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New York gold futures surged 4.00% intraday, currently trading at $5286.10 per ounce.On January 28th, China Railway Industry Corporation (CRIC) announced that its newly signed contracts for 2025 amounted to RMB 44.396 billion, a year-on-year decrease of 7.79%. Among these, the business of special engineering machinery and related services increased by 6.70% year-on-year, while the business of transportation equipment and related services decreased by 11.90% year-on-year. The total value of major contracts signed/won in the fourth quarter was RMB 2.532 billion, accounting for approximately 8.73% of the companys operating revenue in 2024.Eurozone money markets currently estimate a 25% probability of the European Central Bank cutting interest rates by July, compared to 15% on Tuesday.1. Bank of America: The Federal Reserve will cut interest rates twice in 2026, in June and July respectively. 2. Goldman Sachs: Expects the Federal Reserve to implement two rate cuts this year, with the first cut in June. 3. Morgan Stanley: Expects the Federal Reserve to cut interest rates by 25 basis points each in June and September. 4. Barclays: Expects the Federal Reserve to cut interest rates by 25 basis points each in June and December this year. 5. EY Bordrin: Expects the Federal Reserve to cut interest rates by a total of 50 basis points this year, but not until the second half of the year. 6. JPMorgan Chase: No longer expects the Federal Reserve to cut interest rates in 2026; the next action is expected to be a 25 basis point rate hike in the third quarter of 2027. 7. KBC: The next rate cut may not come until March, by 25 basis points. A further 25 basis point cut may be made in the second quarter to reach the neutral interest rate level. 8. Oxford Economics: The Federal Reserve will maintain its policy unchanged until June. A decline in inflation will allow the Federal Reserve to lower interest rates sooner if the labor market weakens further. 9. ING: The baseline forecast is for the Fed to cut rates in March and June, but the apparent risk now is that this pace could be delayed by three months overall. The Feds "dual mandate" will face more pressing pressure to achieve a rate cut in March. 10. ANZ: A pause in rate cuts in January was appropriate, but a prolonged pause is unnecessary. They forecast the FOMC to cut rates by 25 basis points each in March and June. 11. Wells Fargo: Given the two months of economic data to be released before the March meeting, rate cuts could come earlier, in March and June. The risk to their forecast leans towards a delay in the timing of rate cuts.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 3.3 occurred at 15:27 on January 28 near Sunan County, Zhangye City, Gansu Province (38.93 degrees north latitude, 98.22 degrees east longitude). The final result is subject to the official rapid report.

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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