“Tidbits From TNT” Friday Morning 6-28-2024

TNT:

Tishwash:  Iraq secures its borders with more than 950 thermal cameras

Today, Thursday, the Ministry of Interior announced the deployment of more than 950 thermal cameras on the Iraqi border.

The spokesman for the Ministry and the Security Media Cell, Brigadier General Muqdad Miri, said in a statement received by the “Eshan” platform: “We have reached more than (950) thermal cameras on the Iraqi borders with neighboring countries during the past two years.”

He added, “This number of cameras came after only 200 were installed over the past years.” link

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Tishwash:  Iraq signs a contract with Saudi Arabia to build a submarine cable to increase internet capacity

The Iraqi Ministry of Communications signed a contract for the submarine cable construction project with the Saudi Telecom Company with the aim of increasing internet capacity in Iraq.

Iraqi Minister of Communications Hiyam Al-Yasiri stated that this contract is the third of its kind signed by the current Iraqi government.

She said in a press conference following the signing, "After signing this contract, the landing procedures will begin, which include surveying the site for water and moving the necessary ships for that, and then landing the cable at the Al-Faw station to be used in marketing internet capacities and increasing the internet capacities entering Iraq."

Omar Al-Amiri, Director General of the Department of Relations and Media at the Iraqi Ministry of Communications, said, “Many international companies will pass their capacities through submarine and land optical cables, and this will help facilitate the movement of international communications and will link the countries of Africa and Asia to Europe via Iraq.”

He stressed that such projects will have a "positive economic impact on Iraq by activating and investing in its geographical location."

For his part, Ali Yassin, Director General of the Iraqi General Company for Communications and Information Technology, explained that “the To Africa submarine cable is one of the most important strategic submarine cables that passes through more than 33 countries.”

He added that Iraq's joining this path will help increase Internet capacities.

The Iraqi Ministry of Communications stated that the new submarine cable project strengthens Iraq's geographical position and consolidates its success in international communications (transit) called (the Road of Civilizations), noting that the rate of international communications passing through Iraq has increased to more than (one terabyte) during the past two months.  link

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Tishwash:  “National Bank violations” place the governor of the Central Bank before parliamentary accountability

MP Alia Nassif directed a parliamentary question to the Governor of the Central Bank of Iraq regarding the preparation of non-Iraqi employees and managers and their salaries working in the National Bank.

She called in a tweet she published on her account on the X platform, which the “Iraq Observer” agency viewed, which stated: Based on Article 61/Seventh of the Constitution and Article 29 of the Law of the Council of Representatives and its formations and Articles “50, 51, 53” of the internal regulations of the Council of Representatives, to inform Parliament of the legal basis for the National Bank’s violation of Iraqi laws, the Central Bank, the Banking Law and the instructions of the Central Bank.

She pointed out the reasons for not declaring the actual salaries of the National Bank employees to the Social Security Department, especially non-Iraqis, due to the receipt of information about tax evasion and informing Parliament of the procedures.

Earlier, Representative for the State of Law, Alia Nassif, revealed that the National Bank of Iraq controls 33% of dollar sales in Iraq, confirming that this bank is 77% owned by non-Iraqis.

Nassif said in a tweet on the #Iraq."

Nassif added: “In 2023, this bank bought $10.8 billion from the currency sales window. The volume of dollars sold from the currency sales window for the year 2023 amounted to $33.4 billion, according to data from the Central Bank of Iraq. The National Bank’s dollar purchase rate is 33% of the total sales of the foreign currency window.”

Nassif asked: “Who is responsible for this financial disaster?”

The book addressed to the governor   link

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Tishwash:  Construction of a modern bank in Sidekan at a cost of 1.4 billion dinars

As part of the Kurdistan Regional Government's efforts to improve and develop the banking system, the establishment of an advanced bank in the Sidekan area within the boundaries of the Soran Independent Administration is scheduled to be completed in the near future, to facilitate the completion of citizens' transactions.

The mayor of Sidekan district, Ihsan Chalabi, said in a statement to the Information Department in the regional government that "the process of establishing the modern Sidekan Bank is underway at a cost of 1.4 billion dinars, knowing that the completion rate has reached 95%," noting that "the establishment of this bank will contribute to strengthening the banking system in the region."

"The completion of the bank will provide a great service to the citizens of the judiciary and will save them a lot of time and expenses," he added.

A number of residents of the district confirmed that the bank "will be very useful because it will save them a lot of effort and time during their reviews of government departments and institutions in the cities of Soran and Erbil."

It should be noted that the Kurdistan Regional Government has taken important steps in the field of salary distribution and digitization of the banking system as by 2025, one million people will have their own bank accounts.  link

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Mot: ... What Day is Today 

Mot:  . Amazing just how Insightful ole ""Earl"" can beeeee  

Global Economic News from the Seeds of Wisdom Team Newshounds Thursday Evening 6-27-24

Global Economic News from the Seeds of Wisdom Team Newshounds Thursday Evening 6-27-24

Good Evening Dinar Recaps,

"UAE: New guidelines for public-private partnerships, Sandbox Conditions regulation

The PPP Manual and the Sandbox Conditions regulation are crucial steps in the UAE’s strategy to build the country’s business ecosystem

The UAE’s Ministry of Finance announced the approval of the Public-Private Partnership (PPP) manual by the UAE Cabinet.

This manual is designed to foster a robust framework for federal government entities to efficiently execute developmental and strategic projects, leveraging the financial, administrative, and technological prowess of the private sector, reported state news agency WAM.

The PPP Manual aims to motivate private sector participation in national projects, enhancing societal and economic benefits.

It outlines procedures for designing, planning, and implementing projects, ensuring transparency and accountability between federal entities and private sector partners."

© Newshounds News™

Read more:  Gulf Business

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"HSBC chooses UAE to debut its global trading platform

HSBC said its WorldTrader platform connects to 77 exchanges across 25 markets

HSBC has selected the UAE as the inaugural market for its new digital trading platform, WorldTrader.

This platform provides HSBC Wealth and Personal Banking (WPB) customers with access to a vast range of investment options, covering up to 80 per cent of global stock market capitalisation.

Through WorldTrader, users can trade equities, exchange-traded funds (ETFs), and bonds, as well as invest in mutual funds and fixed-income products, said the release announcement.

HSBC WorldTrader

WorldTrader connects to 77 exchanges across 25 markets, catering to the growing demand for international investments."

© Newshounds News™

Read more:  Gulf Business 

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"Money and Payments: The U.S. Dollar in the Age of Digital Transformation

This paper examines the pros and cons of a potential U.S. central bank digital currency, or CBDC, and is the first step in a discussion of whether and how a CBDC could improve the safe and efficient domestic payments system. Money and Payments: The U.S. Dollar in the Age of Digital Transformation (PDF) invites comment from the public. Importantly, the paper does not favor any policy outcome.

The paper summarizes the current state of the domestic payments system and discusses the different types of digital payment methods and assets that have emerged in recent years, including stablecoins and other cryptocurrencies. It concludes by examining the potential benefits and risks of a CBDC, and identifies specific policy considerations."

© Newshounds News™

Read more:  Federal Reserve

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"Bitwise CIO Says Spot Ethereum ETFs To Attract $15,000,000,000 in First 18 Months – Here’s Why

“Everyone wants to know how much spot ether exchange-traded products (ETPs) will attract in net flows. My answer: $15 billion in their first 18 months.”

Hougan says his estimate is based on ETH’s market capitalization relative to Bitcoin’s, how similar products have performed in other markets such as the UK and Canada and the impact of the carry trade strategy."

© Newshounds News™

Read more:  DailyHodl  

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"Gary Gensler Provides Ethereum ETF Update While Slamming ‘Highly Centralized’ Crypto Industry

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler says that the approval process for spot market Ethereum (ETH) exchange-traded funds (ETFs) is “going smoothly.”

In a new interview at the Bloomberg Invest Summit in New York, Gensler indicates that the SEC will give final approval to the ETH ETF applications, but stops short of giving a timeline.

He says that the agency’s staff is working through the particulars of required registration and disclosure statements for the ETH ETFs.

“I don’t know the timing, but it’s going smoothly. You can almost follow it publicly. You see these filings…""

© Newshounds News™

Read more:  DailyHodl 

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"How Vulnerable Are Our Digital Systems?

The problem is that the technological revolution as we fashioned it 30 years ago gradually evolved in an ever more centralized way, wholly dependent on a weak and old-fashioned electrical grid of networks without much duplication or backstopping. The software too has become centralized for each industrial purpose. If one thing goes wrong in any system with a single point of failure, the whole comes to a grinding halt.

It’s amazing to consider that the old analogue world that lasted from the ancient world until the 21st century did not have this problem. It was more durable, physically anchored, fixable by human hands, comprehensible, and manageable. The move to digital everything introduced a fragility to the whole that we are only now discovering.

This is not only a problem for whole industries. It affects individuals too. "

© Newshounds News™

Read more:   ZeroHedge

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"China’s Missing Gold Reserves: Unveiling the Mystery

A recent report from a Singapore-based newspaper stirs fresh speculation regarding China’s gold stockpile, suggesting it may be significantly larger than officially reported. This revelation comes from economist Chen Long, who identified a substantial discrepancy when he compared China's total gold holdings—encompassing retail buyers, regional banks, and the People’s Bank of China—with the country’s gold import and production figures.

The Four-Figure Discrepancy
Chen Long’s analysis uncovered a striking four-figure gap in China's gold reserves. The reported holdings, when combined from various sources, do not align with the impressive numbers seen in import and production data. This raises an important question: where is the missing gold?"

© Newshounds News™

Read more:  ZeroHedge  

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Newshound's Daily Breakdown Podcast for June 27, 2024

MP3 Here (Please Check Back - Thank You)

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Newshound's Daily Breakdown Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

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Follow the Timeline 

Seeds of Wisdom Team™ Website

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Thank you Dinar Recaps

Iraq Economic News and Points To Ponder Thursday Afternoon 6-27-24

Iraq Economic News and Points To Ponder Thursday Afternoon 6-27-24

Will Gold Reach $3,000 Per Ounce Soon?

Money  and business  Economy News - follow up  Recent analysis by Bank of America shows that “gold prices could rise to $3,000 per ounce over the next 12-18 months.”

The investment bank noted that in 2023, investor demand for gold increased significantly: the accumulation of private bullion and their purchase by central banks accounted for 49% and 43% of purchases, respectively.

However, leveraged ETFs such as the SPDR Gold Trust have seen a decline in assets under management, slowing aggregate demand growth.

Central bank purchases remain a crucial factor in supporting gold prices. While the latest survey conducted by the World Gold Council indicates the continued need for gold among monetary authorities.  Views 72  Added 06/27/2024 - https://economy-news.net/content.php?id=44670

Iraq Sells 104 Million Barrels Of Oil During May

Economy |  06/27/2024   Baghdad - Mawazine News  The Ministry of Oil revealed, today, Thursday, the proceeds of Iraq’s oil exports during the month of May.

The Ministry stated in a brief statement received by Mawazine News, that “the total oil exports achieved for the month of May, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO), amounted to (104) million and (130) thousand and (292) barrels.” . https://www.mawazin.net/Details.aspx?jimare=250349

Oil Prices Fell Due To Fears Of A Slowdown In Demand

Energy    Economy News _ Baghdad   Oil prices fell in early Asian trading, Thursday, after a sudden increase in US inventories reinforced fears of a slowdown in demand in the largest oil consumer, but concern that any possible expansion of the Gaza war could disrupt Middle East supplies limited the declines.

Brent crude futures fell 30 cents, or 0.4 percent, to $84.17 per barrel by 0028 GMT. US West Texas Intermediate crude futures also fell 32 cents, or 0.4 percent, to $80.58 per barrel.

The two benchmarks had recorded a slight increase at settlement yesterday, Wednesday.

The US Energy Information Administration announced that the country's crude oil inventories rose by 3.6 million barrels last week, which surprised analysts polled by Reuters who expected a decline of 2.9 million barrels.

Gasoline stocks in the United States also increased by 2.7 million barrels, compared to analysts' expectations of a decrease of one million barrels.

In the Middle East, escalating cross-border tensions between Israel and the Lebanese Hezbollah group in recent weeks have exacerbated fears of an all-out war between Israel and Hezbollah. 06/27/2024 - https://economy-news.net/content.php?id=44660

Dollar Prices Against The Dinar In The Markets Now

Economy | - 06/27/2024   Baghdad - Mawazine News   The exchange rates of the dollar against the dinar witnessed a slight decline in the markets today, Thursday.

Selling prices in banking shops decreased in the local markets in Baghdad to 148,000 dinars, while purchasing prices reached 146,500 dinars for every 100 dollars.

As for Kurdistan, selling prices reached 147,000 dinars, while purchasing prices were 146,500 for every 100 dollars.      https://www.mawazin.net/Details.aspx?jimare=250331

How Much Did The Central Bank Sell For The Dollar At Today's Auction?

Economy | - 06/27/2024   Baghdad - Mawazine News  The Central Bank of Iraq revealed, today, Thursday, its sales of the dollar in the currency auction.

According to the bank’s data, the total internal cash withdrawals amounted to $25,580,000, while the total amounts of transfers abroad, which include transfers and credits, amounted to $250,418,667, while the total sale amounted to $275,998,667.   https://www.mawazin.net/Details.aspx?jimare=250344   

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

Provoking Thoughts and Points To Ponder On Adversity:

Americans are like a rich father who wishes he knew how to give his sons the hardships that made him rich.  - Robert Frost

I would never have amounted to anything were it not for adversity. I was forced to come up the hard way.  - J. C. Penney

Adversity introduces a man to himself.  - Anonymous

I thank God for my handicaps for, through them, I have found myself, my work, and my God.  - Helen Keller

When one's own problems are unsolvable and all best efforts are frustrated, it is lifesaving to listen to other people's problems.  - Suzanne Massie

This struggle of people against their conditions, this is where you find the meaning in life.  - Rose Chernin

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

http://famousquotesandauthors.com/quotes_by_topic.html

Global Economic News from the Seeds of Wisdom Team Newshounds Thursday Afternoon 6-27-24

Global Economic News from the Seeds of Wisdom Team Newshounds Thursday Afternoon 6-27-24

Good Afternoon Dinar Recaps,

WEF regards Việt Nam as a model of robust developing economy

"They view Vietnam as a model of a robust developing economy that effectively leverages the opportunities of the Fourth Industrial Revolution."

"Both sides were pleased with the significant developments in the cooperation between Vietnam and the WEF in recent times, especially the signing of the Memorandum of Understanding (MOU) for the 2023-26 period last year at the WEF's summer meeting in Tianjin, China."

They were also extended a formal invitation to attend the WEF annual meeting in Davos 2025.

Read more:  Vietnam News

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"UAE: Gold prices in Dubai recover in early trade after plunging Dh2.5 per gram

Globally, gold was steady at $2,299 per ounce at 9.10 am UAE time, trading at nearly a two-week low, due to a stronger US dollar and higher bond yields."

© Newshounds News™

Read more:   Khaleej Times

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"Strengthen Central Bank Independence to Protect the World Economy  

Independence is critical to winning the fight against inflation and achieving stable long-term economic growth, but policymakers risk facing pressure amid a wave of elections this year.

To strengthen this work, we introduced a new way to measure independence based on which aspects of it matter most, according to our recent survey of central banks.

And to increase accountability, we have developed a transparency code that helps central banks assess and improve their practices."

© Newshounds News™

Read more:  IMF

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"IRAQ AND CHINA STRENGTHEN TIES WITH MAJOR DEVELOPMENT INITIATIVE"

"Iraq's 17 billion Strategic Development Road (SDR) will create a transport corridor from Basra to Europe, linking China's Belt and Road Initiative (BRI)."

We're seeing more countries choosing to invest in Iraq as they develop into a recognized market economy.

© Newshounds News™

Read more:  Oil Price

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"Digital euro would maintain freedom to choose how Europeans pay - ECB

With Europe inching towards the issuance of a digital euro, the ECB has embarked on a charm offensive, taking to media outlets across the continent to reassure citizens that the new payments option will compliment, not replace, cash and provide them with greater freedom of choice.

While a final decision on issuing a digital euro has yet to be made, the ECB last year moved onto a two year preparation phase ahead of any launch, which would come in 2026 at the earliest.

In an article published in a host of publications, executive board member Piero Cipollone makes the case for a digital euro, noting that "we do not yet have a cash equivalent for making digital payments, which limits our freedom in an increasingly digital age"."

© Newshounds News™

Read more:  FinExtra 

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"Central banks must raise game in face of AI - BIS

Central banks should embrace artificial intelligence to sharpen their analytical tools in pursuit of financial and price stability, according to the Bank for International Settlements.

AI will have a transformative effect on the financial system, labour markets, productivity and economic growth, says the BIS in a new report which warns that widespread adoption could have repercussions for inflation dynamics.

"The rapid and widespread adoption of AI implies that there is an urgent need for central banks to raise their game," says the BIS. "Central banks need to upgrade their capabilities both as informed observers of the effects of technological advancements as well as users of the technology itself."

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As a user of the technology, central banks can boost nowcasting by using real-time data to better predict inflation and other economic variables and to sift through data for financial system vulnerabilities, allowing authorities to better manage risks."

© Newshounds News™

Read more: FinExtra 

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"Chase is the first bank in all lower 48 US states, what next?

Andrea Principe, managing director – Northeast division director – consumer banking, Chase, took to the stage at Future Branches in Boston to explore how while the banking industry faces challenges in sustaining core deposits, deepening customer trust, and building relationships, it is important to learn from failures, reengage with customers, and provide exceptional in-person experiences.

Across the US and worldwide, there is a need to balance technology and human connection in branch banking, and adapt branch networks to cater to various customer segments. Additionally, banks’ community development initiatives should be bolstered to build trust and offer financial support to underserved communities.

Chase's branch strategy, focusing on client relationships and digital investments."

© Newshounds News™

Read more: FinExtra  

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Newshound's Daily Breakdown Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

“Tidbits From TNT” Thursday 6-27-2024

TNT:

CandyKisses:  Al-Muthanna Investment: The governorate is witnessing a qualitative boom in the size of projects

Information/Muthanna...The Muthana Investment Authority confirmed on Thursday that the governorate is witnessing a qualitative boom in the size of economic projects during the current period.

The head of the authority, Adel al-Yasiri, told the Information Agency that "the province has dozens of investment projects, including completed and others under construction, which will be completed within specific timetables."He added, "The Muthanna Investment Commission is currently supervising dozens of projects in various vital sectors that drive the economic wheel in the province."

Al-Yasiri pointed out that "all these projects are of great benefit and return to Muthanna in general and to the people of the province by providing job opportunities and implementation with the best engineering specifications required."

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CandyKisses:  Sudani stresses the importance of developing cooperation with NATO after the end of the mission of the international coalition in Iraq

Shafaq News / Prime Minister Mohammed Shiaa Al-Sudani stressed on Thursday the importance of developing cooperation with NATO after the end of the mission of the international coalition led by the United States of America in Iraq.

This came during his meeting with the commander of the North Atlantic Treaty Organization (NATO) mission in Iraq, General Lucas Schroers, who recently took office, according to a statement issued by the Sudanese media office.

The statement stated that, during the meeting, the security situation in the region was discussed, and the efforts of the mission and its cooperation with the Iraqi security institutions in the field of advice and training were reviewed, and in the field of intelligence coordination towards the prosecution of remnants of remnants of ISIS terrorist gangs.

The statement added that the Prime Minister stressed the importance of developing bilateral cooperation with the mission in the areas of training and information coordination, with the Iraqi armed forces after the end of the international coalition mission in Iraq, in a way that enhances security and helps in the stability of the region.

For his part, General Schroors expressed his thanks to the government, for supporting the mission, and providing the necessary facilities for its work in Iraq, according to the statement.

Earlier this year, the Iraqi Foreign Ministry announced the success of the negotiations with America and the agreement to form a "supreme military committee" to draft a specific and clear timetable that determines the duration of the presence of the advisers of the international coalition in Iraq.

On Wednesday, June 5, a political source was informed, revealed a 40-day deadline granted by armed Iraqi factions to Prime Minister Mohammed Shia Al-Sudani, to resolve the file of removing US forces from the country, promising that otherwise it would resume their attacks against US military forces.

In early February, attacks by armed groups on U.S. forces in Iraq and Syria stopped, after a drone attack killed three U.S. soldiers in Jordan, in response to which the United States carried out air strikes on sites in Iraq and Syria.

In the midst of the new developments, a political source familiar with Shafaq News told Agency that "a number of armed factions have given the Sudanese and his government until mid-July to resolve the file of removing American forces from the country."

The source added, "The factions stipulated the establishment of an announced and binding timetable for the resolvement of this file, and otherwise military operations against American goals and interests in Iraq and the region will be resurred."

On January 30, 2024, the Hezbollah Iraq Brigades announced the cessation of its operations against US forces in order to “not embarrass the Iraqi government,” recommending its fighters “temporarily negative defense.”

Iraqi armed factions launched periodic attacks on US bases in Iraq and Syria, which began in late October 2023, against the backdrop of the Gaza war.

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CandyKisses:  Al-Sudani receives the commander of the NATO mission in Iraq

Prime Minister Mohamed Shia Al-Sudani received, on Thursday, the Commander of the North Atlantic Treaty Organization (NATO) Mission in Iraq, General Lucas Schroers, who recently assumed his duties.

During the meeting, they discussed the security situation in the region, and reviewed the mission's efforts and cooperation with Iraqi security institutions in the field of advice and training, and in the field of intelligence coordination towards pursuing the remnants of ISIS terrorist gangs.

The Prime Minister stressed the importance of developing bilateral cooperation with the mission in the fields of training and information coordination with the Iraqi armed forces after the end of the international coalition mission in Iraq, in a way that enhances security and helps stabilize the region.

For his part, General Schroers expressed his thanks to the government for supporting the mission and providing the necessary facilities for its work in Iraq.

Prime Minister's Media Office

27- June- 2024

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Tishwash:  European Union: The Iraqi government has achieved development in international investment

The European Union announced, on Wednesday, that the Iraqi government has achieved progress in international investment, while noting that it sets an example of cooperation with international legal standards.

The European Union Ambassador to Iraq, Thomas Seiler, said in his speech during the launch of the National Investment Commission conference in cooperation with the United Nations Development Programme, entitled (Mediation: New Horizons for Facilitating Business and Retaining Investors in Iraq), followed by “Al-Iqtisad News,” “I congratulate the Iraqi state and business leaders on the great Iraqi achievement.” represented by the signing of the Singapore Agreement on Mediation,” indicating that “this agreement is considered a basic international treaty that seeks to reach a settlement between the conflicting parties.”

He added, "One of the points of importance for the Iraqi government is the development in international investment as well as commercial transactions, taking into account that disputes may arise due to differences between parties across countries. Therefore, when this happens, the parties need an appropriate method to resolve these disputes in an efficient manner and in an appropriate time, and thus mediation."

 It is the one who does this, as it provides an opportunity for the parties to resolve the problem effectively when disputes arise. It also gives an opportunity for the parties to maintain working relationships, which is consistent with the best interest of investors as well as local companies who seek to move forward with investment operations, which are extremely important for Iraq.

He explained that "Iraq, by signing the Singapore Convention, has clearly sent a signal about its commitment to developing the mediation infrastructure, and therefore this requires adopting legislation to enforce mediation operations that take place based on approvals issued by Iraqi courts and are applicable to the parties, as well as the list of countries joining this increasing convention, represented recently by the accession of the Kingdom of Saudi Arabia, Turkey, Jordan and Iran."

He continued: “After Iraq ratified the New York Convention 2021, we welcome the great efforts to adopt the mediation law and I believe that it will be launched soon,” noting that “the issue of ratification is very important and therefore the Iraqi government is providing evidence and an example of alignment and cooperation with international legal standards as well as through the adoption of these mechanisms for effective alternative dispute resolution, as they are very important for enhancing investment as well as economic development and stability.”

He pointed out that "Iraq has made great progress in the United Nations program as well as through international programs," stressing "the Iraqi government's continued support for this process  link

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Mot: . Wee Folks Training 101 

Mot:  ... Special Moments with the ""Wee Folks""

Iraq News Highlights and Points To Ponder Thursday AM 6-27-24

Iraq News Highlights and Points To Ponder Thursday AM 6-27-24

What Is The Importance Of Iraq Joining International Agreements?

Money  and business   Economy News – Baghdad   Today, Wednesday, the head of the National Investment Authority, Haider Makiya, stressed the importance of Iraq joining international agreements to enhance the investment sector, pointing out that Iraq has provided real guarantees to attract foreign investments.

Makiya said, in his speech, during the launch of the National Investment Commission conference in cooperation with the United Nations Development Programme, that “Iraq’s accession to the International Settlement Agreement resulting from international mediation and disputes that was signed in 2024, will contribute to achieving the goals of sustainable development and encouraging the increasing use of international mediation as a means.”

Effective for settling cross-border disputes, for the purpose of maintaining trade and investment relations between the parties involved in the investment process.”

 He added, "This agreement has a pivotal dimension, foremost of which is finding an alternative method to litigation procedures before international arbitration bodies in disputes arising from investment, especially since Iraq joined in 2015 the International Center for the Settlement of Investment Disputes between States and Citizens of Other Countries, and this "It will give foreign investors the right to resort to the Washington Center."

 He continued, "Also, the Republic of Iraq's accession to the New York Convention on the Recognition of Foreign Judgments of 1958 means completing all the legislative environment necessary to provide real guarantees and protection for foreign investors, and this will positively reflect on attracting foreign capital to Iraq, which aims at the process of construction and reconstruction, and will raise Iraq's classification."

 He explained, "This agreement enhances the Iraqi investment reality, because it includes many international and qualitative strategic investment opportunities that impose contracts with specialized foreign companies for investment purposes

This requires Iraq to provide legal protection to those companies by resolving disputes in the event that they arise from investment contracts that It is imposed by state institutions on these companies, which prefer to resort to international arbitration to guarantee their rights, as stipulated in Article 27 of Investment Law No. 13.”

He pointed out, “Iraq’s accession to the International Mediation Agreement (Singapore Agreement) is necessary to attract foreign investments and achieve intended development, especially in light of Iraq’s transformation and dependence on a free market economy.

 This agreement will also create a legal framework that allows reliance on agreements.” The settlement resulting from mediation is easily implemented by all countries.”

Makkia stressed that "the legal department at the National Investment Commission and the investment authorities in the governorates will work to include international investment contracts based on mediation mechanisms in disputes related to investment before resorting to international arbitration, which will send a message of reassurance to foreign investors and foreign companies to proceed with resolving disputes related to these contracts, in an easier way than entering into international commercial arbitration procedures."

He pointed out that "the Republic of Iraq's accession to the International Commercial Arbitration Convention and the Singapore Mediation Convention, in addition to concluding many agreements to encourage and protect mutual investments between Iraq and many international countries, made Iraq occupy the fourth place in the classification of foreign direct investment."

And the best emerging markets to invest in 2024.”

He stressed that "the noticeable improvement in the investment climate in Iraq comes as a result of the government's efforts to enhance the economic and investment sector, in attracting foreign investments," calling on foreign companies, foreign investors and businessmen to "visit Iraq to learn about the investment opportunities included in the investment map,

and to attend the Iraq Investment Forum that will be held next November, which will launch more than 100 investment opportunities with complete approvals, and to see the advantages and guarantees that the investment law will provide to investors."    Views 42  06/26/2024 - https://economy-news.net/content.php?id=44638

Haider Makiya: Iraq Is An “Important Destination” And We Are Witnessing An Improvement In The Investment Climate

The first  06/27/2024  The head of the National Investment Commission, Haider Makkiya, stated that the improvement in the investment climate inside Iraq reflects the government efforts made to strengthen the economic and investment sector, while he stressed that Iraq has become an important investment destination in the region.

The National Investment Commission organized a conference attended by Al-Sabah yesterday, Wednesday, under the title of mediation “New Horizons” to facilitate business and retain investors in Iraq.

Makiya explained, in his speech, that the conference aims to introduce the importance of Iraq’s accession to the international settlement agreement resulting from mediation (the Singapore Agreement), as the accession document was signed last April in New York City in coordination with the Iraqi representation at the United Nations in conjunction with the visit of the Prime Minister. To Washington.

He added that the agreement contributes to achieving sustainable development goals and encouraging the increasing use of international mediation as an effective means of settling cross-border disputes with the aim of maintaining commercial relations between the parties involved in the investment process.

For his part, the representative of Prime Minister Nasser Al-Asadi stressed the importance of the agreement that keeps disputes away from complex judicial procedures at a time when we are witnessing important achievements on the economic level through the projects implemented and being completed.

Al-Asadi explained that the agreement is an important instrument to enhance trade and provide a special framework to enhance investments and aims to find a consensual formula without imposing a decision on the opponents.

As for the European Union Ambassador, Thomas Seiber, he said: We seek to grow and develop the economy, and we welcome the initiative of Prime Minister Muhammad Shiaa Al-Sudani, and we find that the signing of the agreement is important and enhances Iraqi economic capabilities. He explained that we are working with the government to create a safe climate to attract investments that achieve sustainable development, pointing out the importance of strengthening Iraqi international relations and that adopting international agreements in Iraq encourages the global economic community to enter Iraq.

The United Nations Resident Representative in Iraq, Oba Lats, explained the importance of the agreement, which comes from the fact that it is concerned with investment and resolving disputes in a quick and uncomplicated time and is low-cost by adopting mediation in a way that suits the interests of investors.    https://alsabaah.iq/98637-.html

A New Decline In The Dollar Against The Iraqi Dinar In Baghdad

Market    Economy News _ Baghdad   The exchange rate of the US dollar against the Iraqi dinar fell on Thursday morning in the markets of Baghdad and in Erbil, the capital of the Kurdistan Region.

Dollar prices recorded a decline with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 147,150 dinars for every 100 dollars, while yesterday, Wednesday, they recorded 147,650 for every 100 dollars.

Selling prices in banking shops witnessed a decline in the local markets in Baghdad, where the selling price reached 148,250 dinars, while the purchasing price reached 146,250 dinars for every 100 dollars.

Views 65   Added 06/27/2024 - https://economy-news.net/content.php?id=4466

Iraq's Oil Exports Exceeded 100 Million Barrels In May

2024-06-27 Shafaq News/ The Ministry of Oil announced, on Thursday, the total oil exports achieved for the month of last May, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO).

She said in a statement, received by Shafaq News Agency, that the amount of crude oil exports amounted to (104) million, (130) thousand, and (292) barrels.

The statistics indicated that the total quantities of crude oil exported for the month of May from the oil fields in central and southern Iraq amounted to (104) million, (130) thousand, and (292) barrels. LINK

Al-Atwani Calls For Reforming The Tax System In Iraq

Economy  ,  06/27/2024 Number of readings: 132 Baghdad - Iraq Today:  Chairman of the Finance Committee, Atwan Al-Atwani, stressed the need to develop the tax work system and keep up with activities, to contribute to increasing non-oil resources. He also discussed how to provide an environment that helps contribute to increasing income and supplying the general budget with non-oil resources.

 The Media Department of the House of Representatives stated in a press statement, “The Chairman of the Finance Committee, Eng. Atwan Al-Atwani, in the presence of Representative Mustafa Al-Karawi, a member of the committee, received the German Agency for International Cooperation (GIZ) project FFM Strengthening Public Financial Management with the support of the German government and the European Union.

The Chairman of the Committee stressed the need to develop the tax work system and keep pace with activities, to contribute to increasing non-oil resources, given that the state relies heavily on oil resources.

For his part, Mustafa Daoud Salman, the agency's representative, spoke about the importance of sustainable financing and following a specific methodology in the tax system and its implementation mechanism, in addition to taking into account the structural structure of tax work, in terms of providing services in exchange for imposing taxes. How to provide a conducive environment to contribute to increasing income and supplying the general budget with non-oil resources was discussed, in accordance with tax standards followed in the world.   LINK

Parliament: Amending The Investment Law Will Reflect Positively On The Future

Iraq  06/27/2024  The Investment and Development Committee in the House of Representatives intends to amend the Investment Law, which will reflect positively on this sector.

Committee member Mohammed Al-Ziyadi told Al-Sabah: This law is an important law, as it enables the legislative and executive authorities to provide what is best for this sector, noting that the issue of replacing heads of investment bodies is a matter that falls under the governorate councils.

He added that the legislative authority must implement the tasks of local governments stipulated in the governorate councils law, in addition to the fact that the constitution has fully clarified the tasks and powers of local governments, and therefore what concerns these governments is their own business.

Al-Ziyadi pointed out that the last stage witnessed the absence of the role of the local government, and timid follow-up by the members of the House of Representatives after the task was entrusted to them, but now the law must be implemented in its entirety and the local councils must present something to their people in all governorates and what they deem appropriate by changing or continuing regarding investment bodies. .

He pointed out that we must benefit from the mistakes that occurred in the past to correct the work of investment bodies, explaining that the violations in the work of the bodies, including extending the work of their heads, which some have spoken about, did not exist because this matter is within the authority of the Council of Ministers,

adding that the matter is up to the provincial councils to implement what they see. appropriate according to their powers and do not allow any of the authorities to take away their powers for any reason.   Edited by: Adhraa Juma   https://alsabaah.iq/98624-.html

Provoking Thoughts and Points To Ponder On Adversity:

Adversity has ever been considered as the state in which a man most easily becomes acquainted with himself, being free from flatterers.  - Samuel Johnson

In all things preserve integrity; and the consciousness of thine own uprightness will alleviate the toil of business, soften the hardness of ill-success and disappointments, and give thee an humble confidence before God, when the ingratitude of man, or the iniquity of the times may rob thee of other rewards. - Barbara Paley

He knows not his own strength who hath not met adversity.  - Samuel Johnson

Adversity leads us to think properly of our state, and so is most beneficial to us.  - Samuel Johnson

In the depth of winter, I finally learned that there was in me an invincible summer.  - Albert Camus

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

http://famousquotesandauthors.com/quotes_by_topic.html

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

~~~~~~~~~

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

~~~~~~~~~

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

************

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

************

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.

************

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

************

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

~~~~~~~~~

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

~~~~~~~~~

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