Archie Norman is one of the most successful CEO’s of recent years. When he joined ASDA in 1991, it was a struggling, nearly bankrupt, UK food retailer. 9 years later, it was sold to Wal-Mart, after he had transformed it. Shareholders benefited from an 8-fold increase in the share price over the period, whilst Norman […]
Chemicals and the Economy
Interesting Quotes (4)
Back in August, as the credit crisis began, I tried to capture the heart of the issues it raised in a few quotes. Many people now believe that it is coming to an end. I am not so sure, and fear it may, in fact, be simply moving from Wall Street to Main Street. If […]
OPEC suggests $200/bbl oil
OPEC used to believe that its fortunes were tied to the health of the global economy. But as I noted last month, its current policy is more reminiscent of ‘the difficult times of 1973/4 and 1979/80’. The evidence for this statement is mounting. Saudi Oil Minister, Ali Naimi, said recently that the Kingdom has ‘no […]
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 had to shut down a pipeline that carries 40% of the UK’s oil production, because […]
US housing slows again
Financial markets have been buoyant in recent weeks, as I noted recently. But this is at odds with actual newsflow. The chart above, from Kevin Swift’s excellent weekly report for the American Chemistry Council, highlights once again the dire state of US housing. March should be a buoyant month for house sales. Yet existing home […]
Innovation awards for bankers?
ICIS has just announced its annual Innovation Awards for the chemical industry. Perhaps ICIS might now consider establishing a separate award for central bankers? A rush of new lending facilities seems to be on the way, as they try to find new ways to unblock the pipes that allow money to flow between banks.
‘Longer, deeper, wider’
Singapore is one of the global economic success stories of recent decades. Its sovereign wealth fund, GIC, is one of the world’s largest fund management companies, with assets of over $100bn. And GIC has already been active during the early stages of the credit crunch, investing $18bn since December in supporting cash-calls from Citigroup and […]
A tale of two outlooks – part 2
In an early blog last July, I marvelled at the contrast between the then upbeat nature of financial markets, and the gloom apparent elsewhere. I suggested that these two views of life couldn’t ‘continue to exist alongside each other for ever’, and suggested that whatever scenario came out on top would ‘have major implications for […]
UK ‘at risk of US-style housing slump’
UK readers, and others invested in the outlook for the UK housing market, may be particularly interested in the FT this weekend. It devotes 2 prime pages to a detailed analysis by Fitch, the ratings agency, of sub-prime and buy-to-let lending. As we know from the US, these are the most risky types of lending, […]
Russian crude supply ‘peaking’
Russia is the world’s 2nd largest oil producer. And it has been the main source of increased crude production in recent years. Its output rose 58% between 1999-2006, from 6.2mbd to 9.8mbd. Now Lukoil’s VP, Leonid Fedun, has told the Financial Times that he thinks 2007 output will be ‘the highest he will see in […]
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