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South Korean President Lee Jae-myung: We must expedite the administrative processes related to the chip industry cluster.July 6th - Members of the New Zealand Institute of Economic Researchs (NZIER) Shadow Monetary Policy Committee held nearly equal views, reflecting uncertainty about the Reserve Bank of New Zealands (RBNZ) policy outlook ahead of its July meeting. The NZIER Shadow Monetary Policy Committee narrowly supported keeping the RBNZs Official Cash Rate (OCR) unchanged at 2.25% in July, but called it a move roughly equivalent to a 25 basis point rate hike. Those supporting raising the OCR to a neutral level as soon as possible cited rising inflation as the primary reason. Weak demand and high unemployment were considered key reasons for carefully weighing tightening policies. Members differed on the impact of oil prices, with some believing the inflationary impact was temporary and waning, while others warned that price pressures could persist for a longer period. Some members indicated that the next significant policy assessment would be around the time of the second-quarter CPI data release. The committee unanimously agreed that the OCR should rise to 3% to 3.25% over the next year. Several committee members stated that monetary policy needs to gradually return to a neutral level, while also pointing out that weak demand and high unemployment mean the Fed should carefully manage the pace of tightening.International crude oil prices are trending weakly. A chart provides a quick overview of the pre-market conversion prices of crude oil between domestic and international markets.Spot gold and silver rebounded from their lows; a chart provides a quick overview of the pre-market prices of precious metals, converted between domestic and international markets.July 6th - Samsung Electronics, the worlds largest memory chip manufacturer, is set to release its second-quarter results on Tuesday. Analysts average forecast predicts preliminary operating profit of 84.3 trillion won (approximately $55.1 billion), an 18-fold increase year-over-year, exceeding its full-year profit for 2025. Revenue is expected to grow by 127%, reaching a record 169 trillion won. Since June, chip stocks have experienced several significant corrections due to market concerns about intensified competition, potential overcapacity, and the return on massive AI investments. This further amplifies the importance of Samsungs results, as market expectations are already high, leaving little room for the company to disappoint. Dave Mazza, CEO of Roundhill Financial, stated, "Samsungs results come at a time when the market is simultaneously questioning both the supply and demand sides of the memory chip investment logic. If the results are close to market expectations, it will help quell the controversy and benefit Samsung."

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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