Chemical Industry Weekly News Round-Up, July 30
1:19 PM MDT | July 30, 2010 | By VINCENT VALK
This Week on CW:
The trend of strong second-quarter earnings continued this week. BASF's earnings rose 30% on demand increases, as DuPont's income shot up 92%. Ineos's EBITDA rose, while Reliance's profits saw a considerable jump. In Japan, Mitsui and Sumitomo swung to profit. Back in the U.S., Eastman's profit doubled, while Praxair's income rose 24%.
Outside earnings, the Senate Homeland Security and Government Affairs Committee unanimously approved a measure to extend anti-terrorism statute CFATS for three years, to October 2013.
BP CEO Tony Hayward has stepped down in the wake of the Deepwater Horizon crisis. Robert Dudley, head of BP's oil spill response unit, will replace him.
The U.S. Department of Energy has awarded $106 million in grants for CO2-to-chemicals conversion technologies. Much of the money has gone to biotechnology start-ups.
BASF is dividing its care chemicals segment in two, in anticipation of the integration of Cognis.
Around the Web:
In spite of strong earnings in chemicals, overall U.S. economic growth slowed to 2.4% in the second-quarter, as consumers continue to deleverage and the labor market remains weak, in the New York Times.
An editorial in the Financial Times considers the difficulty of getting climate legislation passed in the U.S. (free registration required)
The Economist has a feature on the U.S. freight rail network, the world's best. Plans to bring high-speed passenger rail to the U.S. could complicate matters for freight railroads, however.
Quebec, like much of New York State and Pennsylvania, has shale gas. And like its American neighbors, French Canada is fraught with anxiety over whether the difficult-to-remove gas is a blessing or a curse, in the Toronto Star.
Lawmakers who think they can block EPA climate rules with legislation will likely face a presidential veto, Politico reports.