Entries from Chemicals & The Economy tagged with 'Goldman Sachs'
LyondellBasell may be largest-ever bankruptcy
The financial fallout from the Lyondell (LBI) bankruptcy continues, as the banks slowly begin to acknowledge their losses. According to Bloomberg, RBS has taken a $1.47bn hit, Citigroup $1.4bn, and Goldman Sachs $850m. UBS are also believed to have lost...
And then there were none
20 years of investment banking as an independent activity came to an end on Wall Street last night. Bear Stearns was the first to go in March, rescued by JPMorgan. Last week Lehman failed, and Merrill Lynch sold itself to...
Just saying 'No'
I noted back in February that US banks were tightening lending standards into the housing sector. Now they are doing the same with business loans. The New York Times reports today that businesses around the country are finding it more...
Deutsche Bank ends porn channel expenses
Spare a thought for the plight of the world’s investment bankers. According to the Financial Times, some minor cutbacks are finally taking place in the extravagant lifestyle to which they have come accustomed: • UBS, having lost $11bn in Q1,...
INEOS’ Grangemouth plants on strike
Ineos’ 200,000bpd Grangemouth refinery in Scotland is on strike today and tomorrow, over a pension dispute. This will presumably cost the workers 2 days pay. The costs for INEOS and the UK are enormous in comparison. BP, for example, has...
UK nationalises Northern Rock
The UK government has today nationalised the country’s 8th largest bank, responsible for 18.9% of UK mortgage lending. You may remember that Northern Rock was an immediate victim of the US subprime crisis. Its funding model, based on securitisation, failed...
Oil supply worries increase
In recent days, 3 respected commentators on oil markets have raised concerns about the near and medium-term prospects for oil supplies: • Goldman Sachs has raised their 2008 WTI price forecast to $95/bbl from $85/bbl. This is driven by their...
Asia ‘Recouples’
The major investment banks have changed their minds about the potential for Asia to ‘decouple’ from any credit-crunch induced downturn in the West. Originally, they had believed that domestic demand in China and elsewhere would enable the Asian economy to...
Rolling thunder and Penn Square Bank
When I worked with ChemConnect in the halcyon days of the dot-com era in 1999-2000, we had a fantastic PR lady called Linda Stegeman. Linda ignored conventional wisdom about 'bundling' all your best news together to gain maximum impact. Instead,...
2008 Budgets just became more difficult to finalise
Central bankers are like generals. They seem to prefer fighting their last war, rather than preparing for the next one. How else to explain their continued reluctance to recognise that higher food and energy prices are here to stay? As...
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