Tag Archives | Germany

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BASF – the German oil and gas company

BASF’s reported results for 2008 show that its profits are increasingly coming from the oil and gas sector. Geographically, it is becoming similarly dependent on its German operations. Agricultural and performance products put in a strong performance during the year, with their combined EBIT rising €300m to €1.5bn. But the chemicals, plastics and functional businesses, […]

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Germany’s industrial orders collapse 29%

There is little justice in today’s recession. Countries that saved hard, and avoided reckless lending, are seeing their economies collapse as fast as those that spent as if there was no tomorrow. Thus Germany is now following the path already trodden by other export-oriented economies, such as Japan and most of the emerging economies. As […]

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The Swedish model

The blog has given up counting the number of US banks that have failed in recent weeks, away from the headlnes. Ken Lewis, CEO of Bank of America, predicted last month that half of all US banks would fail, and he is well placed to know. Bank rescues are also rising across Europe. The German […]

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A debate opens up

Peer Steinbrück, the German finance minister, has joined the growing list of politicians with a view on the current economic crisis. His analysis differs markedly from that expressed by President Bush on Wednesday. ‘The financial market crisis is above all an American problem’, Steinbrück told the Bundestag (German Parliament) yesterday. He added that ‘the current […]

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German and Spanish economies turn down

I noted last month that German industrial production fell 2.4% in May, and that Chancellor Angela Merkel was expecting ‘a significant fall’ in economic growth for 2009. This fall now seems to be already underway. Industrial output fell by a further 2.9% in June, and for the seventh month in a row – the longest […]

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Germany’s growth slows

Germany is the powerhouse economy of Europe. Its also a late-cycle economy, relying more on engineering and equipment sales than consumer spending. So until recently, its growth has seemingly not been affected by the global slowdown. But Germany’s Chancellor, Angela Merkel, indicated yesterday that a ‘significant fall’ was likely in economic growth next year. Industrial […]

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Gazprom moves further into petchems

Gazprom is becoming a player to watch in petchems. For decades, observers have speculated that Russia might increase its petchem activity. A recent comment by Gazprom deputy CEO, Valery Golubev, seemed to bring this concept closer to reality. He said that Gazprom aimed to increase its ethylene production by 350% to 7.66 million tonnes (MT) […]

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Chemical company valuations

The prices paid for Petkim and for Lustran reflect two very different perspectives on the current market:

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