A top Chinese official has warned against protectionism, speaking out as Donald Trump’s return to the White House renews the threat of a trade war. Addressing the World Economic Forum in Davos, Switzerland, Ding Xuexiang, Vice Premier of China, said, external his country was looking for a “win-win” solution to trade tensions and wanted […]
Read MoreTrump warns of a 10% tariff on imports of Chinese-made goods
US President, Donald Trump, has said he is considering imposing a 10% tariff on imports of Chinese-made goods as soon as 1st February. Trump said discussions with his administration were “based on the fact that they’re sending fentanyl to Mexico and Canada.” It followed threats by Trump to levy import taxes of 25% […]
Read MoreEuropean and Asian polymers mixed, US rise. WTI and Brent Crude rise
European polymer prices were mixed over the week to 17th January. There were increases of between 5 and 20 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene, ABS and Polystyrene. There was a reduction of 11 EUR per tonne noted in the price of PET. In the UK, prices rose against […]
Read MoreBP to shed 4,700 jobs in cost cutting exercise
Oil giant BP is to cut around 4,700 staff, more than 5% of its total workforce, as part of its plans to cut costs. The U.K. firm, which has a global workforce of about 90,000 people, confirmed the job losses on Thursday, but has not said how many roles will be affected in each […]
Read MoreExxon Mobil files lawsuit against California’s Attorney General
Exxon Mobil has filed a lawsuit against California Attorney General, Rob Bonta, and several environmental groups, court records show, accusing them of defaming and disparaging the oil giant’s advanced plastics recycling initiatives. The lawsuit is a sign of how Exxon is increasingly fighting back against environmentalists and other critics who have brought lawsuits against […]
Read MoreUS to impose new restrictions on advanced computer chips exports
The US is moving to impose tough new restrictions on the export of advanced computer chips and other artificial intelligence (AI) technology to dozens of countries – not just the handful it has long identified as adversaries. Officials say the new rules are intended to make sure the “the world’s AI runs on American […]
Read MoreEuropean polymers static, Asian mixed, US rise. WTI and Brent Crude rise
European polymer prices were relatively unchanged over the three weeks to 10th January. There was an increase of 10 EUR per tonne reported in the price of Polystyrene. In the UK, prices rose against most grades as the Pound lost value against the Euro. Asian polymers were mixed with increases of between 10 and […]
Read MoreBiden bans offshore drilling across large areas of US
US President, Joe Biden, has announced a ban on new offshore oil and gas drilling along most of America’s coastline, weeks before Donald Trump takes office. The ban covers the entire Atlantic coast and eastern Gulf of Mexico, as well as the Pacific coast off California, Oregon and Washington and a section of the […]
Read MoreJapanese car firms unite to fight back against Chinese competition
Honda and Nissan plan to merge as the two Japanese firms seek to fight back against competition from the Chinese car industry. Joining forces would create one of the world’s biggest car producers alongside Toyota, Volkswagen, General Motors and Ford. The potentially multibillion dollar deal to combat “the rise of Chinese power” was […]
Read MoreVolkswagen agrees trade union deal to avoid plant closures
Volkswagen has reached a deal with the IG Metall trade union which will avert plant closures in Germany and avoid immediate compulsory redundancies. The two sides have, however, agreed to cut more than 35,000 jobs across the country in a “socially responsible manner” by 2030, in order to save some €15bn (£12.4bn). Germany’s […]
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