BRICS Officially Announces Financial System Similar to SWIFT| What's Next?

BRICS Officially Announces Financial System Similar to SWIFT| What's Next?

We love Africa:  7-28-2024

Gone are the days when Brics had to secretly carry out its plan of de-dollarization and launching a new currency and a financial system.

Until now, Brics never confessed to developing a financial system that will replace SWIFT. However, secrecy is no longer the plan of action. Brics and its members have now openly announced that they are launching a financial system similar to SWIFT, a Western-controlled banking system.

The BRICS alliance is looking to bypass the Western SWIFT system and replace it with its own financial mechanism. The creation of a new financial messaging system similar to SWIFT will allow BRICS to reshape the global trade landscape.

 The majority of cross-border transactions are now settled using SWIFT and cutting ties with the system provides leverage to the nine-member alliance.

BRICS can create a new payment system without incorporating the US dollar for transactions. Local currencies will be used for trade settlements ending reliance on the US dollar once and for all.

 The BRICS payment system similar to SWIFT can break the global dominance of the US dollar. Russia confirmed that the BRICS alliance plans to build a new payment system similar to SWIFT. “The financial agenda of BRICS has a main initiative for building a new economic reality that solves both major tasks.

Creating our own financial messaging system for the BRICS countries, similar to SWIFT, based on state-owned banks capable of clearing settlements of counterparties from the BRICS countries and the related role of the same bank,” said Deputy Chairman of the Russian State Duma Alexander Babakov.

The ambassador said that creating an alternative to SWIFT is necessary for BRICS to push the de-dollarization agenda ahead. “It is necessary to create a new system of financial institutions.

The new system must be technically compatible with the existing financial infrastructures of the participating countries, which includes integration with national payment systems, banks, and other financial institutions.

 At the same time, the system must ensure a high level of security and data protection to prevent cyber-attacks and unauthorized access to financial information,” he summed it up.

https://www.youtube.com/watch?v=9oGEvqMOoyw

Some “Iraq News” Posted by Clare at KTFA 7-28-2024

KTFA:

Clare:  Financial inclusion indicators

July 28, 2024

In order for this bank to prepare a database for financial inclusion indicators, which will be the basic foundation for measuring the percentage of financial inclusion in Iraq, we attach to all electronic payment service providers a database for financial inclusion statistics for individuals and companies in an electronic form (Excel file) that will be sent to your institutions’ email . For more, click here.

https://cbi.iq/news/view/2629

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Clare: Kurdistan government brings good news to employees under Article 140

7/28/2024

The Kurdistan Regional Government announced on Sunday its intention to distribute plots of land to employees under Article 140. 

The Department of Media and Information said in a statement received by Shafaq News Agency, "In implementation of the decision of the Prime Minister of the Region, the distribution of plots of land to employees will begin within Article 140 of the Constitution in the Kurdish regions outside the administration of the region." 

The regional government had previously announced the distribution of land to all employees, as it began the land survey process.   LINK

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Clare: The Kurdish government resolved crises with “wisdom”.. A ​​former member of the Kurdistan Parliament: Baghdad has no excuse left

7/28/2024  Erbil 

Former member of the Kurdistan Regional Parliament, Rebwar Babaki, confirmed today, Sunday (July 28, 2024), that the current regional government headed by Masrour Barzani was able to resolve the crises.

Babaki said in an interview with “Baghdad Today” that “the wise policy of the current regional government enabled it to resolve the complex disputes with Baghdad, especially in the field of salaries and budget.”

He added, "The financial crisis and delayed salary payments were resolved wisely and diplomatically, even though some Iraqi political parties wanted to put obstacles to ending the dispute and wanted the crisis to continue."

Babaki pointed out that "the regional government did not leave any excuse for Baghdad, and therefore the salary crisis was resolved with wisdom and patience, and other crises were dismantled."

On Thursday (May 30, 2024), the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, visited the capital, Baghdad, to hold discussions with Prime Minister Muhammad Shia al-Sudani and a number of senior officials in the federal government, in In addition to meetings with leaders and leaders of political forces.

According to a statement issued by the regional government, Masrour Barzani's meetings during his visit dealt with the latest developments on the political and security arenas in Iraq, and the emphasis on resolving the outstanding issues between the Kurdistan region and the federal government, especially securing the Salaries of the citizens of the Kurdistan region and guaranteeing their financial rights and entitlements.

According to the statement, the discussions also dealt with enhancing cooperation and joint coordination, to ensure security and stability for Iraq and the Kurdistan region.

In this regard, Masrour Barzani wrote on the “X-Twitter” platform, “Today I am in Baghdad to affirm the rights of the people of Kurdistan and resolve differences through dialogue and on the basis of the constitution,” adding that “stability and A strong economy should be our priorities.”  LINK

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Clare:  He is 19 years old and the most important of 150 suspended laws.. Will the powers give up the "golden paper" in oil and gas legislation?

7/28/2024  Politics

The Parliamentary Oil and Gas Committee expressed, today, Sunday, its "optimism" about the imminent approval of the Oil and Gas Law, which has been suspended for 19 years, noting that its delay came because it is a political pressure card used throughout the past years in forming successive governments.

Committee member Nazim Al-Shabli told Sumaria News that the oil and gas law is the most important suspended law, noting that it was “used as a political pressure card in forming governments.”

However, Al-Shabli expected that “the most serious government in this file is the Al-Sudani government,” noting that “clear committees have been formed between Baghdad and the Kurdistan Regional Government, but until now the government has not sent the final version to the House of Representatives or the Oil Committee.”

Al-Shabli expressed the hope of the Oil Committee that "the relevant committees will resolve the issue and send it to Parliament, as the law has benefits in regulating oil exports and stopping smuggling or selling oil outside SOMO," believing that "this issue will be resolved in the coming days."

He stressed that "the delay in the law came because it is a political card, especially since the region wants the law and considers it to be in its interest, in addition to the fact that it has old obligations and contracts with foreign companies, in addition to the continuation of smuggling."

About a year has passed since the formation of the committee to draft the oil and gas law, after a 19-year delay in the law that regulates the relationship between Baghdad and Erbil regarding the management of oil in Kurdistan and the rest of the provinces," while the law is considered one of the most important laws that have been suspended for years, amounting to more than 150 laws.  LINK

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Clare:  The Ministry of Commerce discusses with World Bank representatives a strategy to support entrepreneurship and establish local companies.

7/28/2024

 The Private Sector Development Department at the Ministry of Trade held a meeting (remotely) with representatives of the World Bank to discuss a strategy to support entrepreneurship, owners of small and medium enterprises and start-ups to advance the local economic reality.

The ministry stated in a statement that "the meeting discussed the basic pillars of the entrepreneurship system that will be evaluated by World Bank experts through surveys and the application of laws specific to these projects, in addition to holding discussion sessions with project owners and presenting recommendations on policies for each pillar."

The statement explained that "the meeting came out with several recommendations aimed at developing the Iraqi private sector to advance the local economic reality," referring to "the pioneering role of the Private Sector Development Department in providing support to owners of small and medium enterprises, which is part of its tasks."

On the other hand, the Investment Committee of the General Company for Central Markets at the Ministry of Trade held its periodic meeting to discuss its investment projects plan, and the circulars received by the company related to investment projects in Baghdad and the governorates, including the recommendations of the Ministerial Council for Social Services regarding the Iraqi Construction Council, as well as the mechanism for compensating contractors.

The statement added that "the meeting urged the follow-up committees to complete the tasks assigned to them and prepare reports and correspondence to the relevant sectoral authorities to ensure the speedy completion and opening of these projects and set a time frame for their completion and submit periodic reports on the completed work."   LINK

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Clare: Renewing its commitment to the truce... Al-Kataeb: A mysterious faction targeting Americans in Iraq

7/28/2024

The Sayyid al-Shuhada Brigades, one of the factions that form the "Islamic Resistance in Iraq", said on Sunday that it does not know who is carrying out the targeting of the American forces stationed at the Ain al-Assad base in Anbar Governorate, and the forces stationed in the Syrian bases.

A prominent leader in the brigades told Shafaq News Agency, "The Islamic Resistance Group in Iraq, as well as the Resistance Coordination Committee, do not know which party or group is bombing and targeting the American forces, disclaiming responsibility for those operations."

The leader, who asked not to be named, added that the "Sayyid al-Shuhada Brigades" are committed to the calm so far, and perhaps there is a faction working on these operations individually as a means of pressure, but without knowledge from that party.

Iraqi Prime Minister Mohammed Shia al-Sudani is seeking to pressure pro-Iranian armed factions to stop their escalation against American interests and targets in Iraq, according to informed sources.

Fearing American reactions that might escalate and confuse the security situation inside Iraq, Al-Sudani contacted Iranian figures in order to pressure those factions to stop escalating their operations, and to give him a new opportunity to end the American presence in Iraq through dialogue and negotiation, but the factions still reject these pressures, according to the sources.   LINK

Iraq Economic News and Points To Ponder Sunday Afternoon 7-28-24

Paralyzed For 19 Years.. Parliamentary Optimism About Passing The Most Important Laws In Iraq

Energy  Economy News – Baghdad  The Parliamentary Oil and Gas Committee expressed its "optimism" on Sunday about the imminent approval of the Oil and Gas Law, which has been suspended for 19 years, noting that its delay was due to it being a political pressure card used throughout the past years in forming successive governments.

Committee member Nazim Al-Shabli said, “The oil and gas law is the most important of the suspended laws,” noting that “it was being exploited as a political pressure card in forming governments.”

But Al-Shabli expected that "the most serious government in this file is Al-Sudani's government," noting that "clear committees were formed between Baghdad and the Kurdistan Regional Government, but until now the government has not sent the final version to the House of Representatives or the Oil Committee."

Al-Shabli expressed the Oil Committee’s hope that “the relevant committees will resolve the issue and send it to Parliament, given the benefits of the law in regulating oil exports and stopping smuggling or selling oil outside SOMO,” believing that “this issue will be resolved in the coming days.”

He stressed that "the delay of the law came because it is a political card, especially since the region wants the law and considers it to be in its interest, in addition to the fact that it has old obligations and contracts with foreign companies, in addition to the continuation of smuggling."

About a year has passed since the formation of the committee to draft the oil and gas law, after a 19-year delay in the law that regulates the relationship between Baghdad and Erbil with regard to the management of oil in Kurdistan and the rest of the provinces.

The law is considered one of the most important laws that have been suspended for years, amounting to more than 150 laws.

196 views  07/28/2024 - https://economy-news.net/content.php?id=45672

The Ministry Of Commerce Discusses With World Bank Representatives A Strategy To Support Entrepreneurship And Establish Local Companies.

Sunday 28 July 2024 11:17 | Economic Number of readings: 257 Baghdad / NINA / The Private Sector Development Department at the Ministry of Trade held a meeting (remotely) with representatives of the World Bank to discuss a strategy to support entrepreneurship, owners of small and medium enterprises and start-ups to advance the local economic reality.

The ministry stated in a statement that "the meeting discussed the basic pillars of the entrepreneurship system that will be evaluated by World Bank experts through surveys and the application of laws specific to these projects, in addition to holding discussion sessions with project owners and presenting recommendations on policies for each pillar."

The statement explained that "the meeting came out with several recommendations aimed at developing the Iraqi private sector to advance the local economic reality," referring to "the pioneering role of the Private Sector Development Department in providing support to owners of small and medium enterprises, which is part of its tasks."

On the other hand, the Investment Committee of the General Company for Central Markets at the Ministry of Trade held its periodic meeting to discuss its investment projects plan, and the circulars received by the company related to investment projects in Baghdad and the governorates, including the recommendations of the Ministerial Council for Social Services regarding the Iraqi Construction Council, as well as the mechanism for compensating contractors.

The statement added that "the meeting urged the follow-up committees to complete the tasks assigned to them and prepare reports and correspondence to the relevant sectoral authorities to ensure the speedy completion and opening of these projects and set a time frame for their completion and submit periodic reports on the completed work." https://ninanews.com/Website/News/Details?key=1143928

The Stock Market Index Rose By 0.35%

Market  Economy News – Baghdad  The stock market index rose on Sunday, in the first session of the week, by 0.35%.  During the session, 3.6 billion shares were traded, worth 1.9 billion dinars.

The value of shares of 13 companies increased, while the shares of 4 other companies decreased.

The session witnessed the execution of 591 transactions on the shares of 32 traded companies.

Views 13 07/28/2024 - https://economy-news.net/content.php?id=45691

Jump In The Central Bank Of Iraq's Dollar Sales

Time: 2024/07/28 15:22:10 Reading: 650 times  {Economic: Al Furat News} The Central Bank of Iraq’s sales of the US dollar increased to more than $274 million in today’s currency auction, Sunday, compared to sales last Thursday.

The Central Bank sold in its auction today 274 million, 868 thousand, and 286 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits, international settlements for electronic cards, and foreign transfers, and at a rate of 1305 dinars per dollar in cash.

Most of the dollar sales went to boost balances abroad in the form of remittances and credits, which amounted to $267,368,286, up 97% from cash sales of $7,500,000.

The number of banks that purchased cash dollars was 2 banks, while the number of banks that met requests to enhance balances abroad was 17 banks, and the total number of exchange and brokerage companies participating in the auction was 5 companies.  LINK

Iraqi Oil Exports Exceed 102 Million Barrels In A Month

Economy | 07/28/2024  Mawazine News – Baghdad  The Iraqi Ministry of Oil announced, on Sunday, the total oil exports for last June, according to the final statistics issued by the State Oil Marketing Organization (SOMO).

The ministry stated in a statement received by Mawazine News that "the total quantity of crude oil exports amounted to 102 million, 314 thousand, and 548 barrels."

The statistics stated that the quantities exported from the oil fields in central and southern Iraq amounted to 102 million, 11 thousand, and 928 barrels, while exports to Jordan amounted to 302 thousand, 620 barrels.   https://www.mawazin.net/Details.aspx?jimare=252204

US Dollar Exchange Rate Drops In Baghdad

Economy | 04:42 - 07/28/2024  Mawazine News – Baghdad  The US dollar prices fell in the markets of the capital, Baghdad, at the close, on Sunday evening.

The dollar price decreased with the closing of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 149,300 dinars for every 100 dollars, while this morning it recorded 149,550 dinars for every 100 dollars.

The selling prices in exchange shops in local markets in Baghdad were: the selling price was 150,250 Iraqi dinars for 100 dollars, while the purchase price was 148,250 dinars for 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=252214

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

Economist’s “News and Views” Sunday 7-28-2024

Our Government Is Hiding That Banks Are On The Verge Of Failure

Atlantis Report:  7-27-2024

In today's financially uncertain times, the role of regulatory bodies in ensuring the stability of our banking system is more important than ever.

The Federal Reserve, charged with this significant responsibility, conducts annual stress tests on major banks to assess their ability to withstand economic downturns.

These tests are specifically designed to mimic adverse scenarios and assess the resilience of financial institutions.

However, recent events have raised doubts about the effectiveness and transparency of these evaluations. Despite reassurances from the Fed, the collapse of several banks revealed weaknesses in the system that were meant to be protected against.

 This discrepancy between the results of stress tests and real-world outcomes has raised increasing concerns about the actual state of our banking sector.

https://www.youtube.com/watch?v=svUNM522SKM

Banks Know a Crash Is Coming, Most Powerful Indicator Is Signaling U.S. Recession – George Gammon

Kitco News:  7-27-2024

Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews George Gammon, an investor, macroeconomics expert, and host of The Rebel Capitalist Show. Gammon warns that the world’s most powerful economic indicator is signaling a recession.

He adds that the banking crisis is far from over, noting that we are just in “the middle innings.” Gammon shares his insights on the latest macro data & the Federal Reserve.

He also outlines his own economic outlook, giving a glimpse into what he is doing with his own portfolio, weighing in on Treasuries, gold, silver, and Bitcoin.

https://www.youtube.com/watch?v=22-X8HOdHj8

The Western Empire is in Its Final Days: "History is Repeating" | Martin Armstrong

Living your greatness:  7-28-2024

Armstrong draws striking parallels between today’s global crises and the ominous signs before the fall of the Roman Empire.

He warns that relentless debt, profit-driven wars, unchecked migration, and rampant corruption are priming Western nations for potential collapse.

 He argues that precious metals and commodities could be the ultimate safe haven for investors amidst this turmoil.

https://www.youtube.com/watch?v=sIGr2Jk_hbQ

Seeds of Wisdom RV and Economic Updates Sunday Morning 7-28-24

Good Morning Dinar Recaps,

BRICS PROPOSAL TO LINK ALL MEMBER COUNTRY'S PAYMENT SYSTEMS

"The proposal aims to enhance BRICS countries’ financial sovereignty by establishing a resilient and sanctions-resistant payment infrastructure. Discussions include integrating financial markets, payments in national currencies, and new mechanisms for mutual financial settlements."

"Russian Deputy Foreign Minister Andrey Rudenko revealed in an interview with TASS this week. He noted Tehran’s suggestion to integrate the payment systems of BRICS countries, similar to the integration of Russia’s Mir and Iran’s Shetab electronic banking and automated payment systems."

"Rudenko emphasized that establishing a clearance and payment infrastructure independent and resilient to sanctions would significantly enhance the financial sovereignty of BRICS. However, Iran’s initiative remains under discussion, and it is premature to define any final parameters, the Russian diplomat clarified."

"This integration seeks to facilitate trade using national currencies, thereby reducing reliance on the U.S. dollar and countering U.S. sanctions. A monetary contract signed on July 6 allows the use of local currencies in trade, enhancing financial cooperation, economic resilience, and reducing dependence on Western financial systems."

@ Newshounds News™

Read more:  Bitcoin News

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Donald Trump 2024 Bitcoin Conference Speech Recap:

• On day one I will fire Gary Gensler and appoint a new SEC chairman.

• Create a US Government strategic national Bitcoin stockpile if elected.

• US Government will keep 100% of Bitcoin it owns

• Bitcoin is going to the moon.

• Never sell your Bitcoin

• Bitcoin will one day probably surpass the market cap of Gold.

• I reaffirm my pledge to commute Ross Ulbricht's sentence.

• There will never be a CBDC while I am President of the United States.

• Bitcoin and crypto will skyrocket like never before if elected president.

• Bitcoin is not threatening the dollar, the current U.S. government is threatening the dollar.

• The United States will be the crypto capital of the planet and the Bitcoin superpower of the world.

• Bitcoin stands for freedom, sovereignty, and independence from government coercion and control.

• I pledge to the Bitcoin community that the day I take oath of Office, Joe Biden and Kamala Harris' anti-crypto crusade will be over.

@ Newshounds News™

Read more:  Watcher Guru

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BRICS Poised to Dominate World Bank and IMF

"The World Bank Executive Director for Russia forecasts that BRICS nations will soon dominate the World Bank and the International Monetary Fund (IMF), attributing this shift to inevitable macroeconomic and demographic changes away from Western dominance. He emphasized the importance of working patiently toward this goal and resisting provocations from those upholding the old global system."

"BRICS, an acronym for Brazil, Russia, India, China, and South Africa, represents a coalition of major emerging economies. Earlier this year, the group expanded to include Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE), broadening its geopolitical and economic influence."

"The World Bank Executive Director concluded by stressing the importance of Russia’s involvement in this shift. “Russia’s voice is important here, and it would be irrational not to use those possibilities, particularly now as we observe a new world order emerging,” he stated, underscoring the necessity of adapting to the evolving global landscape."

@ Newshounds News™

Read more:  Bitcoin News

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United States Senator Roger Marshall has overturned his support for the Digital Asset Anti-Money Laundering Act (DAAMLA) Bill, a legislation introduced by Democratic Party Elizabeth Warren.

"Marshall’s move to back down from the bill indicates the growing concerns about the possible overreach of regulatory actions regarding the emerging crypto market."

"The Digital Asset Anti-Money Laundering Act (DAAMLA) Bill was first introduced in December 2022 by Elizabeth Warren and co-sponsor by Roger Marshall and later reintroduced into the Senate in July 2023 to target unlawful use of crypto assets.

At the time, Warren maintained that large amounts of illegal funds were being laundered by rogue nations, oligarchs, drug lords, and human traffickers through the use of digital currencies such as Bitcoin, prompting her to move toward introducing the bill.

The legislation aimed to incorporate the cryptocurrency sector into the current frameworks for counterterrorism financing and anti-money laundering (AML)."

"Since its introduction, the law has received criticism from major figures and institutions in the industry."

"This positive development comes a few months following the Blockchain Association, a trade group representing the crypto industry in Washington D.C., efforts to debunk the DAAMLA bill. Specifically, the Blockchain Association sent out a letter in February, which marks the second time, to the House Financial Services Committee and Senate Banking Committee expressing serious concerns about the measure."

"About 80 US military, national security, and intelligence officers signed the letter. According to the Association, the law jeopardizes the strategic advantage of the US, threatening tens of thousands of employment while having minimal impact on illegal actors it targets."

@ Newshounds News™

Read more:  Bitcoinist

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“Tidbits From TNT” Sunday Morning 7-28-2024

TNT:

Tishwash:  New targeting of the American base on the Iraqi-Syrian border strip

A security source reported today, Saturday, that the American base in the Conoco field in eastern Syria was targeted.

This is the third targeting in three consecutive days.  link

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Tishwash:  To reduce the threats of the factions.. Washington sends two bombers to the Middle East

 The American magazine "Air and Space Forces", concerned with air forces, revealed today, Saturday (July 27, 2024), that the American forces sent two giant, newly modified B-52 bombers to the Middle East with the aim of "securing" Saudi Arabia and Jordan from "threats from Iraqi factions."

The magazine said in a report translated by "Baghdad Today", "The two modern aircraft that were sent to the Middle East to secure Saudi Arabia and Jordan and test their capabilities as part of a show of force to deter Iran and its arms in the region, took off from an air base in Romania and arrived in Saudi Arabia and Jordan in a flight that lasted thirty-two hours." 

"One of the planes suffered a technical malfunction that forced it to remain at one of the American air bases in Qatar, while the other plane returned to the United States alone to make the necessary adjustments after the testing process, which sources within the Pentagon told the Wall Street Journal aimed to demonstrate the capabilities of the United States to its allies in the region, in addition to putting an end to Iranian threats through its arms," ​​she said. 

The magazine indicated that "the two planes arrived in the Middle East after Israeli Prime Minister Benjamin Netanyahu's visit to Washington, during which he expressed his concern about the threats posed to Saudi Arabia, Jordan, and some regional countries cooperating with Israel by the Houthis and armed factions in Iraq."

On Friday, newspapers such as the Jerusalem Post published reports confirming that Washington and Tel Aviv are “concerned” about the threats to the countries of the region from the Iraqi factions and the Houthis, explaining that “the threats are an attempt to put pressure on those countries to close the land trade routes that pass through their territories and on which Israel now depends to finance itself during the war,” referring to five countries, including Saudi Arabia and Jordan, that are extending supply lines to Israel through their territories as a result of the naval blockade imposed by the Houthis on ports in Israel.  link

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Tishwash:  Why did Iraqi militias resume operations against Americans?

Pentagon to Asharq Al-Awsat: No injuries or damage in attacks in Iraq and Syria

Since a drone attack in late January killed three American soldiers in a desert area on the Iraqi-Jordanian-Syrian border triangle, and the US responded with extensive strikes against pro-Iranian factions in Iraq and Syria, Iraqi factions have backed off from their attacks.

Some saw the American response at the time as a “deterrent” message aimed at warning Iran against expanding the conflict in the region, against the backdrop of the Israeli war in Gaza. But last Thursday’s attack on two bases housing forces from the international coalition led by Washington, raised questions about the reasons behind the new “harassment” of American forces.

Pressure and embarrassment for Baghdad

The war in Gaza no longer seemed to be the motive behind the attack, while a Pentagon spokesman downplayed its importance and referred the question of whether it was related to the security agreement signed by Iraqi and American officials in Washington this week to the State Department.

The defense official told Asharq Al-Awsat that questions related to political relations between the United States and Iraq and political relations between the United States and Iran are the responsibility of the State Department.

“Regarding the attacks in Syria and Iraq, one rocket was fired at a military support site in the Euphrates region of Syria. The rocket did not impact the base and no injuries or damage were reported. In Iraq, two rockets were fired at Al Asad Air Base in Iraq. They did not impact the base and no injuries or damage were reported to US or coalition forces,” the official added.

Thursday's attack came after a security meeting held in Washington to discuss the future of the international coalition forces against ISIS in Iraq, while Iranian-backed armed factions are demanding the withdrawal of these forces.

The US Department of Defense said last Wednesday that the talks "reached an agreement on the concept of a new phase in the bilateral security relationship."

An Iraqi security official suggested that the attack was intended to “embarrass” the Iraqi government and “pressure” for the departure of the international anti-extremist coalition forces, a demand repeated by the pro-Iran factions.

Messages with regional and nuclear dimensions

Some believe that the attacks are “Iranian messages with regional dimensions,” including the stalled nuclear negotiations file, but why were they renewed at this time, while Iran has not yet arranged its files with its new president and America is preoccupied with its elections?

“Deterrence is never permanent,” said Behnam Ben Taleblu, an Iran researcher at the Foundation for Defense of Democracies in Washington, a Republican-friendly think tank. Speaking to Asharq Al-Awsat, he added that the halt in attacks by Iranian-backed Shiite militias on American sites in the region came after an “impressive” use of force by the Biden administration in late January after three American soldiers were killed.

But since then, the militias have tested the waters at least three times with missile and drone attacks. The more these attacks are understood, the more they have grown in scope and scale.

“Despite seeing the link between the nuclear and regional challenges that this poses, Tehran is trying to persuade Washington and Europe to separate the files,” Ben Taleblu adds. “To this end, the presidency of Masoud Pezeshkian will be designed to lure the West into a futile nuclear diplomacy, while the increase in Iranian-backed regional attacks will create the impression that there is no end in sight to the cycle of violence in the region other than appeasing Iran.”  link

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Tishwash: Iraq's billionaire surge, rampant corruption amid economic challenges

The number of billionaires in Iraq rivals that of nine other countries combined, a stark reflection of the deeply rooted corruption within the state.

Corruption has plagued Iraq, exacerbated by the misuse of its budget, which official statements claim has led to the loss of $250 billion over the past 17 years. However, economists argue the actual figure could be nearly double.

The number of billionaires in Iraq rivals that of nine other countries combined, a stark reflection of the deeply rooted corruption within the state.

The Commission of Integrity (COI) is set to reveal the amount of money recovered and the measures taken to prevent further financial waste.

Many Iraqis are calling for transparency regarding governmental agreements, imports, and expenditures. On June 3, 2024, the Council of Representatives approved the amended Federal General Budget Law No. 2024, which allocates approximately 211.9 trillion dinars, a 7% increase from the previous year's budget.

Former Iraqi Finance Minister Ali Allawi previously stated that out of the over $1 trillion budget from 2003 to 2020, more than $250 billion was lost due to administrative corruption. Economists, however, estimate the loss to be between $400-450 billion, nearly 40% of Iraq's total budget. This squandered amount could have funded significant infrastructure projects, such as building 400,000 modern schools or 20,000 hospitals.

Experts cite fake and overpriced contracts, corrupt officials, mismanaged investment projects, and poor economic planning as major contributors to the financial drain. Since 2003, Iraq's workforce has grown from 850,000 to over 4.5 million, yet efficiency in public service sectors remains low, with only about 30% of the budget effectively utilized.

According to Haider Hanoun, head of the COI, Iraq ranks 154th out of 180 countries on the global corruption index. Hanoun admits that enormous sums have been stolen and transferred to international banks, with some funds even financing terrorism. The COI's 2023 report indicates that over 391 billion Iraqi dinars and $500,000 have been recovered, with an additional 82 billion dinars and $5 million prevented from being wasted.

Iraq’s Poverty Levels

The Strategic Center for Human Rights in Iraq reports that over 10 million Iraqis live below the poverty line, with the 2024 budget failing to support more than one million needy families.

The ongoing economic crisis and the appreciation of the dollar have driven up commodity prices, exacerbating poverty. Southern provinces are particularly affected, with Muthanna Governorate experiencing a 52% poverty rate, followed by al-Diwaniyah, Maysan, and Dhi Qar at 48%. Baghdad and Nineveh have poverty rates of 13% and 34.5%, respectively, while central provinces average an 18% poverty rate.

On July 21, 2023, Labor and Social Affairs Minister Ahmad al-Assad announced government measures to combat poverty, noting that Iraq has fallen 20 places in international rankings.

The economic challenges and rampant corruption in Iraq continue to hinder the country's development and exacerbate poverty. The COI's efforts to recover stolen funds and prevent further financial mismanagement are critical steps toward rebuilding trust and ensuring a more equitable distribution of wealth.  link

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Mot: ............ they Say -- before July Ends!!!

Mot: . Love ""Logic"" - Don't YOu!!!!

Iraq Economic News and Points to Ponder Saturday Evening 7-27-24

Political Parties Control The Sale Of The Dollar.. A New Threat To The Stability Of The National Economy

Posted On2024-07-27 By Sotaliraq  Recently, there have been reports that political parties are controlling the sale of dollars in the financial markets.

This news has raised widespread concern among citizens and investors, as it is feared that this control will lead to manipulation of exchange rates and the creation of a black market that will negatively affect the national economy.

These developments come amid volatile economic conditions and a turbulent political landscape, which increases the challenges facing the government in maintaining currency stability and providing a secure economic environment.

Economic expert, Diaa Al-Mohsen, says, “The dollar exchange rate on the black market will not rise to more than 1,500 dinars,” accusing “political parties of controlling the sale of the dollar, as well as colluding with the monetary authority.”

He added, “Restricting the sale of dollars to travelers to certain exchange companies confirms that these companies are owned by large political blocs that benefit from the process of buying and selling dollars, and they are intended to obtain the largest share of foreign currency sales.”

He explains that “the Central Bank and the executive authority are fully aware of the political parties that control the dollar sales operations in the country, after they were restricted to certain companies.”

Al-Mohsen continues, “The dollar exchange rate will not reach high levels, especially since there is cooperation between the monetary authority and those who sell dollars on the black market, such that this cooperation ensures that the parallel exchange rate does not rise to more than 1,500 dinars per dollar.”

For his part, the official spokesman for the currency market in Sulaymaniyah, Jabbar Kuran, revealed the reasons for the rise in the exchange rate of the US dollar against the Iraqi dinar in the parallel market.

Jabbar Kuran says, “The issue of the rise in the exchange rate of the dollar against the Iraqi dinar is related to the financial measures taken by the Central Bank of Iraq.”

“The Central Bank of Iraq took some good measures in the past, but the increase that has occurred now is due to other measures that the Central Bank has not taken yet, including that the bank decided that foreign dealings are not limited to the US dollar only,

but this measure has not been taken yet, as well as not linking all banks to the electronic platform and stopping work on it with the exception of only seven banks, which do not accommodate the foreign trade exchange process that reaches about 50 billion dollars annually, and I do not expect those seven banks to accommodate this volume of trade exchange.”

He added, "One of the other reasons that led to the rise in the exchange rate of the dollar against the dinar is the reduction in cash injections by the Central Bank of Iraq, except for this day."

He explains, “The demand for the dollar these days is abnormal, and I do not expect that opening the dollar exchange window for travelers at airports will be a reason for the dollar exchange rate to rise, even though now is the travel season.”

He states that “the large number of exchange offices and companies in Iraq and Kurdistan and the inability of the Central Bank of Iraq to meet their needs for the US dollar, as there are about 1,200 exchange companies in Iraq, and about 2,500 companies in Kurdistan, so far, have not merged with each other to reach about 400 actual companies, so all of these companies and offices need more than 50 million dollars daily.”

Kuran confirms that “the rise of the dollar this time is not linked to a political or economic crisis or external factors, but rather is linked to the measures of the Central Bank of Iraq, and it is possible that the bank will control this rise,” expecting the exchange rate of the dollar to rise to more than 150 thousand dinars for every 100 dollars, while ruling out at the same time that it will reach high levels as happened in the past periods.”

Since Eid al-Adha, the dollar exchange rate has risen to more than 152,000 dinars in the parallel market and exchange offices, after hovering around 145,000 dinars per 100 dollars.

Prices have fallen again over the past week, with the dollar now hovering around 149,000 dinars per $100.

The Central Bank imposed a mechanism that prevents the delivery of dollars to travelers except at airports, which increased the demand for dollars in the parallel market after illegal trade was financed through the parallel market via travelers’ dollars.  LINK

The Dollar Pushes The Iraqi Dinar To Confrontation.. And The Market Movement Is Stagnant

Time: 2024/07/27 21:22:29 Read: 1,794 times  {Economic: Al Furat News} The US dollar pushes the Iraqi dinar to confront and stabilize at a certain number, while local markets become stagnant.

Economic expert, Basem Jamil Antoine, told {Euphrates News} that: "The reasons for the stability of the dollar exchange rate are due to a number of factors, including the stagnation in economic and commercial activity, which is considered weak in all markets in Baghdad and Iraq, and shopping activity is weak during the month of Muharram."

He added, "During the month of Muharram, there is stagnation in commercial activity, no shopping, and inactivity, and economic activity in general is almost at a standstill, in addition to being in the hands of the state in general; therefore, there is no active commercial activity or demand for the dollar; because the private sector is mainly the one that buys the dollar to import, and in the absence of demand, it remains stable."

Antoine added, "Also, the rise in exchange rates is faster than their fall, and this process needs to be reviewed, as traders who bought the dollar do not sell it at a loss, which is one of the reasons for the stagnation, stagnation, and weak economic activity, in addition to the high temperatures that play a major role in the productivity of the individual or citizen, which is weak."

In addition, the Parliamentary Investment Committee confirmed the impact of the fluctuations in the dollar exchange rate on investment projects.

The buying and selling prices of the US dollar in local markets have ranged between 150,500 and 150,250 dinars for days.

The exchange rates of the US dollar against the Iraqi dinar today, Saturday, were as follows:

Selling price 150,250 dinars.

Buying price 148,250 dinars for every 100 dollars.  LINK

Stability Of The Dollar Exchange Rate In Iraq

Economy | 06:13 - 07/27/2024  Mawazine News – Baghdad  The exchange rates of the US dollar against the Iraqi dinar witnessed stability in local markets today, Saturday.

The exchange rates of the dollar stabilized with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 149.550 dinars for every 100 dollars.

The selling price in exchange shops reached 150.250 dinars, while the purchase price reached 148.250 dinars for every 100 dollars.   https://www.mawazin.net/Details.aspx?jimare=252142

Within A Week.. More Than One Billion Dollars In Sales From The Central Bank Of Iraq

Posted On2024-07-27 By Sotaliraq  2024-07-27   The total sales of hard currency in US dollars by the Central Bank of Iraq during the past week, during which the auction was opened, amounted to more than one billion dollars.

Our correspondent reported that the Central Bank sold during the past week and for the 5 days in which the auction was opened, one billion, 387 million, 237 thousand, and 049 dollars, at a daily rate of 277 million, 447 million, and 410 dollars, an increase over what was recorded in the previous week, which amounted to one billion, 91 million, 173 million, and 642 dollars.

The highest dollar sales were on Tuesday, reaching 283 million, 69 thousand, and 68 dollars, while the lowest sales were on Wednesday, reaching 274 million, 637 thousand, and 912 dollars.

Our correspondent indicated that foreign remittance sales during the past week amounted to 1 billion, 345 million, 937 thousand and 49 dollars, an increase of 96% compared to cash sales, which amounted to 41 million, 300 thousand dollars.   LINK

Oil Sales Via Electronic Payment Exceeded Two Trillion Dinars In Half A Year

July 27, 2024  Implementing projects to support the stability of Diwaniyah electricity and increase Diyala supply hours

Diyala - Salam Al Shamry

Maysan - Ali Qasim Al Kaabi

Sales of the Oil Products Distribution Company, affiliated with the Ministry of Oil, through smart card payment, exceeded the two trillion dinar barrier during the first half of this year.

A statement received by Al-Zaman yesterday stated that (the company's sales using the smart card exceeded two trillion dinars during the first half of this year in a significant way), indicating that (the company introduced the electronic sales service since the beginning of last April, and included all governorates and those dealing with the company from agents of gas and white oil and generators, constructed stations, and basins).

 The South Gas Company, affiliated with the ministry, launched the overhead power line project in the Nasiriyah and Al-Gharraf fields, with a capacity of 123 kV.

Investment Project

Yesterday's statement referred to (the operation of the overhead power line project feeding the site of the Nasiriyah and Gharraf gas field investment project with a capacity of 132 kV, and a length of 51 kilometers, which was implemented under contract with the Ministry of Electricity), and explained that (it represents 10 percent of the project stages, which is the first axis of the Nasiriyah gas project), according to the statement, and added that (the project is being linked to the bridge linking the power station and the last point of the overhead line).

In a related context, the General Manager of Maysan Oil Company, Hussein Kazim Laibi, discussed the development plans of Maysan fields with the managers of the Oil Exploration Company, the Contracts and Licensing Department, the Reservoirs and Field Development Department, and the Chinese company Sinopec, plans to develop Maysan fields in Bazargan, Faka, and Abu Gharb.

The Undersecretary of the Ministry of Oil for Extraction Affairs stressed during the meeting (the importance of the ministry's commitment to supporting foreign companies operating in the oil fields), indicating that (these companies are partners in the process of developing the oil sector in Iraq, and are not just a tool operating the fields, which reflects the ministry's orientation towards enhancing cooperation and partnership with international companies).

For his part, the Chinese delegation expressed (its thanks for the support provided by the Ministry of Oil, stressing their commitment to continue developing Maysan fields and sustaining production).

The Drilling Department of the Maysan Oil Fields Operating Authority continues its activities through the main operator, the Chinese company Sinopec, and the operating drilling companies, by implementing drilling contracts, under the supervision of the company’s general manager, and with continuous field supervision by the engineering team in the department, and the engineers residing in the drilling rigs.

A statement received by Al-Zaman yesterday stated that (all the activities and joint work of the department’s people’s officials, the staff residing in the towers, and the reservoirs and geology department, resulted in the drilling of 12 wells in the fields of Bazarkan, Al-Faka, and Abu Gharb, during the first half of this year, in addition to 9 wells under construction, and other wells being completed successively within the annual plan for drilling operations, with the aim of supporting production capacity),

 indicating that (the teams completed the drilling of vertical, horizontal, and inclined wells within the Al-Mushrif and Al-Asmari reservoirs, using the latest technologies, most of which targeted the production of crude oil, some for injection, and others for the production of reservoir water, according to the required technical specifications and the standard criteria of the oil industry).

The ministry is moving towards converting 40 percent of crude oil into petroleum derivatives and contributing projects, stressing that the completion of the fixed gas platform project in the Grand Faw Port achieves stability in the operation of power stations.

The Deputy Minister of Oil for Refining Affairs, Hamid Younis, said in a statement yesterday that (the government seeks to implement plans aimed at improving the reality of the oil industries, and converting 40 percent of crude oil into petroleum derivatives, during the current year),

pointing out (the existence of projects with a capacity of 70 thousand barrels in Maysan, Nasiriyah and Diwaniyah, in addition to the 70 thousand barrel unit in Dora, and the same in Qayyarah, in addition to 70 thousand barrels in Haditha), adding that (the total of these projects produces 420 million barrels, in addition to the Faw investment refinery project, the contract for which will be signed in the coming days with a capacity of 300 thousand barrels),

indicating that (this means that the government plans exceed 40 percent of the required quantities), and regarding the project to establish a fixed gas platform in the port of Faw, Younis explained that (the importance of the project lies in enhancing the stability of supply to power stations that operate on dry gas, which cannot be stored in tanks).

Meanwhile, the Minister of Electricity, Ziad Ali Fadhil, explained that the staff of the company operating the Shatt al-Basra gas station line to the Faw station contributes to solving the network bottlenecks in the areas of Abu al-Khaseeb, Sihan, al-Siba and al-Faw.

A statement yesterday said that (the line feeds the Faw station, which is considered the most important joint of the Gulf interconnection project, in addition to its role in discharging loads and providing stable energy).

Electrical Connection

In Diyala, electricity added 100 megawatts to the network in the province. A statement received by (Al-Zaman) yesterday said that (the ministry has completed the second phase of the project to connect with Kurdistan to add 100 megawatts to the network, which contributes to improving energy),

indicating that (the Diyala Electricity Distribution Branch, affiliated with the General Company for Electricity Distribution in the Middle, has completed the requirements of the second phase of the connection with the region, to support the national system),

and continued that (the work included the construction of an alternative 33 kV line with a distance of 22 kilometers, and unloading the loads from the 132 kV power transmission line, Kalar Khanaqin, with the aim of supporting electricity stability and providing energy to the people of Diyala).

The ministry plans to establish a 400-volt station in Diyala to support energy stability and develop the Mansouriya station in the province. The ministry’s spokesman, Ahmed Musa, said yesterday that (Diyala has a specific share of energy according to the Supreme Coordination Authority of the Provinces),

 noting that (part of the network operates on the Iranian lines, Mirsad Diyala, and Sarbil Zahab-Khanaqin), adding that (the lines vary in strength, which causes a decline in the hours of electricity supply), stressing (the move to develop the Mansouriya station in the province, in addition to the Diyala 400 station, to enhance the stability of the transmission networks).

The ministry implemented 20 projects to relieve congestion in the Ghammas district in Diwaniyah, noting that the agricultural line in the district was excluded from the scheduled cuts, to support farmers and agricultural workers. The Undersecretary of the Ministry, Nizar Al-Tamimi, said in a statement yesterday that (in implementation of the Prime Minister's directives, the governorate was visited, and the needs of citizens in the district were determined, which prompted the ministry to start projects to relieve congestion, prepare 50 transformers, and increase the hours of preparation in Diwaniyah). LINK

Oil Prices Fall 1.5%, Record Weekly Losses

Saturday 27 July 2024 09:27 | Economic Number of readings: 236  Baghdad / NINA / Oil prices fell by 1.5% at the end of trading on Friday evening, falling for the first time in 3 consecutive sessions.

Oil markets recorded losses for the third week in a row, as the two benchmark crudes (Brent and West Texas Intermediate) fell by about 1.8% each during the week ending today.

Oil prices are witnessing volatile trading between weak demand in China, the world's largest importer of crude, expectations of an approaching ceasefire agreement in the Middle East, fears of a shortage of supplies due to fires in Canada, and a decline in US oil inventories.

At the end of Friday's session, Brent crude futures for September 2024 delivery fell by 1.5% to reach $81.13 per barrel.

US West Texas Intermediate crude futures for September 2024 delivery fell 1.4% to $77.16 a barrel, according to figures compared by the Washington-based energy platform.

Oil prices fell to their lowest level in 6 weeks on Tuesday, and Brent crude closed at its lowest level since June 9, as ceasefire talks in Gaza progressed, as part of a plan set out by US President Joe Biden in May and mediated by Egypt and Qatar. /https://ninanews.com/Website/News/Details?key=1143729

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

Egon von Greyerz: Catastrophic Economic Collapse & The Next Great Depression Looming

Egon von Greyerz: Catastrophic Economic Collapse & The Next Great Depression Looming

Good as Gold Australia:  7-27-2024

In this most recent interview, Darryl and Brian Panes from As Good As Gold Australia talk with the legendary, Egon von Greyerz, Founder and General Manager of Gold Switzerland and Von Greyerz AG.

The world is currently very precariously placed with global debt ($350 trillion) at unprecedented levels, unmanageable inflation and sitting on the edge of WWII.

346 corporate business bankruptcies were recorded in the first half of 2024 in the US (the most during any year's first half since 2010). Could we be heading into the 2nd Great Depression?

 During the first half of 2024, gold has recorded a 19% gain and the World Gold Council survey confirms that Central Bank Reserve managers plan to increase their gold holdings further, building on their status of being the primary price setters of gold bullion since the 3rd quarter of 2022.

Central Banks are now confirming that they are viewing gold as a strategic asset.

 In 2019, only 15% of Central Banks considered their gold reserves a strategic asset. By the 2024 survey, this number had risen to 71%. Both advanced and EMDE economies face growing concerns about managing their reserve assets, including geo-political uncertainty, financial stability, default risk, long-term store of value, portfolio diversification performance during times of crisis and liquidity.

If Central Banks feel so strongly about gold, why wouldn't we? As the late Jim Sinclair would confirm, 'you need to become your own central bank.'

If the BIS (Bank of International Settlements) is suggesting that Central Banks should own more gold, which they claim is a strategic Tier 1 asset, should we question their motive, especially when you read their charter and statutes?

This is a must-view, absorbing interview.

https://www.youtube.com/watch?v=MHWUOU75BJo

MilitiaMan: Iraq Dinar News - IQD Update - US FED - Can not Wait for Ever, Iraq! - Fed Measures Occur at Anytime

Iraq Dinar News - IQD Update - US FED - Can not Wait for Ever, Iraq! - Fed Measures Occur at Anytime

MilitiaMan and Crew: 7-27-2024

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=DhD2ZsArALI

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 7-27-24

Good Afternoon Dinar Recaps,

Cardano Launches Node 9.1.0: The Dawn of the Chang Hard Fork Era

▪️ Cardano’s Node 9.1.0 launch is pivotal for the Chang Hard Fork, marking significant progress in on-chain decision-making.

▪️ While ADA’s price hasn’t surged yet, the upgrade holds potential for a future rally similar to the Alonzo Hard Fork.

Following the innovative launch of Cardano Ogmios v6.4.0, we reported last month, Cardano has launched Node 9.1.0, which is crucial for the upcoming Chang Hard Fork upgrade. This node introduces the final version needed to implement on-chain decision-making within the Cardano ecosystem. The Dawn of the Chang Hard Fork Era is equipped with a crucial feature, the Conway genesis file, which differentiates it from the previous Node 9.0.0.

This launch was announced by Intersect on X and confirmed by Cardano founder Charles Hoskinson on his personal X account. The Chang Hard Fork upgrade, initially scheduled for the first half of 2024, is expected to significantly advance Cardano’s infrastructure and capabilities.

From Intersect on Twitter
Node 9.1.0 is here!

The final version to bring on-chain decision making to Cardano is here. As with all hard-forks, Cardano upgrades when the community is ready.

SPO's ➡️ https://bit.ly/3ycXnVF

However, unlike the previous update, as discussed in the CNF earlier report, which drove ADA price up 10% as 159 projects launched on Cardano, accompanied by 9.62M native tokens and 84.2M transactions, this upgrade is still taking its time to hit the expected surge.

Previous upgrades like the Alonzo Hard Fork in 2021 had a substantial positive impact on ADA’s price, suggesting potential similar outcomes with the Chang Hard Fork.

The upgrade could potentially lead to a price rally, as it is expected to break the upper boundary of the wedge pattern. As of now, according to CoinMarketCap data today, Cardano (ADA) is trading at $0.3966, with a decrease of 2.47% in the past day and 5.75% in the past week. See ADA price chart below.

However, unlike the previous update, as discussed in the CNF earlier report, which drove ADA price up 10% as 159 projects launched on Cardano, accompanied by 9.62M native tokens and 84.2M transactions, this upgrade is still taking its time to hit the expected surge. 

Previous upgrades like the Alonzo Hard Fork in 2021 had a substantial positive impact on ADA’s price, suggesting potential similar outcomes with the Chang Hard Fork.

The upgrade could potentially lead to a price rally, as it is expected to break the upper boundary of the wedge pattern. As of now, according to CoinMarketCap data today, Cardano (ADA) is trading at $0.3966, with a decrease of 2.47% in the past day and 5.75% in the past week.  

UPDATE:  Cardano is trading at $0.4232 today.

@ Newshounds News™

Read more:  Crypto News Flash

~~~~~~~~~

Copper will be the investment of the decade? Kitco Live ‘Copper Masters Panel’ on August 22, 2024

(Kitco News) - Copper presents a generational investment opportunity. A looming supply crunch fueled by high demand required for the energy transition is elevating prices to record highs with a positive outlook for investors.

The copper market is expected to enter into deficit in the near-term, which is forecast to increase to 5-8Mtpa by the end of the decade as new demand gathers pace. Eergy transition applications and the power infrastructure required for the electrification of everything, data centers, and emerging markets such as India are all factors vying for dwindling copper supplies.

The positive market outlook has not garnered a corresponding supply response as few development projects are in the pipeline, and miners are risk-averse due to the increasing economic uncertainty, costs, and timescales of project development.

Hosted by Paul Harris, the ‘Kitco Copper Masters Panel’ will hear from industry leaders Robert Friedland, Kathleen Quirk, and Colin Hamilton discussing why copper may be the natural resources investment of the decade. 

Join us live on Kitco Mining’s YouTube channel on Thursday, August 22, 2024, at 3PM ET / 12PM PST for the latest copper investment insights from these copper masters.

@ Newshounds News™

Read more:  Kitco 

~~~~~~~~~

Chinese Firm Boasts of Using Tether Stablecoin to Skirt Russian Sanctions

Chinese-owned import-export firm Qifa specializes in trade between China and Russia, a booming sector. According to Reuters, the company is now using the Tether stablecoin for cross-border payments because of sanctions affecting bank payments.

It’s possible that Qifa spoke to Reuters to boost the price of its IPO on the Moscow Exchange. However, that benefit could prove short lived. Several Russian companies featured in recent press reports have been the subject of sanctions shortly afterwards.

For instance, Reuters reported in April that the Shanghai branch of Russian bank VTB played a key role in facilitating money transfers between Russia and China. In the latest package of sanctions announced on 12 June, OFAC added VTB Shanghai to its sanction list. Within a week this caused problems with money reaching Chinese suppliers.

The reason for using VTB Shanghai is the threat of sanctions on Chinese banks. Hence, any Chinese banks willing to receive payments are smaller ones, and they conduct significant due diligence to ensure that any goods are not dual use for military purposes.

Meanwhile, the use of Tether as a settlement asset may be illegal in both countries. Reuters classed Tether as a Digital Financial Asset. That’s not the case.

Digital Financial Assets
Digital Financial Assets (DFAs) are a specific class of Russian digital assets, including tokenized gold, other commodities and factored invoices. 

There’s a short list of firms that operate platforms approved to issue DFA tokens, and most of them have been sanctioned. Not only does Tether not run an approved DFA issuing platform, but stablecoins are not approved DFA assets.

Originally Russian legislation banned the use of DFAs for payment, but it recently passed a new law allowing them to be used for cross-border payments, precisely to skirt sanctions. Less than two weeks later more DFA issuers were sanctioned alongside some Russian cryptocurrency firms.

That means only those comfortable dealing with sanctioned entities would accept them. There are also practical hurdles we have previously explored.

Tether would be classed as a cryptocurrency rather than a DFA.

Russia is working on legislation to support the use of cryptocurrencies for cross-border payments. Even the central bank governor has agreed it’s a practical move, despite her misgivings about crypto. As of today, using Tether may not be legal in Russia, but the Russians would most likely turn a blind eye.

It’s far less clear that’s the case in China where the use of stablecoins such as Tether is not permitted.

@ Newshounds News™

Read More:  Ledger Insights  

~~~~~~~~~

BLOCKCHAIN and DIGITAL ASSET NEWS  from Ledger Insights

▪️ LUXEMBOURG proposes relaxing DLT laws LINK 

▪️ BNP Paribas hosts issuance of SLOVENIAs digital bond settled in CBDC LINK 

▪️ JP Morgan-backed Ownera partners with Digital Asset’s Canton network LINK 

▪️ Franklin Templeton planning digital-asset joint venture with JAPANs SBI LINK 

@ Newshounds News™

~~~~~~~~~

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Iraq Economic News and Points To Ponder Saturday AM 7-27-24

The US Federal Reserve Adopts A New Strategy Towards Iraq.. The Dollar Is Threatened To Rise To Unprecedented Levels
 
Economy     2024-07-25 | 7,697 views  Alsumaria-special   Economic researcher Ziad Al-Hashemi revealed new information about the US Federal Reserve’s policy towards Iraq, anticipating a rise in the dollar against the dinar, which will generate great pressure on the Iraqi banking system.  Al-Hashemi told Al-Sumaria News,
 
“Some information from within the corridors of the Central Bank of Iraq indicates that the US Federal Reserve has adopted a strategy different from its previous strategies towards the Iraqi economy,” noting that  “this strategy will be more stringent and depend on three axes:

The first axis: The continuation of punishing the previous banks, and
 
there is no lifting of the sanctions against them, meaning that
 
these banks will continue to be prevented from trading in the dollar indefinitely.
 
The second axis: closing banks that continue to violate federal controls related to money laundering and dollar smuggling, and supporting sanctioned entities and countries.
 
The third axis: Preventing the Iraqi government from interfering in the dollar file, and that
 
this file be in the hands of the Central Bank of Iraq only.  He stressed that
 
"the last axis explains that the Federal Bank monitored the presence of political influences from the Iraqi government," pointing out that
 
"the Iraqi Central Bank today is in a very embarrassing situation and is almost in trouble through internal pressures on it to obtain a larger space for the dollar and its circulation."  He stressed,
 
"The Central Bank will only have the ability to delay and postpone federal procedures for the longest possible period of time, while achieving temporary protection for the Iraqi banking system and the Iraqi dinar."  He stated,
 
"The American Federal Reserve will not be able to wait forever, and
 
it is expected that there will be federal measures that may occur at any moment, and
 
there will be a sudden and large demand for the dollar, which will lead to a decrease in the value of the Iraqi dinar against the dollar, which will generate great pressure on the banking system." "The Iraqi economy, the Iraqi economy, and the formal political system."    https://www.alsumaria.tv/news/economy/494898/الفدرالي-الأميركي-يتبنى-ستراتيجية-جديدة-تجاه-العراق-الدولار-مهدد-بالار   

Adviser To The Prime Minister: (Injaz Bonds) Encouraged Safe Investment Of Public Funds
 
Economy     Baghdad - IA - Nassar Al-Hajj   Thursday, Advisor to the Prime Minister Mazhar Muhammad Saleh identified the importance of Injaz bonds, while clarifying the nature of government borrowings. Saleh told the Iraqi News Agency (INA):
 
 “The annual general budget usually hedges during implementation against some slowdown in cash flows for temporary and emergency reasons,” indicating that
 
“on this basis, the budget is hedged by resorting to short-term borrowing by issuing annual treasury transfers.”
 
With a specific interest rate, commercial banks invest their money mostly in holding these sovereign bonds to ensure the sustainability of cash flows to the general budget.  He added,
 
"Short-term government borrowings are called bridge loans and are practiced by the financial authorities in accordance with the budget law at all times and places," noting that
 
"the general budget policy today, in its investment aspect, is moving towards ensuring the availability of a stable financing lever that guarantees the continued implementation of the country's investment budget items from non stop".  Saleh continued,
 
 “The announced issuance of the (Injaz Bond) amounting to 1.5 trillion dinars  targets the public’s savings, 
especially those dormant balances that lie outside the banking system and outside the mechanisms of the national savings cycle, 
which is consistent with encouraging the virtue of the public’s safe investment of its cash balances and with high-guarantee and high-yield sovereign debt instruments.”
 
At the same time, it facilitates the trading of these financial instruments (the completion bond),
 
     buying and selling in the secondary financial markets, and
 
     provides the bond holder with the ability to convert the debt instrument (the completion bond) into cash at all times when needed, with ease and high guarantee.”   
 
https://www.ina.iq/213372--.html   

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

“Tidbits From TNT” Saturday Morning 7-27-2024

TNT:

Tishwash:  Expanding the electronic payment base is an important financial transfer

The global smart card company “Ki” described the expansion of the electronic payment base in the country as moving to an important stage in financial transactions.

A responsible source in the company said that the development in the field of electronic payment and the acceptance of this form of transactions by a wide segment of society came as a result of what the citizen saw as a safe, advanced and fast service that saves time and effort in many transactions.

The source added that the directives of the government and the Central Bank of Iraq to support electronic payment have yielded positive results that contribute to the development of the national financial sector.

He pointed out that the company is working hard to create new products that are world-class and in harmony with the needs of the citizen. link

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

Tishwash:  Due to the extreme heat, tomorrow Iran will close all government centers and banks

Iran's state media council has announced that all government offices and banks will be closed tomorrow, Sunday, due to the extreme heat, according to the Fars news agency. "Due to the continued extreme and unprecedented temperatures and in order to protect the health of citizens and rationalize energy consumption, all government offices, centers and banks across Iran (except for emergency and relief services centers) will be closed tomorrow, Sunday," the secretariat of the state media council said in a statement issued on Friday.

"Official working hours in all government offices and banks across the country (except for emergency and relief services centers) have been set from 6 to 10 a.m. on Saturday," the statement added. "Remote work is also allowed for employees who are unable to come to work due to their health conditions," the statement added.

The capital, Tehran, witnessed its hottest day since Wednesday afternoon, with a temperature of 43 degrees in the city of Varamin. Temperatures will continue to rise this week and next, with temperatures expected to reach 50 degrees Celsius in most parts of the country over the next five days, according to Iran International.  link

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

Tishwash:  Al-Sudani pressures factions to calm escalation against Americans, seeks Tehran's support

Iraqi Prime Minister Mohammed Shia al-Sudani seeks to exert pressure on the armed factions loyal to Iran to stop their escalation against American interests and targets in Iraq, according to informed sources. 

The sources told Shafaq News Agency, "Al-Sudani has been working for days to pressure the armed factions to stop the escalation operations against the Americans after the bombing of Ain al-Assad base, for fear of American reactions that may escalate the security situation and confuse it inside Iraq."

The sources added, "Al-Sudani communicated with Iranian figures in order for Tehran to pressure those factions to stop escalating their operations against the Americans and give him a new opportunity to end the American presence in Iraq through dialogue and negotiation, but so far the factions reject the pressures of Al-Sudani and those close to him."

On Friday, a spokesman for the US Department of Defense confirmed that an attack had occurred on the area near the Ain al-Asad air base in Iraq, without resulting in any injuries among US military personnel.

A security source reported, on Thursday evening, that the base was targeted by at least two missiles.link

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

Tishwash:  The Iraqi Embassy opens up prospects for cooperation with Egyptian businessmen and investors to work in Iraq

The Iraqi embassy in the Egyptian capital, Cairo, discussed, today, Friday, with investors and businessmen of major Egyptian companies, opening up prospects for joint cooperation.

The Iraqi Ambassador to Cairo, Qahtaan Al-Janabi, told the Iraqi News Agency: "The meeting addressed many files, the most important of which is the fruitful cooperation between the two countries in all fields," noting that "the presence of major Egyptian companies specialized in energy, pharmaceutical industries, and transportation is important to transfer Egyptian experiences to the Iraqi market."

He added that "the investors' problems were listened to and how to work on solving their problems and working to overcome the obstacles that hinder their work and travel and providing all facilities with the aim of transferring their expertise to Iraq, especially since the number of companies is increasing day by day," indicating that Prime Minister Mohammed Shia al-Sudani, during his meeting with senior businessmen, praised their role in building the Iraqi infrastructure by implementing many projects such as bridges and others.

He pointed out that "Egyptian companies are very willing to open up prospects for joint cooperation and investment in Iraq, with the aim of achieving stability and economic growth and transferring Egyptian experiences and expertise to the Iraqi market and achieving sustainable development and providing job opportunities and diversifying sources of income in the country and advancing the economic and social future of Iraq."

In turn, the investors expressed "their happiness in increasing the volume of trade and economic exchange in Iraq, especially after the stability of the security situation, which has become attractive for the presence of Egyptian companies in Iraq, and transferring Egyptian experiences in development projects in many fields such as energy, housing, roads, agriculture and medicine, with the aim of transferring the Egyptian experience to the Iraqi market."

Former Minister of Transport Hani Dahi, Chairman of the Board of Directors of the Nile Valley Company, explained to the Iraqi News Agency (INA) that "the security climate in Iraq is very encouraging for the presence of Egyptian companies in large numbers, especially since Iraq has become a safe and attractive environment for investment in all agricultural and industrial sectors. It is very important to transfer the Egyptian experience in all Iraqi governorates at the level of bridges, roads and electricity, especially since Egypt has great experiences in construction and reconstruction in light of a series of projects that it has implemented over the past ten years."   link

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Mot:  .. FINALLY !!!! --- Vindication!!!! - When ur Hot Ur Hot

Mot: .... Hear Ye!! -- Hear Ye!!!

Economist’s “News and Views” Friday 7-26-2024

INCOMING CRISIS: When Banks, Gov Debt, and BRICS Collide

Taylor Kenny: 7-25-2024

In this urgent and riveting expose, financial expert Taylor Kenney uncovers the hidden economic threats that the government and mainstream media have ignored for years.

As U.S. debt skyrockets and geopolitical tensions escalate, Taylor reveals why savvy investors are moving their assets out of the traditional financial system.

CHAPTERS:

01:17 Current National Debt

03:51 Global Sanctions

 05:46 Billions of Unrealized Losses

08:08 The Hard Truth

10:35 True Store Of Value

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

Markets Would Be A "Smoldering Ruin" If Manipulation Ended | Ed Steer

Liberty and Finance:  7-25-2024

In these tumultuous times marked by political upheaval and economic uncertainty, understanding the true dynamics of the stock market and financial systems is crucial.

Ed Steer offers insightful analysis, highlighting structural imbalances and the pervasive intervention in markets that distort reality. He emphasizes a cautious approach, advocating ownership of tangible assets amid a landscape where market interventions maintain an illusion of stability.

For those seeking clarity amidst the complexities of today's economy, Ed Steer provides indispensable insights through meticulous tracking of market data and trends.

NTERVIEW TIMELINE:

0:00 Intro

1:20 Gold & silver manipulation

5:25 Physical deliveries

10:00 Chinese gold buying

14:43 Fiat currency failure

19:30 Physical precious metals

22:31 Owning physical metals

28:00 If markets weren't manipulated

https://www.youtube.com/watch?v=WJFl7Eekupk

As US Stocks Collapse, Japan's Currency Shock & China Trade War Threatens Bigger Sell-Offs

Sean Foo:  7-26-2024

The US stock meltdown just erased $1 trillion dollars of investor money. As the AI and tech bubble starts to deflate thanks to poor earnings, a perfect storm is brewing that could cause even bigger sell-offs.

 We must understand two big risks to the US economy and the equity markets - the big Yen reversal & the coming trade war risk with China.

Timestamps & Chapters:

0:00 US $1 Trillion Meltdown

 3:03 Japan's Major Currency Risk

6:02 China Trade War Nightmare

8:36 US Economy & China Retaliation

 11:55 More Stock Market Pain Coming

https://www.youtube.com/watch?v=2RD6kgz8-1Y