Chinese economy set to overtake US by 2028

China will overtake the US to become the world’s largest economy by 2028, five years earlier than previously forecast, a report says.   The UK-based Centre for Economics and Business Research (CEBR) said China’s “skilful” management of Covid-19 would boost its relative growth compared to the US and Europe in coming years.   Meanwhile India […]

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China falls behind on import commitments

China is falling short of its commitment to buy an extra $200bn worth of US goods over 2020 and 2021.   China agreed to buy the goods in a trade deal with the US agreed last January in exchange for reduced tariffs on $120bn worth of goods.   The agreement was seen as phase one […]

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China’s economy bucks global trend, reporting growth

China’s economy grew at the slowest pace in more than four decades last year, official figures show, but remains on course to be the only major economy to have expanded in 2020.   The economy grew 2.3% last year, despite Covid-19 shutdowns causing output to slump in early 2020.   Strict virus containment measures and […]

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

European polymer prices rose over the week to 15th January with increases of between 20 and 100 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, PET, Polypropylene, PVC, ABS and Polystyrene. In the UK region of Europe, prices rose less sharply as the pound gained value against the Euro.   Asian polymers […]

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German economy shrinks by 5% in 2020

The German economy shrank by 5% last year as the Covid-19 pandemic took its toll, according to official figures.   The country’s national statistics office said that most sectors of the economy were “markedly affected” by the health emergency.   It was a sharp decline, although many economists had expected the contraction to be even […]

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Biden unveils $1.9tn economic stimulus package

President-elect Joe Biden has unveiled a $1.9tn stimulus plan for the coronavirus-sapped US economy before he takes office next week.   If passed by Congress, it would include $1tn for households, with direct payments of $1,400 to all Americans.   The relief proposal includes $415bn to fight the virus and $440bn for small businesses.   […]

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US job losses increase

The US economy lost jobs last month for the first time since April as rising coronavirus cases took a toll.   Employers shed 140,000 positions, leaving the jobless rate unchanged at 6.7%.   Restaurants and bars led the payroll declines, as new restrictions in some places and cold weather sapped enthusiasm for outdoor dining.   […]

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

European polymer prices rose over the two weeks to 8th January with increases of between 10 and 50 EUR per tonne reported in the prices of PET, Polypropylene, PVC, ABS and Polystyrene. In the UK region of Europe, prices fell across some grades as the pound gained value against the Euro.   Asian polymers fell […]

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BP relaunches sale of North Sea assets

BP has relaunched the sale of stakes in a number of North Sea oilfields it agreed to sell to Premier Oil before the beleaguered company was taken over last year, industry sources confirmed.   BP originally agreed to sell its interest in the fields in the Andrew area and the Shearwater field to Premier a […]

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