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September 18th - The Hang Seng Tech Index opened higher this morning and trended upwards throughout the session, rising over 2% intraday. By midday close, the Hang Seng Index was up 0.67%, and the Hang Seng Tech Index was up 1.74%. Chip stocks surged, with Tianshu Zhixin (09903.HK) rising over 13%, Biren Technology (06082.HK) rising over 9%, and Huahong Grace (01347.HK) rising over 6%. Optical communication stocks also performed strongly, with Xizhi Technology-P (01879.HK) rising over 17%. Artificial intelligence stocks rebounded, with MINIMAX-W (00100.HK) rising over 13% and Zhipu (02513.HK) rising over 6%. Other sectors with significant gains included liquid cooling, innovative drugs, telecommunications equipment, Chinese securities firms, intelligent driving, commercial aerospace, and new consumption. Coal, dairy products, batteries, building materials and cement, and port transportation sectors were weak in the morning session. In terms of individual stocks, Lenovo Group (00992.HK) rose by more than 7%, with its market value exceeding HK$450 billion, a record high.On September 18th, according to foreign media reports, several officials, including those from the Reserve Bank of Australia (RBA), attended a parliamentary hearing. Governor Bullock stated that inflation risks are tilted to the upside; Deputy Governor Hauser stated that the committee is fully committed to achieving its inflation target. Both statements signaled a potential rate hike, while UBS believes that a September rate hike will not be the last. UBS expects the RBA to raise rates twice more, ultimately pushing the cash rate to 4.85%. This rate path is significantly more hawkish than the markets current pricing in a single rate hike in September. Market pricing indicates a 70% to 75% probability of a 25 basis point rate hike by the RBA in September. If UBSs assessment gains market acceptance, the Australian dollar and short-term yields may rise further in the coming months.Following the Bank of Japans decision, the price of Japanese 30-year government bonds erased its previous gains.On September 18th, Lenovo Groups stock price reached HK$36.78 during trading, setting a new historical high. The companys stock price had already strengthened over the previous two trading days. Lenovos latest market capitalization reached HK$456.6 billion, briefly surpassing Meituans market capitalization (HK$454.2 billion). Morgan Stanley released a new report on September 17th stating that Lenovo is currently seeing strong demand in both general-purpose servers and AI servers, and expects ISG revenue growth to continue to accelerate. Morgan Stanley maintained its "overweight" rating on Lenovo and its target price of HK$46.September 18th - Nikkei futures extended gains as the yen weakened after the Bank of Japan raised its policy rate by 25 basis points to 1.25%, a move widely expected. The Bank of Japan stated that underlying inflation is approaching its 2% target and that it will closely monitor Middle East conflicts, the yens exchange rate, and demand for artificial intelligence. Investors are now focused on Governor Kazuo Uedas press conference later on Friday for clues about the pace of future rate hikes.

ConocoPhillips Is Questioned by US Senators on A Gas Leak in Alaska

Aria Thomas

Apr 27, 2022 09:32

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Representative Raul Grijalva, chairman of the House Committee on Natural Resources, and two other Democrats wrote to Ryan Lance, chairman and CEO of ConocoPhillips, inquiring why it took a month to locate and contain a leak at the company's Alpine field.


More than 7.2 million cubic feet of natural gas escaped from the oilfield last month, the company and officials said. The primary component of natural gas is the strong greenhouse gas methane.


Alpine's oil production was temporarily reduced by nearly a third as a result of the spill. Alpine is one of the largest conventional onshore oil fields constructed in North America in the last 25 years. ConocoPhillips stated in a video 


Additionally, the senators questioned why the firm evacuated approximately 300 of its own employees while publicly denying the leak posed a threat to human health and safety.


"Was this leak on the verge of developing into something more serious, such as a rupture or explosion?" According to the letter.

 

Citing claims that the primary cause of the leak was an uncemented well, they inquired, "Is it typical industry practice to build uncemented wells?"


Grijalva enquired about the leak's ramifications for ConocoPhillips' proposed Willow project within the National Petroleum Reserve-Alaska, a 23 million-acre (9.3 million-hectare) area on Alaska's North Slope that is the country's largest undeveloped public territory. Grijalva's committee is responsible for oil and gas exploration on public lands.


ConocoPhillips is evaluating the letter, according to a company spokeswoman, and Willow has completed "extensive environmental and permitting studies" since 2018.


After reaching a peak of more than 2 million barrels per day in 1988, Alaska's oil production has been declining, harmed by less investment and greater chances in other states' shale formations. According to the US Energy Information Administration, the state produced just 437,000 barrels per day in 2021.


The Willow project is expected to contain 600 million barrels of oil, greater than the US Strategic Petroleum Reserve, the country's emergency stockpile stored in caverns along the Gulf Coast.