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Chemical Industry Weekly News Round-Up, Feb. 24
3:16 PM MST | February 24, 2012 | By VINCENT VALK
This Week on CW:
BASF’s fourth-quarter earnings were adversely impacted by economic weakness, but the company still showed profitability and forecasts growth for this year. Meanwhile, Borealis earnings fell, and the company said it is expecting a challenging 2012.
Westlake Chemical may drop its $35/share bid for Georgia Gulf if the latter company refuses to enter into negotiations for a deal.
The Indian chemical industry has been growing quickly, but uncertainty is creeping in due to high feedstock prices and volatile energy costs and exchange rates, attendees at the India Chemical Industry Outlook Conference say.
Cefic says that EU chemicals output grew 1.1% year-on-year in 2011, significantly lower than Cefic’s December projection of 2% growth.
Around the Web:
While The Economist ran a cover story bemoaning America’s complex, and supposedly growing, regulatory burden, The White House (and many other observers) says that the magazine did not build a credible case, in The Washington Post.
The S&P 500 hit its highest level since June 2008, before the full-on financial collapse, earlier this week, and the Dow Jones Industrial Average crossed 13,000 a couple of times, the Associated Press reports.
President Obama wants to reform the U.S. corporate taxation system to lower rates and close loopholes, but some business leaders and industry groups, including ACC, are unconvinced, in the Battle Creek Enquirer.