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On May 26, according to South Koreas Joint Chiefs of Staff, North Korea launched an unidentified projectile into the western waters of the Korean Peninsula. North Korean officials have not yet released any official statement on the matter.Futures Market News, May 26th: Wheat prices remained generally stable today. Currently, we are in a transition period between old and new wheat varieties, and flour mills have rigid demand for stockpiling. Coupled with low stocks of old wheat, this provides support for wheat prices. Although old wheat prices are supported in the short term, the overall situation of ample supply and weak downstream demand remains unchanged. Flour mills are operating at low capacity, maintaining a just-in-time purchasing model. The emergence of low-priced sprouted wheat provides feed companies with new options. Short-term prices may remain stable with a slight upward bias. Attention should be paid to weather changes in producing areas.The National Bank of Kyrgyzstan kept its policy rate unchanged at 12.0%.According to the Financial Times, a senior EU official said that Britain could join a €4 billion EU startup equity fund by the end of this year as both sides work to remove the obstacles that have arisen since Britain left the EU six years ago.On May 26th, the Shenzhen Municipal Government released the Outline of the 15th Five-Year Plan for National Economic and Social Development. The plan proposes to coordinate the research and development and manufacturing of intelligent computing chips, the construction of computing infrastructure, and the development of model algorithms to create an efficient and user-friendly artificial intelligence technology foundation. It aims to solidify the foundation of the computing chip industry, promote the optimization and iteration of training chips such as Ascend and edge inference chips, and foster the prosperity of the domestic artificial intelligence computing power ecosystem. The plan also emphasizes strengthening the multi-layered intelligent computing power foundation, constructing high-standard training infrastructure, and creating a sustainable computing power supply system that is highly intelligent, collaborative, heterogeneous, and ubiquitous. Furthermore, it calls for strengthening basic theoretical research in artificial intelligence and innovation in model infrastructure, cultivating internationally leading domestic general-purpose large-scale models and industry application models, and promoting the application of model algorithms through high-value application scenarios. By 2030, the citys real-time available computing power will exceed 150 EFlops, with some indicators of domestic chips and computing clusters reaching international advanced levels, forming a powerful large-scale model foundation that supports comprehensive applications.

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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