ICIS Blogs : goldman sachs

LyondellBasell may be largest-ever bankruptcy

Chemicals & The Economy — Mon, 09 Feb 2009 18:44:53 GMT

The financial fallout from the Lyondell (LBI) bankruptcy continues, as the banks slowly begin to acknowledge their losses. According to Bloomberg , Len Blavatnik (Access Industries chairman) "didn't put any of his firm's money toward buying...(read more)

And then there were none

Chemicals & The Economy — Mon, 22 Sep 2008 11:10:58 GMT

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 Bank of America. Now the two...(read more)

Nothing to get excited about......

Asian Chemical Connections — Mon, 25 Aug 2008 13:46:36 GMT

....said the juggler to the thief.. Ben Bernanke has brought cheer to the world by claiming that inflationary pressures are easing as a result of the fall oil and other commodity prices. I suppose any good news in the current climate is better than another...(read more)

Just saying 'No'

Chemicals & The Economy — Mon, 28 Jul 2008 13:03:26 GMT

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 difficult to borrow...(read more)

Deutsche Bank ends porn channel expenses

Chemicals & The Economy — Fri, 09 May 2008 10:38:13 GMT

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 , has now...(read more)

INEOS’ Grangemouth plants on strike

Chemicals & The Economy — Sun, 27 Apr 2008 21:15:18 GMT

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 had to shut...(read more)

UK nationalises Northern Rock

Chemicals & The Economy — Mon, 18 Feb 2008 15:50:11 GMT

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,...(read more)