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I bought a small bottle of champagne yesterday.

It's not to celebrate England winning the footy tonight, although I hope to hell that they do! No, I've labelled it 'Superdry' and will stick it in the fridge, only to be opened the day SDRY goes bellu up - hopefully skinting JD in the process.

Well we can live in hope, can't we?

From memory, so don't quote me, but didn't the KRG have about $500m or so stashed away in a Lebonese bank just before that huge explosion in the port of Beirut? That collapsed the already fragile Lebanon economy so they imposed currency controlls, which are probably still in place, not sure. Also not sure if the KRG will ever see that money again, certainly not all of it.

I can't decide what to do, Pumpky. It's all but lost anyway so maybe beyyer to keep them in the hope SDRY will list again in future. They could then at least be worth something.

Good luck, whatever you decide to do.

Does it delist first thing in the morning or after trading at 16:30 tomorrow?

Trans,

"It also makes the major parties produce manifestoes that are joined up and affect all parts of the nation, be they Scottish, Welsh, south west, the urban areas etc..."

That just shows how dis-united our United Kingdom actually is. People from the South West are English. I know it never really gets mentioned, especially by the likes of the BBC or Sky News, but there is a fourth Nation in the UK. Yes, I know it doesn't have a Parliament, or a First Minister to defend its interests, but it does exist. I wish more people would take that into consideration when they talk about things like the 'Nations and Regions' of the UK, or whatever. That really is anathema to some of us English folk.

How would that work? The KRG cannot sell 'their' oil on the open market as long as the pipeline to Ceyhan is closed, and it doesn't look like it will be opening any time soon.

There's also the gas from Miran and Bina Bawi. How is that ever going to get to market?

It would cost the KRG (or FGI for that matter) nothing for GENL to be given back the right to develop the assets. In the absence of any money being available that outcome has quite a high probability, should GENL win the arbitration case. My worry is what would GENL do then? Nobody in their right mind (not from the Western world at least) is going to pump any money into developing anything in Kurdistan, especially not after what has happened over the last year or so. Any 'victory' for GENL will be pyrrhic.

Looks like everyine else is watching the footy, Dave :-)

I gave uup on it during COVID. After watching the Club staff get furloughed while the players still got paid their full salary said all you need to know about the 'sport'.

Watch the T20 cricket instead. It's more entertaining and the players play for the love of the game, certainly not for the money. And at least England have a chance of winning that one - maybe...

Good Luck.

Great trick, Anton. I'll have to remember that one :-)

I took the opportunity too, Anton.

Time will tell if that was a wise move. I can't understand why TLW took such a beating yesterday. Surely Labour's manifesto will have zero effect and oil is back over $82. It just seems like it's a bit overdone.

Good Luck.

Thanks for taking the time to respond, Poker.

An interesting article, much food for thought...

The US is a real conundrum at the moment. I don't envy J Powell. Nor do I think he's done a particularly good job.

Those at the lower end of the income scale usually tend to be the first to suffer in a downturn. They have been constrained for some time, both in the US and closer to home, and this should be bringing inflation down quickly. The US never suffered the huge energy price shock that most of the rest of the world did, so its effect on disposable income was far less than elsewhere. That has, to some extent, sheltered the less well-off, though it could only delay the inevitable.

But there's still huge piles of cash held by the better off, and they tend to use it more wisely i.e. saving (more-so now that interest rates have risen to more 'normal' levels) and investing (less-so now, for the same reason). That money is far more 'sticky' and will take a lot longer to filter through the system. It's why companies like Nvidia now have a market cap higher than a G7 country's GDP, and inflation has been consistently higher than the FED's forecasts of late. The financial system needs to normalise, but it is very difficult with this overhang of cash sloshing around.

If the Trump tax cuts are allowed to expire next year it will adversely impact the well-off the most. This is probably what needs to happen to bring the deficit under control. However, if Trump wins in November that is unlikely, and who knows what new give-aways Biden has up his sleeve shoud he get a second term? There's a lot of unknowns for the FED to deal with.

Partially for that reason, but also to restore their credibility, I think the FED will be a lot more cautious going forward. Plus, cutting rates going into the US election could be seen as political, something the FED would (hopefully) not want. There are some out there that think the FED's next move could be up. I wouldn't go that far, but I can see them holding tight for now, or maybe only one cut this year. Time will tell.

Closer to home, I agree that Labour will be very cautious if they get elected. But it never takes long for the mask to slip. Before you know it they'll be back to their old ways. Let's see how long it takes them to bankrupt the country this time round.

ATB.

A genuine question, Poker.

So where should we be looking?

I got in yesterday so I'm also smiling. I don't think that 9% yield wil be available for long, but let's see. And housebuilders have just had a shot in the arm from Labour's manifesto so that CALA divestment may fetch a higher premium, who knows?

ATB.

Yes, it certainly seems that way fordy.

I thought it was the Chairman's responsibility to prevent things like this going on but he seems to be in on the act. In the UK the Chairman and CEO roles are specifically separated to ensure all shareholders get fair treatment, but that doesn't seem to be the case here, does it?

Six consecutive green boxes! That's a reccord. :-)

Seems it's not just a UK problem:

https://oilprice.com/Latest-Energy-News/World-News/TotalEnergies-Mulls-Primary-New-York-Listing-to-Expand-US-Shareholder-Base.html

Worth a read:

https://oilprice.com/Energy/Energy-General/Why-Is-Iraq-Now-Blaming-International-Oil-Companies-For-Ongoing-Delay-To-Kurdish.html

WTF are the BoD doing while this is going on? SFA by the look of things.

Don't shareholders deserve an update? Get a grip FFS!

Not only that Sheltie but he's going to walk away with what's left of the company...

I think it's a little too early to call SDRY's demise, Humpy, but it surely ain't looking good.

I find it hard to believe that there aren't any potential suitors running a slide rule over SDRY at the moment with everything that has gone on recently. However, if none of those break cover over the next couple of days then unfortunately you are probably correct, it is all over.

Winchpete,

I agree with your logic but why should SDRY issue new equity and allow only JD to buy it? What about any others that might want to take up the offer if the terms are so favourable? They may not, but they should at least be given first refusal.

Under UK corporate governance the roles of the CEO and Chairman are deliberately separated (not so in the US and some other jurisdictions) supposedly to prevent thing like this happening. Hopefully our Chairman will be defending the rights of all shareholders.