The Chem Ledger
TCL#58: Cross-Border Capital in a Fragmented World
Plus: Rare Earth, Fusion, Semiconductors, and Pharma updates.
Oil & Gas
The Chem Ledger
TCL #55: Black Gold Rules All
Good morning. This is the first newsletter of 2026, in which we look back at last week's key occurrences in the chemical and allied industries. Oil & Gas On January 3, 2026, the US conducted a military strike on Venezuela following months of planning and a series of
The Chem Ledger
TCL #50: A Billion Here, A Billion There
This week saw a flurry of billion-dollar deals across energy, biotech, and pharma. The US Department of Energy is reviving the Three Mile Island nuclear plant with a $1 billion loan, while TotalEnergies is investing $6 billion in Europe's electric future. Johnson & Johnson and Roche made significant
The Chem Ledger
TCL #48: Consolidation and Critical Minerals
Last week's transactions reveal the contours of American industrial policy in action. The federal government is deploying over $700 million in loans and incentives to establish domestic rare earth magnet production, addressing a critical supply chain vulnerability. Meanwhile, capital continues to consolidate. Oil producers are merging to achieve
The Chem Ledger
TCL #46: The Battle for Critical Resources
The logic of globalisation assumed that markets would efficiently allocate resources wherever they were cheapest. That era is ending. From lithium deposits in Texas to rare-earth sites in Minnesota, from quantum processors to AI-powered drug discovery, the new currency of industrial policy is not cost but control. The companies and
The Chem Ledger
TCL #39: Activists Target Chemical Giants
From carbon conversion to corporate raiders, the chemical sector seeks new formulas for growth