Esteban sagel of chemical market associates , a houston-based consultancy , says that higher polypropylene prices also reflect the rise in the oil price relative to natural gas , especially in north america .
Stuart gulliver , hsbc 's former investment banking head who took charge of the whole group in january , has told associates he is determined to overhaul the culture of a group that has sometimes been run as a loosely connected federation of local fiefdoms .