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On June 9, Foreign Ministry Spokesperson Lin Jian hosted a regular press conference. A foreign journalist asked, "Taiwans Ministry of Foreign Affairs stated that on June 8, three South Korean parliamentarians from both the ruling and opposition parties met with the Director-General of Taiwans Ministry of Foreign Affairs, exchanging views on responding to geopolitical challenges, political, economic, and cultural exchanges, and the development of the semiconductor and AI industries. How does China view this exchange?" Lin Jian emphasized, "Taiwan is part of China, and there is no such thing as a Ministry of Foreign Affairs there." He stressed that China has consistently and firmly opposed any form of official exchanges between countries that have diplomatic relations with China and Taiwan. Lin Jian pointed out that since the beginning of this year, South Korea has publicly reiterated on multiple occasions that its position of respecting the one-China principle remains unchanged. China has lodged a strong protest with South Korea on this matter. We urge South Korea to proceed from the overall interests of China-South Korea relations, honor its commitments, earnestly adhere to the one-China principle, refrain from any form of official exchanges with Taiwan, avoid being exploited by "Taiwan independence" elements, and refrain from sending wrong signals to "Taiwan independence" separatist forces, and take concrete actions to safeguard the healthy and stable development of bilateral relations.June 9th - While the national rental market is consolidating, first-tier cities are showing a different trend. In May, the average rent for ordinary residential properties in first-tier cities rose 0.16% month-on-month, marking the third consecutive month of increase. Year-on-year, in the first five months of this year, the average rent in first-tier cities ended two consecutive years of adjustment, turning to a slight increase of 0.21%. Beijing, Shanghai, and Shenzhen have become the "leaders" in this round of rental market stabilization. Since the peak rental season began in March, residential rents in these three cities have continued to rise. First-tier cities, relying on high-quality industrial resources and a young working population, are leading the way in stabilizing their rental market fundamentals.On June 9th, the State Taxation Administration completed its 2026 tax payment credit evaluation of business entities. The evaluation results show that in 2026, tax authorities evaluated 54.669 million business entities, an increase of 4.903 million from the previous year. The tax payment credit of business entities in my country continues to improve. Specifically, the number of trustworthy business entities nationwide reached 47.111 million, a year-on-year increase of 8.6%. Notably, the number of business entities proactively repairing their credit increased by approximately 30% year-on-year. 18.154 million business entities proactively corrected their errors and repaired their credit, an increase of 4.178 million from the previous year, representing a year-on-year increase of 29.8%. Among them, 3.881 million business entities achieved an upgrade in their credit rating after repairing their credit.On June 9, Foreign Ministry Spokesperson Lin Jian held a regular press conference. On June 1, the China Coast Guard vessel Daishan flotilla conducted law enforcement patrols in the waters east of Taiwan. A reporter from the Japanese newspaper Asahi Shimbun asked about this at the conference. "Regarding the lawful law enforcement patrols conducted by the China Coast Guard flotilla in the waters east of Taiwan, the China Coast Guard Bureau has already released relevant information," Lin Jian reiterated. He emphasized that China possesses an exclusive economic zone and continental shelf in the waters east of Taiwan, and that Japan and the Philippines, bypassing China, have unilaterally initiated so-called "maritime boundary negotiations," which seriously violates international law, including the United Nations Convention on the Law of the Sea, and the basic norms of international relations, and severely infringes upon Chinas maritime rights and interests. China will never allow this.On June 9th, a gold merchant at the Shuibei Market in Shenzhen stated that when gold prices were rising, they could sell 2 kilograms a day, generating approximately 2 million yuan in sales. However, with the recent continuous decline in gold prices, many consumers are "just looking but not buying." Some merchants revealed that many of their peers have sold off their gold inventory and switched to other businesses.

Suncor CEO Little Is Under Pressure After Activist Elliott Targets Him

Charlie Brooks

May 09, 2022 10:12

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Mark Little, CEO of Canadian oil and gas giant Suncor Energy (NYSE:SU), issued an apology three months ago.


In January, two trucks collided at an oil sands mine in northern Alberta, resulting in the death of one individual. Since 2014, Suncor has had 12 workplace fatalities, by far the poorest safety record among its Canadian competitors.


Little stated during a February earnings call, "I own this." Those words are now returning to haunt him.


The accident in January was the most recent in a series of operational problems at Suncor sites, and it compounded investor discontent with a significant dividend cut in 2020.


Elliott Management, a U.S. investment firm, recognized an opportunity when Suncor shares trailed behind its competitors and acquired a 3,4 percent position. The hedge fund stated last month that it would want to see a couple of new board members and management and strategic reviews.


Elliott, which is notorious for pressuring businesses to improve operations, is expected to meet with Suncor discreetly next week, according to sources.


Elliott's action raises questions about Little's effectiveness as CEO, a position he assumed in 2019 after serving as COO since December 2017.


"My sense is that Bay Street is not going to give (Suncor) the benefit of the doubt after a few years of blunders," said Laura Lau, chief investment officer at Suncor shareholder Brompton Group.


"Will they (shareholders) provide Mark Little with sufficient time? I'm not sure. There are increasing doubts as to whether he is the ideal candidate moving forward "He remarked,


Elliott did not mention Little by name in its letter to Suncor, but stated that the board must be responsible for assembling a management team capable of delivering superior operating and safety performance.


Suncor, which announces quarterly earnings on Monday, declined to comment on a request for comment.


Suncor is the most lucrative per barrel refining and marketing firm in North America and one of Canada's largest fuel wholesalers. However, it has frequently missed output forecasts and failed to satisfy a pledge made in 2018 to produce up to C$2 billion ($1.6 billion) of free cash flow improvement by the end of 2023, delaying the aim until 2025.


Little, 57, ascended the ranks after joining Suncor in 2008; he had previously worked for Imperial Oil (NYSE:IMO) and its primary owner Exxon Mo(NYSE:XOM). Suncor's recent operational troubles, according to some Canadian energy industry insiders, are the result of a push to automate operations as much as possible, which makes the company less adaptable when things go wrong.


One former Suncor employee who worked with Little remarked, "He (Little) is liked, he's clever, and he's brilliant, but he's all about procedures."


Because he still advises in the industry, the source declined to be named.


Elliott, a firm that invests $51.5 billion in assets, has campaigned for the removal of top executives at Twitter (NYSE:TWTR), Marathon Petroleum (NYSE:MPC), and eBay (NASDAQ:EBAY). It launched seventeen campaigns in 2021, won eleven board seats in the past year, and has a reputation for directing strategy from within the boardroom.


Elliott denied comment for this article. Suncor's stock price underperformance may be traced back to the early days of the epidemic, when, in response to dropping crude oil prices, the company cut its dividend while rival Canadian Natural (NYSE:CNQ) Resources Ltd maintained its dividend distribution.


In 2020, Canadian Natural surpassed Suncor as the country's most valued energy firm due to its lagging share price.


Then followed a series of accidents at Suncor's oil sands and refinery plants, including the July 2018 revelation that a major slope at its newly-opened Fort Hills mine was unstable and required repair before production could be ramped up.


Despite the concerns, Little received 127 percent of his yearly bonus opportunity for 2021, compared to 74 percent for 2020, according to corporate documents. Elliott stated in a public presentation that CEO salary levels over the past many years indicate that the board is "not adequately holding management accountable for present performance."


Matt Murphy, an analyst with Tudor Pickering Holt in Calgary, stated, "If you look at investor commentary over the past two years, there has been some dissatisfaction on the operations side, which boils down to management dissatisfaction."

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