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A survey of 52 Bank of Japan (BOJ) watchers on September 11th showed that the BOJ will raise interest rates next week (100%), and expects another rate hike by January next year (approximately 93%, with about one-third predicting December and the remainder choosing January), indicating a significant acceleration in the policy normalization process. The survey results reflect a dramatic shift in economists views: in the previous survey in July, no one predicted a policy change in September. The BOJ faces upside risks to inflation, and repeated calls for action from US Treasury Secretary Bessenter have fueled expectations of a rate hike this month. Kato, chief economist at Totan Research Institute, wrote in a survey response: "The BOJ may be sending a signal to the market that rate hikes will be spaced roughly every three months. The focus is on how strongly it will imply that it may act more frequently if conditions allow." About 46% of respondents believe the BOJs rate hike pace will accelerate to about once per quarter, while the prevailing view a few months ago was once every six months. About 36% believe the pace will be once every four to five months, while the proportion believing in once every six months has plummeted from 82% in July to 6%.Micron Technology (MU.O): The total bonus for direct employees in Taiwan in fiscal year 2026 is equivalent to 35 to 68 months salary, with a minimum cash reward of NT$1.7 million.Micron Technology (MU.O): Annual performance bonuses in Taiwan for fiscal year 2026 can reach up to 500% of the benchmark target, plus stock awards.Micron Technology (MU.O): Employees in Taiwan who joined the company before August 29, 2025 will receive a cash bonus of NT$1 million (approximately RMB212,000) for fiscal year 2026.On September 11th, the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.4910%, and the lowest was 0.7060%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 0.9870%, and the lowest was 0.8640%. The highest 7-day annualized yield of Alipays "Yuebao" was 0.9000%, and the lowest was 0.8590%.

Sources suggest that PetroChina might sell assets in Australia and Canada to stem its losses

Aria Thomas

Jun 29, 2022 10:42


According to two persons with knowledge of the matter, PetroChina may sell natural gas projects in Australia and oil sands in Canada to minimize losses and shift financing to more lucrative regions in the Middle East, Africa, and central Asia.


PetroChina's plan follows a similar strategy shift by a smaller state rival, CNOOC (NYSE:CEO) Ltd, which was prepared to abandon its operations in the United Kingdom, Canada, and the United States because of concern that these assets may become susceptible to Western sanctions.


The transactions are the outcome of an internal examination of PetroChina's global portfolio that began last year, according to two unidentified individuals who refused to be identified due to the sensitivity of the subject.


As it does not own any oil and gas assets in the United States, unlike CNOOC, PetroChina's divestments are driven more by the assets' poor economics than by a fear of U.S. sanctions, but political tensions with Australia and Canada also played a part, they noted.


According to sources, the state-owned oil and gas firm intends to sell some of these assets, which have lost billions of dollars and are situated in uncompetitive locations, over the next two years.


"Australian gas assets Arrow Energy and Browse are among the top "negative assets" in PetroChina's global portfolio. According to one report, CNPC has a small competitive edge in this industry.


In 2010, PetroChina purchased Arrow Energy for $2.5 billion in a joint venture with Shell (LON:RDSa), marking its first investment in Australia's coal seam gas sector. It paid $1.63 billion in 2013 for BHP's investment in Browse, the largest undeveloped gas reservoir in Australia.


According to reports, the company is also contemplating selling its Canadian oil sands assets, MacKay River Oilsands and Dover (NYSE:DOV) Oilsands, owing to losses incurred from producing and processing bitumen. PetroChina declined to comment.


China's state-owned energy companies were among the most acquisitive in the industry during the beginning of the 2010s, as shown by CNOOC's $15 billion purchase of Canadian oil and gas company Nexen in 2013. However, they grew more subdued with the oil price fall in 2014-2015 and the government's financial audit.


In addition, economic worries may have caused PetroChina to reevaluate its acquisitions spree.


Arrow is PetroChina's most unprofitable offshore investment. If Browse receives final approval, it is unlikely to enter production until 2030 because to its technical complexity.


In 2020, Arrow made a final investment decision to construct the 5 trillion-cubic-foot Queensland Surat Gas Project. A dispute between PetroChina and Shell over the pricing of gas to a Shell-operated export facility reportedly caused the delay.


Arrow experienced losses of about A$3.3 billion ($2.29 billion) between 2018 and 2021, including A$2.2 billion in impairments.


When reached by Reuters, a representative for Arrow said, "The investment decisions of our shareholders are their responsibility, and Arrow would neither comment nor speculate on such topics."


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