Skip to content
Search

Latest Stories

Indian committee recommends moving South Korea-owned plant hit by gas leak

AN investigation into a deadly gas leak at a South Korean-owned chemical plant in southern India that killed 12 people in May recommended the factory be moved away from inhabited areas, according to its full report released on Tuesday (7).

The probe at the plant run by LG Polymers, owned by South Korea's LG Chem Ltd, found the company was negligent and warning systems were not working, the local state government said on Monday (6).


The investigation was set up after toxic styrene gas leaked from the chemical plant near the Indian city of Visakhapatnam in the early hours of May 7, choking many people who were sleeping and killing 12.

LG Chem said on Tuesday it had undertaken a host of safety measures.

"We have fully cooperated for the investigation, and we will sincerely respond to the probe result and take corresponding measures," LG Chem said in a statement.

In its report, the committee listed 21 major reasons for the accident including improper storage design, haphazard maintenance of the old storage tank and disregard for red flags. It blamed the company's management for 20 of those causes.

The temperature inside the oldest of the three storage tanks holding styrene monomer, a chemical used in making polystyrene products, rose to more than six times the permitted level due to polymerization, a chemical reaction that generates heat.

"The company management had ignored the rise in polymer content from 4th April 2020 and then the sharp rise on 25th April 2020/28th April 2020," the committee said.

"The management considers polymer content as a quality measure for styrene rather than a safety measure," it said.

More For You

Sainsburys-Getty

The company expects to generate £1bn in profit, with an underlying dip of around £36m, as competition intensifies across the supermarket sector. (Photo: Getty Images)

Sainsbury's warns of profit dip amid supermarket price war

SAINSBURY’s has forecast that profits from its retail operations may remain flat or decline over the coming year as it continues to reduce grocery prices.

The company expects to generate £1bn in profit, with an underlying dip of around £36m, as competition intensifies across the supermarket sector.

Keep ReadingShow less
Streeting pledges ‘future stability’
for pharmacy with £3.1bn funding
Wes Streeting delivered a video message
Wes Streeting delivered a video message

Streeting pledges ‘future stability’ for pharmacy with £3.1bn funding

HEALTH SECRETARY Wes Streeting said the new £3.1 billion funding package for community pharmacy was a “vital step forward” for the profession as it emerges from a decade of underinvestment and financial strain.

His remarks came at the annual Pharmacy Business Conference last week, attended by more than 240 delegates, including industry leaders who shared valuable insights on funding, independent prescribing, and the role of AI in community pharmacy.

Keep ReadingShow less
Gold

Gold had surged 3.6 per cent on Wednesday after US president Donald Trump ordered an investigation into possible tariffs on all critical mineral imports.

Getty Images/iStockphoto

Gold eases after record high as investors book profits

GOLD prices dropped over 1 per cent on Thursday as investors locked in gains following a sharp rise in the previous session.

The fall came ahead of a long weekend, although gold stayed above $3,300 (£2,481) an ounce, supported by a weaker dollar and ongoing US-China trade tensions.

Keep ReadingShow less
India’s diamond exports hit 20-year low amid weak US and China demand

India handles nine out of every 10 diamonds processed globally

India’s diamond exports hit 20-year low amid weak US and China demand

INDIA’S exports of cut and polished diamonds plummeted to their lowest level in nearly two decades in the 2024-2025 fiscal year, which ended in March, on sluggish demand from the United States and China, a leading trade body said on Monday (14).

India is the largest cutting and polishing hub, handling nine out of every 10 diamonds processed globally. But it is sensitive to economic uncertainty – particularly in the US, its biggest market.

Keep ReadingShow less
UK financial watchdog opens first offices in US and Asia

The international expansion forms part of the FCA's new strategy (Photo: Reuters)

UK financial watchdog opens first offices in US and Asia

BRITAIN's Financial Conduct Authority (FCA) has established its first-ever international presence with new offices in the US and Asia-Pacific region, the watchdog announced on Tuesday (15).

Former investment banker Tash Miah began working at the British Embassy in Washington DC in April. In her role, Miah will collaborate with the Department for Business and Trade to improve UK-US financial services policy and help American firms navigate British regulations.

Keep ReadingShow less