• United States
• Asia
• Australia
• Japan
• Mayanmar

• Austria
• Czech Republic
• Dubai
• France
• Latvia
• Saudi Arabia
• South Africa
• United Kingdom

(1.) The U.S. probably expanded faster in the third quarter than initially estimated and weekly jobless claims likely rose a bit, according to economists polled by MarketWatch. Gross domestic product for the July-to-September period is forecast to be revised up to 3.2% from 2.8%, largely because inventories rose even faster than the preliminary report showed. Jobless claims, meanwhile, are predicted to increase to 325,000 in the week ended Nov. 30 from 316,000 in the prior week.

(2.) Austrian school economist Mark Skousen has labored mightily for a quarter of a century to persuade the Bureau of Economic Analysis (BEA) to publish a better measure of economic activity in the United States, and beginning in April, the BEA will start publishing the country’s Gross Output — the GO.

Said Skousen, "Starting [in] 1990, I have made the case that we needed a new statistic beyond GDP that measures spending throughout the entire production process, not just final output. GO is a move in that direction — a personal triumph 25 years in the making."

Ever since the establishment of the international monetary system at the Bretton Woods Conference in 1944, the Gross Domestic Product (GDP) has informed and driven monetary policy, often with unintended and unhappy consequences. By misreading economic activity, interventionist politicians and economists have implemented policies that have later turned out to be too little too late or, more recently, way too much. The GO, on the other hand, measures intermediate economic activity at all stages of production, from raw materials to the retail outlet.

As Skousen explained, "While GDP is a good measure of national economic performance, it has a major flaw: in limiting itself to final output, GDP largely ignores or downplays the "make" economy — that is, the supply chain and intermediate stages of production needed to produce all those finished goods and services.

"This narrow focus of GDP has created much mischief in the media, government policy and boardroom decision-making….

"Since consumer spending [under GDP analysis] represents 70% or more of GDP … the media naively concludes that any slowdown in retail sales or government stimulus is necessarily bad for the economy….

"In short, by focusing only on final output, GDP underestimates the money spent and economic activity generated at earlier stages in the production process….

"Using GO as a more comprehensive measure of economic activity, spending by consumers turns out to represent around 40% of total year sales, not 70% as commonly reported.

"Spending by business … is substantially bigger, representing over 50% of economic activity."

This aligns better with common-sense economic theory as well, that production precedes consumption, not the other way around. GO will also show that the real size of the U.S. economy isn't $16.8 trillion as is commonly acknowledged, but will come in at nearly twice that figure when it is released in April, according to Skousen.

Even so, with the update in place, GO will still leave out enormous parts of the economy, and will fail to measure the unmeasurables, such as quality of life, speed of information via the Internet, and caring for children at home by parents. It will fail to differentiate between "wasteful" spending — i.e., foreign wars and consequent loss of life and limb and destruction of property and war matériel — and "productive" spending. It will fail to measure the potential advantage of obtaining a college degree, or the disadvantage of taking up smoking.

It will count legal fees, repairing of property damage, and medical expenses as positives instead of negatives. It will allow for such silliness as counting the value of a new home being built, as well as the cost of razing it following a flood or a hurricane. It will count disasters as positives and imports of superior goods from abroad (instead of buying inferior ones locally) as negatives. It will continue to count borrowing as a good thing no matter how it is spent or by whom: individuals or governments.   (The remaining text is not included in this sample.)

Japan's economy expanded at a slower pace than initially estimated in the third quarter of 2013, according to the government, sparking concern that the government's "Abenomics" policy mix may fail to help the nascent recovery gain momentum.

The world's third-biggest economy grew at an annualized rate of 1.1% in the three months through September in inflation-adjusted terms, downgraded from preliminary data against the backdrop of a downward revision to capital spending.

The July-September growth in real gross domestic product, the total value of goods and services produced at home, corresponded to a 0.3% gain from the previous quarter, posting the fourth straight quarter of increase, the Cabinet Office said.

The government said in the initial report, released Nov. 14, that the nation's economy expanded an annualized real 1.9% in the July-September period, following a revised 3.6% rise in the April-June period.

The latest figure suggested Japan's economy has been largely supported by public investment, not private sector growth, strengthening the view that the planned 3-percentage-point sales tax hike next April to 8% may weigh on consumer spending and investment, in turn dampening domestic demand.   (The remaining text is not included in this sample.)

Saudi Arabia's gross domestic product grew 3.19% in the third quarter of 2013 in current prices compared with a 2.7% rise in the previous three months, the Central Department of Statistics reported.

The GDP value rose from SR675.19 billion in the third quarter of 2012 to SR696.7 billion. During the same period the GDP rose by 3.05% in real prices, the department said.

In the public sector the GDP fell by 18.52% to SR102.6 billion in current prices, compared to the same period in 2012. However, in real prices it showed a growth of 2.43%.

The private sector, on the other hand, achieved a growth of 6.53% in current prices in the third quarter of 2013 to reach SR244.08 billion compared to the figure of previous year, SR229.13 billion.

The construction and building sector and downstream industries showed big growth at the rate of 9.76% and 7.87% respectively. In stable prices, the sector’s growth rose by 3.31%.    (The remaining text is not included in this sample.)

A complete analysis of GDP and Monthly Updates for individual countries is included as part of Thermal Catalytic World Air Pollution Markets.

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(Listed by most current date)

• Rosneft and ExxonMobil Award Contracts for Russian Far East LNG Project  (Contract Dated: 12/6/2013)

• CCS, SDARI and Wartsila Collaborate to Develop LNG Vessel  (  Dated: 12/6/2013)

• QGC Awards Jacobs Contract for CSG to LNG Concept Study, Pre-FEED  (Contract Dated: 12/6/2013)

• Chevron Drilling Planned Carbon Dioxide Injection Wells for Gorgon-Jansz LNG Project  (Project Dated: 12/6/2013)

• CNOOC Applies to Canada’s NEB for LNG Export License  (Article Dated: 12/5/2013)

• Putin Approves Amendments to LNG Export Laws to Boost Russia's Global LNG Market Share  (Article Dated: 12/5/2013)

• Russian Energy Minister Says No Call to Break Gazprom's Monopoly on Pipeline Gas Exports  (Article Dated: 12/5/2013)

• Japan’s Top Shippers to Order Ninety New LNG Tankers Worth $17.6 Bln by 2020  (Order Dated: 12/5/2013)

• Brazil's OGX Maranhao Changes Name to Parnaiba Gas Natural  (Sale Dated: 12/5/2013)

• Australia's Origin Energy Agrees to Sell Gas to BG Group in 2014 and 2015  (Project Dated: 12/5/2013)

• Tanzania May Build New LNG Export Facility by 2020  (Plans Dated: 12/5/2013)

• France's Total Looks for Stake in Gazprom's Baltic LNG Project  (Project Dated: 12/5/2013)

• Asia LNG Buyers Meet to Discuss Joint Procurement Deal  (Article Dated: 12/5/2013)

• Honeywell UOP To Form Black & Veatch LNG Alliance for Off-Road and Transportation Fuel  (Alliance Dated: 12/4/2013)

• Cyprus, Total Sign MoU for LNG Terminal  (Project Dated: 12/4/2013)

• EmiratesLNG to Build 9 mtpa LNG Terminal at Fujairah  (Plans Dated: 12/4/2013)

• Inter Pipeline to Provide Diluent Transportation for Athabasca Oil Hangingstone Project  (Project Dated: 12/2/2013)

• Warren Buffett Increases Oil Sands Stake with $3.45 Bln ExxonMobil Investment  (Investment Dated: 12/2/2013)

• New Generation of Projects Shows Oil Sands Industry Resolve to Expand  (Article Dated: 12/2/2013)

• New Technologies Drive Down Costs, Shrink Carbon Footprint of Oil Sands Projects  (Article Dated: 12/2/2013)

• Alberta’s MacKay River Commercial Project to Recycle Produced Water with New Technology  (Project Dated: 12/2/2013)

• Total Seeking to Upsize Flagship Joslyn Oil Sands Mine in Alberta  (Article Dated: 12/2/2013)

• Canada’s NEB Projects Oil Production Bonanza  (Analysis Dated: 12/2/2013)

• Suncor Sees 14 Percent Oil Sands Growth and 2014 Capital Spending Boost to $7.8 Bln  (Article Dated: 11/29/2013)

• Feds Announce $2.6 Mln ExxonMobil Fine for March’s Massive Arkansas Tar Sands Spill  (Article Dated: 11/29/2013)

• AIMCo to Invest $100 Mln in Efficient Oilsands Technology  (Investment Dated: 11/29/2013)

• Fort Hills and the Carmon Creek Oil-Sands Projects Get Industry Go Ahead, Part 2  (Project Dated: 11/27/2013)

• Environmental Keystone Foes Expand Fight against Oil Sands by Trying to Block Rail Export  (Article Dated: 11/27/2013)

• Fort Hills and the Carmon Creek Oil-Sands Projects Get Industry Go Ahead, Part 1  (Project Dated: 11/27/2013)

• Toxic Man-made Lakes from Tar-Sand Projects Planned for Alberta  (Article Dated: 11/27/2013)

• IEA Report Says Tar Sands Export Pipelines Needed for Canada's Oil to Boom  (Report Dated: 11/27/2013)

• The Tar Sands Don’t Have to Pollute the Water. So Why Do They?  (Analysis Dated: 11/26/2013)

• Habanero's Oil Sand Acreage to be Cancelled by the Government  (Article Dated: 11/26/2013)

• Enbridge to Develop Wood Extension Pipeline for Fort Hills & Suncor  (Project Dated: 11/26/2013)

• Deep Well Oil & Gas SAGD Well Pair Successfully Completed  (  Dated: 11/26/2013)

• First it was Detroit, now ‘PetKoch’ Piling Up in Chicago  (Article Dated: 11/26/2013)

• Enbridge to Develop Pipeline up to $1.4 Bln for Athabasca Region Oil Sands Needs  (Project Dated: 11/26/2013)

• Total Plans Production from Alberta Fort Hills Oil Sands Project  (Project Dated: 11/26/2013)

• Saudi Kayan Drops Plans to Build Jubail Petchem Plant  (Project Cancelled Dated: 11/22/2013)

• KBR to Perform Ammonia Plant Revamp Study in Algeria  (Study Dated: 11/21/2013)

• JG and Meralco in Talks over Philippines Petrochem Business  (Article Dated: 11/21/2013)

• Nova LLDPE Expansion on Pace for Late-2015 Startup  (Project Dated: 11/21/2013)

• LyondellBasell Says Expansion, Debottlenecking Projects Remain on Target  (Project Dated: 11/21/2013)

• Saudi Arabia’s Sabic Wants to Invest in U.S. Petrochemicals  (Investment Dated: 11/21/2013)

• Philippines Petrochem Market to Grow with Economy and Domestic Consumption  (Article Dated: 11/21/2013)

• Russia's Sibur, Gazprom Sign JV Deal on Petchem Complex in Belogors  (Agreement Dated: 11/20/2013)

• Hungary MOL's Petrochemicals Unit to Build New Plant for $160.4 Mln  (Project Dated: 11/20/2013)

• Technip Wins Contract for Sasol's Lake Charles Ethane Cracker in Louisiana  (Contract Dated: 11/20/2013)

• Dow to Sell Polypropylene Catalyst Business to W.R. Grace for $500 Mln  (Divesture Dated: 11/20/2013)

• Technip and Zachry Partnership Awarded Chevron Phillips Chemical’s Gulf Coast Project  (Project Dated: 11/20/2013)

• Unipetrol RPA Selects INEOS Technologies’ Innovene S HDPE Process for Polyethylene Project  (Project Dated: 11/20/2013)

• Mexichem Announces Joint Venture with Oxychem for Ethylene Plant  (Project Dated: 11/20/2013)

• Russian Petrochemical Company Sanors Shows Interest in Vietnam's Binh Dinh Mega Project  (Project Dated: 11/20/2013)

• MRC Global Awarded Gulf Coast Petrochemicals Project Framework Agreement By Chevron Phillips Chemical  (Contract Dated: 11/20/2013)

• Taiwan, China Petrochemical Businesses Look Towards Cooperation  (Article Dated: 11/20/2013)

• Mexico’s Petrochemical Production Expected to be up by 25 Percent with Energy Reform  (Article Dated: 11/19/2013)

• Isolux Corsán Awarded New Contracts in Latin America for $600 Mln through its TECNA Subsidiary/Part 3  (Contract Dated: 11/19/2013)

• Foster Wheeler Wins Contract for Saudi Arabia Jazan Project  (Project Dated: 11/19/2013)

• Isolux Corsán Awarded New Contracts in Latin America for $600 Mln through its TECNA Subsidiary, Part 4  (Contract Dated: 11/19/2013)

• Isolux Corsán Awarded New Contracts in Latin America for $600 Mln through its TECNA Subsidiary/Part 2  (Contract Dated: 11/18/2013)

• Isolux Corsán Awarded New Contracts in Latin America for $600 Mln through its TECNA Subsidiary/Part 1  (Contract Dated: 11/18/2013)

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