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On September 21st, according to the Financial Times, the European Central Bank (ECB) launched an interbank tokenized payment system on Monday, marking the debut of the digital euro in the wholesale financial market. The ECB-operated platform, called "Pontes," allows banks to use central bank currency to settle transactions recorded on a private, decentralized ledger (similar to a shared online list). Tokenization refers to creating digital versions of assets and currencies, enabling secure online exchange on a blockchain-based system, thus differentiating it from existing forms of online currency. The ECB is attempting to establish central bank currency as an alternative to privately issued stablecoins for settling tokenized transactions. Furthermore, a retail digital euro for transactions between individuals and merchants is also under development. The ECB argues that both retail and wholesale digital euros are crucial for maintaining the freedom and sovereignty of the single currency area. ECB economists warn that if dollar-denominated stablecoins are widely used for digital transaction settlements in Europe, Europe could lose control of its monetary policy.The Kremlin: The sanctions bill against Russia signed by US President Trump will not help restore US-Russia relations or promote a peaceful resolution in Ukraine. We are in close contact with our trading partners, who have stated that they do not accept this policy.The Kremlin stated that claims of Russian threats against Europe are false and unacceptable.Kremlin: The Russian-controlled town of Oreschki in the Kherson region of Ukraine is facing food and medicine supply problems.The German central bank says German inflation will remain high due to energy and healthcare factors.

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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