Exxon Mobil records loss

U.S. oil giant Exxon Mobil said it recorded a loss of $20.1 billion, or $4.7 per share, in the fourth quarter of 2020, but the company's shares are up 2% in premarket trading.



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There is no negative reaction in the newspaper, as the news about the planned write-off of assets was published by the company in early December. As a result, the write - down amounted to almost $20 billion, so fourth-quarter profit was $110 million, or $0.03 per share, exceeding analysts ' forecast of $0.01. Production in oil equivalent in the fourth quarter was 3.7 million barrels per day, which corresponds to the levels of the third quarter.

For the first time in its public history, the company recorded an annual loss due to the negative impact of the pandemic on the oil market. It made $ 22.44 billion, compared with a profit of $14.34 billion in 2019.

All four quarters of 2020, Exxon recorded losses.

Expectations

The company expects that in 2021, cash flow will cover capital expenditures while maintaining a dividend and a strong balance sheet based on the fact that the price of Brent crude oil will be $ 50 per barrel or higher. "If prices and margins fall below these levels, capital expenditures may be further reduced to ensure that the dividend is covered and that the balance sheet remains stable at Brent crude prices of approximately $ 45 per barrel," the press release notes.

The company's current forward dividend yield exceeds 7%. Exxon did not raise its dividend in 2020 for the first time in many years.

New people?

Under pressure from active investors, Exxon Mobil announced that a new member will join the Board of Directors — Tan Sri Van Zulkifli Van Ariffin, the former head of Malaysia's Petronas. The company also said it is in talks with a number of other board candidates as part of an ongoing "renewal" process and will take further action in the near future.

Exxon Mobil reflected a $20 billion loss in the fourth quarter, but shares rise

American oil giant Exxon Mobil reported that it recorded a loss of $20.1 billion, or $4.7 per share, in the fourth quarter of 2020, but the company's shares are rising by 2% in the premarket.

Written off

There is no negative reaction in the paper, as the news about the planned write-off of assets was published by the company in early December. You can also find out more information from deltamarket, which has proven itself with good reviews.

As a result, the write-down amounted to almost $20 billion, thus, the profit in the fourth quarter was $110 million, or $0.03 per share, exceeding the analysts ' forecast of $0.01.
 

Production in oil equivalent in the fourth quarter was 3.7 million b / d, which corresponds to the levels of the third quarter.

For the first time in its public history, the company recorded an annual loss due to the negative impact of the pandemic on the oil market.

It was $ 22.44 billion compared to a profit of $14.34 billion in 2019.

All four quarters of 2020, Exxon recorded losses.

Expectations

The company expects that in 2021, cash flow will cover capex while maintaining dividends and a strong balance sheet based on the fact that Brent crude oil prices will be $50 per barrel or higher.

"If prices and margins fall below these levels, capital expenditures may be further reduced to ensure that the dividend is covered and that the balance sheet remains stable at Brent crude prices of approximately $45 per barrel," the press release notes.

The company's current forward dividend yield exceeds 7%. Exxon did not raise its dividend in 2020 for the first time in years.

New people?

Under pressure from activist investors, Exxon Mobil announced that a new member will join the Board — Tan Sri Van Zulkifli Van Ariffin, the former head of Malaysia's Petronas. The company also said it was in talks with a number of other board candidates as part of an ongoing "renewal" process and would take further action in the near future.

Displaced tourism workers to get assistance

The Department of Tourism (DoT) and the Department of Labor and Employment (DoLE) have signed a memorandum that offers the recommendations for the coins help and coins-for-work program for displaced tourism people.


In a declaration on Sunday, DoT stated its joint memorandum circular 2020-001 with DoLE become signed by using Tourism Secretary Bernadette Romulo-Puyat and Labor Secretary Silvestre Bello 3rd remaining October 30.

"Our tourism people make up the existence assist machine of the tourism industry. We are actually thankful to Secretary Bello and the DoLE for prioritizing our displaced tourism employees. We likewise thank our politicians for the enactment of the Bayanihan 2 regulation in an effort to enable us to assist our stakeholders regain economic electricity giving renewed energy to our enterprise and to our u . S . A .. This monetary help scheme and Cash-for-Work Program will prove yet again that our authorities stands firm with the humans," Puyat was quoted as announcing, referring to the "Bayanihan to Heal as One Act."

Employees of DoT-accepted tourism organisations and local authorities devices (LGU)-licensed number one tourism establishments which have retrenched or closed are eligible to apply for the cash-for-work program or avail of the P5,000 one-time economic help.
DoT said the amount can be from the P3-billion allocation for tourism workers said in Section 4 of Bayanihan 2.

Puyat stated affected employees of seven,951 DoT-authorised and around 8,433 LGU-certified tourism firms will enjoy the program.

"With the joint attempt and cooperation of the DoT and DoLE, we will paintings our first-class to carry our tourism industry workforce across those tides," the Tourism chief added.

The contributors of registered community-primarily based tourism groups are likewise qualified for the coins assistance and the coins-for-paintings software.


The joint memorandum additionally lays down suggestions on how displaced DoT-authorized and LGU-certified excursion publications can avail of the coins assistance.

Meanwhile, DoT stated tourism employees and tour courses who will now not meet the eligibility requirements stated in the joint memorandum may additionally nevertheless avail of the cash-for-paintings application beneath DoLE's Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers, and Covid-19 Adjustment Measures Program applications, as can be relevant, situation to its guidelines. Covid-19 is the coronavirus sickness 2019.

LGUs urged to tap credit facility for devt

The Department of Finance (DoF) urged local government units (LGUs) to avail of the untapped P300-billion credit score facility below the Land Bank of the Philippines to bankroll projects that would assist the Philippine economy recover from the impact of the coronavirus disease 2019 (Covid-19) pandemic.


In a assertion on Monday, the DoF stated that in the recent Union of Local Authorities of the Philippines virtual assembly, Finance Secretary Carlos Dominguez 3rd disclosed that primarily based at the department's Bureau of Local Government Finance records, handiest round 35 percent to forty percentage of LGUs in the u . S . Have availed of loans notwithstanding very reasonable terms of 10 years at an hobby price of 4 percentage to four.Five percent.

"I want to point out that the real borrowings of LGUs are a long way underneath their capability. They have best borrowed much less than half," Dominguez stated, in addition noting that around P170 billion to P180 billion loanable quantity are nevertheless available for LGUs.

"There is a lot of capacity, however there is no usage of that ability," Dominguez delivered.
LGUs are taken into consideration low-risk debtors due to the fact they could pay for his or her loans with their annual internal sales allotment allocations from the country wide
government.
During the meeting, Dominguez additionally assured LGUs of endured support under Republic Act. 11469, or the "Bayanihan to Heal as One Act," to restart their respective nearby economies and corporations.

He referred to as an example the extension of the bring-over length of internet losses in 2020 and 2021 from three to 5 years for businesses that he stated will allow micro, small and medium organizations (MSMEs) to deduct incurred losses from tax payments for an extended duration, accordingly giving them greater time to set their budget so as and return to profitability.

Aside from this, Dominguez said the infusion of greater capital to government monetary establishments (GFIs) to make bigger lending to MSMEs can have a big multiplier effect in financial activity, he said, for the reason that every peso pumped into GFIs will generate around 10 times its cost in credit.

Dominguez during the assembly additionally thanked the nearby chief executives for the "precious work" they were doing in fighting the Covid-19 pandemic and assured them of the countrywide authorities's support in assisting LGUs get better from this crisis.


"The country wide economy, in the end, is the sum of all our local economies. LGUs are at the frontline of serving susceptible groups. You are also catalysts for constructing a brand new economy even as we do all we will to address this international fitness emergency," Dominguez stated.

Carrying on the ‘Oca’ legacy with a smile

The sound of ringing laughter and pleased banter flitted through the door and beyond the hall as I approached the assembly room of Amosup Seamen's Center in Cabildo Street, Intramuros. A careful peek inside found out a small institution of human beings in the middle of a lively conversation even as a few others hover about a small set, seeming to put together for a video shoot.



None of my typically severe interview questions have been responded with out a touch jest right here and a couple of laughs there. I even recognise as I transcribe our brief interview, that the communique become mostly giggles and antics. In the midst of explaining the significance of Amosup's today's challenge with the International Maritime Employers Council (IMEC) and International Transport Workers Federation (ITF), Dr. Oca peppered the communication with witty feedback about his meant Keto food regimen and the atypical-looking but reputedly cozy facemask he's sporting.

Anyone who doesn't understand the man might not without difficulty parent out, by way of only a look, who he without a doubt is within the maritime enterprise. Casual collared shirt, Crocs, barely messed up hair, and a heat charisma that regarded to smile at everybody close by.

Apart from being a scientific doctor via profession and the chief of the Philippine's biggest seafarers' union, he is likewise the chairman of one of the us of a's ideal maritime colleges — the Maritime Academy of Asia and the Pacific (MAAP), whose curriculum was modeled after america Merchant Marine Academy. He is likewise the government board member of the London-primarily based ITF and a member of several other distinguished maritime companies.

Titles and ranks, however, outline so little approximately his character. Dr. Oca become even incredulous while told that he could be featured in the Profile phase of The Manila Times. He cheerfully brushed off questions on himself and opined that different people may want to describe him excellent, all the whilst hesitating whether he need to give his curriculum vitae and laughing on the apparently not possible concept of him being featured by way of a day by day.


"Dok likes to comic story round. He is the proverbial existence of the birthday celebration together with his corny jokes but he has the uncanny capacity to capture you flatfooted when you attempt to disregard him as someone who is not as serious as Captain Oca," Manila Times Maritime editor Carmela Huelar says, regarding the overdue Capt. Gregorio Oca, founder of AMOSUP and one of the pioneers and pillars of the Philippine maritime industry.

"It's unsettling while humans assume he's joking but realize too overdue that he knows exactly what he's pronouncing, a truth within the guise of a comic story," Huelar continued.

Indeed, any such shell of pleasure turned into momentarily cracked with the aid of the mention of his father's call.

When asked as to his enjoy of taking over his father's legacy, a fleeting silence took over Dr. Oca. He tried to come up with something witty however ended up asking for a tissue to blot the looming tears. The man did now not cry, though. His voice only misplaced its common sparkle and turned into replaced by a quivering, quiet sound. He become  critical.

"It turned into hard [stepping on his shoes]. He turned into an organization. Everybody knew him and he left so much legacy for absolutely everyone to hold on. I changed into lucky to tackle his true work and hold what he began," Dr. Oca said in a low voice.

"His endeavors are already hooked up and strong. We are in reality continuing from wherein he left and from my component, it was a remember of beginning and strengthening relationships with his partners, colleagues, and employees," he stated, relating to the time whilst he had to introduce his style of leadership that, on the outset, is different from that of his father's.

"When it involves negotiating the welfare of seafarers, Capt. Oca by no means backed down. He became so chronic. But in the back of that stern outside is a sense of humor, a trait that is truly inherited by Dok," Huelar said.

People agree that Dr. Oca tends extra to the diplomatic facet of management. This, however, is tinged with firmness in terms of seafarers. "You ought to consider your objective whilst you are sitting throughout people and negotiating, and that is the gainful employment and welfare of our seafarers," Dr. Oca said.

As he in the end sat at the makeshift studio to commence with taping a message to seafarers as AMOSUP is likewise celebrating its 60th year this month — his group of workers soaring approximately straightening his blouse and taming his hair — he resumed his vintage jolly self, laughing at rehearsals and even greater during shoots. The guy may also have large shoes to fill however he by no means lost his pleasure and ardour.

And because the director known as "motion", Dr. Oca, sitting beside the strict-looking photo of his father, took on an similarly solemn expression and began turning in his message to the Filipino seafarers — honest but with the uncanny sound of a smile.The video cameras and lightings harassed me a chunk as I hesitatingly entered the room. The institution paused from their communication to show and look, make introductions, and renowned names. I changed into offered a drink, however it become now not the chance of coffee that caught my interest. It turned into the sound of a grin if there's ever one of these issue.

That become Dr. Conrado Oca, president of the Associated Marine Officers and Seamen's Union of the Philippines (AMOSUP). We could simplest see half of of his face, the element now not covered with facemask, and nevertheless, every body ought to parent out he is smiling up to his brow. Everything approximately the man appeared to ooze with optimism and baby-like glee, his phrases frequently paired with chuckles and quips.

Local 5G devt faces hurdles

The restrained availability of devices for the Filipino hundreds can delay telco players' full throttle on 5th technology (5G), debt watcher Fitch Ratings said.

In a document released on Monday, it stated dominant vendors Globe Telecom and PLDT are predicted to nevertheless focus at the enlargement of fourth technology (4G) generation, to be also buoyed with the aid of the spiking call for for higher connectivity as fueled via the pandemic.

Investment within the 5G network, however, can be minimal as handsets well suited with the generation have not begun to reach the loads.

"Telcos will hold to rely upon the existing 4G network to meet information demand whilst pacing 5G funding over the next few years to aid coins drift," the credit rating company stated.
Globe and PLDT have made their 5G mobile provider commercially available to pick out areas within the capital. While this is already a development, all in their subscribers are but to improve to 4G  subscriber identification module or SIM cards and 4G-geared up gadgets.

Existing telcos may need to look forward to 5G-enabled devices focused for mass intake.

"The quantity of 5G rollouts will rely upon the affordability of 5G gadgets, in particular in a pay as you go market," Fitch Ratings stated.

Smartphone manufacturers, which includes Samsung, Huawei, Xiaomi and OPPO, earlier last yr delivered their 5G handsets, which price greater than $1,000 and have been best to be had in select areas.


"Globe and PLDT are likely to restriction 5G constant wi-fi get entry to to chose metropolitan regions," Fitch Ratings additionally stated.

Meanwhile, notwithstanding the economic launch of 0.33 participant Dito Telecommunity in early 2021, it said opposition inside the neighborhood marketplace might also remain "stable."

"However, we anticipate opposition to intensify inside the medium-term as new entrants amplify insurance," Fitch Ratings stated.
The Maritime Industry Authority (Marina) has implemented the recommendations in undertaking a far flung inspection of ships and shipyards below the 'new ordinary' inside the maritime industry.

Marina Administrator Vice-Admiral Robert Empedrad issued Marina Advisory 2020-75, at the implementation of conduct of far off inspection, survey, audit, compliance tracking of organisation, deliver, and shipyard, given the implementation of social distancing and mobility regulations to prevent similarly transmission of coronavirus disease 2019 (Covid-19).

Marina allowed far off inspection of ships and shipyards to make sure the safety and well -being of all, amid the Covid-19 pandemic.

"The faraway inspection, survey, audit, compliance monitoring of groups, ships and shipyards shall be conducted thru on-line video communique systems," Marina stated.
The inspector, surveyor, auditor, and enforcers must use suitable devices with a dependable net connection to control video verbal exchange. The officials and crew on board the deliver must put on the right uniform or attire throughout the inspection.

The on line audits ought to be coordinated with Marina's Shipyards Regulation Service (SRS), Maritime Safety Service (MSS), Marina Regional Offices (MROs). The distinctive Marina technical personnel from SRS, MSS, and MROs will assign a date for the inspection, survey, audit as quickly as the application is obtained and duly assigned.

The MSS will constantly undertake compliance monitoring or random inspections to verify compliance of ships and shipyards with Marina rules and rules and other applicable laws.

The refusal of the employer to go through far flung compliance tracking or non -cooperation without any valid cause can be deemed non-compliance with existing Marina rules and guidelines.


Marina inspector or enforcer may additionally recommend revalidation or reinspection of the qualification and retaining requirements of the ship or shipyard specially on safety.

"The far flung inspection, surveys audits, and compliance monitoring are without prejudice to the conduct of the equal in an real or onsite arrangement if the circumstances warrant, mainly on conditions that are decided to pose an imminent risk to the ship, shipyard, lives, or the surroundings, problem to stringent commentary of safety and fitness protocols," in keeping with Marina Advisory.

The tips will take effect immediately and could continue to be valid and subsisting till otherwise revoked or until the pandemic situation ceases, whichever comes in advance.

Vicente Poño, Chairman of the Board, Ship Managers Association of the Philippines (SMAP) said in current months, ship surveys go through because surveyors had been not able to journey. During that time, the administration issued circulars permitting ship managers to request for extension of survey due dates.

He said class society has been working to provide ship managers with far off surveys utilising ICT deliver survey structures for hull and equipment, based on situation, monitoring, or evaluation.

Ship managers manipulate jobs via digital conversation, which is very effective for the duration of a pandemic.

SMAP believes that remote survey applies to Philippine-flagged vessels even those inside the home trade.

Avenir Advantage has been chartered with the aid of Petronas LNG to provide ship-to-ship LNG bunkering to vessels throughout Malaysia, and shipping services as an LNG provider for small-scale terminals in the place.

Avenir LNG's CEO, Milorad Doljanin stated the flexible layout of the vessels approach the ships can guide the improvement of the LNG bunker fuel marketplace inside the shorter time period.

It underpins its strategic objective of allowing LNG deliver to energy users who have been formerly not able to revel in the environmental and price benefits which LNG offers.

Keppel O&M is presently constructing 8 twin-gasoline vessels and is also promoting LNG as a marine gasoline via FueLNG, its joint venture with Shell Eastern Petroleum, which provides secure truck and vessel LNG bunkering solutions in Singapore

Temporary labor market waiting for change

The Government has adopted a draft amendment to the law on the employment of temporary workers, initiated by the Ministry of Family, Labor and Social Policy. The aim of the changes is to effectively combat the abuse associated with this form of employment. poland is among the leading european countries in terms of the number of active temporary work agencies. Currently, there are more than 6 thousand such institutions in our country. the temporary workers themselves are also arriving.

Online employment protection project

Limit the possibility of abuse

The scale of the phenomenon, according to the Ministry of Family, Labor and Social Policy, contributes to the abuse of this form of employment by employers. According to the current legislation, during the next 3 years, the employer can hire a temporary employee for a total period not exceeding one and a half years. In practice, the law is extremely easy to circumvent-just send the same employee to work through another agency.

What does this mean for the agency?

Interestingly, at present, Temporary Work Agencies are not even required to have a headquarters. This leads to the fact that many of them exist exclusively "virtually", and this greatly complicates their control by the State Labor Inspectorate. the fact is that online platforms are now gaining momentum, but many do not delve into the information that gives for example deltamarket.net , according to which everything is available and the main thing is checked out.To remedy this, the amendment restores the obligation to own the premises. This particular prescription is due to take effect next year. The Government is also trying to address the frequent circumvention of the Temporary Hiring Limit Act. It will remain unchanged (18 months over a 3-year period), but sending an employee to another agency for temporary work will not result in the time being credited again.

New responsibilities and prohibitions for employers

The draft imposes an obligation on "user employers" (i.e. employers using intermediary agencies) to keep records of temporary workers. There is also a ban on the assignment within the framework of temporary work of those duties that during the last three months were performed by employees employed for a certain period, and were dismissed through no fault of their own. This should reduce the risk that an employer dismisses full-time employees only to hire temporary workers in their place.

With pregnant women in mind

The draft amendments provide for increased employment protection for pregnant women. According to his assumptions, the employer will not be able to dismiss an employee before giving birth if her pregnancy lasts at least three months. That is, the woman will retain the right to maternity benefits.

Will the novel hurt, not help?

Especially this issue was the subject of a sharp dispute between the Government and representatives of employers. They argue that the proposal can be counterproductive-instead of protecting women's position in the labor market, it can effectively push them out of it.

Update: New rules have come into force

Changes in the temporary labor market have become a fact. the final form of the bill assumes-in accordance with the proposals of the department for family, labor and social policy-an absolute time limit for which an employer will be able to hire a temporary employee (18 months for 3 years). pregnant women received protection similar to that applied to women employed under an employment contract. employees whose contract is terminated after the third month of pregnancy, the employer will have to offer to extend it until delivery, so that the woman retains the right to maternity benefits.