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On April 30th, Tianjin police successfully extradited Huang Moukai, a key suspect in a major cross-border online gambling case, from Thailand to China on April 29th, following the deployment of the Ministry of Public Security and with the strong support of relevant Thai authorities. An investigation revealed that from September 2022 to June 2023, Huang Moukai, along with others, established a criminal gang in Cambodia, setting up the "Wanhe Football" gambling platform online. Using high profits as bait, they recruited people to engage in online gambling activities, developing downstream members and gamblers through an agent system. They also recruited agents and gamblers at various levels within China, involving over 500 million yuan. In February 2026, Thai authorities ordered Huang Moukais extradition to China.On April 30th, a United Airlines pilot reported that his plane collided with a small object, suspected to be a drone, during landing on April 29th. Fortunately, no one was injured. The pilot was flying a Boeing 737, flight number 1980, from San Francisco, California to San Diego on the 29th. The incident occurred at approximately 8:30 AM local time, about 90 minutes into the flight, as the plane prepared for landing at an altitude of approximately 900 meters. There were 48 passengers and 6 crew members on board.April 30th - The yen has weakened, breaking through the psychologically significant 160 yen level against the dollar. However, Tsuyoshi Ueno, an economist at the Japan Life Insurance Institute, stated that the speed of the yens depreciation may not yet be sufficient to trigger immediate government intervention. "Only a break above 162 yen in a short period would make actual intervention more likely," he said. He added that although intervention would draw criticism of currency manipulation, the international community would tolerate Japans yen-buying intervention as long as exchange rate fluctuations are excessive, disorderly, and detached from economic fundamentals.The U.S. House of Representatives approved a Republican plan that paves the way for $70 billion in funding for Immigration and Customs Enforcement and the Border Patrol.On April 30th, at the 9th Digital China Summit on the afternoon of the 29th, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) released ten digital technology achievements of central enterprises. The event highlighted ten achievements, including the "Starry Sky Model" and the "Port Digital Twin Intelligent Agent Simulation Decision-Making Platform," showcasing the new breakthroughs made by central enterprises in key areas such as industrial software, core electronic components, and artificial intelligence.

Phillips 66 Trademarks Mark Lashier will Succeed Greg Garland as CEO

Haiden Holmes

Apr 13, 2022 09:44

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Lashier, a chemical engineer who joined the firm three decades ago in the chemicals division, was named president and chief operating officer a year ago after leading Chevron Phillips Chemical Co, the company's joint venture with Chevron Corp (NYSE:CVX), since 2017.


Garland has considered refining as a mature company and has concentrated its efforts on expanding its energy infrastructure, chemicals, and establishing a presence in electric vehicle battery components. It spent around $150 million last year for a 16.5% share in Novonix Ltd, an Australian provider of lithium-ion battery materials.


Garland "built a market-leading diversified energy manufacturing and logistics organization while investing for the future and producing solid financial returns," according to Glen Tilton, lead independent director of Philips 66.


Although the Houston company's non-refining initiatives have generated great shareholder returns, its shares have lately underperformed bigger competitors that benefitted from increasing gasoline margins during pandemic lockdowns.


Lashier is expected to pursue Garland's diversification approach, which includes biofuels, hydrogen, and battery components. However, he must demonstrate that he can match competitors Marathon Petroleum Corp (NYSE:MPC) and Valero Energy (NYSE:VLO), which increased shareholder returns by selling off retail operations and diversifying into renewable diesel, analysts said.


Phillips 66 (NYSE:PSX) traded at $81.97 on Tuesday, up 13% year to date, compared to 34% year-to-year gains at Marathon and Valero and around 96% year-to-date gains at PBF Energy (NYSE:PBF).


"Lashier's task is to increase the company's value," Matthew Blair, an analyst at Tudor Pickering Holt & Co., said. "He will face inquiries regarding the company's non-refining businesses' value and what he can do to boost stock price performance and capitalize on the potential valuation."

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