The Trump administration finalized relaxed fuel economy standards targeting 34.9 mpg by 2031 to lower vehicle costs, drawing criticism from environmentalists who warn of increased emissions and oil consumption amidst rising global fuel prices.
BASF submitted a €10.3 billion bid for Evonik Industries, valued at €22.15 per share, though Evonik has rejected the offer. The deal values Evonik at €14.2 billion, representing a 22% premium over its recent share price.
Crude oil prices fell 1.9% weekly to $123.02/bbl as flows improved through the Strait of Hormuz. Mixed signals from US-Iran negotiations kept market sentiment volatile during the week.
Aldi plans a £900m UK investment to open 42 new stores, citing climate impacts on crop yields and aiming to strengthen local supplier agreements amidst food inflation.
The US and China announced reciprocal tariff reductions on $30bn of goods, including agricultural products and food items like foie gras and soybeans, signaling a de-escalation in their trade war despite excluding sensitive tech sectors.
Chemplast Sanmar resumed operations at its 84,000-ton/year ethylene dichloride plant after authorities provisionally lifted a shutdown order following a July fire. Estimated damages stand at 50 million rupees, with final regulatory clearance still pending.
The Canada Energy Regulator approved Trans Mountain's tolls settlement, establishing a new tariff framework and increasing the allowable contracted capacity share to 90%.
BRC survey shows UK shop price inflation fell to 1.4% in September, while food inflation slowed to 2.5% despite high commodity prices and poor harvests affecting fruit and chocolate costs.
Asian bond markets face declines as elevated oil prices from Middle East tensions fuel inflation concerns and Federal Reserve rate hike bets. Geopolitical supply disruptions continue to complicate the global economic outlook amidst mixed equity performance.
Oil prices extended gains amid US-Iran tensions and strong demand, with WTI rising above $93 per barrel despite partial Saudi pipeline restoration. Supply tightness and hobbled refinery capacity are driving a bullish outlook for crude markets.
The inaugural shipment of 3,012 metric tons of potash fertilizer from Laos arrived at Qinzhou Port via the newly opened Pinglu Canal. This route reduces transport time by five to seven days, significantly boosting trade efficiency between Southeast Asia and China.
Syria's state petroleum company attributed a gas pipeline explosion to sabotage, halting flows from the Jbeissa plant to power stations while crews worked to extinguish the blaze.
Australia's mining sector is pivoting from iron ore to copper driven by AI and electrification demand, with major miners like BHP and Rio Tinto increasing exposure to capitalize on tight supply.
The UK government is seeking an exemption from a potential US diesel export ban amid soaring fuel prices. Chancellor John Healey cited global shocks from conflicts in Ukraine and Iran as drivers for record diesel costs affecting British businesses.
British Prime Minister Andy Burnham plans to establish the Great British Grid to reduce energy costs and accelerate connections. The initiative targets aligning UK energy prices with Europe within 10 years and supporting reindustrialisation.
The US Nuclear Regulatory Commission is expected to approve TVA's plan to build a 300-megawatt BWRX-300 small modular reactor in Tennessee, marking a significant step for the fission industry.
A Kenyan court halted construction of the $16 billion Dangote Oil Refinery citing land rights and environmental concerns. The delay impacts regional infrastructure and may affect global oil supply stability amidst rising fuel prices.
Sino-US trade teams agreed to expand coal trade with tariff reductions under a reciprocal framework, while Shaanxi province officially launched its electricity spot market.
US Supreme Court Justice Samuel Alito recused himself from a climate liability case involving oil majors Exxon Mobil and Suncor Energy due to stock holdings. The ruling could determine the fate of numerous state and local lawsuits against fossil fuel companies.
TotalEnergies CEO Patrick Pouyanné warned that a proposed US diesel export ban could backfire by raising domestic gasoline prices and reducing refinery throughput. The policy would disrupt European supply chains, forcing governments to utilize strategic reserves amid potential consumer backlash.
ChemBrief