Wall Street overnight extended its losses after a disappointing non-farm payrolls report in August, which raised concerns over the coming key reports on employment this week. US private sector slashed 298,000 jobs in August, a faster rate than economists' forecast.
LANXESS AG (ETR:LXSG)(PINK:LNXSF) significantly increased earnings in the second quarter in comparison to the weak first quarter of 2009 despite the ongoing difficult economic conditions worldwide. The specialty chemicals company posted EBITDA pre exceptionals of EUR 112 million, in line with its published guidance of EUR 100-120 million. The operating earnings figure was down 50 percent year-on-year but rose 70 percent from the first quarter of 2009 due to substantial volume increases, notably in Asia, as well as savings yielded by the "Challenge09" package of measures.
Japan's Mitsubishi Rayon (TYO:3404) plans to set up a joint venture in Saudi Arabia with major local chemical producer Saudi Basic Industries Corp (Sabic) to produce material used for acrylic glass, a Japanese media reported. The factory is expected to begin operations in 2013.
US stocks rose on Friday after Federal Reserve Chairman Ben Bernanke said the central bank is winding down its emergency lending programs established to end the financial crisis.
Wall Street posted a strong gain overnight with Dow index jumped above 9000 points mark for the first time since January. The market was bolstered by upbeat housing data and favourable corporate earnings.
The German chemical giant BASF (ETR:BAS)(OTC:BASFY) and its joint venture partner China Petrochemical Corporation (Sinopec) are to invest US$1.4 billion to expand their key Chinese chemical production facilities in the eastern Chinese town of Nanjing, Jiangsu Province. Chemicals produced in Nanjing by the partners are targeted towards the building, pharmacy and automotive industries and the expansion of their facilities should be fully operational in 2011.
Yip's Chemical Holdings Limited (HKG:0408)(PINK:YIPCF)("Yip's Chemical" or the "Group"), one of the largest manufacturers of petrochemical products in China, announced its 2008/09 annual results for the year ended 31 March 2009.
