. 24/7 Space News .
BASF bets on China to power growth
by Staff Writers
Frankfurt Am Main (AFP) Nov 20, 2018

Singapore probes embattled Noble Group for 'false statements'
Singapore (AFP) Nov 20, 2018 - Singapore said Tuesday it is investigating Noble Group for making suspected "false and misleading" financial statements, the latest trouble to hit the embattled commodities trader.

Once one of the world's top commodity trading houses, Noble is struggling to stay afloat after shareholders backed a $3.5 billion restructuring deal that snatched it from the jaws of collapse following allegations by a research firm of irregular accounting practices.

It has sold off billions of dollars worth of assets while battling creditors and shareholders in a bid to survive.

The Singapore Police Force, the central bank and the accounting and corporate regulatory authority said in a joint statement Tuesday that they have launched the probe into Noble Group Ltd and its wholly owned subsidiary Noble Resources International.

Noble Group is being investigated for "suspected false and misleading statements" in its financial reports and potential breaches of financial disclosure requirements.

Noble Resources is under investigation for non-compliance with accounting standards following an "extensive review" of the firm's financial statements from 2012-2016.

The police's white-collar crime body and the Monetary Authority of Singapore -- the central bank -- directed the firms "to produce documents" relating to the preparation of financial reports, the statement said.

Noble -- which is headquartered in Hong Kong and listed in Singapore -- saw its market value of $6 billion in February 2015 almost wiped out after being accused by Iceberg Research of inflating its assets through irregular accounting practices.

The allegations marked the start of the crisis that engulfed the company.

Trading of Noble shares have been suspended since Monday as it seeks to transform itself into a smaller Asia-focussed business after the rescue deal.

Founded in 1986 by British businessman Richard Elman, Noble rode the crest of a rise in commodity prices to become one of the world's biggest commodity trading houses.

German chemicals giant BASF said Tuesday that it would massively expand its operations in China, betting on steady growth in the world's second largest economy to lift profits in coming years.

The group plans both to expand an existing site in Nanjing and build a new major factory in Zhanjiang in the south to profit from China's forecast rise to around 50 percent of the global chemicals market by 2030.

"We want to generate growth where growth is actually happening," chief executive Martin Brudermueller told journalists during a press conference at BASF's Ludwigshafen headquarters.

After investing around 11 billion euros ($12.6 billion) in Nanjing, the group will pour around 10 billion euros into the new site, he added.

BASF is "the only western chemical company with this kind of position in China," Brudermueller said.

As well as its investments in Asia, the group is pushing through an internal restructuring to simplify its business and aims in future to develop "tailor-made" products for its customers with a more responsive research and development operation.

Executives hope their updated strategy should allow BASF to grow operating, or underlying profits before special items, by between 3.0 and 5.0 percent each year until 2030.

Meanwhile bosses strove to highlight their environmental credentials, promising to keep carbon dioxide emissions flat at 2018 levels until 2030 despite increasing production.

So far BASF's CO2 output had been falling, to now stand at half 1990's figure, while production volumes doubled over the same period.

But Brudermueller said that most of the reductions that could be found from improved processes within the company had already been achieved, calling the freezing target for the coming years "very ambitious".

In future, there are "some things we will not do anymore, because CO2 emissions are too high," he added.

BASF also aims to increase use of recycled plastics as a raw material and to boost sales of products it says make a "substantial sustainability contribution" to 22 billion euros annually by 2025.

Although the group promised to increase its dividend payout each year until 2030, investors appeared unimpressed with the group's plans.

Shares in BASF fell 3.35 percent by 11.20 am in Frankfurt (1020GMT), to trade at 66.71 euros, against a DAX index of blue-chip German shares which was down 1.12 percent.



Related Links
Space Technology News - Applications and Research

Thanks for being there;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Monthly Supporter
$5+ Billed Monthly

paypal only
SpaceDaily Contributor
$5 Billed Once

credit card or paypal

Treated superalloys demonstrate unprecedented heat resistance
Idaho Falls ID (SPX) Nov 19, 2018
Researchers at Idaho National Laboratory have discovered how to make "superalloys" even more super, extending useful life by thousands of hours. The discovery could improve materials performance for electrical generators and nuclear reactors. The key is to heat and cool the superalloy in a specific way. That creates a microstructure within the material that can withstand high heat more than six times longer than an untreated counterpart. "We came up with a way to make a superalloy that is mu ... read more

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

First supply trip to space since Soyuz failure poised to launch

Orion recovery team: ready to 'rock and roll'

Canadian voice of Hal in '2001: A Space Odyssey' dies

Cosmonauts to perform spacewalk to examine hole in Soyuz hull on December 11

Science on the cusp: sounding rockets head north

India launches GSLV-3 carrying GSAT-29

DARPA issues contract proposition for hypersonic missile defense

First Angara A5V Heavy-Class Rocket Launch to Take Place in 2026 - Roscosmos

NASA wants people on Mars within 25 years

For arid, Mars-like desert, rain brings death

Colonizing Mars means contaminating Mars

Atmospheric opacity over Opportunity drops to storm-free levels

China releases smart solution for verifying reliability of space equipment components

China unveils new 'Heavenly Palace' space station as ISS days numbered

China's space programs open up to world

China's commercial aerospace companies flourishing

Extended life for ESA's science missions

ESA's space vision presented at Paris Peace Forum

GomSpace Group resolves on a rights issue of approximately SEK 298 million

Market for 3,300 satellites worth $284 Billion over next decade

NRL demonstrates new non-mechanical laser steering technology

Electronic skin points the way north

Scientists engineer a functional optical lens out of 2D materials

A new lead on a 50-year-old radiation damage mystery

A cold Super-Earth just 6 light years away at Barnard's Star

Laser tech could be fashioned into Earth's 'porch light' to attract alien astronomers

Laboratory experiments probe the formation of stars and planets

NASA retires Kepler Space Telescope, passes planet-hunting torch

Evidence for ancient glaciation on Pluto

SwRI team makes breakthroughs studying Pluto orbiter mission

ALMA maps temperature of Jupiter's icy moon Europa

NASA's Juno Mission Detects Jupiter Wave Trains

The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.