Iraq Stands In Solidarity With America Over California Fires

2025/01/10 Reading: 858 times  Iraq stands in solidarity with America over California fires  LINK

Prime Minister: Restructuring Government Banks To Ensure Availability Of Capabilities And Openness With International Specifications

Banks   Economy News – Baghdad   Prime Minister Mohammed Shia Al-Sudani confirmed, on Thursday, that government banks with their current structures are unable to open up and address problems, indicating that this is why they have been restructured in a way that ensures the availability of all capabilities and openness with modern international technical specifications.

The Prime Minister's Media Office said in a statement, seen by "Al-Eqtisad News", that "Prime Minister Mohammed Shia Al-Sudani chaired a special meeting to discuss the development of the work of government banks, in the presence of representatives of Ernst & Young for auditing and financial consulting."

The statement added, "The Prime Minister was briefed on the plan for the restructuring project of Rafidain and Rashid Banks, and the technical and administrative procedures related to the project, which includes a comprehensive review and structural administrative reforms with the aim of providing integrated banking services to citizens and companies."

The Prime Minister explained - according to the statement - that "the completion rate of the project to restructure Rafidain Bank has reached the final stages," stressing "its entry into force in the coming period, within the framework of a plan that has been studied and implemented according to the established standards and specifications."

Al-Sudani added that "government banks with their current structures are unable to open up and address problems, and for this reason they have been restructured in a way that ensures the availability of all capabilities and openness with modern international technical specifications." 111 views   Added 01/09/2025 - https://economy-news.net/content.php?id=51784

Oil Prices Rise Amid Expectations Of New Sanctions On Russia, Falling Inventories
10/01/2025   Mawazine News – Economy  Oil prices jumped on Friday, posting gains for a third straight week, as concerns mounted about supply disruptions from potential sanctions on Russia.

Brent crude futures rose $3.50, or 4.6%, to $80.42 a barrel, breaking above $80 for the first time since October. U.S. West Texas Intermediate (WTI) crude futures rose $3.57, or 4.8%, to $77.49 a barrel.

Tensions mount over Russia sanctions
The United States is planning to impose its toughest sanctions on Russia’s oil sector, targeting 180 oil tankers, dozens of traders, two major companies and senior industry executives, according to a document seen by Reuters.

Expectations of the sanctions have grown ahead of President-elect Donald Trump’s inauguration on Jan. 20, while the Biden administration is expected to announce additional sanctions on Russia before it leaves office.

Other factors supporting higher prices
Cold weather in the US and Europe has helped boost demand for heating oil, with the US National Weather Service forecasting cooler temperatures in the central and eastern parts of the country. Europe is also facing a severe cold snap that is increasing energy consumption.

Analysts at JPMorgan expect global oil demand to grow by 1.6 million barrels per day in the first quarter of 2025, driven by increased consumption of heating oil, kerosene and liquefied petroleum gas.

Investors are concerned about inflation
Ole Hansen, head of commodity strategy at Saxo Bank, said that concerns about rising inflation due to Trump’s planned tariffs are boosting crude prices.

Despite a sixth straight week of gains in the dollar, which makes oil more expensive for buyers outside the US, oil prices continued to recover, reflecting the strength of factors supporting demand. https://www.mawazin.net/Details.aspx?jimare=258397

Oil continues gains, Brent crude hits $77

Time: 2025/01/10 08:22:31 Read: 1,430 times  {Economic: Al Furat News} Oil prices rose for the second day in a row, after a decline in US inventories overshadowed more signs of economic weakness in China, the largest importer of crude.

West Texas Intermediate crude traded above $74 a barrel, after ending the session up 0.8% on Thursday, while Brent crude closed near $77.

Crude inventories at the Cushing, Oklahoma, hub fell to their lowest since 2014, while consumer inflation in China is heading further toward zero.

Third Weekly Gain

Oil prices are set for a third weekly gain, supported by cold weather that is boosting demand for heating fuel and could disrupt U.S. refineries.

The imminent return of President-elect Donald Trump to the White House is also increasing the risk to Iranian supplies and creating tensions over a potential trade war that could weigh on energy demand. LINK

Iraq Declares 2025 The Year Of Industry.. Will Its Decisions Succeed?

Posted on 2025-01-10 by sotaliraq  The Prime Minister's Advisor, Hamoudi Al-Lami, confirmed that the Iraqi government has placed the industrial sector at the top of its priorities within its government program, announcing that 2025 will be the year of industry in Iraq.

Al-Lami explained that the Prime Minister's visit to Iraqi factories came to reflect the serious trend towards promoting national industry, pointing out that the Council of Ministers issued an unprecedented package of decisions to support this sector, including providing sovereign guarantees to the private sector that were previously limited to the government sector only, with the aim of establishing new production lines and modern factories.

He added that the government seeks to reduce dependence on oil revenues by exploiting the assets that Iraq possesses, such as raw materials, industrial expertise and the local market, stressing that the Council of Ministers reduced customs duties to levels close to zero, and provided soft loans with low interest to support the expansion of existing factories and the establishment of new ones.

Al-Lami pointed out that the government is working on establishing integrated industrial cities that will be offered to developers to provide the necessary services, noting the Prime Minister’s directive on the necessity of submitting applications to protect local products when achieving 50% market coverage, in line with the National Product Protection Law by imposing additional fees or preventing the import of competing goods.

Al-Lami also stressed that the government is keen on coordination between factories and farmers, especially in the food sectors, stressing the importance of supporting local agricultural production to provide factory supplies, such as dairy products and their derivatives.

At the end of his speech, Al-Lami announced the government's plans to restore the production of fertilizers, petrochemicals and other products that have been absent from the Iraqi market for years, stressing that periodic meetings will be held with industrialists to address challenges and achieve comprehensive industrial development.

With these steps, the government seeks to transform Iraq into an integrated industrial country, capable of achieving self-sufficiency and reducing dependence on imports, which will enhance the country's economy and achieve prosperity for citizens.   LINK

With The End Of The Legislative Holiday... Parliamentary Movement To Resolve The “Controversial Laws” In The Coming Days

Posted on 2025-01-10 by sotaliraq   Once again, the scenario of controversial laws returns to the forefront, with the end of the parliament’s legislative recess, despite the heated disputes over some of its provisions and warnings against adopting the one-basket approach in resolving them.

The halls of Parliament are witnessing a new movement to return controversial laws to the Parliament’s table for discussion and passing, which raises fears of a new crisis erupting within Parliament regarding them.

The House of Representatives entered a legislative recess after extending it for 30 days based on Article 58 of the Iraqi Constitution. Consequently, that period ended and it became obligatory to enter a recess from December 9th to January 9th.

Member of Parliament Jassim Al-Moussawi says, “Through reading and managing sessions on controversial laws, there is public pressure trying to resolve controversial laws.”

He added, "The majority want to move forward to resolve the controversial laws, especially the Personal Status Law, the Amnesty Law, and the Kurdistan Lands Law," indicating that "there are broad popular demands."

Al-Moussawi pointed out that “there are efforts to resolve the problems and disputes regarding these laws,” stressing that they “need some time.”

For his part, Mukhtar al-Moussawi, a member of the Foreign Relations Committee in the House of Representatives, said, “The controversial laws will witness new movement, as the orientations of the major blocs dominating the parliamentary scene will become clear.”

He explained that “the legislative process in Iraq suffers from the dominance of the principle of political consensus between the blocs, which leads to the passing of laws based on political deals and trade-offs instead of relying on objective discussions that serve the public interest.”

He pointed out that “this style of legislative work makes controversial laws stuck within what is called the ‘one basket’, where the passage of one law is linked to the approval of another law, which hinders the approval of the necessary legislation that citizens are waiting for.”

The Shiite representatives in parliament insist on passing the Personal Status Law, which is considered a radical amendment to Law No. 188, which was enacted in 1959 during the era of Abdul Karim Qasim, while the Sunnis demand passing a general amnesty law, while the Kurds seek to pass a law to return properties to their owners that were taken from them during the era of the former regime. Since there are fundamental differences regarding each of these laws, they have been called “controversial laws,” such that passing any one of them requires passing the other laws.

The delay in approving many important laws is likely to weaken the legislative and oversight role of the House of Representatives, according to political observers, who criticize the parliament’s resort to the principle of political consensus, which has led to the postponement of important laws that the Iraqi street is anticipating.

It is noteworthy that the issue of passing controversial and controversial laws through the so-called “one-basket” system is not new to the Iraqi parliament. It is a procedure that is resorted to in the event that disagreements over a particular law reach a dead end, in a way that enhances the interests of the political blocs and their sectarian, factional and regional polarizations.

The amendment to the Personal Status Law faces major objections, as legal experts and civil activists warned, in a previous report by “Al-Alam Al-Jadeed,” of the amendments that the parliament intends to make to the law. While they confirmed that they could undermine one of the most important Iraqi legislations, they pointed out that the amendments place the authority of sects and religious men in a higher position than the authority of the judiciary and the law.

The amendment to the general amnesty law also faces objections and concerns that it will include those convicted of terrorism and belonging to ISIS. This amendment is one of the main demands of most Sunni forces, and was among the most prominent conditions they set in the negotiations to form the government of Prime Minister Mohammed Shia al-Sudani before voting on it in parliament in October 2022.

As for returning the properties to their owners, the five Kurdish blocs in the House of Representatives announced last September that they would unify their position to support a draft law aimed at cancelling the Baath Party’s decisions regarding agricultural lands in the areas covered by Article 140 of the Iraqi Constitution.  LINK

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