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Chemical Industry Weekly News Round-Up, July 23
July 23, 2010 | By VINCENT VALK
This Week on CW:
Despite mounting economic fears, chemicals sector earnings were strong in the last quarter, with PPG and Cytec easily beating analyst estimates. Companies remain positive in their outlooks for the second half.
Two members of the U.S. House of Representatives have introduced an overhaul of TSCA, known as the Toxic Chemicals Safety Act of 2010. The law shifts the burden of proof to industry, which will need to ensure a product's safety before it enters the market.
Invista may sell its polymers and resins business, which includes numerous polyester products and PET.
BASF CEO Jurgen Hambrecht criticized the business climate in China, saying that foreign companies are being forced to transfer critical know-how to Chinese companies in exchange for market access.
The buyer of Ineos Vinyls Italia is suing Ineos for 200 million euros, claiming that Ineos misrepresented the prices of the company's raw materials supply.
Around the Web:
Novomer, an upstate New York based green tech start up, has attracted an $18.4 federal grant for its carbon dioxide-to-plastics conversion technology, local newspaper the Ithaca Journal reports.
An Atlantic business blogger calls for increased U.S. government infrastructure spending to combat persistent unemployment.
Democratic lawmakers have abandoned plans to introduce a climate bill to the U.S. Senate because of a lack of support for opposition Republicans, AFP reports.
BP pumped "an extraordinarily large quantity of an unusual chemical mixture" into the Deepwater Horizon well just hours before it exploded in an attempt to flush mud from the drilling hole, in the Washington Post.