Banks face hidden sanctions risk; US LNG stocks climb as global demand grows

Welcome to The Daily Intel, a roundup of exclusive news and analysis from S&P Global Market Intelligence, curated by our journalists.

Editor's Pick

Banks face hidden sanctions risk amid complex correspondent banking system

Financial institutions with no Russian exposure still face significant indirect sanctions risk through the so-called correspondent banking services they provide to other banks.

Correspondent banks act as go-betweens in cross-border transactions between banks that lack formal ties, and they rely on "respondent" banks to conduct due diligence on customers. They risk facilitating illicit payments if respondent banks knowingly or unknowingly breach sanctions.

Financials

Hong Kong bankers high in demand as city fights to keep finance hub status

Bankers in Hong Kong can expect higher salaries and fat bonuses as the city battles to protect its position as a global finance hub amid a flight of talent in part triggered by strict pandemic-control measures.

Banks can expect return to strict oversight of anti-money laundering rules

Banks should not expect more of the leniency they might have received from regulators during the COVID-19 pandemic over anti-money laundering compliance.

Insurance

New receivership, carrier wind-downs add to Fla. property insurance market woes

Regulatory filings reveal various actions to reduce Florida residential property exposure in whole or in part following several years of financial woes for the marketplace, highlighted by a third receivership in a span of less than two months.

Energy and Utilities

US LNG stocks climb as Ukraine conflict fuels expectations of export build-out

Investors have expressed confidence in the prospect of more U.S. LNG capacity getting built amid Europe's effort to wean itself off Russian gas supplies and a flurry of recent long-term deal announcements.

US renewable sector gears up for battle over final China competition bill

A massive technology manufacturing and innovation bill is set to undergo a bicameral conference process in Congress. U.S. clean energy backers hope to see proposed funding and trade provisions for the industry included in the legislation.

Outlook 2022: Solar, battery storage spark CAISO capacity surge

California's efforts to ensure the lights stay on this summer in the world's fifth-largest economy will depend largely on its fast-emerging lithium-ion battery stations and its aging fleet of natural gas-fired power plants.

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