We are often told that investment bankers are much cleverer than the rest of us. But sometimes, they do seem to lack common sense. Their behaviour since the Crisis, in paying out $bns in bonuses to the lucky few, seems no way to appease understandable public anger over the cost of the banks’ bailout. The […]
Tag Archives | BASF
The blog was recently interviewed by ICIS’ Anna Jagger at Vienna Airport, on its way back from the World Refining Conference. The conversation covered the need for companies to focus on innovation, as well as on survival, during the downturn. It also highlighted specific examples of opportunities that could be pursued today, within the context […]
The blog’s quarterly survey of company Outlook statements shows CEOs remain very cautious. There has been a rebound after the destocking disaster of Q4 2008 – Q1 2009. But there seems little confidence that we will quickly return to the levels of demand and margin seen in the 2003-7 Boom period. China’s stimulus and loan […]
The blog is now 2.5 years old. Readership continues to grow, both within the chemical industry and its investment community. It is now read in 121 countries, and 2735 cities, versus 89 countries and 1244 cities a year ago. Readers are also very loyal, with 23% reading it twice a week. Its readership covers all […]
In difficult times, the industry looks to the major companies for their advice. And they certainly provided this at our 8th European Conference (co-organised with ICIS), Shell’s Jonathan Forbes-Lane, European GM, focused on the “gale-force recession” now underway. He expected “prices to stay volatile and unpredictable because they were being pulled in opposing directions by […]
Politicians and analysts often focus on selling dreams. Otherwise, we might not be tempted to buy their promises of better times ahead. But those running businesses have to remain realistic. BASF’s CEO, Jurgen Hambrecht, did exactly that in his comments on the outlook. And the above chart, from the UK’s National Institute of Economic and […]
Recent comments from LyondellBasell’s COO, and BASF’s CEO, seem worth highlighting as we come to the end of the results season. Ed Dineen noted that China’s polyethylene demand seems partly linked to changes in crude oil pricing, “It turned down somewhat as we saw crude retreat a little, but as crude turned back up toward […]
The good news is that the stabilisation seen in Q2 has been maintained. But companies remain cautious on the outlook, to judge from Q3 reports. CEOs are sceptical about the impact of government stimulus efforts in the West, and fear demand will fall back as these end. The only optimists are in China and India. […]
Protectionism continues to build, as unemployment rises around the world. ICIS news reports China has imposed tariffs of up to 36% on nylon 6. BASF will suffer a 30.4% tariff on US exports, and Honeywell 36.2%. Last month, of course, the US hit China with a 35% tariff on tyres. The threat of more duty […]
Our major Feedstocks for Profit Study last year foresaw difficult times ahead for European refiners. Now it seems this forecast by our partners, refining experts Wood Mackenzie, is coming true. Total, Europe’s largest refiner, today reported that European refining margins fell 85% in Q3, to just $6.60/bbl, the lowest level for 7 years. And they […]
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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.