EUR/USD 1.16130
0.016%
Gold 4358.27
0.968%
Oil 97.755
-2.757%
USD/JPY 153.975
-0.285%
GBP/USD 1.35254
0.109%
GBP/JPY 208.262
-0.179%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On September 11, a former senior official of the Bank of Japan warned that U.S. Treasury Secretary Bessants "unusual" intervention in Japanese monetary affairs could damage the Bank of Japans credibility and trigger greater volatility in global markets. This comes as markets anticipate a 25-basis-point rate hike by the Bank of Japan at its meeting next week, a faster pace than previously anticipated. Bessant has intensified his verbal pressure in recent weeks, challenging global traders to bet against him and claiming inside information about the Bank of Japans intentions. While senior Japanese government officials and the Bank of Japan have largely refrained from publicly responding to Bessants remarks, Finance Minister Satsuki Katayama stated that the U.S. Treasury Secretarys "Im the house" warning to bond traders sounded "a bit scary" when translated into Japanese. Takahide Kiuchi, executive economist at Nomura Research Institute and a former senior official at the Bank of Japan, said, "Bessants intervention in Japanese monetary policy is unusual and could damage the Bank of Japans independence." Another former central bank official stated that if the Bank of Japan is perceived as setting interest rates under external influence, markets will be more skeptical of its future statements and decisions, thus eroding its credibility.European major stock index futures rose slightly, with the Euro Stoxx 50 futures up 0.24%, the German DAX futures up 0.15%, and the UK FTSE futures up 0.22%.The UKs seasonally adjusted trade deficit with the EU in July was -£11.302 billion, compared to -£12.559 billion in the previous month.The UKs seasonally adjusted trade balance for July was -£3.45 billion, compared to a forecast of -£4.995 billion and a previous reading of -£5.537 billion.The UKs seasonally adjusted non-EU trade balance for July was -£9.663 billion, revised from -£10.448 billion in the previous month.

Phillips 66 Trademarks Mark Lashier will Succeed Greg Garland as CEO

Haiden Holmes

Apr 13, 2022 09:44

P2.png


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."

Suggestion