Sinopec & LyondellBasell to form second JV in China

China Petroleum & Chemical Corporation (Sinopec SNP) recently signed a memorandum of understanding with LyondellBasell Industries N.V. LYB to create a new 50-50 joint venture for developing a new propylene oxide and styrene monomer unit. This is a second such joint venture between the two companies.   The new unit will likely have an annual […]

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INEOS announces recyclable flexible films

INEOS Olefins & Polymers Europe claims it has become the ‘first polymer producer in the world’ to successfully commission a new pilot line to co-develop recyclable flexible packaging films with customers.   The company states that the multi-million euro investment could help to prevent around one million tonnes of waste from being sent to landfill […]

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UK economy grew more than first estimated in early 2024

The UK economy grew by more than initially estimated in the first three months of 2024 as the country emerged from recession, revised official figures show.   Between January and March, the economy grew by 0.7% the Office for National Statistics (ONS) said.   Figures released last month initially estimated growth had been 0.6%.   […]

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UK government borrowing hits £15bn in May

UK government borrowing in May hit the highest since the Covid crisis but was lower than the UK’s fiscal watchdog had forecast.   Borrowing reached £15bn last month, which was £800m higher than May last year.   It means that the public sector spent more than it received in taxes and other income, leading the […]

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US to ban antivirus software made by Russia’s Kaspersky

The US has announced plans to ban the sale of antivirus software made by Russian firm Kaspersky due to its alleged links to the Kremlin.   Moscow’s influence over the company was found to pose a significant risk to US infrastructure and services, Commerce Secretary Gina Raimondo said on Thursday.   She said that the […]

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Firm fined for selling China-made cars as Italian built

The Italian government has fined a car company $6.4m for allegedly branding vehicles that were made in China as being produced in Italy.   DR Automobiles misleadingly marketed cars as being produced in Italy, even though they were mostly made in China, according to the country’s competition regulator.   The firm said it would appeal […]

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US Federal Reserve planning one rate cut this year

The US Federal Reserve has signalled that it will cut its key interest rate just once this year despite inflation easing.   Back in March, the central bank had been expected to reduce borrowing costs three times by the end of 2024.   However, on Wednesday, new forecasts from Fed officials who make decisions on […]

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