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Downstream companies are likely to benefit from the price drop because it means lower costs for raw materials, boosting profitability.

Duggan succeeds Bernhard Jucker, who will retire effective June 30, 2017, as previously announced. Duggan joined ABB in Sweden in 1984, and has held leadership positions in many of ABB's businesses in Europe, Asia and the Gulf. In 2011, he joined the Group Executive Committee as head of global markets and region manager for India, Middle East and Africa, before being appointed president of the AMEA region in January 2015. In addition to his responsibilities as president of the Europe region, Frank will assume the role of managing director of ABB in Ireland. ABB's current Managing Director of ABB in Ireland, Tom O'Reilly, will retire at the end of June 2017, after a distinguished 32-year career at ABB.

Dong Guanyang, a Chinese delegate, said that several country groups, including Like Minded Developing Countries and BASIC bloc countries, have submitted a proposal asking the chair of the conference to roll out discussions on how to describe and deal with the gaps in developed countries' pre-2020 commitments.

Du Tianyu was handed the sentence by the People's Court of Luozhuang District, Linyi city in East China's Shandong province for violating personal information. The court also fined Du 60,000 yuan (,000).

Due to his decision to return voluntarily after 15 years on the run, Yan received a lenient sentence of three years in prison, suspended for three years. The court also confiscated 329 million yuan ( million) in illegal assets.