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• GM, Ford, Chrysler may face bankruptcy - S&P

  Ratings agency S&P warn today that a major recession might force the 3 top US carmakers to file for bankruptcy. Clearly they share JD Power's fears, noted yesterday , about the potential for an 'outright collapse' in global auto markets... Posted Oct 10 2008, 05:31 PM by Chemicals & The Economy Filed under: Economic growth, Financial Events, credit crunch, global downturn, Chrysler, GM, Ford

• The last few days

  There are clearly a lot of critical developments at the moment. So I thought it might be helpful to index recent postings: Financial crisis US to follow UK in buying bank shares 'Incompetence and denial' Iceland calls in IMF Europe, N America... Posted Oct 10 2008, 06:10 AM by Chemicals & The Economy Filed under: Economic growth, Oil markets, Currencies, Financial Events, housing, credit crunch, Futures trading, M & A, Leverage

• US to follow UK in buying bank shares

  Winston Churchill, a long-standing friend of the USA, once irritably but acutely observed that 'one can rely on America to get to the right conclusion, when all other options have been exhausted'. So, hopefully, it will prove with the financial... Posted Oct 09 2008, 10:23 PM by Chemicals & The Economy Filed under: Economic growth, Currencies, Financial Events, credit crunch, Futures trading, M & A, Leverage

• 'Incompetence and denial'

  The credit crunch began over a year ago. But it took until yesterday , when the UK government part-nationalised the country's banks. for a sensible policy response to begin to emerge. Today , the excellent Gillian Tett of the Financial Times pulls... Posted Oct 09 2008, 09:52 AM by Chemicals & The Economy Filed under: credit crunch

• Iceland calls in IMF

  As the blog predicted , Iceland has been forced to call on the IMF for help. Finally, the country's leaders have recognised that their $20bn economy couldn't support the level of debt built up during the 'go-go' years. The pity is that... Posted Oct 09 2008, 09:07 AM by Chemicals & The Economy Filed under: Economic growth, Currencies, Financial Events, credit crunch, M & A, Leverage, IMF, Iceland

• A satirical look at the banking crisis

  Readers may remember the satirical John Bird/John Fortune video on the causes of the housing crisis. Now the Financial Times Diary has provided a satirical view of the causes of the banking crisis: A new bank model 1) Take money from members of the public... Posted Oct 09 2008, 08:24 AM by Chemicals & The Economy Filed under: Financial Events, credit crunch, M & A, Leverage

• The zeitgeist continues to change

  The German word 'Zeitgeist' describes 'the ethos or mood' of a select group of people. Back in Januar y, the blog noticed that the financial zeitgeist was clearly changing. Today brings another example, from the Wall Street Journal , normally... Posted Oct 08 2008, 07:27 AM by Chemicals & The Economy Filed under: Economic growth, Currencies, Financial Events, credit crunch, M & A, Leverage, global downturn

• 'The time for piecemeal solutions is over'

  The International Monetary Fund (IMF) has now increased its estimate of total sub-prime losses to $1.4 trillion, versus $945bn in April . And Dominique Strauss-Kahn , the IMF MD, has called for the major economies to respond to the credit crisis with... Posted Oct 07 2008, 10:40 PM by Chemicals & The Economy Filed under: Economic growth, Financial Events, credit crunch, Futures trading, M & A, Leverage, IMF, global downturn

• Blue skies disappear

  A year ago, the blog was in a minority of one, with its forecast for 2008. Its heading was ' Budgeting for a Downturn' . By contrast, the consensus post-EPCA was for $70bbl oil, debt market problems to be contained, and for chemical margins to... Posted Oct 05 2008, 01:08 PM by Chemicals & The Economy Filed under: Economic growth, Oil markets, Financial Events, credit crunch, M & A, Leverage, EPCA, global downturn

• Shell's priorities for the gathering economic storm

  In today's difficult times, everyone looks to the majors for guidance on what is happening, and what it all means for the industry. So the blog welcomes the advice given by Graham van' t Hoff, newly appointed VP for base chemicals at Shell, when... Posted Oct 04 2008, 08:31 PM by Chemicals & The Economy Filed under: credit crunch, Shell Chemicals, Graham van't Hoff

• Akzo halts share buybacks

  The blog has long worried about the high levels of debt that have been incurred by some companies in recent years. So it applauds Akzo's decision to halt its planned €3bn share back at the half-way stage. As Nigel Davis notes in ICIS insight, Akzo... Posted Oct 04 2008, 08:15 PM by Chemicals & The Economy Filed under: credit crunch, Akzo Nobel

• Bailout passes, Wall Street falls

  'Buy on the rumour, sell on the news' is the classic definition of a weak market. So the US stock market's reaction to the passing of the US bailout is a worrying indication that further problems may lie ahead. On 19 September, the Dow rocketed... Posted Oct 04 2008, 07:28 PM by Chemicals & The Economy Filed under: Economic growth, Financial Events, credit crunch, M & A, Leverage, global downturn, US Congress, US Treasury, credit derivatives

• Iceland on the brink

  Last March, the blog noted an excellent article on Iceland by Gillian Tett of the Financial Times. She argued that Iceland was 'the first country run like a hedge fund'. And she worried that its banks might prove not 'too big to fail'... Posted Oct 04 2008, 06:17 PM by Chemicals & The Economy Filed under: Economic growth, Financial Events, credit crunch, M & A, Leverage, IMF, Iceland

• Credit crunch causes demand destruction

  Will Beacham of ICIS radio did a 6 minute interview with the blog this week at EPCA. It focuses on the impact of the credit crunch and the high oil price, and provides advice on how to prepare for the downturn. If you would like to hear it, please click... Posted Oct 02 2008, 06:06 PM by Chemicals & The Economy Filed under: credit crunch

• US economy 'flat on the floor' says Buffett

  Warren Buffett, the world's leading investor, was quite candid yesterday in his views on the US economy. `In my adult lifetime, I don't think I've ever seen people as fearful, economically, as they are right now,' Buffett, 78, told PBS... Posted Oct 02 2008, 02:36 PM by Chemicals & The Economy Filed under: Economic growth, Financial Events, credit crunch, M & A, Leverage, Warren Buffett