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According to Hong Kong Stock Exchange filings, Tencent Holdings (00700.HK) repurchased 229,000 shares on September 3 for HK$100.3 million.Russian President Vladimir Putin: The morale of the Ukrainian army is currently very low, and the desertion rate is very high.Russian President Vladimir Putin: The information about mobilization was an information attack launched by the enemy before the Russian Duma elections, with the aim of influencing the election results.Data from the Bank of Japan (BOJ) suggests the Japanese government did not appear to have conducted a large-scale intervention in the foreign exchange market on Wednesday, indicating that the sharp exchange rate fluctuations were likely due to trader jitters stemming from readjustments in interest rate hike expectations. The BOJs current account forecast released on Thursday differed too little from currency broker estimates to suggest that Japan had intervened with yen buying on the scale of a month ago. The BOJ projected a 410 billion yen decrease in its current account due to fiscal factors, compared to an average estimate of approximately 700 billion yen from the Central Accounting Research Institute, Ueda-Yagi Accounting Research Institute, and Tokyo Accounting Research Institute. This difference is far less than 729 billion yen, representing Japans smallest intervention since 2022. The exchange rate volatility partly stemmed from traders adjusting their positions based on expectations of the BOJs interest rate hike direction. A series of comments from Japanese and US policymakers fueled speculation about a potential acceleration in tightening or even a significant rate hike, but sources familiar with the matter indicated the BOJ favors a 0.25 percentage point rate hike at its September meeting, dampening previous expectations of a larger increase.The Kremlin responded to the US Treasury Secretarys remarks by saying, "We will continue to support Iran."

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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