Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "Bp"


25 mentions found


This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/energy-oil/bp-ceo-bernard-looney-resigns-e3fb4dc1
Persons: Dow Jones, bernard, looney
BP CEO Bernard Looney Resigns
  + stars: | 2023-09-12 | by ( Jenny Strasburg | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/energy-oil/bp-ceo-bernard-looney-resigns-e3fb4dc1
Persons: Dow Jones, bernard, looney
Looney's surprise resignation came after allegations of personal relationships with company colleagues surfaced recently, prompting the company to launch an investigation. That followed allegations the board investigated in May 2022 relating to personal relationships with company employees. During that review, Looney disclosed "a small number of historical relationships with colleagues prior to becoming CEO." Looney informed BP's board on Tuesday that he did not fully disclose details of all relationships, prompting his resignation. BP shares ended up 1% before the FT earlier reported his resignation after trading closed in London.
Persons: Bernard Looney, Amr Abdallah Dalsh, Murray Auchincloss, Looney, Looney's, BP's, Bob Dudley, Anirudh, Krishna Chandra Eluri, Marguerita Choy Organizations: BP, Egypt's, Petroleum, REUTERS, BP Auchincloss, Shell, Chevron, Exxon Mobil, Morningstar, Reuters, Thomson Locations: Cairo, Egypt, London, New York, COVID, Russia, Ukraine, Bengaluru, Shadia
Bernard Looney, CEO of BP, speaks during the 2023 CERAWeek by S&P Global conference in Houston, March 7, 2023. BP chief executive officer Bernard Looney has resigned after less than four years on the job, the London-based oil producer announced Tuesday. The resignation of Looney, who took over as CEO of BP in 2020 after previously leading BP's Upstream group, focused on exploration and production, is effective immediately. The company's chief financial officer Murray Auchincloss will serve as interim CEO, BP said. The change comes as Looney informed the company that he was not "fully transparent in his previous disclosures" about relationships with colleagues prior to becoming CEO, BP said.
Persons: Bernard Looney, Looney, Murray Auchincloss Organizations: BP, P Global, Company, Financial Times Locations: Houston, London, U.S
New York CNN —BP CEO Bernard Looney has resigned after admitting that he had not been “fully transparent” about “historical relationships with colleagues,” according to a statement from the oil giant on Tuesday. “In May 2022, the Board received and reviewed allegations, with the support of external legal counsel, relating to Mr Looney’s conduct in respect of personal relationships with company colleagues. During that review, Looney disclosed “a small number of historical relationships with colleagues prior to becoming CEO,” but no breach of the company’s code of conduct was found. Further allegations of a similar nature were received recently, said BP, and the company began an investigation, which is ongoing. “Mr Looney has today informed the Company that he now accepts that he was not fully transparent in his previous disclosures,” said the statement.
Persons: Bernard Looney, Murray Auchincloss, Looney’s, Looney, Mr Looney, , , ” Looney Organizations: New, New York CNN, Company Locations: New York
Companies Bp Plc FollowSept 12 (Reuters) - British oil major BP's (BP.L) CEO Bernard Looney has stepped down after less than four years in office for failing to fully disclose details of past personal relationships with colleagues. STORY: read moreLINK: https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-ceo-resigns.htmlCOMMENTSEDWARD MOYA, SENIOR MARKET ANALYST AT OANDA"This was unexpected and could raise doubts to BP's transition towards renewable energy. BP share prices might not get rocked that hard as CFO Auchincloss appears poised to take over. So, depending on the new CEO, BP could theoretically roll back its transition plans further. Reporting by Arunima Kumar and Ashitha Shivaprasad in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.
Persons: Bernard Looney, EDWARD MOYA, Auchincloss, ALLEN, Shell, Arunima Kumar, Ashitha, Devika Organizations: Bp, MORNINGSTAR, BP, Thomson Locations: Bengaluru
BP, the London-based oil giant, said on Tuesday that its chief executive, Bernard Looney, had resigned after acknowledging that he had not been “fully transparent” in disclosing his past personal relationships with colleagues. In a 2022 investigation, Mr. Looney acknowledged “a small number of historical relationships with colleagues” before becoming chief executive two years earlier, and BP concluded that he had not breached its code of conduct, the company said. But the company said it had recently received information that prompted another investigation, leading to Mr. Looney’s decision to resign. “He did not provide details of all relationships and accepts he was obligated to make more complete disclosure,” BP said. The company said Murray Auchincloss, the chief financial officer, would replace Mr. Looney on an interim basis.
Persons: Bernard Looney, Looney, , , Murray Auchincloss Organizations: BP Locations: London
Energy firms have sharply increased shareholder returns on the back of high energy prices after years of overspending on production growth. Oil and gas companies led all industries in cash distribution to shareholders in 2022, with a combined 8% dividend and buyback yield, Deloitte said. But investors holding $2.3 trillion of equity in the global oil and gas industry are changing their expectations about growth markets faster than energy company executives, Deloitte said. About 75% of surveyed investors stated that they would continue holding shares to accelerate investments in lower-carbon technologies, even if yields shrank to as little as 3%. About 43% of surveyed investors emphasized battery storage as their key area for investment.
Persons: Chen Aizhu, Kate Hardin, Hardin, Sabrina Valle, Jamie Freed Organizations: China National Petroleum Corporation, Dalian Petrochemical Corp, REUTERS, Deloitte, . Energy, Oil, Exxon Mobil, Chevron, BP, Shell, Thomson Locations: China, Dalian, Liaoning province, HOUSTON
LONDON (AP) — The chief executive of British energy giant BP has resigned after he accepted that he was not “fully transparent” in his disclosures about past relationships with colleagues, the company said Tuesday. He is stepping down with immediate effect and will be replaced by chief financial officer Murray Auchincloss on an interim basis, BP said. A statement from the firm said its board reviewed allegations relating to Looney's conduct “in respect of personal relationships with company colleagues" in May last year. The executive disclosed a small number of past relationships prior to becoming CEO and no breach of company rules was found, the statement said. “The company has strong values and the board expects everyone at the company to behave in accordance with those values.
Persons: Bernard Looney, Murray Auchincloss, Looney “, Looney Organizations: BP
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBP CEO Bernard Looney announces resignation, reports The Financial TimesCNBC's Dom Chu joins 'The Exchange' to share the Financial Times report about BP CEO Bernard Looney stepping down.
Persons: Bernard Looney, Dom Chu
The yen surged after BOJ Governor Kazuo Ueda said the central bank could end its policy of negative interest rates when the achievement of its 2% inflation target is in sight. Global shares, as reflected by the MSCI All-World index (.MIWD00000PUS), rose 0.1%, supported by a bounce in stocks in Europe, where the STOXX 600 (.STOXX) gained 0.3%. Last week, the STOXX posted its longest stretch of losses in 5-1/2 years. Economists polled by Reuters expect consumer prices to have risen by 3.6% from last year, up from July's 3.2% reading. The ECB meets on Thursday to set interest rates and markets have all but priced out any chance of a hike.
Persons: Kazuo Ueda, Fiona Cincotta, Marcella Chow, Scott Murdoch, Simon Cameron, Moore, Mark Heinrich, Chizu Organizations: Bank of Japan, Global, European Central Bank, Reuters, JPMorgan Asset Management, Brent, ECB, Thomson Locations: China, Europe, U.S, Asia, Sydney
Factbox: US offshore wind projects facing inflation headwinds
  + stars: | 2023-09-11 | by ( ) www.reuters.com   time to read: +10 min
One megawatt (MW) can power about 1,000 U.S. homes but since wind is an intermittent resource - 1 MW of offshore wind can power about 500 U.S. homes, according to offshore wind developers. SOUTH FORKDenmark's Orsted (ORSTED.CO), the world's largest offshore wind power developer, is building the 132-MW project off Rhode Island and Massachusetts. COMMONWEALTH WINDThe 1,232-MW project off Massachusetts, which was formerly a part of the larger New England Wind project, is also facing potential delays. ATLANTIC SHORES OFFSHORE WIND SOUTHThe joint venture between Shell and French EDF is developing a large offshore wind park off New Jersey. MARWINMaryland's first offshore wind project is expected to start operations in 2025-2026.
Persons: Joe Biden, Kevin Lamarque, Joe Biden's, GW, Lazard, Vineyard, Orsted, Eversource, NYSERDA, Norway's Equinor, Avangrid, MARWIN, Nerijus Adomaitis, Nichola Groom, Scott DiSavino, Marguerita Choy Organizations: Federal, State, White, REUTERS, U.S, U.S . Department of Energy, Reuters, Washington , D.C, U.S . Energy Information Administration, Avangrid, Copenhagen Infrastructure Partners, Public Service Enterprise, Orsted, Eversource Energy, Rhode Island Energy, Dominion Energy, Virginia Beach, Dominion, NYSERDA, COMMONWEALTH, Shell, EDF, US, Italy's Renexia SpA, US Wind, Thomson Locations: Washington , U.S, U.S, New England, New York, Pennsylvania, Washington ,, Spanish, Copenhagen, Rhode Island and Massachusetts, New Jersey, Rhode, Connecticut, Orsted, VIRGINIA, Virginia, York, Long, Montauk, Massachusetts, French, ATLANTIC, Atlantic Shores, Italy's Renexia, Maryland
The head of the U.S. Senate Foreign Relations Committee has asked the country's top three oilfield services companies to explain why they continued doing business in Russia after its invasion of Ukraine, and demanded that they commit to “cease all investments” in Russia's fossil fuel infrastructure. Sen. Bob Menendez, a Democrat from New Jersey, cited an Associated Press report that the companies — SLB, Baker Hughes and Halliburton — helped keep Russian oil flowing even as sanctions targeted the Russian war effort. Much of Russia’s oil is hard to reach, and analysts say that had U.S. oilfield services companies all pulled out, its production would have taken an immediate hit. Halliburton wound down its Russia operations less than six months after the invasion, while Baker Hughes sold its oilfield services business in Russia after about nine months. In contrast, oil majors such as Shell and BP announced they would quit Russia within days or weeks of the invasion, writing off billions of dollars.
Persons: Sen, Bob Menendez, SLB, Baker Hughes, Halliburton —, B4Ukraine, Menendez, Joe Biden, Halliburton, Moira Duff, Duff, ” Halliburton, Brad Leone, , Eleanor Nichol Organizations: U.S . Senate Foreign Relations, Associated Press, AP, Schlumberger, Congress, Shell, BP Locations: Russia, Ukraine, New Jersey, American, U.S
LONDON, Sept 7 (Reuters) - BP (BP.L) launched on Thursday Britain's largest electric vehicle charging hub near Birmingham, capable of serving up to 180 cars. The hub, located on the intersection of three motorways in central England, includes 30 ultra-fast 300 kilowatt charging stations, which can add 100 miles (160.93 km)of driving range in 15 minutes, as well as 150 7kw slow-charging points. It is part of a plan to invest 1 billion pounds ($1.25 billion) this decade to build hundreds of EV charging hubs in the country, Akira Kirton, CEO of BP Pulse, the company's UK EV charging arm, told Reuters. BP Pulse uses 100% renewable power at its charging stations, Kirton said. EV charging is a central pillar in BP CEO Bernard Looney's energy transition plan, targeting returns of 15%.
Persons: Akira Kirton, Kirton, Bernard Looney's, Ron Bousso, Tomasz Janowski Organizations: EV, BP, Reuters, Thomson Locations: Birmingham, England
However, as government policies started to line up in the industry's favor in recent years, offshore wind developers unveiled a host of new project proposals, mostly off the U.S. East Coast. Many contracts for offshore wind projects have no mechanism for adjustment in the case of higher interest rates or costs. In New York, offshore wind developers also sought to boost the price of power produced at their projects. Norway's Equinor EQNR.OL and its partner BP (BP.L) are seeking a 54% increase for the power produced at three planned offshore wind farms - Empire Wind 1 and 2 and Beacon Wind. But the offshore wind industry is not fully satisfied.
Persons: Joe Biden, Kevin Lamarque, Eli Rubin, Rubin, Equinor, France's, Scott DiSavino, Nerijus, Nichola Groom, Simon Webb, Marguerita Choy Organizations: Federal, State, White, REUTERS, U.S ., Dominion, EBW Analytics, Reuters, U.S . Federal Reserve, Commonwealth, BP, Nichola, Thomson Locations: Washington , U.S, U.S, Europe, U.S . East Coast, Rhode, Virginia, Massachusetts, New York, Oslo, Culver City
Iger told Chapek that he lived for those "two-shower days," according to people familiar with the conversation. In January 2020, Iger told Chapek the plan was back on. During his 27 years at the company, Chapek had only attended one annual meeting — as a guest in the audience. Bob Iger, Disney CEO, during a CNBC interview, Feb. 9, 2023. WATCH: Disney CEO Bob Iger's exclusive July 2023 CNBC interviewTake the 'A'During Chapek's tenure as CEO, Disney lost more than a quarter of its market value.
Persons: Elham, Bob Iger, Bob Chapek, Iger, wasn't, Chapek, Michael Eisner, , who's, he's, Clint Eastwood, Eastwood, Arthur Bochner, Jackie Hart, Kareem Daniel, Chapek —, Eisner, Michael Ovitz, Ovitz, Bob, Disney's, Kevin Mayer, Mayer, Bryan van der Beek, he'd, Tom Staggs, Staggs, Staggs —, Steve Jobs, cajoled Ike Perlmutter, George Lucas, Rupert Murdoch, Iger's, Susan Arnold, Arnold, Peter Rice, David Paul Morris, Rice, CNBC's Julia Boorstin, Mark Parker, Mary Barra, Michael Froman, Willow, Parker, John Donahoe, Roy Disney, Walt Disney, Stanley Gold, David A, CNBC Eisner, Big Bob, Little Bob, Christine McCarthy, Patrick T, He'd, McCarthy, Iger —, Coronavirus, Gavin Newsom, Michael Kovac, curtly, Nancy Pelosi, Chuck Schumer, Ben Smith, Smith, Disney, Randy Shropshire, Agnes Chu, Ricky Strauss, Chu, Strauss, Kevin Feige, Kathleen Kennedy, Who's, Alan Bergman, Bergman, Bob Kyncl, Daniel —, Iger didn't, Daniel rankled, Daniel, Chapek didn't, James Pitaro, Jesse Grant, CNBC Chapek, Jimmy Pitaro, Zenia Mucha, didn't, Mucha, Barbara Walters, Charles Eshelman, Scarlett Johansson, Scarlett Johansson —, Florence Pugh, Natasha, Yelena, " Johansson, Bryan Lourd, Johansson, Lourd, Steven Spielberg, Al Michaels, David Muir, Robin Roberts, Michael Strahan, Spielberg, Geoff Morrell, Alan Braverman, Alan Horn, Jayne Parker, Bochner, Claire Lee, Paul Richardson, Josh D'Amaro, Ron DeSantis, Morrell, Disney Animation —, George Floyd, Reba Saldanha, Reuters Chapek, DeSantis, Nicholas Maldonado, Octavio Jones, Chapek she'd, we're, " Morrell, CNN's Chris Wallace, Kristina Schake, John Skipper, Daniel steamrolled, Latondra Newton, Newton, Charles Krupa, Pitaro, NBCUniversal's Peacock, Dana Walden, Thomas Murphy, Josh Kushner, Privately, Schake, Barack Obama, Michelle Obama, Michelle Obama's, David Dee Delgado, Kara Swisher, hadn't, Netflix's, overhiring, McCarthy hadn't, Safra Catz, Kareem, DMED, Horacio Gutierrez, Justin Warbrooke, Alexia Quadrani, Bryan Castellani, Michael Buckner, Quadrani, Lindsay Lohan, Winnie, Nelson Peltz, Catz, Donald Trump's, they'd, Walden, Gutierrez, D'Amaro, Rich Polk, Walden he'd, Iger she'd, Mickey Mouse, Mark Rightmire, haven't, Indiana Jones, Halle Bailey, Ariel, Hamilton Faber, Rich Greenfield, Bob Iger's, — Mayer, McCarthy —, doesn't, they'll Organizations: Disney, Marvel, CNBC, Bloomberg, Getty, Walt Disney, Indiana University, Michigan State University, Shanghai Disney, Man, Hong Kong Disneyland, Walt Disney Parks, Resorts, Pixar, Fox, Chapek, Nike, General, Mastercard, Foreign Relations, University of Pennsylvania, Grogan, Disney's, Fallon, ABC, ESPN, ABC News, California Gov, New York Times, Disney confidants, Hollywood, Marvel Studios, Lucasfilm, Walt Disney Television, Walt Disney Studios, Hulu, HBO Max, Walt Disney Company, YouTube, Companies, Netflix, Apple, Disney Media, Entertainment, Stanford, Rights, Junior, petulant, Filmmagic, Brunswick Group, Covid, CAA, onetime Defense Department, Century Fox, Human, Florida Gov, Republican, Disney Animation, Reuters, Human Rights, HRC, Walt Disney World, Employees, American Foundation for Equal Rights, AP, Amazon Prime, Paramount, South Pacific, Capital Cities, Dow Jones, CVS, Kingdom, Variety, Trian Partners, Charter Communications, U.S, Comcast, Charter's, MediaNews, Orange, Allen, Co, Candle Media, Advisors Locations: Burbank , California, Midwestern, Brentwood, Los Angeles, Westlake Village, Iger, Hammond , Indiana, Shanghai, China, Hong, Fox, Willow Bay, Raleigh , North Carolina, Orlando, U.S, Hulu, Iger's Brentwood, coronavirus, Brunswick, Hollywood, Hawaii, Disney's, Marvel's, Anaheim , California, Montana, Florida, Rye , New Hampshire, Chapek, Hong Kong, California, missteps, South, DMED, Burbank, New York, India, Atlantic, Sun Valley , Idaho, America
Specifically, she outlined puzzlement at why the inflation-adjusted risk-free rates priced by markets - real Overnight Index Swap yields from one to 10 years - had subsided again since the last ECB rate hike in July - back to where they were in February when ECB policy rates were just 2.5%. Long-term real yields from benchmark German government bond markets are positive again this year for the first time in almost a decade. But they have fallen almost 20bp from just before the last ECB rate hike to just above 0.1% now. Minutes released today from the last ECB meeting suggest the council is still undecided about its next step this month, but many market analysts see the tension building. ECB chart from Isabel Schnabel speech on rising market inflation premiaReuters GraphicsReuters GraphicsThe opinions expressed here are those of the author, a columnist for Reuters.
Persons: Isabel Schnabel, It's, Carsten Brzeski, Josie Kao Organizations: Central Bank, disinflation, ECB, Reuters Graphics Reuters, ING, Reuters, Thomson Locations: Frankfurt, U.S
That’s potentially bad news for gas prices. What’s happening: Gas prices are already at $3.82 a gallon. Geopolitical tensions have been supporting high oil and gas prices for some time. In 2005, for example, gas prices surged by 46% between Memorial Day and Labor Day because of the landfall of Hurricane Katrina, according to Bespoke. “Energy prices have been a major contributor to persistently high inflation in the US, so the crude oil price will remain a watch-out factor for future inflation.”High oil and gas prices are one of the largest contributing factors to inflation.
Persons: “ Idalia, , Louis Navellier, Andrew Woods, OpenAI, Catherine Thorbecke, Estee Lauder, CNN’s Gregory Wallace Organizations: CNN Business, Bell, New York CNN, Labor, Nasdaq Advisory Services Energy Team, Navellier, Investment, Citigroup, Day, Federal Reserve, , Exxon Mobil, BP, Chevron, Fortune, CNN, The New York Times, Reuters, Disney, Bloomberg, The Washington Post, ABC News, ESPN, American Airlines, Airlines, Department of Transportation, Fort Worth Locations: New York, Florida, China, Russia, Saudi Arabia, Ukraine, The, Texas, Dallas, American
Morgan Stanley named a raft of European stocks with strong balance sheets, lots of cash or high shareholder returns. High cash flow and shareholder returns The bank also screened for companies with "resilient high free cash flow." "Self-financing companies should be better able to weather any prolonged macroeconomic weakness, deploying capital effectively and seizing opportunities that come along the way," Morgan Stanley said. "Cash-rich companies with high free cash flow yields should also have better downside protection, while providing upside potential if management is able to deploy its cash effectively," the bank said. Those firms also have "positive free cash flow and net income growth expected over the next 2 years," the bank said.
Persons: Morgan Stanley, Burberry, — CNBC's Michael Bloom Organizations: CNBC, JD Sports, Sanofi, Airbus, MTU Aero Engines, SAP, WPP, Publicis Groupe, InterContinental Locations: Europe
David Kostin of Goldman Sachs noted that companies with low labor costs can resist high inflation. "Nonfarm payrolls increased by 187k in July and the unemployment rate fell to 3.5%, just 10 bp above its 50-year low," Kostin wrote. "As a result, its earnings would face a 1% EPS hit in the face of 100 bp acceleration in labor costs." In fact, Goldman Sachs has a sector-neutral basket of stocks with low labor costs that has underperformed the market year-to-date. The 50 stocks belonging to Goldman Sachs' low-labor-cost basket are below.
Persons: David Kostin, Goldman Sachs, Kostin, Jerome Powell, Powell Organizations: Federal Reserve, Co, Fed, Labor, Consumer Staples Locations: Jackson Hole , Wyoming, bullish
[1/2] U.S. dollar banknotes are seen in this illustration taken March 10, 2023. The U.S. dollar index - which measures the currency against six major counterparts - was about flat at $104.06 after rising to 104.44, its highest since June 1. Interest rate futures tied to the Fed's policy rate on Friday priced in a more than even chance of tightening at either the November or December policy meetings. On Friday, the euro was 0.01% lower against the dollar at $1.08085. Against the yen , the dollar was up 0.31% to 146.28.
Persons: Dado Ruvic, Jerome Powell, Powell, Karl Schamotta, Ben, Bernanke, Mario, Draghi, Schamotta, bitcoin, Saqib Iqbal Ahmed, Dhara Ranasinghe, Ankur Banerjee, Kirsten Donovan, Christina Fincher, Nick Zieminski, Jonathan Oatis Organizations: REUTERS, U.S, Federal, European Central Bank, Global Research, Reuters, of, Thomson Locations: Jackson Hole , Wyoming, U.S, Toronto, Britain, London, Singapore
[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. Profit-taking weighed on shares across the board, with the MSCI All Country stock index (.MIWD00000PUS) down 0.36%. Profit-taking also took hold in Europe, where European stocks (.STOXX) gave up earlier gains to edge down 0.37%. EASING YIELDSGovernment bond yields eased, adding to a sense of relief across markets. In currency markets, the dollar index, which measures the greenback against a basket of six other major currencies , added 0.474%, and remains higher over the month.
Persons: Brendan McDermid, Dow Jones, Jerome Powell, Patrick Harker, Harker, Robert Alster, Zhang Zihua, Koh Gui Qing, Tom Wilson, Julie Zhu, Kirsten Donovan, Matthew Lewis Organizations: New York Stock Exchange, REUTERS, Nasdaq, Investors, Federal, Federal Reserve Bank of Philadelphia, CNBC, Profit, Asset Management, Nvidia, Beijing Yunyi Asset Management, Brent, . West Texas, Hong, Thomson Locations: New York City, U.S, United States, Jackson Hole , Wyoming, Europe, Turkish, Asia, Pacific, Japan, China, Beijing, New York, London, Hong Kong
[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 23, 2023. U.S. stocks ended sharply higher on Wednesday and shares of Nvidia jumped nearly 10% in trading after the bell, hitting an all-time high. EASING YIELDSGovernment bond yields eased, adding to a sense of relief across markets. Euro zone yields hit multi-week lows with Germany's 10-year yield 1.5 bps lower at 2.50%, having touched a 2-week low of 2.448%. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) closed 1.5% higher, also lifted by Nvidia's bullish outlook.
Persons: Chipmakers, Jerome Powell, Robert Alster, Zhang Zihua, Tom Wilson, Julie Zhu, Toby Chopra, Kirsten Donovan Organizations: REUTERS, Staff, Federal, Asset Management, Nvidia, Beijing Yunyi Asset Management, Thomson Locations: Frankfurt, Germany, Jackson Hole , Wyoming, U.S, Turkish, United States, Asia, Pacific, Japan, China, Beijing, London, Hong Kong
Zhang Yaoyu, PCI's global head of LNG trading, declined to comment on the company's traded volume, but said trading was part of the company's overall strategy. By 2026, Chinese companies are expected to have contracted LNG supplies of more than 100 million tons a year. That could mean a surplus of up to 8 million tons that year, according to consultancy Poten & Partners, or a deficit of 5 million to 6 million tons based on estimates from pricing agency ICIS. Qatar, which will be China's largest supplier for 2026, however, offers traditional LNG contracts that are restricted to a single destination or country. These openings in the market and a more liberalised domestic gas market have also prompted smaller Chinese gas distributors and importers to expand into the trading space.
Persons: Dado Ruvic, Toby Copson, Copson, it's, Zhang Yaoyu, Zhang, Jason Feer, Feer, Chen Aizhu, Emily Chow, Marwa Rashad, Yuka Obayashi, Tom Hogue Organizations: REUTERS, 2026 Companies, Shell, BP, International Energy Agency, Offshore Oil Corp, China Gas Holdings, HK, Qatar, Trident LNG, Sinochem, PetroChina International, Poten, Partners, Rystad Energy, Reuters Graphics Reuters, Reuters, PCI, U.S, Beijing Gas, Zhejiang Energy, JOVO Energy, Thomson Locations: Qatar, US, Europe, Asia SINGAPORE, London, Singapore, U.S, Oman, Canada, Mozambique, Shanghai, China, Japan, Beijing, Central Asia, Russia, Southeast Asia, South Korea, Ukraine, ENN, Tokyo
Dollar gains intact as China disappoints, traders eye Jackson Hole
  + stars: | 2023-08-21 | by ( ) www.cnbc.com   time to read: +3 min
The yuan slid to the weak side of 7.3 per dollar despite a firm fixing of its trading range by the central bank. The Antipodean currencies often function as a liquid proxy for the yuan owing to the region's exports to China. Like the yuan, the yen is also on intervention-watch, having fallen to levels around which authorities stepped in last year. The Swiss franc was just above a six-week low made last week at 0.8817 per dollar. "Two things that may come across are: decades of ultra-low rates backed by ultra-low inflation may be over," said Vishnu Varathan, head of economics and strategy at Mizuho Bank in Singapore.
Persons: Jackson, Sterling, Jerome Powell, Vishnu Varathan Organizations: Federal, Treasury, New Zealand, Australian, Commonwealth Bank of Australia, Swiss, Mizuho Bank Locations: China, London, New York, Wyoming, Singapore
Total: 25