Germany's chemical lobby calls for regulatory reform and growth agenda
VCI, the industry lobby group in Germany, said that to achieve climate neutrality while remaining competitive and improving its performance it is necessary for regulation changes. VCI, which published two of its own studies, said that the crises in the last few years had left a mark on the balance sheet of chemical and pharmaceutical firms. Boston Consulting Group, in a study on the mood of the industry, found that nearly three-quarters of respondents are not likely to invest in new sites and plants in Germany.
Investors flock to US dividend ETFs after Fed rate cut
Since the Federal Reserve began its rate-cutting cycle last month, U.S. ETFs that invest in dividend paying stocks have seen a surge of inflows. However, a rise in U.S. Treasury rates could slow down the inflow of funds. Morningstar's group of 135 U.S. Dividend ETFs tracked in September brought in $3.05 Billion, the same month that the Fed cut rates by 50 basis point, its first decrease since 2020. This compares with average monthly inflows in 2024 of $424 millions.
According to a Nasscom-Zinnov study, India's global center market will grow to $105 Billion by 2030.
According to a report released by the IT industry association Nasscom on Wednesday, India's Global Capability Centres (GCCs), which were valued at $64.6 billion during fiscal 2024 will likely grow to between $99 and 105 billion dollars by 2030. India's GCCs are no longer low-cost outsourcing centers, but local offices that support their parent companies in multiple areas, such as daily operations, finance and research and development. This has led to more multinationals opening local offices, and a rise in hiring.
German chemical sector recovers loses momentum in Q2, according to industry group
The second quarter saw a slight slowdown in the German chemical sector, according to a report released by VCI, the industry association. Both domestic and international orders, particularly in the pharmaceutical branch, were down in April-June. In a press statement, VCI's Director Wolfgang Grosse Entrup stated that the global economy had not picked up as fast as expected. He also said that Germany's structural issues, including high production costs and red tape, as well as labour shortages remain unresolved.
DEKRA Wins Six-figure Contract in Australia
DEKRA Organizational Reliability, consultancy in behavioral change, has been awarded a 12-month contract worth $1 million AUSD, providing leadership training and coaching to ConocoPhillips’ Australia West operation.The Aberdeen-based consultancy, formerly known as Optimus Seventh Generation which specializes in working within high hazard industries, has been working on an ongoing basis with the operator’s UK-based function since 2016. With a focus on leadership coaching which emphasises accountability…
“Blockchain” and the World of Marine Insurance
If you’ve been working in the marine insurance industry lately, you will have heard about “blockchain” at some point; it is the electronic, distributed ledger, notoriously known for enabling the use of cryptocurrencies such as Bitcoin and Ether. But the blockchain technology’s utility goes beyond cryptocurrencies, potentially offering creative ways to solve other real-world problems. Within blockchain ledgers, the use of ‘smart’ contracts essentially converts contractual obligations into lines of computer protocols, which facilitate, verify, or enforce its performance.
Crowley to Supply LNG in Puerto Rico
Crowley Maritime Corp.’s liquefied natural gas (LNG) services group has been awarded a multi-year contract to supply additional volumes of containerized, U.S.-sourced LNG to a major pharmaceutical company’s manufacturing plants in Puerto Rico. The contract, executed through Crowley’s Carib Energy LLC subsidiary, extends a 2014 contract awarded to Crowley for LNG supply for the facilities by expanding LNG services to additional plants. The contract includes the fuel supply and transportation of LNG…
US Refiners Face Severe Labor Shortage
After years of running flat out, U.S. Gulf Coast refiners are lining up repairs to plants in 2017 - but facing a severe labor shortage that could delay work, drive up costs and raise accident risks. Fuel producers such as Marathon Petroleum Corp (MPC.N) and Valero Energy Corp (VLO.N) have delayed routine work in the past 24 months amid high margins. Those margins collapsed this year in a global fuel supply glut, providing an incentive for refiners to undertake the shutdowns necessary for maintenance.
Three vie for BP's China Petrochemicals Plant
SK Chemicals, Borealis and Ineos to bid. First bidding round to close in the coming days. At least three leading chemical companies are set to vie for BP's stake in Chinese petrochemicals joint venture SECCO which could fetch more than $2 billion, sources close to the process said. Offers for the 50 percent stake, the British oil and gas company's largest investment in China, will be submitted in the coming days, the sources said. SK Chemicals Co Ltd, a pharmaceutical unit of South Korea's SK Group…
Crowley Wins LNG Supply Deal in Puerto Rico
Crowley Maritime Corp. said its liquefied natural gas (LNG) services group has been awarded a multi-year contract to supply containerized LNG from the U.S. mainland to Molinos de Puerto Rico, the Caribbean arm of Ardent Mills LLC, supplier of flour, wheat, corn and rice-based food ingredients. The contract was executed through Crowley’s subsidiary Carib Energy (USA) LLC, and includes both the supply and transportation of LNG. The transportation of LNG from liquefaction facilities on the mainland to Molinos’ plant will be managed by Crowley’s domestic logistics team…
India Mulls Oil-for-Drugs Deal with Vens
Venezuela facing pressure to pay bills from many sectors. Indian officials say they have proposed an oil-for-drugs barter plan with cash-strapped Venezuela to recoup millions of dollars in payments owed to some of India's largest pharmaceutical companies. Several of India's generics producers, led by the country's second-largest player Dr Reddy's Laboratories Ltd, bet heavily on Venezuela as they sought emerging market alternatives to slower-growing economies such as the United States.
Schiendorfer is ABB's Head of BMR
ABB, the leading power and automation technology group, has appointed Michael Schiendorfer as head of its Business Media Relations team focusing on financial and business topics, effective Aug. 1, 2015. He will report directly to Christoph Sieder, Head of ABB Group Corporate Communications. Schiendorfer joins from Novartis, succeeding Thomas Schmidt who will focus on public affairs ABB, the leading power and automation technology group, has appointed Michael Schiendorfer as head of its Business Media Relations team focusing on financial and business topics, effective Aug.
Crowley Bolsters LNG Equipment Fleet
Crowley Maritime Corp. informs it has responded to increased market demand, acquiring 16 additional ISO tanks for its Carib Energy group that will be used to supply, transport and distribute U.S.-sourced liquefied natural gas (LNG) to customers in Puerto Rico, the Caribbean and Central America. The 40-foot tanks, which each hold 10,700 gallons of LNG, now feature technological improvements that increase the offload rate, allowing for faster fuel transfers to customers.
Sun Pharma Founder to Invest $290 mln in Turbine Maker Suzlon
The founder of India's Sun Pharmaceutical Industries Inc, Dilip Sanghvi, has agreed to buy a 23 percent stake in Indian wind turbine maker Suzlon Energy Ltd for about $290 million, the company said late on Friday. Sanghvi, India's second-richest man, will pay 18 billion rupees through Dilip Sanghvi Family and Associates (DSA) for 1 billion new shares in Suzlon, issued by way of a preferential allotment. Sanghvi's investment firm and Suzlon will also form a wind farm joint venture for the development of 450 megawatt (MW) of wind farms, the statement said.
Total CEO Hails Abu Dhabi Concession as 'Blockbuster'
The chief executive of Total hailed the renewal of its oilfield concession in Abu Dhabi as a "blockbuster" on Thursday and did not deny the French oil major may have coughed up over $2 billion to sign the deal. The Paris-based company raised pressure on its rivals when it became the first oil major to sign a deal on Jan. 29 with the Abu Dhabi National Oil Company (ADNOC) for a 10 percent stake in the emirate's biggest oilfields. Asked during an earnings presentation…
Hedge Fund Eton Park Eyes Energy Sector
Eric Mindich's $8.5 billion hedge fund, Eton Park Capital Management, is now ready to pick through the debt of beaten-up energy companies, an area it avoided last year as the price of oil tumbled. "We have completely avoided exposure to the high yield debt of energy companies and to energy-impacted emerging markets, but as the price of these bonds trade down, we are spending increasing amounts of time researching opportunities in this space," Eton Park wrote in a letter to clients dated Jan. 16 and seen by Reuters.
Crowley Wins 2nd Commercial LNG Supply Contract
Crowley Maritime Corp.’s Liquefied Natural Gas (LNG) services group has been awarded a second, multiyear contract to supply containerized, U.S.-sourced LNG to a pharmaceutical company’s manufacturing plants in Puerto Rico. The contract, executed through Crowley’s Carib Energy subsidiary, includes the fuel supply and transportation of LNG, helping the customer yield lowered emissions and an alternative to their current fuel source, diesel. Other benefits include an uninterrupted fuel supply due to the abundance and availability of U.S.-sourced LNG.
PES to Begin Operating Benzene Terminal in November
Philadelphia Energy Solutions plans to start operating a new benzene offtake terminal next month at its 335,000-barrel-per-day refinery in Philadelphia, two people familiar with the plans said. While most U.S. refiners are either selling benzene or refining it further, Philadelphia Energy Solutions is using the new terminal to help bring the chemical into the facility, according to an IPO document filed last month. The benzene facility is the latest step in building up infrastructure at a plant that was nearly shuttered in 2012.
India Drops Solar Anti-Dumping Plan Before Modi Meets Obama
India has dropped plans to impose an anti-dumping duty on solar panel imports, a move that is likely to help mend frayed commercial ties with the United States before Prime Minister Narendra Modi meets President Barack Obama this month. Days before Modi took office in May, a quasi-judicial body ordered the imposition of the duty on panels imported from the United States, China, Taiwan and Malaysia to protect domestic solar manufacturers. The order issued had set duties of between 11 and 81 U.S. cents per watt following a investigation which started in 2011.
Russia-West Tension Impacts Stocks, Energy
World stocks steadied above 10-day lows on Monday, with investors holding back from making aggressive bets as tensions between Russia and the West over Ukraine showed no sign of easing. MSCI's world equity index was flat after falling 0.7 percent on Friday. Markets, especially in Asia, had earlier been hit by signals that Chinese authorities are unlikely to support the economy with more stimulus, but European stocks drew support from merger moves and upbeat results in the pharmaceutical sector.
