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On August 25th, the Swedish central bank released the latest meeting minutes, indicating that if higher-than-expected inflation this summer proves sustainable, the policy rate may still be raised later this year. The bank previously decided to maintain the rate at 1.75% at its most recent meeting. Swedish central bank governor Töreden stated in the minutes, "I judge that our next policy rate adjustment needs to be a rate hike. However, the timing of the hike remains uncertain." The mixed economic outlook for Sweden presents a challenging task for the Swedish central bank. Overall inflation is low, at only 0.7% year-on-year in July. Despite some economic recovery, business pricing plans remain moderate, oil prices have retreated from their peak, and the labor market remains weak. However, some worrying factors exist. Overall inflation was boosted by temporary tax cuts in an election year, while underlying price pressures were higher than expected during the summer. Furthermore, the Middle East conflict could still spread and lead to higher domestic prices in Sweden.According to Japans Kyodo News, Japans debt servicing costs will increase by 17.1% in fiscal year 2027/28, reaching a record 36.6386 trillion yen.According to Japans Kyodo News, Japans Ministry of Finance has requested a budget of 38.7 trillion yen.According to Interfax news agency, Kazakhstan has begun supplying small quantities of gasoline to Russia.The Swedish central banks meeting minutes revealed that Governor Töden believes the next policy rate adjustment will require an interest rate hike. However, the timing remains uncertain. He stressed the need for vigilance regarding rising inflation.

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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