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July 12th - The clearing out of securities brokers may be accelerating. Industry sources indicate varying degrees of enforcement regarding broker elimination. Some local bureaus emphasize standardized elimination processes but lack a unified timetable; regulators will subsequently review the compliance of these processes. Data shows that the number of brokers in the securities industry has decreased by nearly 12,000 since 2025. As early as 2024, regulators conveyed that securities firms should adapt to the transformation towards wealth management and gradually eliminate brokers. Currently, some leading securities firms have largely completed this process, while smaller firms still have a significant number of brokers. Some securities firms have stated that they will accelerate the elimination process by combining leading practices, regulatory guidance, and industry trends, but will adopt a stable approach, such as not renewing contracts upon expiration and performance-based layoffs. They will also simultaneously adjust traditional commission-dependent models to align with the wealth management transformation. During the elimination process, qualified brokers can be transferred to formal positions such as wealth managers or investment advisors. Regarding potential customer attrition, industry insiders believe that given the overall industry is in a broker elimination phase, the overall impact of customer loss will be minimal, with only some regions potentially experiencing minor disruptions.Iraqi government spokesperson: The Iraqi prime minister will sign several oil and gas memorandums of understanding during his visit to Washington.Iraqi government spokesperson: The Iraqi prime minister will travel to Washington on Monday.According to a Wall Street Journal survey, the probability of a U.S. recession has fallen to 25%, down from 33% in April.According to a Wall Street Journal survey, economists expect U.S. GDP to grow by 2.1% this year, up from 2% in the April survey.

Ukraine Will Block A Crucial Russian Gas Transit to Europe, Blaming Russia

Charlie Brooks

May 11, 2022 09:46

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Ukraine said on Tuesday that it will cease the flow of gas via a transit point that, according to Kiev, sends over one-third of the fuel piped from Russia to Europe through Ukraine. Kiev blamed Moscow for the action and said it would redirect the flows elsewhere.


Even after Moscow's invasion, Ukraine has remained a significant transit route for Russian gas to Europe.


The operator of Ukraine's gas infrastructure, GTSOU, has declared "force majeure" and will cease shipments through the Sokhranivka route as of Wednesday. "Force majeure" is a provision triggered when a firm is affected by circumstances beyond its control.


However, Gazprom (MCX:GAZP), which has a monopoly on Russian gas pipeline exports, said that it was "technologically impossible" to move all volumes to the Sudzha connecting point farther to the west, as GTSOU requested.


GTSOU CEO Sergiy Makogon told Reuters that Russian occupation troops have begun transporting gas flowing through Ukraine to two rebel territories supported by Russia in the country's east. He failed to provide proof.


The company stated that it was unable to operate at the Novopskov gas compressor station due to "the interference of the occupying forces in technical processes," adding that it could temporarily redirect the affected flow to the Sudzha physical interconnection point, which is located on Ukrainian territory.


Ukraine's suspension of Russian natural gas shipments via the Sokhranivka route should have no effect on the local Ukrainian market, according to Yuriy Vitrenko, the president of the state-owned energy business Naftogaz.


The national gas company of Moldova, a tiny country on Ukraine's western border, said that neither GTSOU nor Gazprom had notified them of a supply interruption.


Russian army and separatist militants have controlled the Novopskov compressor station in the Luhansk area of eastern Ukraine since shortly after Moscow launched a "special military operation" in February.


GTSOU said that it is the first compressor in the Ukraine gas transit system in the Luhansk area, the transit route for about 32,6 million cubic metres of gas per day, or a third of the Russian gas transported to Europe through Ukraine.


To fulfill its "transit responsibilities to European partners in full," GTSOU said that it will "temporarily move unavailable capacity" to the Sudzha interconnection point.


Gazprom said it had received information from Ukraine that the nation will cease gas transit to Europe through the Sokhranivka interconnector at 7:00 a.m. on Wednesday local time.


The Russian corporation said that it observed no evidence of force majeure or impediments to business as usual. Gazprom emphasized that it was fulfilling its commitments to European gas purchasers.


As punishment for the invasion of Ukraine, the United States has pushed other nations to reduce their reliance on Russian energy and has prohibited Russian oil and other energy imports.


Ned Price, a spokeswoman for the U.S. State Department, said that Tuesday's declaration does not alter the "as soon as feasible" schedule for reducing global dependency on Russian oil.

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