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June 7th - According to CNBC, citing three OPEC+ sources, OPEC+ will agree on Sunday to raise its oil production targets for the fourth time in just a few months, despite the ongoing conflict between the US and Iran hindering several member countries from increasing oil production. The seven core OPEC+ members increased their production quotas by nearly 600,000 barrels per day between April and June. In fact, the organizations production has already declined significantly due to export cuts by Gulf members. According to OPEC data, average production in April was 33.19 million barrels per day, down from 42.77 million barrels per day in February. Sources say the seven members are likely to decide on Sunday to raise their production targets by approximately 188,000 barrels per day starting in July, the same increase as in June.June 7 – From June 5 to 7, a delegation of Chinese entrepreneurs organized by the China Council for the Promotion of International Trade (CCPIT) visited Belarus to further implement the important consensus reached by the two heads of state, strengthen practical cooperation between China and Belarus, and promote the continued high-level development of the all-weather comprehensive strategic partnership between the two countries. During the visit, the CCPIT, together with the China-Belarus Industrial Park and the Belarusian National Agency for Investment and Privatization, co-hosted the China-Belarus Industrial and Investment Cooperation Forum in Minsk. Vice President Han Zheng attended and delivered a speech, along with Belarusian First Deputy Prime Minister Snopkov and Belarusian Minister of Economy Chebotali. More than 400 representatives from the political and business sectors of both countries participated in the forum. Enterprises from both sides focused on in-depth exchanges and negotiations in areas such as agriculture, high-end equipment manufacturing, pharmaceuticals and healthcare, artificial intelligence, new materials, and digital technology, achieving several results. CCPIT Chairman Ren Hongbin presided over the opening ceremony.According to NEWSIS, a private South Korean news agency, Nvidia (NVDA.O) CEO Jensen Huang and SK Group Chairman Chey Tae-won will announce a collaboration plan on Monday.The China Earthquake Networks Center officially reported that a magnitude 6.0 earthquake struck the Kuril Islands at 18:41 on June 7, with a focal depth of 30 kilometers.Invesco Great Wall Global Chip LOF (501225): This fund will be suspended from trading starting from the opening of the market on June 8, 2026, and will resume trading at 10:30 on the same day. During the suspension period, the redemption business of this fund will continue as usual.

Suncor Energy and Elliot Investment Management Enter into a Contract

Haiden Holmes

Jul 19, 2022 10:38

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Monday, Suncor Energy (NYSE:SU) announced an agreement with Elliott Investment Management to propose three new independent directors, two of whom would participate on the CEO search committee and establish a new committee to oversee a strategic evaluation of Suncor's downstream retail business.


"These actions build on Suncor's ongoing efforts to enhance safety, reliability, and operational excellence and to restore its industry leadership position," the firm said.


Following the announcement, shares of Suncor jumped before giving up the majority of their initial gains and closing the day up 1.4%.


Suncor said that it will conduct a strategic examination of its downstream retail business in an effort to unlock shareholder value. According to a statement from Suncor, the evaluation would "study and evaluate a broad range of alternatives, including a potential sale of the firm and actions to maximize value."


A committee of independent directors, directed by Board member Russ Girling and composed of newly appointed members, will oversee the research and provide the Board with a proposal.


It is anticipated that the examination would end in the fourth quarter.


Suncor has appointed three new independent board members, effective immediately, as part of its agreement with Elliott. The board of directors now includes Ian Ashby, a former president of BHP Billiton's Iron Ore Customer Sector Group, Chris Seasons, a former president of Devon Canada, and Jackie Sheppard, a former executive vice president of Corporate and Legal Affairs of Talisman Energy Inc.


Kris Smith, Suncor's temporary chief executive officer, indicated that enhancing safety and operational performance is the leadership team's primary objective. "I look forward to working with the Board, including our new directors, to advance our efforts to generate long-term shareholder value, as well as to communicate our progress in accomplishing our debt reduction and other capital allocation goals, and in restoring confidence in Suncor."

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