down 37% versus 2008. This was a relatively good performance after February’s 41% decline, but still […]
The blog still finds it hard to adjust to Dow Chemical’s current financial status, following the K-Dow/Rohm & Haas episode. But facts speak for themselves. Earlier this week, S&P lowered Dow’s debt rating to just above junk grade, on completion of the R&H deal. However, news that Dow has sold R&H’s Morton Salt to Germany’s […]
Leaders of the G-20 represent 85% of the global economy, and 65% of world population. Set up by Finance Ministers after the Asian crisis in 1997/8, they first met at Heads of Government level in the USA last November. Sadly, although their communiqué was filled with earnest promises, few of these have since been enacted. […]
Source: Chartoftheday.com US house prices remain on a “downward path” according to today’s latest S&P Case-Shiller house price index. S&P report that in terms of nominal prices (including inflation), “average home prices across the US are now at similar levels to late 2003″. In ‘real terms’ (after excluding inflation), the picture is even worse. According […]
There had been speculation that President Obama’s mid-West background might tempt him to take a soft line on the troubled automotive industry. But his comments on Thursday that there has been “a lot of mismanagement of the auto industry over the past several years”, suggested this was unlikely. Today’s news confirms it: • GM’s CEO […]
US new home sales began falling in 2005, when they peaked at 1.4 million a month. Last month, as the above chart from the ACC weekly report shows, they were down to just 337,000. Similarly, new home inventory has risen to 12 months. Each new home uses over $16k of chemicals, so this decline has […]
Last month, the blog supported former US Treasury Secretary Brady’s argument that ‘mark to market’ accounting rules were helping to worsen the current financial crisis. It therefore welcomes the decision by the US Financial Accounting Standards Board to revise its rules with effect from April 2. It applauds Paul Kanjorski, chair of the relevant House […]
Oil prices have been rising steadily over the past few weeks, and are up 20% since the start of the year. Yet US oil inventories have also been rising, and are now at their highest level since July 1993. Stocks have risen in 22 of the last 26 weeks. Whilst OPEC production cuts have certainly […]
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Paul Hodges is Chairman of International eChem, trusted commercial advisers to the global chemical industry.
The aim of this blog is to share ideas about the influences that may shape the chemical industry over the next 12 – 18 months. It will try to look behind today’s headlines, to understand what may happen next in important issues such oil prices, economic growth and the environment. We may also have some fun, investigating a few of the more offbeat events that take place from time to time. Please do join me and share your thoughts.
Between us, we will hopefully develop useful insights into the key factors that will drive the industry's future performance.