Iraq Economic News And Points To Ponder Sunday Afternoon 4-12-26
Erbil: Meeting Between Delegations From The Kurdistan Regional Government And The Federal Government Regarding Customs And ASYCUDA
Money and Business Economy News – Baghdad A meeting between delegations from the Kurdistan Regional Government and the Iraqi Federal Government regarding customs and the ASYCUDA system began this morning, Sunday, in the city of Erbil.
The Iraqi government delegation is headed by the Director General of the Iraqi Customs Authority, Thamer Qasim Dawood, and includes a representative of the ASYCUDA team, technicians from the Federal General Customs Authority, and the Legal Department of Customs Affairs.
Daoud announced that "the federal government strongly supports the development of customs affairs in the Kurdistan Region. It is ready to offer its technical expertise with the aim of strengthening the national economy at all ports and border points in the country."
The Director General of the Iraqi Customs Authority and head of the Iraqi government delegation to the meeting told Rudaw Media Network: “A final agreement will be reached at the meeting, and then the results will be submitted to the Iraqi Economic Ministerial Council, because the vision for the electronic transformation of customs originates primarily from that council.”
Sami Jalal, an advisor to the Ministry of Interior in the Kurdistan Region, had announced to Rudaw Media Network on Wednesday, April 8, 2026, that the delegations of the Kurdistan Region and the Iraqi government had reached an agreement on the ASYCUDA system, saying: “All the laws and particularities of the Kurdistan Region were taken into account in the implementation of the system.”
At the same time, Sami Jalal indicated that a meeting would be held on Sunday, April 12, 2026, in Erbil between the Kurdistan Region and the Iraqi government, and the following day the two delegations would return to Baghdad where the final agreement would be signed at the Iraqi Economic Council.
The advisor to the Ministry of Interior, who oversees ASYCUDA operations on the Kurdistan Region side, explained that the General Directorate of Customs in the Kurdistan Region will supervise the ASYCUDA system.
https://www.economy-news.net/content.php?id=67803
Huge Losses And A Record Increase In Financial Corruption Cases In The European Union
Money and Business Economy News - Follow-up The European Public Prosecutor's Office is witnessing the registration of thousands of investigations into financial crimes and corruption in the countries of the European Union, at a time when total losses exceed 67 billion euros annually as a result of these crimes.
Ruptly quoted European Parliament member Phidias Panayiotou as saying that the European Public Prosecutor's Office opened more than 3,600 active investigations last year, with estimated losses exceeding 67 billion euros, an indicator reflecting the widening scope of financial crimes within the European bloc.
The data related to active cases shows a significant disparity between member states, with Italy topping the list with approximately 991 active cases, with estimated losses reaching 28.71 billion euros, making it the most affected within the ongoing investigations.
Next comes Germany with 361 cases with an estimated value of 5.77 billion euros, followed by France with 121 cases and losses amounting to 5.94 billion euros, and then Belgium with 99 cases with a value of 3.14 billion euros.
The investigations overseen by the European Public Prosecutor's Office focus on tax fraud cases, particularly value-added tax, as well as money laundering cases and the misuse of EU funds allocated to support programs and development projects.
The investigations also include files related to transnational organized financial crimes, in addition to suspicions of corruption in public contracts and government procurement within a number of member states.
The European Public Prosecutor's Office is expected to continue expanding the scope of its investigations in the coming period, while strengthening cooperation between member states to combat complex and intertwined cross-border financial crimes. https://www.economy-news.net/content.php?id=67721
US-Israeli War On Iran: What Is Happening On Day 40?
By Elizabeth Melimopoulos and AFP EXPLAINER News Updated: 8 Apr 2026
The US and Iran agree to a two-week truce on Tuesday, just an hour before Trump’s deadline to escalate the conflict expired. Iran says it has accepted a two-week ceasefire, with talks set to begin on Friday in Pakistan’s capital, Islamabad, after United States President Donald Trump agreed to suspend attacks on the condition that Tehran fully reopens the Strait of Hormuz.
Iran’s Minister of Foreign Affairs Abbas Araghchi said safe passage through the strategic waterway will be ensured for two weeks through coordination with the country’s armed forces.
Trump’s move followed a request from Pakistan’s Prime Minister Shehbaz Sharif, who urged Washington to extend its deadline for a deal and called on Iran to reopen the strait.
Hours after the truce was announced, Israel bombed locations across Lebanon, including the capital Beirut, in devastating attacks that authorities say have killed at least 254 people.
In Iran:
US, Iran, Israel agree to last-minute ceasefire: The US, Iran and Israel agreed to a two-week truce on Tuesday, just an hour before Trump’s deadline to escalate the conflict expired. Tehran agreed to temporarily reopen the Strait of Hormuz, while the White House confirmed Israel’s participation. The breakthrough followed talks with Pakistan’s leadership, which had pushed for a ceasefire.
Hormuz terms under ceasefire: Under the agreement, safe passage will be coordinated, with Iran and Oman allowed to charge transit fees on passing ships. Tehran plans to use the revenue for post-war reconstruction.
Ten-point peace plan: Talks are set to begin on Friday in Islamabad, mediated by Pakistan’s prime minister. Tehran’s proposal includes lifting sanctions, creating a war-loss fund, a potential US troop withdrawal from the Gulf, and recognition of Iran’s right to enrich uranium in exchange for a pledge not to build nuclear weapons. It is unclear whether the US has agreed to any of these proposals.
Tehran synagogue struck: The Israeli military accepted that an overnight strike – which it said was targeting a senior Iranian commander – caused “collateral damage” to a synagogue in Tehran, expressing regret over the incident.
Tehran leaders project strength: Al Jazeera’s Mohamed Vall reported from Tehran a “feeling of pride among the leaders”, who are telling the public that “this war is ending on Iran’s terms”.
War diplomacy:
Trump says China helped bring Iran to talks: Donald Trump told AFP he believed China played a role in pushing Iran to negotiate the two-week ceasefire. “I hear yes,” he said when asked whether Beijing was involved in bringing its ally Tehran to the table.
NATO chief to meet Trump in Washington: Mark Rutte is set to meet Trump on Wednesday, with discussions expected to focus on the Iran situation as well as Russia’s ongoing war in Ukraine, according to a NATO official.
Regional reactions: The ceasefire has triggered street celebrations in Tehran and Baghdad, with Iranian leaders declaring the conflict is ending “on Iran’s terms”. However, some citizens remain sceptical, warning the US and Israel may be using the pause to “buy time” and regroup.
Israel backs truce with limits: The office of Prime Minister Benjamin Netanyahu confirmed support for the US decision to suspend strikes on Iran, but stressed the ceasefire does not extend to Lebanon.
A fragile exit, and a narrow diplomatic window: Analyst Trita Parsi described the ceasefire as a strategic retreat by Trump, arguing the conflict had “become an absolute disaster” and forced the White House to seek a way out. “Trump needed an exit, and he took it,” he said, warning the next two weeks will be decisive, either opening a path to genuine diplomacy or allowing tensions to flare again.
In the Gulf
Bahrain says fire contained after attack: No injuries were reported at an unnamed facility following the incident, authorities said.
Saudi Arabia role acknowledged: The country was briefly mentioned and thanked by Australian leaders for its role as a mediator who helped facilitate the current ceasefire agreement.
Qatar: Before the ceasefire was reached, Qatar said the war was approaching a stage where it could no longer be contained. A Foreign Ministry spokesman urged urgent de-escalation, saying, “This is why we have been urging all parties to find a resolution… before it’s too late.”
UAE: The United Arab Emirates said that 17 Iranian missiles and 35 drones had targeted its territory despite the ceasefire.
Kuwait: The country also reported that at least 28 Iranian drones had damaged power and desalination plants as well as oil facilities, hours after the Iran-US truce came into effect.
In the US
US frames ceasefire as leverage for diplomacy: White House Press Secretary Karoline Leavitt said the military campaign was a success that achieved its goals, rejecting the idea of a retreat. She described the ceasefire as a calculated move, arguing it “created maximum leverage” for Trump to pursue tough negotiations, opening the door to a diplomatic solution and long-term peace.
US ‘remains ready’: The US military is prepared to resume attacks on Iran if ordered by Trump, the top US general said Wednesday. “Let us be clear, a ceasefire is a pause, and the joint force remains ready, if ordered or called upon,” General Dan Caine told a press conference.
US journalist released in Iraq: Secretary of State Marco Rubio confirmed the release of American journalist Shelly Kittleson, who had been kidnapped in Iraq days earlier. Her freedom came after the armed group Kataib Hezbollah said it would release her on the condition she leave the country immediately.
Scrutiny over ‘perfectly timed’ bets: An online prediction platform, Polymarket, is facing questions over possible insider trading after an anonymous user reportedly made $400,000 by accurately betting on the start of US military action and the timing of the ceasefire — raising concerns about leaks tied to geopolitical decisions.
In Israel
Israel backs ceasefire, but not in Lebanon: Israel said on Wednesday it supported the two-week ceasefire with Iran but maintained the deal “does not include Lebanon”, where it has been fighting Iran-backed group Hezbollah.
Reluctance over ceasefire: Al Jazeera’s Rob McBride reported that Prime Minister Netanyahu is “widely suspected of having derailed the last round of talks” brokered by Oman and remains “very wary of the word ‘ceasefire’.”
‘Political disaster’: Israel’s opposition leaders criticised the ceasefire, accusing Netanyahu of failing to achieve the war’s objectives.
Israel warns Lebanon ships: The Israeli military urged all vessels in the maritime zone off the coast of southern Lebanon to immediately head north of the city of Tyre, warning that it would operate in the area.
In Iraq and Lebanon
Massive casualties in Lebanon: Israel carried out 100 strikes across Lebanon, including the capital Beirut, in just 10 minutes. These devastating attacks have left at least 254 people dead and more than 1,165 wounded, completely overwhelming local hospitals.
Beirut: Witnesses described the aftermath of the strikes as “apocalyptic”. Emergency responders and excavators are digging through the rubble of dozens of destroyed homes in neighbourhoods such as Salim Salam and al-Mazraa, searching for survivors and recovering bodies.
Hezbollah signals defiance: The Lebanese group Hezbollah has not directly commented on the ceasefire, but shared a past statement by the late Iranian supreme leader, Ayatollah Ali Khamenei, alongside imagery of torn US and Israeli flags, warning: “We will make the enemy kneel.”
Iran-aligned groups pause operations in Iraq: The Islamic Resistance in Iraq said it will observe the truce, suspending military operations in Iraq and across the region for two weeks.
Global economy
Get instant alerts and updates based on your interests. Be the first to know when big stories happen.
Yes, keep me updated
Oil drops below $100: Crude prices fell on Wednesday after Trump announced a two-week ceasefire with Iran, easing fears of supply disruptions.
Caution despite ceasefire relief: Alex Holmes of the Economist Intelligence Unit said the ceasefire remains uncertain, with markets in “wait-and-see mode” as a “big gap” remains in negotiations. While oil prices fell after the announcement, he noted they are still significantly higher than in late February.
https://www.aljazeera.com/news/2026/4/8/iran-war-what-is-happening-on-day-40-of-us-israeli-attacks