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On July 4, JPMorgan Chase published a research report, maintaining its positive view on Standard Chartered Group, pointing out that although Standard Chartered was involved in the lawsuit related to Malaysias 1Malaysia Development Berhad (1MDB), and was accused of allowing more than 100 intra-bank transfers between 2009 and 2013 to help hide stolen funds, the lawsuit may take several years to resolve, and it is estimated that the groups distribution of more than US$8 billion from 2024 to 2026 and the repurchase plan of US$2.75 billion in fiscal 2025 will have limited impact. JPMorgan also pointed out that in the worst case, the fine is as high as US$2.7 billion, equivalent to 37% of the profit forecast of US$5.3 billion in 2027, which is estimated to bring a 72 basis point drag on the banks Tier 1 capital ratio (CET1) in 2027, which is still within the controllable range, and it is believed that the actual penalty amount will be much lower than this. Morgan Stanley continues to list Standard Chartered as its top choice among Hong Kong banking stocks, believing that Standard Chartered is less affected by the decline in HIBOR and the risks of Hong Kong commercial real estate; and is a major beneficiary of the internationalization of the RMB; and has a clearer digital asset development strategy, which allows it to better withstand the impact of stablecoins than its peers. The target price is HK$135 and the rating is "overweight".According to TASS: Russian air defense forces destroyed 48 Ukrainian drones at night.US President Trump: Letters regarding tariffs will be sent out starting this Friday. It is expected that 10 to 12 countries will receive relevant notifications on Friday.US President Trump: Will speak with Ukrainian President Zelensky on Friday. Disappointed with the call with Russian President Putin. Does not think Putin intends to stop the action.According to the Financial Times: British Chancellor of the Exchequer Reeves is expected to deliver a speech at the official residence on July 15 to announce the UK pension reform plan, including a review of the retirement reserves of companies and their employees.

Protests Shut Down El Feel Oilfield and Zueitina Port in Libya

Charlie Brooks

Apr 18, 2022 09:47

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Since March, when the eastern-based parliament selected Fathi Bashagha to replace Dbeibah, Libya has had two rival administrations, reigniting a deadlock between the country's east and west. Dbeibah has resisted ceding control to Bashagha, who has not yet arrived in Tripoli.


NOC, the state-owned oil corporation, stated in a statement that a group of unidentified individuals infiltrated El Feel's facilities the previous day and blocked staff from working.


Meanwhile, two Zueitina oil engineers told Reuters that demonstrators gained access to the port on Sunday morning, stopping a vessel from loading 1 million barrels.


The demonstrators in Zueitina said in a video statement shared on social media that they would shut down the port and its oil fields unless Dbeibah resigns.


The demonstrators, who identified themselves as a group of Zueitina locals including elders, also demanded the dismissal of NOC CEO Mustafa Sanalla for the company's refusal to deliver oil money to Dbeibah's administration.


According to the finance ministry, the NOC sent $6 billion in oil earnings to the ministry's central bank account on Thursday.


Dbeibah's office did not immediately respond to a request for comment.


According to a statement issued Sunday by the oil and gas ministry, these closures "would undermine NOC's position in global markets as a consequence of its failure to meet its responsibilities."