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The main contract for low-sulfur fuel oil (LU) surged 4.00% intraday, currently trading at 5294.00 yuan/ton.May 6 – Following fuel supply concerns in Australia stemming from the conflict with Iran, the country plans to include a A$10 billion (US$7.2 billion) fuel security and resilience plan in next weeks budget proposal. Australian Prime Minister Barnes stated that the plan will help build fuel and fertilizer reserves, including supporting the expansion of total diesel and aviation fuel reserves to a 50-day supply. He also indicated that the government itself will hold approximately 1 billion liters of fuel reserves. The Prime Minister and the Energy Minister discussed the plan after a national security meeting in Sydney. The Energy Minister stated that Australia has responded to the crisis and currently has more fuel reserves than at the start of the conflict with Iran. He said, "This marks a significant shift in our national response. We have been looking at how to better prepare for future shocks."On May 6th, analysts stated that gold futures prices rose as tensions in the Middle East eased. Vivek Dahl of the Commonwealth Bank of Australia noted in a research report that Trumps announcement of a temporary suspension of plans to provide safe passage for ships in the Strait of Hormuz eased tensions. Since gold prices hit an intraday high of $5,422 per ounce on March 2nd, gold futures have generally moved negatively correlated with the level of tension in the Middle East. Dahl added that the upward momentum in gold prices could be driven by several factors: hopes for a ceasefire in the Middle East, market pricing in interest rate cuts due to high energy prices dragging down global growth, and concerns about the independence of the Federal Reserve.May 6 - According to Iranian media reports, Iranian Foreign Minister Araqchi and his delegation arrived in Beijing.Futures News, May 6th: The ongoing tensions in the Middle East have led to fluctuating crude oil prices, while gasoline and diesel demand remains sluggish. News regarding fuel oil has limited directional guidance for market trading. From a supply and demand perspective, fuel oil supply has tightened slightly after major refineries scheduled for maintenance. Refineries have increased production to support prices, but fuel oil processing margins have been squeezed, causing both prices to decline. Downstream traders willingness to purchase at high prices has been dampened. Furthermore, under the guidance of supply guarantee policies, local refineries are operating relatively steadily, ensuring stable fuel oil supply and maintaining sales pressure. Considering all factors, the fuel oil market is experiencing mixed signals from both news and supply and demand perspectives. It is expected that fuel oil negotiations this week will see some areas remain stable or stagnant, while others will experience narrow fluctuations.

Cohen Acquires A Stake in Nordstrom And Seeks A Board Reorganization

Charlie Brooks

Feb 03, 2023 11:42

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People familiar with the situation said on Thursday that billionaire investor Ryan Cohen is amassing a substantial stake in Nordstrom Inc (NYSE:JWN) and aims to pressure the premium retailer to replace up its board as its performance has lagged behind rivals.


Cohen, who co-founded online pet retailer Chewy (NYSE:CHW) Inc and solidified his wealth with investments in gaming store GameStop (NYSE:GME) and Apple Inc (NASDAQ:AAPL), would like to replace at least one director on Nordstrom's 10-member board, according to people familiar with the matter.


Mark Tritton, who chairs the pay committee and has served as a director since 2020, appears to be the target of his criticism. Cohen has privately referred to Tritton, a former Bed Bath & Beyond (NASDAQ:BBBY) top executive, as "conflicted and unqualified," according to persons who were not authorized to discuss private conversations. This week, Reuters reported that Bed Bath & Beyond is ready to file for bankruptcy protection.


Thursday after-hours trading saw a 25% increase in the stock price as a result of Cohen's rumored connection with Nordstrom.


In the previous five years, Nordstrom shares have decreased by almost 55%, and ratings agency Fitch again downgraded the firm last month, citing its "weaker operating trajectory than most retailers."


While Cohen has not requested a meeting with us in several years, we are open to hearing his opinions, as we do with all Nordstrom shareholders, said a spokesman of the firm.


The Wall Street Journal was the first to report Cohen's Nordstrom interest.


Cohen is now one of the company's top five non-insider shareholders, alongside BlackRock (NYSE:BLK) and Fidelity, according to sources familiar with the matter.


Tritton was removed as CEO of Bed Bath & Beyond in June as part of a management shakeup, just a few months after Cohen had invested in the home goods company and lambasted it for an "overly ambitious" approach, overpaying executives, and failing to reverse market share losses.


Cohen has selected individuals with experience at retail and e-commerce companies as potential board replacements, sources say. Cohen desires to negotiate an agreement with the corporation without resorting to a proxy battle, according to the sources.


According to proxy documents, the deadline for publicly nominating Nordstrom board members is February 17.


Cohen, 37 years old and born in Canada, is estimated to be worth $2.5 billion. Two years ago, when he joined the board of GameStop, he caused a frenzy in the stock price that transformed the video retailer into a "meme stock" supported by retail investors.


The Nordstrom family founded Nordstrom, and insiders now hold approximately 30% of the company's shares, with brothers Erik and Peter serving as CEO and president, respectively. There are additional board positions. Cohen reportedly met with family members in Seattle, where the company's headquarters are located, and praised the company's customer service.


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