Entries from Chemicals & The Economy tagged with 'Germany'
Eurozone politicians have built a Tower of Babel
Last week saw the 20th EU 'Crisis Summit'. Like the previous 19, it achieved little. Yet everyone at the meeting knew what had to be agreed: • A banking union which operates across national borders • The issuing of joint...
EU auto sales fall again
April was another bad month for EU auto sales. As the chart shows, based on ACEA data, sales were down 7% in April (red square) and down 8% versus 2011 (green line) in January - April. The only bright spot...
Eurozone moves closer to crisis
New analysis by Bloomberg supports the blog's view last month that the arrest of former IMF head Dominique Strauss-Kahn (DSK) probably marked a critical turning-point in the Eurozone debt crisis Not only was DSK no longer able to persuade German...
An unmanaged Greek default gets closer
The Dominique Strauss-Kahn affair may come to be seen as a critical turning point, when the story of the Greek default is written. The then IMF head was en route to meet German Chancellor Merkel, when arrested in New York...
Greece needs a managed default
Many Greeks have always preferred not to pay taxes, and to retire in their 50s. This lifestyle was well understood by their new partners when they joined the Eurozone a decade ago, since when German/French banks have happily funded it...
OECD indicators signal slower growth
The OECD's leading indicators for the global economy suggest that GDP growth is continuing to slow. As the above chart from the American Chemistry Council shows, the OECD's three key indicators have all slipped from H1 2010's peaks. The composite...
China's December surge makes it largest auto market
December was a good month for global auto sales. China's volume jumped to 1.3 million, as buyers rushed to capture stimulus discounts before they ended. In Beijing, many 'brought forward' planned 2011 purchases, in order to beat the new quota...
France, Germany, discuss EU fiscal union, as loan problems increase
The EU loans crisis began 6 months ago, when it became likely that Greece was never going to be able to repay its debts in full. Since then, Ireland has moved into a similar position. And there are expectations that...
Eurozone, IMF, offer €45bn aid package to Greece
After 3 months of agonising, it seems that a €45bn ($61bn) aid package will be offered to Greece. The Eurozone will offer €30bn, with a further €15bn coming from the IMF. Greece's GDP fell 2% in 2009. Experts now forecast...
EU auto sales top USA and China in 2009
Almost unnoticed, the EU became the largest regional auto market last year. Thanks to the support of scrappage programmes (particularly Germany's €5bn scheme) it sold 14.4 million autos, compared to just 10.4m in the USA and 13.6m in China. W...
Germany sees 5% GDP fall in 2009
The blog has been worrying for some time about what will happen when governments end their stimulus programmes. It does not share the optimism of financial markets, that these will provide to be the "escape velocity" for a quick return...
China gains as world trade slows
Sometimes a picture is worth 1000 words. The chart above, from the New York Times, highlights the massive changes that are taking place in world trade flows. These are of critical importance to the chemical industry, one of the world's...
Global chemicals volume back to 2006 level
The probable ending of the destocking/restocking phase is a good moment to look back at what has happened to chemical industry volume in recent years. The chart, based on data kindly supplied by Kevin Swift of the ACC, shows how...
European auto sales increase versus 2008
Any improvement in the troubled auto sector is extremely good news for the chemical industry, after the battering of the past few months. Thus the blog welcomes news, as the chart shows, that European sales increased 2.4% in June, the...
Germany, China, struggle as exports slump
Germany and China have benefited massively from the growth in world trade since 1980. As the Wall Street Journal chart shows, 47% of Germany's GDP comes from exports. And China has a 37% dependence. US exports are just 13% of...
Exporting is no fun anymore
Japan and Germany are the great exporting countries of the industrialised world. They didn't have the consumer booms seen in the USA and UK. Yet their economies are plunging, as export opportunities dry up. Yesterday, the Japanese finance minister, Kaoru...
Auto suppliers face difficult time as bankruptcies rise
The decline in auto sales is now threatening many industry suppliers around the world: • Today, the main Japanese car parts group has warned that "Toyota's production cuts will cause bankruptcies among suppliers if the government restricts aid to large...
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,...
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...
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...
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