TPT September 2007

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Contents
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Editor • Rich Sears
Features editor (USA) • Dorothy Fabian
Editorial assistant • Christian Bradley
Production manager • Lisa Benjamin
Design • Julie Tomlin
Sales & marketing • Catherine Sayers
English speaking sales
• Giuliana Benedetto
Italian sales
• Hendrike Griffin
German speaking sales
• Linda Li
Chinese sales
• Jeroo Vandrevala
Indian sales
Advertising
co-ordinator • Liz Hughes
Accounts manager • Richard Babbedge
Subscriptions • Liz Hughes
Publisher • Caroline Sullens
Founder • John C Hogg
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2 Editorial Index
6 Industry News
34 Technology
Update
124 From The
A mericas
The global magazine for the international industry
Tube & Pipe Technology magazine is available on subscription, or via membership of the
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168 Advertisers Index
Time to re-examine the piggy bank
The recent financial storm in the stock market – with the Dow Jones, Nasdaq, FTSE
and Asian markets all suffering serious turbulence – should serve to remind us of the
complex fragility of the global economy. This market upheaval was largely triggered
by sub-prime mortgages in the US housing market, which basically means a debt
black hole due to high-risk borrowers defaulting on high-interest home loans. But
whatever the cause, the emergence of uncontrollable debt and diminished confidence
herald a new and dangerous phase in the world economy.
The problems are clearly serious with worldwide central banks including the Federal
Reserve and European Central Bank forced to reconsider interest rates and inject
over $300 billion into the stock markets as a rescue package. Although the jury is out
on whether these measures have prevented catastrophe, there are already reports
of tightening credit, big job losses in the financial industry, a decline in mergers and
acquisitions, and potential damage to pension funds and the housing markets both
in Europe and the US.
So far during my editorship of Tube & Pipe Technology I have fortunately avoided
the advent of a global recession and its nasty repercussions. However, there is
little doubt that the buoyancy of the tube and pipe industry would be dragged down
by a sickening of the global economy. And with globalisation now emphasized by
the growing strength of the BRIC countries, the world economy has
become an even more delicate mesh of financial considerations and
investment ramifications.
With this heightened sense of economic danger, over the next
few years it might be a good idea for everyone – from individual to
small company to multinational – to re-examine the books, save
meticulously, invest wisely and manage debt more sensibly.
Rich Sears
Editor • Email:
98 Oil & Gas N ews
6
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