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Asia
Santos Reports Lower Q1 Revenue, Higher Production
Santos (ASX:STO) reported first-quarter sales revenue of about $1.27 billion, down from $1.29 billion in the year-ago period, according to a Thursday filing with the Australian bourse.Sales volume for the quarter was 24.2 million barrels of oil equivalent (mmboe), up from 23.3 mmboe a year earlier, while total production increased to 22.5 mmboe in the first quarter from 21.9 mmboe a year ago, per the filing.The company maintained its 2026 guidance, including for production volume of 101 to 111 mmboe, sales volume of 101 to 111 mmboe, and capital expenditure of about $1.95 billion to $2.15 billion.Santos said its Barossa LNG project's floating storage and offloading facility is expected to commence ramping up production in the next week following the completion of the flushing and cleaning of heat exchanger trains.The company's shares gained nearly 2% in recent Thursday trade.
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Asia
Seven & i Lays Out 2030 Plan to Remodel Thousands of Stores, Expand US Network
Seven & i (TYO:3382), through its 7-Eleven unit, has unveiled a transformation strategy centered on elevating customer experience, according to a statement on Wednesday.A key priority involves remodeling more than 7,000 existing stores while opening 1,300 new "New Standard Stores" by 2030.Within the US network, Seven & i intends to accelerate franchising, converting 2,600 corporate-operated locations to franchises by 2030.The plan further targets doubling private brand sales to roughly $2.6 billion by 2030, alongside fuel vertical integration aimed at unlocking $400 million in annual EBITDA uplift.Separately, Nikkei reported on Thursday that Seven & i will close 645 underperforming 7-Eleven locations across the U.S. and Canada by February 2027, representing 5% of its North American footprint.Although the company plans to open 205 new outlets in the current fiscal year, the net effect will leave its North American operations with 12,272 stores, a reduction of 440 locations, the report said.Seven & i's American operator and subsidiary, 7-11 International, did not reply toqueries at press time.
$TYO:3382
International
Australia's Private Sector Stabilizes in April as Services Rebound
Australia's private sector activity stabilized in April after March's decline, as a modest recovery in services was offset by continued weakness in manufacturing amid soft domestic demand, rising cost pressures, and supply chain disruptions linked to Middle East tensions, according to a survey by S&P Global released Thursday.The Flash Australia PMI Composite Output Index rose to 50.1 in April from 46.6 in March, moving above the neutral threshold as renewed growth in services activity offset a faster decline in manufacturing output, the report said.A reading above the 50-point threshold indicates expansion.The Flash Services PMI Business Activity Index rose to 50.3 in April from 46.3 in March. The Flash Manufacturing Output Index edged down to 48.2 from 49.4, while the Flash Manufacturing PMI increased to 51 from 49.8.New business at Australian firms fell for a second consecutive month in April as geopolitical tensions weighed on client confidence and domestic demand, even as modest gains in export orders offered a partial offset, per the report.Business confidence slipped to its weakest level in nearly two and a half years in April amid rising cost and demand pressures, even as a pickup in private hiring helped firms clear backlogs at the start of the second quarter.Private sector inflation in Australia accelerated in April to its fastest pace since August 2022, as higher fuel and shipping costs drove up input prices and businesses passed on more of the burden to customers than at any time in three and a half years, the report said.Australia's manufacturing sector remained in contraction in April, with production falling for a third consecutive month and output declining at its fastest pace since late 2024, even as job and inventory reductions eased slightly.Manufacturers faced the sharpest supply chain disruption since mid-2022 in April, as Middle East conflict-driven shipping delays pushed input delivery times higher and drove inflation in both costs and selling prices to multi-year highs.
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