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McIlroy unimpressed by lineup for inaugural LIV Golf event

McIlroy unimpressed by lineup for inaugural LIV Golf event

May 22, 2022; Tulsa, OK, USA; Rory McIlroy plays his shot from the seventh tee during the final round of the PGA Championship golf tournament at Southern Hills Country Club. Mandatory Credit: Orlando Ramirez-USA TODAY Sports/File Photo

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June 1 (Reuters) – Rory McIlroy on Wednesday dismissed the field for the inaugural LIV Golf Invitational Series as “nothing to jump up and down about” and said players joining the Saudi-funded breakaway circuit need not face severe punishment.

There has been speculation that golfers who defect to the LIV Golf Series could face lifetime bans from the PGA Tour and DP World Tour but McIlroy feels such action would be too harsh.

“I certainly don’t think they should drop the hammer,” world number eight McIlroy told reporters ahead of the PGA Tour’s Memorial Tournament in Dublin, Ohio.

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“Look, they are well within their rights to enforce the rules and regulations that have been set. But … it’s going to end up being an argument about what those rules and regulations are.”

The June 9-11 LIV Golf event outside London is headlined by Dustin Johnson, who at world number 13 is the highest-ranked player in a field that currently includes 26 of the top 150 golfers in the world. read more

Among the other notable names competing are 2017 Masters champion Sergio Garcia, 2010 British Open winner Louis Oosthuizen and former U.S. Open champions Graeme McDowell and Martin Kaymer.

“I certainly don’t think the field is anything to jump up and down about,” said McIlroy.

McIlroy, who already expressed his allegiance to the PGA Tour, said he has some friends playing the LIV Golf event and when asked if they had any desire to keep competing on the PGA Tour the 33-year-old Northern Irishman paused before answering.

“Not really, I guess. You know, you have some guys in a position where they are literally not guaranteed a job next year,” said McIlroy.

“It’s hard to stay in the top-125 out here, especially when you’re a guy in your 40s and maybe you don’t hit the ball as far as you’re used to.”

All seven regular season LIV Golf events this year will have a $25 million purse where all players are paid out, including $4 million for the winner. The season-ending event will feature a $30 million purse.

According to McIlroy, that type of money proved too enticing to turn down for those in the latter stages of their careers.

“It’s a young man’s game nowadays,” said McIlroy.

“So someone that isn’t guaranteed their Tour card next year, another entity comes along and says, we’ll guarantee you this amount for three years, plus you’re playing for a ton more prize money, and you’re playing less events, you can spend more time with your family.

“I mean, whenever you sit down and look at some of those things, you know, it’s very appealing to some of those guys that are in that position.”

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Reporting by Frank Pingue in Toronto
Editing by Toby Davis

Our Standards: The Thomson Reuters Trust Principles.

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CERAWEEK OPEC has no control over events roiling global oil markets -Sec Gen

CERAWEEK OPEC has no control over events roiling global oil markets -Sec Gen

OPEC Secretary General Mohammad Barkindo speaks during the CERAWeek conference in Houston, Texas, U.S., March 7, 2022. REUTERS/Daniel Kramer

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HOUSTON, March 7 (Reuters) – OPEC has no control over the events that have led to the run up in global oil prices and there is not enough capacity worldwide to compensate for the loss of Russian supply, OPEC Secretary General Mohammad Barkindo said on Monday.

Benchmark Brent crude prices surged on Monday, touching a 14-year high of over $139 a barrel as the United States and European allies considered banning Russian oil imports following Russia’s invasion of Ukraine.

Russia is the world’s top exporter of crude and fuel, shipping around 7 million bpd or 7% of global supplies.

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“There is no capacity in the world that could replace 7 millions barrels per day,” Barkindo told reporters at an industry conference in Houston.

“We have no control over current events, geopolitics, and this is dictating the pace of the market,” he said.

U.S., European and other governments exempted energy trade from sanctions to prevent already tight markets rallying further, but that has failed.

Traders have avoided Russian oil to avoid running afoul of future sanctions or unwittingly violating sanctions already imposed on Russian banks, companies and individuals.

With an outright ban, some analysts posit prices could rocket even higher. JPMorgan predicted Brent could hit $185 by year-end. A supply shortage would require prices to rise enough to cut demand. read more

“I have heard from several speakers here at CERAweek that current tightness in the market condition might be creating some demand destruction,” said Barkindo.

“Even as that might be the case, the other side of the equation is probably more critical at the moment, which is supply is increasingly lagging behind.”

When asked why the Organization of the Petroleum Exporting Countries (OPEC) and its allies did not just end all restrictions on output at their meeting last week, Barkindo told Reuters the situation in oil markets had developed since the group met on March 2.

“Let’s see what happens at the next meeting,” he said.

OPEC and allies led by Russia, a group known as OPEC+, said after that meeting in a statement that markets were well balanced, and OPEC+ sources reaffirmed that earlier on Monday. read more

OPEC+ remained committed to market stability, Barkindo said. The group continued to unwind the deep cuts imposed at the height of the pandemic, he said. Production should be fully restored from the cuts in September, he said.

OPEC+ stuck to a plan for a modest output rise in April at the March 2 meet and ignored the Ukraine crisis in their talks. read more

The situation in the markets was likely to be a game-changer in the energy transition, Barkindo told reporters.

Access to capital for the oil industry has become more challenging, he said, but the crisis was showing the world could not afford to stop investing in oil and gas.

Most OPEC+ members have little spare oil production capacity at the moment, with the bulk of the extra capacity available in the Gulf states of Saudi Arabia and the United Arab Emirates, according to the International Energy Agency.

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Reporting By David Gaffen and Marianna Parraga; Writing by Simon Webb; Editing by David Gregorio

Our Standards: The Thomson Reuters Trust Principles.

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Events leading up to ex-Goldman banker’s 1MDB graft trial

Events leading up to ex-Goldman banker's 1MDB graft trial

NEW YORK, Feb 14 – Former Goldman Sachs (GS.N) banker Roger Ng is accused of bribery and money laundering charges in connection with the multibillion-dollar looting of Malaysia’s 1MDB sovereign wealth fund.

Here is a timeline of key events leading up to the trial.

April 2014 – Ng, Goldman Sachs’ managing director and head of Southeast Asia sales for fixed income, currencies and commodities, leaves the bank for unspecified reasons. Ng had helped the company win business with Malaysian state fund 1Malaysia Development Berhad (1MDB).

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July 2015 – The Wall Street Journal reports that Malaysian investigators have traced nearly $700 million from entities linked to 1MDB to bank accounts in the name of Malaysian Prime Minister Najib Razak. He denies the allegations, calling the reports “political sabotage.”

February 2016 – Tim Leissner, senior Goldman Sachs investment banker and chairman of its Southeast Asia business, leaves the bank. Leissner had helped arrange the sale of U.S. dollar bonds for 1MDB. The bank drew criticism from Malaysian politicians over the hefty amount it earned from these transactions.

July 2016 – The U.S. Department of Justice files lawsuits seeking to seize dozens of properties tied to 1MDB, saying that over $3.5 billion was misappropriated. The funds were used to purchase high-end real estate, jewelry and artwork, and finance the production of the Hollywood film “The Wolf of Wall Street,” the lawsuits allege.

July 2018 – Najib is arrested by Malaysian authorities on charges linked to the 1MDB scandal. He had led the country for nearly a decade and recently lost a bid for reelection.

November 2018 – U.S. prosecutors in Brooklyn unveil criminal charges against Leissner, Ng and Malaysian financier Low Taek Jho, alleging they conspired to launder money and bribe government officials in Malaysia and Abu Dhabi through the 1MDB bond offerings. Leissner pleads guilty to conspiracy charges and agrees to forfeit $43.7 million. Ng is detained in Malaysia.

December 2018 – Malaysia files criminal charges related to the scandal against Goldman Sachs, Leissner, Ng, Low and other individuals.Low has not been arrested by U.S. or Malaysian authorities.

May 2019 – Ng is extradited to the United States and pleads not guilty to criminal charges.

August 2019 – Malaysia files criminal charges against 17 current and former directors at subsidiaries of Goldman Sachs as a result of its 1MDB probe.

July 2020 – Najib is convicted of corruption and sentenced to 12 years in jail.

October 2020 – Goldman says it will claw back $174 million in executive compensation and pay $2.9 billion to settle with the U.S. Department of Justice and other U.S. and overseas regulators over its role in the scandal. The bank’s Malaysia subsidiary pleads guilty to conspiracy in a U.S. court.

December 2021 – A Malaysian court upholds Najib’s conviction on corruption charges over the 1MDB scandal. He says he will appeal the decision to Malaysia’s top tribunal.

Feb. 8, 2022 – Chief Judge Margo Brodie selects 12 jurors and six alternates to hear the case, which is estimated to last five to six weeks.

Feb. 14, 2022 – Opening arguments begin.

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Reporting by Jody Godoy in New York; Editing by Richard Chang

Our Standards: The Thomson Reuters Trust Principles.