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According to the Financial Times: Bankers for Anthropic and OpenAI pushed for top credit ratings after their initial public offerings.On September 8th, Bloomberg reported on September 7th that despite the Trump administrations strong opposition to other countries using Huawei AI chips, Malaysia still leans towards relying on Huawei AI chips to provide computing power for its sovereign AI project. According to anonymous sources, Malaysia is seriously evaluating making Huawei AI hardware the core of a RM2 billion (approximately RMB3.317 billion) plan. This plan aims to give Malaysia greater control over its own data. However, it is unclear how many chips Malaysia will purchase. The report states that if Malaysia does proceed with the adoption of Huawei chips, it will be the first known case of a foreign government formally choosing Chinese AI chips over American products.On September 8th, according to sources, the Guangdong Provincial Department of Housing and Urban-Rural Development convened a symposium with real estate companies to understand the impact of the new policies on various projects, the policy support the companies hoped to receive, and their opinions and suggestions on the implementation details in various regions. It is understood that the symposium held by the Guangdong Provincial Department of Housing and Urban-Rural Development will investigate the number, area, number of units, and distribution of projects for which real estate companies have acquired land but have not yet obtained construction planning permits, have obtained construction planning permits but have not yet obtained pre-sale permits, and have obtained pre-sale permits but are still on sale. The symposium will also assess the impact of the new real estate development model policies on these three types of projects, including but not limited to the impact on development, sales, delivery, funding, and debt; the plans and measures of real estate companies to implement the new real estate development model policies; the policy support they hope to receive; and their opinions and suggestions on the implementation details in various regions.September 8th - Analyst Robert Howard stated that the US August CPI data could determine whether the Federal Reserve will favor raising or maintaining interest rates at next weeks decision, and will also impact the dollars performance. According to the median forecast in a Reuters poll, the overall CPI is expected to rise 0.4% month-on-month and 3.4% year-on-year; core CPI is expected to rise 0.2% month-on-month and 2.4% year-on-year. If the data is higher than expected, hawkish voices will rise, calling for a rate hike by the Fed in September, potentially boosting the dollar. Conversely, if the data is weak, doves will advocate for maintaining interest rates unchanged for the sixth consecutive time, which could be detrimental to the dollar. The market currently sees a 57% probability of a Fed rate hike this month, after strong non-farm payroll data last Friday led to a shift in expectations towards a hawkish stance. This shift occurred 24 hours after Fed Governor Waller made dovish comments, which had previously pressured the dollar; seven days earlier, Fed Chairman Warshs hawkish guidance at Jackson Hole had boosted the dollar.September 8 - The Saudi-led coalition in Yemen stated today (September 8) that Houthi rebels attacked civilian and economic facilities in Abha, Khamis Mushait, Najran, and Jizan in southwestern Saudi Arabia, injuring 73 people. The coalition stated that it will respond firmly to the Houthi attacks.

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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