Iraq Economic News and Points To ponder Wednesday Evening 6-26-24

Iraq Economic News and Points To ponder Wednesday Evening  6-26-24

Experts: The Path To Development Is The Beginning Of An Economic Partnership

 Economical 06/26/2024  Baghdad: Shukran Al-Fatlawi  Economic affairs specialists believe that the “development path”    represents a qualitative shift in the Iraqi economy and the beginning of a new and important phase, which

      qualifies it to be the main point of contact in the issues of trade linkage between the East and West, the Gulf and Europe, in addition to its

      strategic and developmental importance and its role in

      eliminating unemployment, reviving the labor market and

      activating... The wheel of industry.

 During the “Development Road” conference organized by Iraq last year,

      which witnessed broad international participation that expressed its real desire to participate in the Iraqi strategic project, Prime Minister Muhammad Shia’ al-Sudani affirmed that the “Development Road,” which

      extends from the far south of Iraq to Turkey, is an ambitious and thoughtful plan to change... The reality

      is towards a solid economic structure, and that the project, with its work platforms,

      added value to national and local products, and economic levers, is a

      pillar of the sustainable non-oil economy, and a

      link that serves Iraq’s neighbors and the region. He added that

 Iraq will launch this promising project towards an economic partnership with neighboring countries and the region, which will make Iraq a source of modern industries and goods, and all of this will rely on multimodal corridors, more than 1,200 km of railways, their joint interoperability, and highways.

 The Director General of the General Railway Company of the Ministry of Transport, Younis Al-Kaabi, confirmed in a press statement that

 “the development road is proceeding at a confident pace, and that

the Supreme Committee discussed in its last meeting the latest developments in the project, as the percentage of railway designs exceeded 76% and the

 highway reached approximately 68%, and soil and topographic surveys exceeded 90%.” He stressed that

 "the project is receiving international attention, as all countries have a desire to be part, participate or support the project," noting that

"large, reputable international companies have expressed their willingness to work on the project, and this gives more reliability that the project is capable of success."

 Economist Dr. Adnan Bahia pointed out in an interview with “Al-Sabah” that

the importance of Iraq lies in its geographical location, a direct link between the Arabian Gulf, Turkey, and then Europe, which qualifies it to be the main and important focal point in issues of commercial connectivity and transit, as well as trade.

 He crossed the seas between East and West, thus placing him in the experience of international trade between East and West, the Gulf and Europe. He continued that

 after China launched the “Belt and Road” initiative, dozens of countries joined the agreement that revives trade between East and West,

indicating that the “Belt and Road” initiative includes the maritime line represented by trade through ports in the Arabian Sea, the Arabian Gulf and other seas, in addition to land routes. spread in East Asia, then the Middle East towards Europe, expressing his regret that Iraq, for many ill-considered reasons, turned away from this path and did not join the Chinese initiative.

 Bahiya considered Iraq’s establishment of an alternative road to the “Belt and Road Initiative,” which is the “development road,” an important initiative, as it links the Arabian Gulf on which it is currently located, and the large Al-Faw port, in which work has reached advanced stages, pointing to the completion of its first phase, which contains Five berths,

 in addition to the berths of Umm Qasr Port, Khor Abdullah Port and Al-Zubair Port, all of which are ports that make the country distinguished by the ability to accommodate large ships and deliver goods from the sea to Al-Faw and then to Europe.

 He noted the importance of having a new private road with a high capacity to contain large quantities of international trade and unload shipments from ships, and then send them overland to Europe through the “development road” that connects the port of Al-Faw and western Iraq towards the Fish Khabour area on the border between Iraq and Turkey. Close to the Syrian border, then entering Turkey and then to Europe.

 For her part, the researcher in economic affairs, Suhad Al-Shammari, in an interview with Al-Sabah, described the “development path” as a qualitative shift in the Iraqi economy, and a new beginning for an important stage, as it brings together important regional partnerships that create common ground that protects interests and develops and maintains relations with neighboring countries.

Al-Shammari added that the development road plays a role in resolving problems and confronting conflicts, as

 it is a comprehensive project that starts from the port of Al-Faw and passes through many Iraqi governorates, in addition to transporting passengers and goods more widely and in a shorter time and addresses many problems related to vital sectors in Iraq, stressing that

 The strategic project represents Iraq's return to the global platform with a strong economy and expanded investment projects.    https://alsabaah.iq/98526-.html    

Integrated Projects

Economical 06/26/2024   Walid Khaled Al-Zaidi     There is no disagreement about the utmost importance of the issue of integration in implementing development projects and the degree of interconnection between them so that the results are broader in scope, more useful, and of better quality, so that the quality and level of integration become comprehensive and not partial in the form of harmony and interaction in the process that reaches the point of strategic production so that its form has long-term results and is based on implementation.

Multiple projects, such as investing in oil and gas fields and linking them to petrochemical industry projects, and then going further to produce clean energy (for example).

 As a matter of objectivity, it must be said that the integrated projects in the field of oil are the most prominent things that can be pushed to be the best examples of this issue,

 because oil as a raw material is a necessary raw material for the production of other manufactured materials, as well as gas, some of which is associated with this crude during the extraction operations from The interior of the earth, whether at the level of wells or various fields, as the process of expansion of integration models in oil projects represents a prominent feature because it is a clear and multifaceted indicator of the ability of each country to adopt these projects for development, growth and economic advancement.

 Several countries have presented pioneering models in benefiting from the expansion Its projects include extraction stages and then derivation of other materials, leading to the production of materials different from the originally extracted primary material.

Those who follow the situation in Iraq in the field of oil and other mineral resources see an abundance of possibilities for directing the Iraqi economy towards implementing projects with integrated stages, and although this matter requires advanced technology and accumulated experience that makes a difference in production and accommodates various projects,

 but those in charge of the Iraqi economy in general and the oil field In particular, they realized the concept of integration in business management and the diversity of its production.

 There is no doubt that the focus at the present time is moving towards expanding projects to take advantage of their advantages in product diversity and increasing its activity through additional stages, methods and other complementary processes that can be called project integration and

the addition of new products from The same raw material for what was produced before, which is what the government has currently directed to push towards implementing integrated work in the energy sector and providing means of export for manufactured products to include developing oil and gas fields and linking them to petrochemical projects, clean energy and other materials, and through activating the Al-Faw refinery project as its first stage.

 The Al-Faw refinery project will provide means of exporting petroleum products, linked to the petrochemical industries project and a storage project, in addition to many projects that could be complementary and implemented by the Ministry of Oil in multiple regions of the country that have the elements for successful implementation in the governorates of Basra, Maysan, and Dhi Qar.

 These projects and others will have a significant impact in achieving Qualitative development and renaissance in the reality of the oil industry and all industries related to it on a broad national scale, based on effective evaluation and productive exchange between the basic units inside Iraq,

 in a way that can clearly work on a set of economic measures and transfers, creating close links for promising development, and operating a package of interconnected projects and successive production cycles. To benefit from resources and expand the framework of the benefits of the national economy.  

 https://alsabaah.iq/98527-.html   

To read more current and reliable Iraqi news please visit :  https://www.bondladyscorner.com/]

Provoking Thoughts and Points To Ponder On Adversity:

When I was very young, I tried selling used cars. It didn't last long. I guess that was my good luck too, that I didn't show more promise at it, or I might have been an automobile dealer.  - King Vidor

Supporting myself at an early age was the best training for life I could have possibly received.  - Lea Thompson

In my youth, poverty enriched me, but now I can afford wealth.  - Marc Chagall

I'm very grateful that I was too poor to get to art school until I was 21. ... I was old enough when I got there to know how to get something out of it.  - Henry Moore

The most valuable gift I ever received was ... the gift of insecurity ... my father left us. My mother's love might not have prepared me for life the way my father's departure did. He forced us out on the road, where we had to earn our bread.  - Lillian Gish

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

News from the Seeds of Wisdom Team Newshounds Wednesday Afternoon 6-26-24

News from the Seeds of Wisdom Team Newshounds Wednesday Afternoon 6-26-24

Good Evening Dinar Recaps,

CBDC is future of money; no competition with UPI: RBI Governor

“The future of money is CBDC and it’s not in competition with UPI. CBDC and UPI will coexist,” Das said during his address at the 188th Annual General Meeting of the Bombay Chamber of Commerce and Industry.

The bank has started incorporating new features into the new currency so that one can program even the conditions of their CBDC transfers.

Read more:  Currency Insider

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CBDCs can improve cross-border payments, financial inclusion in the Middle East: IMF

Cross-border payments are one of the key areas CBDCs can improve, the Washington-based lender of last resort says. Oil exporters in the region have been grappling with cross-border inefficiencies for decades. Existing solutions like Buna, a multi-currency cross-border payment system, have failed to make the expected impact.

“CBDCs that address these inefficiencies could significantly cut transaction costs,” the IMF said.

The most advanced cross-border CBDC project in the Middle East is mBridge, which includes the UAE and, as of this month, Saudi Arabia. mBridge, which also includes China, Hong Kong, and Thailand, entered the MVP stage recently.

Read more:  Currency Insider

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Dollar inches up against dong

Globally, the dollar was firm on Wednesday and trading on the precipice of the 160 yen barrier as investors turned cautious and counted down to the release of U.S. price data at the end of the week, Reuters reported.

At 159.78 per dollar, the yen's level has markets on alert for intervention since that is only a whisker shy of where Japanese authorities likely stepped in to buy yen in April.

The dollar index, which measures the U.S. unit against six peers, was steady at 105.64, while the euro was at $1.0715.

Read more:  Vietnam Express

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What It Means to Be Regulated by FINRA

Have you ever wondered who protects investors—and how? If you invest, it can pay to know about FINRA, the Financial Industry Regulatory Authority. FINRA is a not-for-profit organization authorized under the federal securities laws and registered with the Securities and Exchange Commission (SEC). Alongside the SEC, FINRA oversees U.S. member broker-dealers and their personnel, including individuals who recommend or sell securities products to the public. FINRA’s mission is protecting you, the investor, and ensuring the integrity of our country’s securities markets.

Read more:   FINRA

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XRP Bullish Cues Could Help Token Rally 91% In July

One of the bullish cues in XRP’s favor was Ripple receiving approval from the Dubai Financial Services Authority (DFSA) for use in the Dubai International Financial Centre (DIFC).

This milestone enhances the DIFC’s digital asset ecosystem by enabling licensed virtual asset companies to integrate XRP into their services.

Dubai’s Regulatory Advancement

As the first external virtual asset to gain regulatory clearance within DIFC’s framework, the approval marks a crucial step in the global adoption of XRP.

Read more:   CoinChapter

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mica

Markets in Crypto-Assets Regulation (MiCA)  |  ESMA Europa

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“Tidbits From TNT” Wednesday 6-26-2024

TNT:

Tishwash: Parliamentary Law: Laws awaiting legislation in the next legislative term

Today, Wednesday, the Parliamentary Legal Committee revealed the laws that could be enacted during the next legislative term, while confirming that the drug and drug laws are at the top of these laws.

Committee member Raed al-Maliki told the Maalouma Agency, “There are many important laws waiting to be passed during the next legislative term, most notably the drug, landlord, and intelligence laws.”

He pointed out that "service and economic laws will see the light of day, noting that there are some proposals submitted by representatives that will be included on the Council's agenda during the next legislative term."

He continued, “There is a desire to pass the service and retirement law for members of the Popular Mobilization Forces, in addition to amending the Personal Status Law.” link

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Tishwash:  Southern anger escalates... protests and closure of government headquarters

Several Iraqi governorates witnessed, on Wednesday morning, demonstrations demanding the provision of basic services, including water and electricity.

In a new escalation of protests in Dhi Qar Governorate, demonstrators closed the governorate’s office building and its council, until demands were met, according to video scenes obtained by Shafaq News Agency.

As for Babylon, dozens of residents of the Khamisiyah and Al-Ghazali areas demonstrated in front of the Babylon Governorate Office, to demand the provision of water to their areas, which suffer from unprecedented scarcity.

The water crisis forced residents to abandon their areas and the agricultural and livestock wealth in the most important agricultural areas south of Babil Governorate was completely destroyed.

The capital, Baghdad, woke up to the launch of two demanding demonstrations in Tahrir Square and in front of the Provincial Council building.

According to Shafaq News Agency correspondent, dozens of “whose appointments were canceled and those fleeing from the Ministry of Defense” gathered in Tahrir Square, to demand their return to service.

In a second demonstration, dozens of educators and administrators gathered near the Baghdad Provincial Council, to demand the issuance of an appointment order for them.

Iraq has been suffering from a chronic electricity shortage for decades, as a result of the siege and successive wars, and residents have been protesting for many years the frequent power outages, especially during the summer, when temperatures sometimes exceed the 50 degree Celsius barrier.  link

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CandyKisses:   Al-Amiri calls for the removal of foreign forces from Iraq

Baghdad - Iraq Today:

The head of the Nabnani Alliance, Hadi Al-Amiri, during his meeting with French Ambassador Patrick Dorrell, stressed the need for the international coalition forces to leave Iraq.

A statement by the media office of the head of the Nabnani Alliance said that "Amiri received Dorrell, and the meeting discussed many files, most notably the development of relations between the two countries in all fields, especially the economic aspect, especially after the improvement of the security situation and stability, which encourages French companies and their arrival to work and invest in Iraq."

According to the statement, the two sides also discussed the file of the presence of the international coalition, and Al-Amiri stressed the need for all its forces to leave Iraq to achieve full national sovereignty. The meeting also discussed the aggression on Gaza, and Amiri stressed the need to stop Western support for the Zionist massacres and the war of extermination of the Palestinian people.

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Tishwash: A representative points out 7 controversial points that stand before the legislation of the oil and gas law

 Member of the Parliamentary Oil and Gas Committee, Representative Ali Al-Mashkoor, confirmed on Tuesday that seven points of contention between the region and the center stand before the legislation of the oil and gas law, indicating that the seven points are administrative and technical.

Al-Mashkoor said in a statement to the Maalouma Agency, “The dialogues between the center and the region regarding agreement on the oil and gas law are still continuing between the technical and administrative committees to discuss the paragraphs of the law proposed by both sides.” “

He added, "The disputed legal materials are summarized in seven points and are distributed between administrative and technical, the most prominent of which is the region's demand to include a clause in which the right of objection (veto) on decisions should be in a small percentage, and this matter is unacceptable by the center.”

Al-Mashkoor pointed out that “no decision can be issued except in the interest of the region at the expense of the general interest of the country.” link

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Mot: .. and Then I ~~~~~~

Mot: .. Bummer -- I Do!!!

Global Economic News from the Seeds of Wisdom Team Newshounds Wednesday AM 6-26-24

Global Economic News from the Seeds of Wisdom Team Newshounds Wednesday AM 6-26-24

Good Morning Dinar Recaps,

Why the French and UK elections matter for investors

As two of Europe’s three largest economies head to the polls, what are markets telling us about the political landscape? Goldman Sachs Research’s Sharon Bell and George Cole explain how France’s looming parliamentary elections are affecting French stocks and bonds, while UK financial markets have been relatively stable ahead of the country’s general election.

Read more:  Goldman Sachs

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China’s currency is not as influential as once imagined

Its share of international reserves has stalled

Chinese officials seem pleased with the yuan’s recent progress as a global currency. The international monetary system is diversifying at an accelerating pace, said Pan Gongsheng, the governor of China’s central bank, in March. The yuan has become the fourth-most active currency in global payments, he noted. In trade finance, it now ranks third. And according to the central bank’s data, about half of China’s transactions with the rest of the world (for financial assets, as well as goods) are now settled in yuan.

Read more:  Economist

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India digital currency transactions slump after reaching initial c.bank target, sources say

Usage of India's digital currency, the e-rupee, has slumped to just a tenth of the peak hit in December, four sources said, reflecting the struggles several countries have experienced in trying to generate public support for digital currencies.

The achievement came only after banks were asked to push up transactions by offering incentives to retail users and disbursing a portion of bank employees' salaries using the e-rupee.

But now that the push has diminished, daily transaction numbers have fallen to about 100,000, said two of the sources, who are directly involved in the pilot.

This shows there is little organic demand to use the e-rupee, said a third source, a banker involved in the project.

Read more:  Reuters

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Fed’s Bowman ready to hike interest rates again if inflation disappoints

A rate-setter at the US Federal Reserve raised the possibility that interest rates could be raised even higher if progress on defeating inflation was not maintained.

At an event in London, Michelle Bowman, a rate-setter at the Fed, said she was “willing to raise” interest rates again “should progress on inflation stall or even reverse”.

Read more:  City AM

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Central Banks Urged to Adapt Rapidly to AI Advances, Says BIS Report

The Bank for International Settlements (BIS) has emphasized the urgent need for central banks to elevate their efforts in addressing the transformative impacts of artificial intelligence on global economies and financial systems. This comes from a detailed report published by BIS, highlighting the rapid advancements and potential disruptions brought about by generative AI technologies, such as large language models like ChatGPT.

The report, from the Financial Times, underscores the awareness among global financial authorities about the necessity to keep pace with the innovations driven by AI. According to the BIS, which provides banking services to central banks worldwide, AI is poised to be a “game changer” across various activities, significantly influencing the broader economy and financial landscape.

Read more: PYMNTS

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Iraq Economic News and Points To Ponder Tuesday Evening 6-25-24

Iraq Economic News and Points To Ponder Tuesday Evening 6-25-24

Professional Ethics: Theoretical And Methodological Imperatives And Economic Transformation

Economy News – Baghdad   Researcher in finance and development affairs and academic Aqeel Jabr Ali Al-Muhammadawi

It considers modern ideas about the concept, essence and structure of professional ethics, examines its main categories and problems, and determines its relationship to the general theory of ethics.

It is worth noting that there are common phrases on the subject of professional ethics: professional ethics, professional ethics, professionalism, moral values, and professional behavior.

Ethics emerged as a philosophical science in the middle of the first millennium BC. Because of the need to formalize ethical standards which was the result of the separation of theoretical spiritual activities from practical material activities.

One of the types of material and practical human activity was professional activity. Therefore, even in ancient times, professional ethics arose as an integral part of general ethical theory. Its emergence was due to the emergence of professional ethics and values.

The existence of a special professional ethics in society is a direct result of the historically established professional division and development of labor: professional specialists who know how to do what others cannot do are given certain responsibilities in relation to those who use their services, and this requires the development of special rules, charters and values, Able to support the moral position of professional groups in society, inspire confidence in them and provide moral preconditions for their development.

A good example of this topic is the famous Hippocratic Oath, the prototype of which was the Oath of the ancient Greek doctors Asclepiade.

In addition to the norms that regulate the relationship of the profession with society, the demands directed to each other within professional groups were also formed.

As an example, we can cite the laws that determined the life of workshops in the cities of Western Europe in the thirteenth and fourteenth centuries. It included a number of rules that put community members on an equal footing in terms of purchasing and processing raw materials, training and developing the capabilities of trainees and trainers, distributing orders, etc.

As well as the fundamental economic content of regulation within shops and industrial economic units, which sought to prevent the accumulation of capital and the development of free competition, it also contained a moral aspect to some extent.

With the development and complexity of social relations, with the identification of an increasing number of individual specialties and professions, the need for professional ethics has grown as a special area of ​​moral knowledge designed to regulate relations between people in any particular profession.

The need for specific ethical requirements and, hence, special professional ethics, is manifested primarily in social-humanitarian professions, in professions of the “person-to-person” type, the main content of which is education and satisfaction of the needs of the individual.

Professional and ethical norms are also being developed in those types of activities associated with the performance of socially important and necessary functions - in the organization of the civil service, in the service sector, commercial, industrial, agricultural, etc.

Professional ethics are also shaped in other professions; It also develops ethical relationships between professionals, society, managers, subordinates and other employees. These relationships are subject to professional ethics. With the development of modern administrative structure and work organization, increasing importance is given to the development of rules of administrative ethics and management ethics.

The emergence and development of such standards and corresponding motives of behavior and professional assessments is one of the directions of the moral development of humanity.

Despite the universal nature of ethical requirements and the existence of uniform business ethics, specific behavioral and value codes have been identified for an increasing number of types of professional activity.

Especially in the reality of economic and professional transformations in Iraq, and the importance of preparing, organizing and approving a guide to professional ethics and conduct procedures and its pioneering role in development and economic renaissance. Views 141   06/25/2024 https://economy-news.net/content.php?id=44601

A Parliamentary Committee Recommends That The Ministries Of Finance And Planning Issue Instructions For Implementing The 2024 Budget Schedules

Money  and business  Economy News _ Baghdad  Today, Tuesday, the Parliamentary Finance Committee recommended the Ministries of Finance and Planning to release instructions for implementing the 2024 budget schedules, while indicating that all appeals are normal and did not rise to the rejection of some paragraphs.

Committee member Nazem Al-Shibli said in an interview with the Iraqi News Agency, followed by Al-Iqtisad News, that “the budget is considered effective after its publication in Al-Waqa’i newspaper, but it needs instructions issued by the Ministries of Finance and Planning in order for it to be clearly implemented in the ministries, agencies, and governorates,” explaining that “the budget does not There are no complaints and appeals every year, but the court is the one that decides the validity of implementation or legislation.”

He added that "the court will hear all appeals," pointing out that "the budget is subject to appeal in the event of any party objecting to a part of it," noting that "all appeals are normal and do not rise to the rejection of some paragraphs."

It is noteworthy that the House of Representatives voted earlier on the amended schedules of the Federal Budget Law No. (13) for the year 2024 and its annexed schedules (A/B/C/D/E/F). https://economy-news.net/content.php?id=44597

A Slight Increase In Global Oil Prices 

Tuesday 25, June 2024 | Economical Number of readings: 289  Baghdad / NINA / Oil prices recorded a slight increase.  Brent crude futures for August delivery rose seven cents, or 0.08%, to $86.06 per barrel by 00:15 GMT, before the contract expires later this week. The most actively traded September contract rose 8 cents, or 0.09%, to $85.23.

US crude futures rose 11 cents, or 0.13%, to $81.74 a barrel, and both benchmarks rose about 3% last week, achieving gains for two consecutive weeks.

US crude oil inventories are expected to decline by three million barrels in the week ending June 21. Gasoline stocks are also expected to decline, while distillate stocks are likely to rise. According to Reuters./Ends 11   https://ninanews.com/Website/News/Details?key=1133975

Decrease In Dollar Exchange Rates In Local Markets In Baghdad

Economy | 06/25/2024    Baghdad - Mawazine News  Dollar prices fell in Baghdad markets, today, Tuesday, with the closure of the two main stock exchanges in the country.

Dollar prices fell with the closure of the Al-Kifah and Al-Harithiya stock exchanges, recording 147,750 dinars against 100 dollars, while this morning it recorded 147,900 dinars against 100 dollars.

Selling prices in the field of banking in the local markets in Baghdad were stable, as the selling price reached 148,750 Iraqi dinars for 100 dollars, while the purchase price reached 146,750 dinars for 100 dollars.    https://www.mawazin.net/Details.aspx?jimare=250231

To read more current and reliable Iraqi news please visit :  https://www.bondladyscorner.com/

Provoking Thoughts and Points To Ponder On Character:

A person's reputation is a mixture of what his friends, enemies, and relatives say behind his back. - Anonymous

Always do right. This will gratify some people, and astonish the rest.  - Mark Twain

He's an honest man - you could shoot craps with him over the telephone.  - Earl Wilson

The man whose conscience never troubles him must have it pretty well trained.  - Anonymous

Conscience is a treacherous thing, and mine behaves badly whenever there is a serious danger of being found out.  - Margaret Lane

Too often when conscience tries to speak, the line seems to be busy.  - Anonymous

He liked to like people, therefore people liked him.  - Mark Twain

Generous people are rarely mentally ill people.  - Karl Menninger

When wealth is lost, nothing is lost; When health is lost, something is lost; When character is lost, all is lost!  - Anonymous

The great hope of society is individual character.  - William Ellery Channing

 You must look into people as well as at them.  - Lord Chesterfield

Human improvement is from within outward.  - James Froude

Talent is nurtured in solitude; character is formed in the stormy billows of the world.  - Goethe

 http://famousquotesandauthors.com/topics/character_quotes.html

Economist’s “ News and Views” Tuesday 6-25-2024

30 Countries ditch US dollar: What Next?

Fastepo:  6-25-2024

Nations and regional alliances are increasingly moving away from the US dollar for their trade transactions, a process termed de-dollarization.

This trend seeks to decrease dependence on a single currency, thereby enhancing economic stability by employing a variety of local currencies.

By prioritizing their own currencies, countries aim to mitigate geopolitical risks and bolster their domestic economies.

This ongoing shift is transforming global trade and financial systems, potentially reducing the global dominance of the US dollar.

 In this video, we examine the recent trend among various nations to decrease their dependency on the US dollar for international transactions.

We investigate the reasons driving these decisions and offer insights into their economic strategies.

Additionally, we focus on de-dollarization efforts within the BRICS+ bloc, highlighting significant steps these countries have taken to diversify the currencies used in global trade.

https://www.youtube.com/watch?v=C_cl2D8qg5c

LIVE! The U.S. e-CON-omic CON-JOB Is Worsening FASTER! EXPECT A HIGHER STOCK MARKET.

Greg Mannarino:  6-25-2024

https://www.youtube.com/watch?v=T_kPH_iMZ64

ALERT: FDIC Slams Big Banks for MASSIVE Risks

Taylor Kenny:  6-25-2024

The FDIC has raised alarms over major banks' emergency plans, concerns mount over the scale of derivative exposure in the financial sector, and questions emerge about the adequacy of deposit insurance amid banking uncertainties.

 With whispers of a potential global financial shake-up, what do the experts know that we don't?

https://www.youtube.com/watch?v=1lP9qfWgRws

“Tidbits From TNT” Tuesday 6-25-2024

TNT:

Tishwash:  Parliamentary recommendation for Finance and Planning to launch instructions for implementing budget schedules

Today, Tuesday, the Parliamentary Finance Committee recommended the Ministries of Finance and Planning to release instructions for implementing the 2024 budget schedules, while indicating that all appeals are normal and did not rise to the rejection of some paragraphs.

Committee member Nazem Al-Shibli said, “The budget is effective after its publication in Al-Waqa’i newspaper, but it needs instructions issued by the Ministries of Finance and Planning in order for it to be clearly implemented in the ministries, agencies, and governorates,” explaining that “the budget is not devoid of complaints and appeals every year, but the court It is the one who decides the authority to implement or legislate.”
 
Al-Shibli added, “The court will hear all appeals,” pointing out that “the budget is subject to appeal if any party objects to a part of it,” noting that “all appeals are normal and do not rise to the rejection of some paragraphs.”  link

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CandyKisses: The Central Bank of Iraq revealed the mechanism of imposing fines on private banks

According to a document issued by the bank on the third of this month, "we would like to inform you that the imposition of fines on banks and non-bank financial institutions is done through a competent committee in this bank based on the Central Bank Law No. (56) of (2004) and the Banking Law No. (94) of (2004) and the instructions and controls that regulate banking operations."

He added that due to the violation of these laws, instructions and controls by the bank or non-banking financial institution, the purpose of imposing fines on banks and non-bank financial institutions is to prevent them from committing violations of the laws mentioned above and the instructions issued under them to protect them and ensure their safety and the safety of the financial sector in general.

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Tishwash:  Finally, “Carrefour” will open in Baghdad.. The international chain has ended its hesitation

It may not be a passing commercial event in Baghdad.. The international shopping chain “Carrefour” - which has been reluctant for years to enter the Iraqi market - has made up its mind and is actually preparing to open two branches in the capital.

The first will be in the Jadriya area within the “Jadriya Mall,” and the second within the Bismayah Mall complex. According to information obtained by the 964 network from various sources, the opening of the chain of markets in Al-Harithiya Mall has been withdrawn, because “Carrefour” needs a very large space that “Al-Harithiya” did not provide.

He already got what he wanted, as he acquired the largest part of the area of ​​Al-Jadriya Mall, which will also include a group of branches of international agencies, while the chain’s branch in Bismaya will also obtain a large area within the mall of the residential complex, and Al-Jadriya Mall was scheduled to open.

It was strange that the local authorities in Baghdad agreed to open “Carrefour” in Jadriya...the most crowded area of ​​Baghdad. Usually, the authorities oblige the “Carrefour” chain to open its branches in areas far from city centers, to contribute to the revitalization of remote areas and eliminate traffic congestion, especially since the crowding “Carrefour” is a certainty due to the easy and unique shopping experience it provides, the competitive offers and prices, the way products are presented, and the quality standards supervised by teams of international experts.

Carrefour is a French international supermarket chain with five branches in the Kurdistan region of Iraq (5 branches in Erbil, a branch in Sulaymaniyah, and another in Dohuk), and provides a wide range of home, food and other shopping options to the consumer.

Carrefour was scheduled to open a branch in Baghdad Mall in the Al-Harithiya area in the center of the capital, but the lack of suitable spaces prevented this, which prompted those responsible for the chain’s affairs in Iraq to search for alternative locations, indicating the possibility that the chain may have a third branch and perhaps A fourth in Baghdad soon. link

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Tishwash:  Canadian oil replaces Iraqi crude on the American West Coast

Refineries on the West Coast of the United States intend to replace their imports of heavy Iraqi oil with cheaper crude from Canada, at a time when the newly expanded “Trans Mountain” line is re-arranging trade flows across the Pacific Ocean, according to what Bloomberg reported.

 California and Washington are scheduled to import about 150,000 barrels per day of Canadian crude via tankers in June, representing a seven-fold increase in average volumes, according to preliminary data from Vortexa. At the same time, their imports of Iraqi “Basra Heavy” crude are expected to decrease to 3,587 barrels per day, from 76,000 barrels last May.

The Trans Mountain expansion, which began in May, transports 590,000 barrels per day of crude from the Canadian oil sands to Vancouver for export. This is likely to be an advantage for refiners on the US West Coast, which would otherwise pay several dollars more per barrel to buy Iraqi crude.

As Canadian imports to the US West Coast rise, shipments of Brazilian medium-sulfur TUPI oil, as well as Basra Heavy crude, decline.

Alberta's heavy West Canadian Standard crude is trading about $13 cheaper than U.S. West Texas Intermediate crude, or about $67 a barrel, according to Bloomberg's general index pricing. Basra Heavy crude is trading about $5.55 cheaper than benchmark Brent crude, or more than $80 per barrel.  link

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Mot: . Breads Ready!!!!

Mot:  Yaaaaaaaaaaaaaah !! - Score un fur Earl 

Iraq News Highlights Tuesday AM 6-25-24

Iraq News Highlights Tuesday AM 6-25-24

An Expert Expects Economic Growth In Iraq To Decline During 2024

Economy |Baghdad today - Baghdad Today, Tuesday (June 25, 2024), the economic expert, Nabil Al-Marsoumi, revealed the rate of economic growth in Iraq during 2024.

Al-Marsoumi said in a post on the Facebook platform, followed by “Baghdad Today,” that “the World Bank confirmed in its report that Iraq’s economic growth reached 7.6% in 2022 and 7.6% in 2022, while it reached 2.9% in 2023,” expecting “Iraq’s economic growth will decrease in the year 2024 to reach - 0.3%, and it will achieve growth in the year 2025 reaching 3.8% and 5.3% in the year 2026.”

He added, "Economic growth in Iraq is not self-growth or planned, but rather a transitory growth linked to external variables, the most important of which is the rise in global demand for oil and the rise in its prices, and therefore it cannot be relied upon to create positive effects among the various economic sectors," pointing out that "it should have been The World Bank should pay attention to the growth rate of non-oil gross product and not to general economic growth, which is greatly affected by oil.”

Al-Marsoumi continued, “The significant economic growth achieved in Iraq in 2022 resulted from the increase in oil production quantities and the rise in oil prices, while the negative economic growth in 2023 and 2024 is linked to the decline in oil production quantities due to OPEC Plus restrictions and the decline in oil prices, as well as the expected positive economic growth.” “The years 2025 and 2026 are linked to a reduction in OPEC restrictions and the possibility of a rise in global oil prices.”   LINK

Parliamentary Recommendation For Finance And Planning To Launch Instructions For Implementing Budget Schedules

Political |  06/25/2024   Baghdad - Mawazine NewsToday, Tuesday, the Parliamentary Finance Committee recommended the Ministries of Finance and Planning to release instructions for implementing the 2024 budget schedules, while indicating that all appeals are normal and did not rise to the rejection of some paragraphs.

Committee member Nazem Al-Shibli said, “The budget is effective after its publication in Al-Waqa’i newspaper, but it needs instructions issued by the Ministries of Finance and Planning in order for it to be clearly implemented in the ministries, agencies, and governorates,” explaining that “the budget is not devoid of complaints and appeals every year, but the court It is the one who decides the authority to implement or legislate.”

 Al-Shibli added, “The court will hear all appeals,” pointing out that “the budget is subject to appeal if any party objects to a part of it,” noting that “all appeals are normal and do not rise to the rejection of some paragraphs.”   https://www.mawazin.net/Details.aspx?jimare=250213

The Dollar Continues To Rise.. Learn About The Exchange Rates In Iraqi Markets[/Size]

Economy  2024-06-25 Alsumaria News – Economy   Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in Iraqi local markets for Tuesday, June 25, 2024.

Dollar prices rose slightly with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 147,900 Iraqi dinars for every 100 dollars, while selling prices in exchange shops in the local markets in Baghdad rose, as the selling price reached 148,750 dinars, while the purchase price reached 146,750 dinars for every 100 dollars.

On February 7, 2022, the Council of Ministers announced its approval of amending the dollar exchange rate to 1,320 dinars per dollar.

For about a year, and specifically since the Central Bank began operating the electronic platform and the international financial transfer system ““SWIFT,” the dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the parallel markets.    LINK

Canadian Oil Replaces Iraqi Crude On The American West Coast

Money  and business  Economy News - follow up   Refiners on the West Coast of the United States intend to replace their imports of Iraqi heavy oil with cheaper crude from Canada, at a time when the newly expanded “Trans Mountain” line rearranges trade flows across the Pacific Ocean.

California and Washington are scheduled to import about 150,000 barrels per day of Canadian crude via tankers in June, representing a seven-fold increase in average volumes, according to preliminary data from Vortexa. At the same time, their imports of Iraqi “Basra Heavy” crude are expected to decrease to 3,587 barrels per day, from 76,000 barrels last May.

The Trans Mountain expansion, which began in May, transports 590,000 barrels per day of crude from the Canadian oil sands to Vancouver for export. This is likely to be an advantage for refiners on the US West Coast, which would otherwise pay several dollars more per barrel to buy Iraqi crude.

Trade flows also suggest that the United States will for now remain a dominant buyer of Canadian oil, even as the pipeline gives producers access to coveted Asian markets.

European competition for Iraqi Basra crude in light of the shortage of supplies

While the Trans Mountain line is still not operating at full capacity, the company expects 22 tankers to ship crude oil from Vancouver this month. More than 81 thousand barrels per day are heading to China. Another 50,000 barrels per day are headed to India, the first movement of its kind off the Canadian Pacific coast.

As Canadian imports to the US West Coast rise, shipments of Brazilian medium-sulphur, Tupi, as well as Basra Heavy crude oil are declining.

Alberta heavy West Canadian Standard crude is trading about $13 cheaper than U.S. West Texas Intermediate crude, or about $67 a barrel, according to Bloomberg's general index pricing. Basra Heavy crude is trading about $5.55 cheaper than benchmark Brent crude, or more than $80 per barrel. Views 69 06/25/2024 https://economy-news.net/content.php?id=44588

Basra Council: We Are Serious About Activating The Law On Basra, The Economic Capital Of Iraq

Monday 24, June 2024 | Economical Number of readings: 515

Basra / NINA / The Basra Governorate Council confirmed its intention "to activate the law on Basra, the economic capital of Iraq, pointing to discussing the issue with the Prime Minister in order to activate this law."

The head of the Council’s Finance and Administrative Committee, Shukr Al-Amiri, said, “This is an attractive factor for foreign investment companies, given that Basra will be a corridor for international trade,” indicating that all of this encourages the economy, develops trade, and also provides job opportunities for many unemployed youth. .

Al-Amiri explained that the seventh economic conference in Basra Governorate comes in order to focus on economic activity in the governorate. https://ninanews.com/Website/News/Details?key=1133954

Provoking Thoughts and Points to Ponder on Wealth

I have enough money to get by. I'm not independently wealthy, just independently lazy, I suppose. - Montgomery Clift

I have no complex about wealth. I have worked hard for my money, producing things people need. I believe that the able industrial leader who creates wealth and employment is more worthy of historical notice than politicians or soldiers.  - Paul Getty

I was born into it and there was nothing I could do about it. It was there, like air or food, or any other element. The only question with wealth is what you do with it.  - John D. Rockefeller

I wish to become rich, so that I can instruct the people and glorify honest poverty a little, like those kind-hearted, fat, benevolent people do.  - Mark Twain

 In big houses in which things are done properly, there is always the religious element. The diurnal cycle is observed with more feeling when there are servants to do the work.  - Elizabeth Bowen

True abundance is not about gathering more things, it's about touching the place in us that is connected to the divine source of abundance, so that we know what we need in the moment will be provided.  - Mary Manin Morrissey

It's time we put thoughts of lack behind us. It's time for us to discover the secrets of the stars, to sail to an uncharted land, to open up a new heaven where our spirits can soar.  - Sarah Ban Breathnach

It is good to have things that money can buy, but it is also good to check up once in awhile and be sure we have the things money can't buy.   - George Horace Lorimer

Ordinary riches can be stolen, real riches cannot. In your soul are infinitely precious things that cannot be taken from you.  - Oscar Wilde

'Let us not get so busy or live so fast that we can't listen to the music of the meadow or the symphony that glorifies the forest. Some things in the world are far more important than wealth; one of them is the ability to enjoy simple things.  - Dale Carnegie

http://famousquotesandauthors.com/topics/wealth_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

Iraq Economic News and Points To Ponder Monday Afternoon 6-24-24

Iraq Economic News and Points To Ponder Monday Afternoon 6-24-24

Iraq Transfers $254 Million Abroad Within One Day

Economy | 06/24/2024   Baghdad - Mawazine News  Foreign remittance sales at the Central Bank of Iraq auction, today, Monday, increased by 92% over cash sales, reaching more than 254 million dollars.

Today, during its auction for buying and selling the US dollar, the Central Bank sold 274 million, 246 thousand and 415 dollars, covering it at a base exchange rate of 1,310 dinars per dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,305 dinars per dollar in cash. .

Most of the dollar sales went to strengthen balances abroad in the form of transfers and credits, which amounted to 254 million 66 thousand and 415 dollars, an increase of 92% over cash sales amounting to 20 million 180 thousand dollars.

The number of banks that purchased cash dollars reached 3 banks, while the number of banks that responded to requests to enhance balances abroad reached 16 banks, and the total number of exchange and brokerage companies participating in the auction was 40 companies.

https://www.mawazin.net/Details.aspx?jimare=250168

The Central Bank Publishes The Mechanism For Imposing Fines On Private Banks

Economy |  06/24/2024   Baghdad - Mawazine News  The Central Bank of Iraq revealed the mechanism for imposing fines on private banks and money changers.

According to a document issued by the bank on the third of this month, “We would like to inform you that imposing fines on banks and non-banking financial institutions is carried out through a specialized committee in this bank whose work is based on Central Bank Law No. (56) of (2004) and Banking Law No. (94) of (2004) and the instructions and controls that regulate banking operations.”

He added, “In view of the bank or non-banking financial institution’s violation of these laws, instructions and controls, noting that the purpose of imposing fines on banks and non-banking financial institutions is to prevent them from committing violations of the laws mentioned above and the instructions issued pursuant to them to protect them and ensure their safety and the safety of the financial sector in general.” .    https://www.mawazin.net/Details.aspx?jimare=250153

The President Of The Republic Calls For Amending Laws Related To Investment

Political | 02:19 - 06/24/2024  Baghdad - Mawazine News   On Monday, President Abdel Latif Gamal Rachid called for amending laws related to investment.

A statement from the Presidency of the Republic stated, “The President of the Republic, Abdul Latif Jamal Rashid, received today at Al-Salam Palace in Baghdad, the Chairman of the National Investment Authority, Haider Muhammad Makkiya,” indicating that “during the meeting, the National Authority’s work plans and its investment policy were reviewed.”

The President of the Republic pointed out "the necessity of overcoming obstacles facing investors, as well as supporting Iraqi businessmen and involving them in the investment process."

He explained that "activating investment requires making amendments to some of the applicable laws," stressing his support for "everything that would facilitate and revitalize this vital sector in a way that strengthens the national economy and provides job opportunities."

He stressed "developing communication mechanisms, exchanging experiences and information, and enhancing the process of trade partnerships between Iraq and countries with expertise in this field."

For his part, Makiya affirmed the Authority's "keenness to develop the work," reviewing "the investment plans and projects currently in the works, in addition to the future plans drawn up to develop all cities in Iraq and serve their residents."   https://www.mawazin.net/Details.aspx?jimare=250163

Iraq.. Oil Will Continue To Rise Until 2025

Economy | 06/24/2024   Baghdad - Mawazine News  The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, today, Monday, identified the most important economic gains achieved due to the rise in oil prices, pointing out that global energy market sources indicate that the current rise in oil prices will continue until the end of the year 2025.

Saleh said, “There are There is a clear link between the rise in revenues from Iraqi sourced oil due to the rise in energy prices in global markets on the one hand, and the sustainability of financing investment projects whose allocations are estimated in Federal General Budget Law No. 13 of 2023 (the tripartite budget), which exceeds 55 trillion dinars annually.”

He explained, “The rise in oil prices above their estimated rates leads to reducing the hypothetical deficit gap in the annual general budget, which is estimated at approximately 64 trillion dinars, and provides sustainability of spending on development projects,” stressing that “the hypothetical deficit is no longer a reason for faltering or delaying reconstruction projects and expenditures.” Related investment.

Saleh added, "The government program has prioritized, in its philosophy and general directions, the policy of diversifying sources of income in the national economy."

He stated, “For the first time, sovereign guarantees are granted to market activities and the private sector as a partner in development, with priority to major economic diversification activities, by providing appropriate financing to the private sector from global financial sources in order to finance the transfer of modern technology, especially the manufacturing and petrochemical industries, as well as industries related to the provision of high-quality products.” “A link to reconstruction, to ensure stable and high growth rates and provide the requirements for sustainable development and operation.”

He pointed out, “Global energy market sources indicate that the current oil prices will continue to rise until the end of the year 2025, with an average price of one barrel of crude oil at no less than $82, which is an average that exceeds the conservative price mentioned in the general budget law above, which was estimated at about $70 per barrel.”   https://www.mawazin.net/Details.aspx?jimare=250173

Iraq Approves The Lending Strategy

06/24/2024   Baghdad - Mawazine News   , today, Monday, the Ministerial Council for the Economy approved the national lending strategy, while deciding to hold a special session of the Council, in the Kurdistan region, to resolve all outstanding economic problems.

This came during a meeting held under the chairmanship of Foreign Minister Fouad Hussein, the 18th session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Finance, Trade, Agriculture, Industry, Labor and Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank of Iraq, and the Prime Minister’s advisors for economic and legal affairs. Chairman of the Securities Commission, and Undersecretary of the Ministry of Oil.

According to a statement received by Mawazine News Agency, the Council discussed the items on its agenda and took the necessary decisions regarding them, and approved the Ministry of Transport’s request to refer a project to extend a railway between the city of Basra and the Shalamcheh port, as far as financial powers are concerned.

The Council approved the national lending strategy after the Governor of the Central Bank presented a brief on the strategy and what the bank implemented during previous lending initiatives. It also decided to hold a special session in order to discuss all opinions, ideas and proposals related to maximizing the state’s non-oil revenues.

The Council agreed, according to the statement, for the General Company (UR) affiliated with the Ministry of Industry to purchase the damaged and damaged cables and wires from the Ministry of Electricity and all their assortments for a price to be agreed upon between the two parties.

The Council reviewed the technical report prepared by the Ministry of Commerce on the reality and work of private mills, and decided to support the Ministry’s measures to improve the quality of flour production provided to citizens, as well as to approve the transfer of ownership of the mills.

The Council also agreed to cancel the withdrawal of work from the company executing the contract to prepare (16) spherical tanks so that the completion rates reach the final stages. The Council also decided, upon the request of the Ministry of Agriculture, to open the import of winter crops (lahana, cauliflower, lettuce, turnips, and beets).   https://www.mawazin.net/Details.aspx?jimare=250167

How Much Were The Dollar Exchange Rates In The Markets Today?

Economy |  06/24/2024  Baghdad - Mawazine News   The exchange rates of the dollar against the dinar rose today, Monday, in the markets of the capital, Baghdad.

Dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 147,150 dinars for every 100 dollars, while yesterday, Sunday, they recorded 146,800 dinars for every 100 dollars.

Selling prices also rose in the local markets in Baghdad, as the selling price reached 148,000 dinars, while the purchasing price reached 146,000 dinars for every 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=250162

To read more current and reliable Iraqi news please visit :  https://www.bondladyscorner.com/

Provoking Points To Ponder On Chance and Fortune

I make the most of all that comes, And the least of all that goes. - Sara Teasdale

If you do not expect it, you will not find the unexpected, for it is hard to find and difficult. - Heraclitus

Two roads diverged in a wood and I - I took the one less travelled by, And that has made all the difference.  - Robert Frost

Unless a man has trained himself for his chance, the chance will only make him ridiculous.  - W. Matthews

Chance is always powerful. Let your hook be always cast. In the pool where you least expect it, will be a fish.  - Ovid

Chance is the pseudonym of God when he did not want to sign.  - Anatole France

The harder you work, the luckier you get.  - Gary Player

I think we consider too much the good luck of the early bird and not enough the bad luck of the early worm.  - Franklin D. Roosevelt

Fortune favours the bold.  - Terence

The luck of having talent is not enough; one must also have a talent for luck.  - Hector Berlioz

In the field of observation, chance favours the prepared mind.  - Louis Pasteur

http://famousquotesandauthors.com/topics/chance_and_fortune_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

Economist’s “News and Views” Monday 6-24-2024

U.S. Dollar Will Lose its Reserve Status, “We Fumbled this Big Time”: Charles Payne

Daniela Cambone:  6-24-2024

The Fed is on the verge of making a monumental mistake,” warns Charles Payne, host of Fox's "Making Money with Charles Payne.” Speaking with Daniela Cambone, Payne criticizes the Federal Reserve's decision to hold interest rates steady at a 23-year high, arguing it will not benefit the economy.

He also lashes out against the Fed's “data-dependency” approach, questioning, “What data exactly are you looking at? Are you looking at late payments? Are you looking at bankruptcies?”

 On recent reports of Saudi Arabia breaking away from the petrodollar system, Payne acknowledges that de-dollarization is happening.

 "We're not doing the things that come with the sort of fiduciary responsibility of having the world's premier currency," he says.

He also advises people to stay flexible about the city where they buy their first home and to start saving. Watch the insightful interview now to learn more about Payne's views.

CHAPTERS:

 00:00 De-dollarization

 5:48 HSBC statement about the US dollar

7:21 Fed rate cuts

10:58 Job market

13:50 People can’t retire

16:52 Housing purchasing

20:44 Stock market

23:39 Investing in precious metals

24:58 Future of America

https://www.youtube.com/watch?v=DQclKKeXxnQ

BRICS' WIN IN ASIA: Malaysia & Thailand Apply to Join, While Japan Is Ditching US Treasuries

Lena Petrova:  6-24-2024

https://www.youtube.com/watch?v=oI4qrr87zN4

US Dollar to Get Re-Priced from ‘Widely Overvalued’ Levels, Massive Impact on Gold, Bitcoin Targets

Kitco News:  6-24-2024

U.S. Treasuries will be dumped as global reserves by 2030 as the U.S. dollar will get re-priced from "widely overvalued" levels, Luke Gromen, founder and president of Forest for the Trees (FFTT), tells Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News.

Gromen weighs in on what he sees as the new global reserve asset and what it means for gold and Bitcoin prices.

https://www.youtube.com/watch?v=Vv9DVOhyNhE

Goldilocks' Comments and Global Economic News Monday 6-24-24

Goldilocks' Comments and Global Economic News Monday 6-24-24

Good Evening Dinar Recaps,

CFTC Announcement:

"Washington, D.C. — The Commodity Futures Trading Commission Open Meeting scheduled for Monday, June 24, 2024, has been cancelled. The matters under consideration have been completed through the Commission’s seriatim process."

Let's take a close look at what has been completed.

* "Final capital and financial reporting comparability determinations and orders for certain nonbank swap dealers domiciled in Japan, Mexico, the European Union (limited to France and Germany), and the United Kingdom

* Applications of ForecastEx LLC for Registration as a Derivatives Clearing Organization and a Designated Contract Market"

The first item on the list above that was completed dealt with Cross-Border applications of Swaps Provisions. Capital and Financial reporting is being allowed by non-U.S. swap dealers and market participants (MSPs) that meet agreed upon standards with their home jurisdiction's regulations instead of the CFTC's. You can look at the list above of Nations that qualify.

The reason for the above being so important is because of the following procedures. These swap execution facilities have to be registered to operate as derivatives clearing organization that will allow global access to foreign currency exchanges and other financial instruments of interest.

The final item deals with designating contracts. Designated Contract Markets (DCMs) are exchanges that list trading futures or option contracts that are based on all types of commodities. And this, comes under the Commodities and Futures Trading Commission (CFTC) and their governance.

Compliance Date: Effective July 13, 2023. Derivative Clearing Organizations DCOs must comply by July 12, 2024.  (See Federal Register link below)

The completion of these swap dealer compliance issues in the Forex Market comes at a time when Iraq has just completed their requirements on phase one of their economic reforms. Phase one is a completion of reforms that have now qualified Iraq for international trade.  CFTC  Federal Register

© Goldilocks

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Options Clearing Corporation: Risk Management Transformation | Youtube

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Understanding Treasury Contract Specifications | Youtube

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Central Bank Swap Arrangements, Explained | Youtube

👆  Goldilocks pointed to this article

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Hong Kong invites global opinions on web3 and virtual assets future - StartupNews fyi

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Asset managers update proposals for Ether ETFs, eyeing July launch — Blockchair News

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Commission seeks input from industry on the use of artificial intelligence in finance - European Commission

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The podcast 6/22/24 on Vietnam should get everyone excited about where we are with FACTS. Podcast     Youtube

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Iraq News Highlights and Points To Ponder Monday AM 6-24-24

Iraq News Highlights and Points To Ponder Monday AM 6-24-24

Oil Continues Its Losses As Commodity Markets Are Affected By The Rise Of The Dollar

Monday 24, June 2024 08:38 | Economical Number of readings: 148

Baghdad / NINA / Oil prices fell in early Asian transactions today, Monday, for the second session in a row, affected by the rise of the dollar after renewed fears of the continuation of high interest rates for a longer period and the lack of risk appetite among investors.

By dawn today, Brent crude futures fell 40 cents, or 0.5%, to $84.84 per barrel, after falling 0.6% upon settlement on Friday. West Texas Intermediate crude futures also fell 39 cents, or 0.5%, to $80.34 per barrel.  The rise of the dollar raises the cost of purchasing oil denominated in the US currency for holders of other currencies.

But crude contracts rose by about 3% last week due to indications of increased demand for oil products in the United States, the world's largest consumer, as well as the continued implementation of production cuts in the OPEC+ group.

Oil prices received support from geopolitical risks in the Middle East due to the war in the Gaza Strip, as well as the intensification of Ukrainian drone attacks on Russian oil refineries.]https://ninanews.com/Website/News/Details?key=1133787

The Dollar Rises Again Against The Iraqi Dinar After Declining For Two Consecutive Days

Economy |Today  Baghdad today – Baghdad  Today, Monday (June 24, 2024), the dollar exchange rates recorded a slight increase against the Iraqi dinar on the main stock exchange in the capital, Baghdad .

The "Baghdad Today" correspondent said, "The dollar prices on the Al-Kifah and Al-Harithiya stock exchanges recorded 147,100 dinars for every 100 dollars."

He added, "Prices in banking shops in local markets in Baghdad also recorded an increase, as the selling price reached 148,000 dinars, while the purchase price reached 146,750 dinars for every 100 dollars." LINK

The 2024 Budget Is Safe With Government Controls

Iraq  06/24/2024  The Budget Department of the Ministry of Finance called on all ministries, governorates, and entities not affiliated with a ministry, to send their authorized representatives for the purpose of receiving estimates of current expenditures, revenues, and investment projects for the current year, approved by the House of Representatives, and this is the first time that general budget tables have been approved and not a law.

 Budget, where the government set a general budget for three years (2023, 2024, 2025).

There has been much talk among specialists about the budget deficit, which some have estimated at 25 percent, while the government seems confident in its calculations and is constantly calling for reassurance.

The financial advisor to the Prime Minister, Dr. Mazhar Muhammad Saleh, on specific mechanisms to fill the supposed deficit.

Saleh told Al-Sabah: “There are various objective factors that public finances depend on in the event of a real emergency deficit during the remaining six months of spending of the current fiscal year, which is known as limited resort to short-term loans or bridge loans in the terminology.”

He explained, “The general budget law in force allows borrowing with treasury bonds or transfers from the internal banking market, in addition to controlling operational spending priorities, which is what is called financial discipline, which tends towards preferring some necessary operational expenses over others according to priorities,” indicating that “this comes To provide sufficient financing for the committed urban projects without faltering or stopping.”

Saleh noted that “the policy of financial discipline adopted by the fiscal policy has become more restrictive in collecting government revenues and in accordance with strict oversight characterized by speed and precision,” and stated that “it is no secret that there are funds that were not spent from the previous fiscal year’s budget and were recycled, which provides a facilitating, compensatory climate.” In the flow of cash revenues, especially in meeting part of the basic and development spending needs in the current year’s budget.”

He pointed out, "Despite the above, oil markets are still in booming demand and their prices are higher at a rate of change of (positive 15 percent) than what is planned for the price of a barrel of crude oil in Federal Budget Law No. 13 of 2023 (the tripartite budget), which is $70 per barrel." “One,” he stressed, “this in itself is a positive element in covering necessary spending, and leads to a continuous reduction in the hypothetical or planned deficit gap.”

In this context, economic affairs researcher, Nabil Jabbar Al-Tamimi, stated that the ceiling on government spending and revenues is restricted, expecting that public spending will not exceed the available amounts.

Al-Tamimi told “Al-Sabah”: “The general budget is numbers, tables, and hypothetical estimates for revenues and spending, and in general, the government has set a high ceiling for revenues and spending, and indicated that a large deficit could occur in the issue of revenues to cover spending.” He added, “The government has put in place a set of plans.” To cover the budget deficit, including borrowing and selling bonds.

He continued, "The government will not spend more than the expected revenues and will not be able to implement the budget in full technically and financially, and spending at the end of the year will not exceed 150 trillion dinars." He stressed that "this number is the amount of revenue achieved with a small deficit," indicating that "the government will not You can implement the budget in full and will remain hostage to the funds collected, which will be spent according to the available ceiling.”

Edited by: Muhammad Al-Ansari    https://alsabaah.iq/98452-.html

An Economist Expects The Dollar Exchange Rate To Approach The 140,000 Threshold

Economy  Information / Baghdad..Today, Monday, the economic expert, Nabil Al-Ali, expected a decline in the exchange rates of the US dollar against the Iraqi dinar during the coming period.

Al-Ali told Al-Maaloma Agency, “There is a possibility that the exchange rate of the dollar against the dinar will reach 142 thousand in the coming days if the Central Bank of Iraq’s sales of foreign currency continue to increase.”

He added, "The increase in the Central Bank of Iraq's sales of dollars through the currency auction will contribute to reducing exchange rates, even if slightly, without returning to the threshold of 150,000 or more."

Al-Ali pointed out that "exchange rates recorded a relative decline at the beginning of this week."

America worked to destroy the Iraqi currency by imposing sanctions on private banks and banning the dollar under many pretexts, which led, in one way or another, to a severe financial crisis in the local markets. LINK

Provoking Thoughts and Points To Ponder On Adversity  

Trouble will rain on those who are already wet.  - Anonymous

They say a reasonable amount o' fleas is good for a dog - it keeps him from broodin' over bein' a dog mebbe.  - Edward Noyes Westcott

There is nothing the body suffers which the soul may not profit by.  - George Meredith

The burden is equal to the horse's strength.  - The Talmud

Nothing befalls a man except what is in his nature to endure.  - Marcus Aurelius

I am escaped by the skin of my teeth.  - Bible

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

“Tidbits From TNT” Monday Morning 6-24-2024

TNT:

Tishwash:  Al-Nujaba: There is no solution to the American presence in Iraq except through “military jihad”

Today , Sunday, Al-Nujaba Movement identified a single solution to end the American presence in Iraq.

The movement stated in a statement received by Al-Youm Al-Akhbariya: “We congratulate the brothers in the Sayyid al-Shuhada Brigades on the rise of the Mujahid Abdullah Razzaq Anoun al-Safi as a martyr following a brutal American attack.”

She continued, "This targeting and previous American terrorist operations confirm, beyond doubt, the validity of what the Al-Nujaba Movement has repeatedly declared, that the presence of these occupying forces is a hostile combat presence whose job is to protect the interests of the American and Zionist occupation."

Al-Nujaba continued her statement: "We affirm the continuation of our jihadist work." Military, which we consider to be the only solution that limits and ends the existence of the occupation.”link

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Tishwash:  The President of the Republic calls for amending laws related to investment

The President of the Republic, Abdul Latif Gamal Rashid, called today, Monday, for amending the laws related to investment, while praising the efforts of the Financial Supervision Bureau.

A statement from the Presidency of the Republic, received by Al-Iqtisad News, stated that “President of the Republic, Abdul Latif Jamal Rashid, received today at Al-Salam Palace in Baghdad, the Chairman of the National Investment Authority, Haider Muhammad Makiya,” noting that “during the meeting, the National Authority’s work plans and its investment policy were reviewed.”

The President of the Republic pointed out "the necessity of overcoming obstacles facing investors, as well as supporting Iraqi businessmen and involving them in the investment process."

He explained that "activating investment requires making amendments to some of the applicable laws," stressing his support for "everything that would facilitate and revitalize this vital sector in a way that strengthens the national economy and provides job opportunities."

He stressed "developing communication mechanisms, exchanging experiences and information, and enhancing the process of trade partnerships between Iraq and countries with expertise in this field."

For his part, Makiya stressed the Authority's "keenness to develop the work," reviewing "the investment plans and projects currently in the works, in addition to the future plans drawn up to develop all cities in Iraq and serve their residents."

The statement continued, "The President of the Republic, Abdul Latif Jamal Rashid, also received today at Al-Salam Palace in Baghdad, the head of the Financial Supervision Bureau, Ammar Subhi Khalaf, and during the meeting, the work of the Financial Supervision Bureau was discussed."

The President of the Republic stressed "the importance of the Bureau's work in establishing concepts of integrity and transparency for the work of state institutions," noting "the necessity of continuing efforts to preserve public money and combat administrative and financial corruption."

He pointed out that "promoting the concepts of integrity and anti-corruption helps support the country's development process, enhances investment and supports the private sector, and provides equal opportunities for all," indicating "the importance of strengthening coordination between all regulatory bodies to achieve these goals."

He referred to "the work of the Financial Supervision Bureau in monitoring the performance of state institutions," praising "the efforts made by it in taking care of public money, reducing waste of spending, and monitoring the implementation of development projects in the country."

For his part, Ammar Sobhi Khalaf appreciated the “directives of the President of the Republic,” reviewing the work progress of the Financial Supervision Bureau, the tasks assigned to it, and the plans drawn up to develop the work in the future to achieve the goals set for it.” link

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Tishwash: Warning against trading digital currencies in Iraq

The Securities Commission warned against trading digital currencies in Iraq, noting that there are 9,000 currencies in the world.

Waddah Al-Taha, a member of the Authority’s Council, explained that digital currencies are virtual currencies created by individuals, not an entity authorized by governments, and they are based on unsubstantiated assumptions, whether they are currencies, gold, or other assets.

He added that the existence of digital currencies depends on scarcity, such as Bitcoin, of which there are 21 million pieces, and their acquisition requires solving a puzzle to access them, or using mining or logarithms, and they consume a lot of electrical energy.

Al-Taha pointed out that adopting such assets to exchange goods using cryptocurrencies is a dangerous gesture the more it is adopted, but it has been imposed in one way or another on countries or companies, and is not determined by influential parties, whether the United States, China, or other major economies, noting that it must There should be rules for these currencies, not that the door be wide open for them.

He refused to let Iraq deal in these currencies because they lacked basis for evaluation except supply and demand.  link

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CandyKisses:  Disabling official working hours next Tuesday (Tomorrow) on the occasion of Eid Al-Ghadir

Baghdad - Mil

The State Media Cell announced, on Sunday, the disallation of official working hours next Tuesday on the occasion of Eid Al-Ghader Al-Aghar.

The official media quoted the spokesman for the team, Haider Al-Majeed, followed by "Mil", that "The Prime Minister, Mohammed Shia Al-Sudani, directed during the meeting of the Council of Ministers, in its twenty-fourth regular session, held on 2024/6/10, to disrupt official working hours on Tuesday, corresponding to June 25, 2024, in all ministries and government institutions, coinciding with the day of Ghadeer, based on the provisions of Article (1/I/G) of the Law on Public Holidays (12 of 2024)."

With the launch of the activities of "Al-Ghadeer Week" with the participation of 12 countries, the Iraqi Ministry of Interior confirmed, on Friday, the preparation of a plan to secure the atmosphere of Eid Al-Ghadeer Al-Agar and facilitate the entry and movement of visitors in Najaf and the rest of the governorates.

Last Thursday, the Supreme Committee for the activities of "Ghadeer Week" in Iraq announced the completion of the preparations and preparations for that religious occasion, which was approved on a recent official holiday.

On the 18th day of Dhul-Hijjah according to the Hijri calendar, Shiites celebrate "Eid Al-Ghadir," which is the date on which the Prophet Muhammad delivered the sermon of Ghadeer in the area of "Ghadeer Kham", while returning from his last argument (the farewell pilgrimage), in the tenth year of Hijra, in which his cousin, Imam Ali, was given an imam to Muslims after him.

On May 22, the Iraqi parliament voted on the bill for public holidays, which included the Eid al-Ghadeer holiday.

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Mot: ... ssssshhhhhhhhhhhhhhh 

Mot :Getting Serious Now - Got my new workout equipment