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Japan's industrial output collapses as exports dive

Japan has an ageing population. Since 1990, it has relied on exports to boost its economy. Yesterday , official figures showed industrial production is now being badly affected by the global recession. Output fell 3.1% in October, and a 6.4% decline is expected in November. Observers forecast the September...

Posted to ICIS Blogs (Weblog) by Anonymous on 11-30-2008
A low-key G-20 meeting

The first-ever G-20 meeting of Heads of State was a relatively quiet event , without the presence of President-elect Obama. Two main areas seem to have been discussed : • Regulatory reform, where finance ministers have been given until the end of March to work out new rules for the world's financial...

Posted to ICIS Blogs (Weblog) by Anonymous on 11-18-2008
Survival tips for CFOs

The Financial Times series on surviving the downturn focuses this week on CFOs . It includes advice from Feike Sijbesma, CEO of DSM, who suggests that "you need to see how creditable your debtors are, very quickly", and advises that "maintaining a good relationship with your creditors...

Posted to ICIS Blogs (Weblog) by Anonymous on 11-14-2008
Russia's economy stalls

A few months ago, Russia's economy seemed to be recovering from its problems in the late 1990's. High prices meant oil revenues were increasing, and the currency was strong. Now, the combination of the oil price collapse and the credit crunch has reversed the position. Yesterday , the central...

Posted to ICIS Blogs (Weblog) by Anonymous on 11-12-2008
The blog's forecasting record

The blog's forecasting record is reviewed in ICIS Chemical Business this week . The blog's aim is to "highlight relevant information for the busy executive, and to provide relevant and actionable analysis of key issues". The article particularly notes the blog's willingness to challenge...

Posted to ICIS Blogs (Weblog) by Anonymous on 11-12-2008
"A fundamental reassessment of the value of every asset"

"Our normal customers have no orders to place with us, and our credit department won't let us sell to others who might want to buy". The blog was given this plain-spoken assessment of current chemical market conditions by one of the majors yesterday. Coincidentally, US Fed Governor Kevin...

Posted to ICIS Blogs (Weblog) by Anonymous on 11-08-2008
Bank of England cuts to 3%, warns on deflation

UK interest rates have just been cut by 1.5% to 3%. The Bank of England had been very concerned about inflation, currently at 5.2%, compared to a target of 2%. But the Bank now sees no danger from inflation in the future. Instead, it is warning that there is "a substantial risk of undershooting...

Posted to ICIS Blogs (Weblog) by Anonymous on 11-06-2008
Obama wins, Bush stays in office

Sen. Barack Obama duly won a landslide victory in yesterday's US Presidential election, but will not take office until 20 January. I suggested last month in ICB, that "this delay, at such a critical moment, is not good news for chemical companies or for their customers". The blog therefore...

Posted to ICIS Blogs (Weblog) by Anonymous on 11-05-2008
A downturn, not a dip (1)

Sometimes markets move because of sentiment, sometimes because of fundamentals. Sometimes (luckily rarely), because of blind panic. The latter is what we are seeing at the moment. Investors suddenly feel they MUST sell - whether because they need the cash, have completely lost confidence, or because...

Posted to ICIS Blogs (Weblog) by Anonymous on 10-26-2008
IMF expects low growth, high inflation

The IMF now sees a 25% chance of a world recession this year, in which global growth would fall below 3%. Its base forecast is just 3.7%, compared to 5.2% before the credit crunch began. Sales growth for most chemicals is tied to GDP growth, so companies should expect volumes to come under pressure as...

Posted to ICIS Blogs (Weblog) by Anonymous on 04-02-2008

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