India signs $100bn free trade deal with four European nations

India has signed a free-trade agreement (FTA) with a group of four European countries that are not members of the European Union.   The deal with the European Free Trade Association (EFTA) will see investments in India of $100bn, the country’s trade minister says.   The EFTA is made up of Norway, Switzerland, Iceland and […]

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Japan avoids recession after economic growth figures revised

Japan has avoided falling into a technical recession after its official economic growth figures were revised.   The revised data shows GDP was 0.4% higher in the last three months of 2023 compared to a year earlier.   Provisional figures released last month indicated the second consecutive quarter of economic contraction.   Two quarters in […]

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US inflation rise casts doubt over interest rate cuts

The inflation rate in the US picked up in February, as prices for petrol and housing pushed higher.   The annual rate, which measures the pace of price increases, was 3.2% in February, up from 3.1% in January, the Labor Department said.   Airfare, car insurance and clothing were among the items driving the increase […]

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European polymers rise, Asian and US mixed. WTI and Brent Crude fall

European polymer prices continued to rise over the week to 8th March. There were increases of between 20 and 30 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene, ABS and Polystyrene.   Asian polymers were mixed with increases of 10 USD per tonne reported in the prices of ABS and Polystyrene. […]

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New BP boss paid £8m in 2023

BP’s new boss Murray Auchincloss received a pay packet worth just over £8m last year.   Mr Auchincloss took over as chief executive on an interim basis in September, before being confirmed in the job in January.   The campaign group Global Witness said his pay highlighted “the sickening reality of our broken energy system”. […]

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UK windfall tax on oil and gas firms extended

The windfall tax on oil and gas firms has been extended by 12 months in UK Chancellor, Jeremy Hunt’s Budget despite opposition from the Scottish Conservatives.   The 35% surcharge on profits due to high energy prices had been scheduled to end in March 2028.   Scottish Conservative leader Douglas Ross said he would not […]

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China sets high economic growth target

China has set an ambitious growth target of around 5% for this year, as it outlined a series of measures aimed at boosting its flagging economy.   Premier Li Qiang made the announcement at the opening of the annual National People’s Congress (NPC) on Tuesday.   Mr Li acknowledged that China’s economic performance had faced […]

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Major Chinese property developer facing winding-up petition

China’s largest private property developer Country Garden is facing a winding-up petition, which has been filed in Hong Kong by a creditor.   A firm called Ever Credit Ltd filed the case for non-payment of a loan worth HK$1.6bn ($204.5m).   Country Garden, which defaulted on its overseas debt in October, says it will “resolutely […]

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