Hints and tips:
...BASF and Munich Re said their choice of chairs respected the two-year cooling-off period required by German rules....
...Alongside the €10bn investment in Zhanjiang, BASF has announced “permanent” downsizing in Ludwigshafen....
...BASF outlined the new cost cuts in annual results, which confirmed a decline in sales and profits set out in preliminary earnings....
...BASF said it would release its final results on February 23....
...BASF’s values”....
...BASF is preparing for a smaller domestic industry. A new €10bn Zhanjiang plant in China is expected to start operating in 2025....
...Arne Rautenberg, fund manager at Union Investment that holds less than 1 per cent of BASF’s shares, said Kamieth faced “enormous” challenges in his new job, as he would need to “secure [BASF’s] competitiveness...
...out of Xinjiang mainly because “China needs the products that BASF makes [in the country]”....
...BASF’s plants in China had been increasing production in recent weeks and “we expect that it will continue”, Brudermüller said....
...Henning Gloystein, director of energy, climate and resources at Eurasia Group, said BASF had not relocated its operations from Europe....
...BASF, which owns two-thirds of the group, intends to list the business....
...The German carmaker has put forward Martin Brudermüller, the former head of BASF’s China business who last year warned against “China bashing”....
...Last year BASF’s energy costs soared by €3.2bn, despite reduced production in several plants....
...This is an issue for BASF. Bernstein has estimated that, at 2023 cap prices, BASF’s energy costs will rise to almost 12 per cent of sales, up from a normalised 4.5 per cent....
...“We are very proud to make this list because it is based on how our people feel about BASF,” said Tobias Dratt, President, Region North America, Chief Operating Officer and Chief Financial Officer, BASF...
...BASF, which announced a €7.3bn writedown in January because of the loss of Russian assets, has been criticised for its dependence on the country....
...BASF has said it will have to downsize “permanently” in Europe, with high energy costs making the region increasingly uncompetitive....
...Shares in BASF were up by just under 2 per cent on Wednesday afternoon....
...In many ways, BASF epitomises Stelzenmüller’s point....
...For companies such as BASF, there may even be little alternative....
...Chemicals giant BASF suffered a €250mn hit. The river remains about 50 per cent higher than its 2018 low. But it is nearly a quarter lower than in August that year. Levels should subside further....
...BASF has already been burnt by its exposure to Russia....
...Meanwhile, despite the best efforts of BASF’s management, its shares have gone sideways for a decade....
...“CSS in its current form puts a big question mark over the future of chemicals in Europe,” Martin Brudermüller, president of Cefic and chief executive of BASF, told the Financial Times....
...Even if small and medium-sized companies, which make up the bulk of Eon’s corporate customers, were not cut off in such a scenario, the impact on large groups such as chemicals giant BASF would have a “dangerous...
International Edition