Blinken: The Work And Change Taking Place In Baghdad Is Surprising And Admirable

Saturday 14 December 2024 10:41 | Politics Number of readings: 254  Baghdad / NINA / US Secretary of State Antony Blinken expressed his astonishment and admiration for the work and change taking place in Baghdad.

Blinken said in a speech to reporters after leaving Baghdad: "There is important work that has been done to ensure that Iraqis receive the necessary services to build a better life."

He added: "I expressed my astonishment to Prime Minister Mohammed Shia al-Sudani when I arrived in Baghdad, with the construction and vitality of the capital, and there is important work that has been done to ensure that Iraqis receive the necessary services to build a better life."

He continued: "It is impressive that these changes are taking place," stressing: "The Iraqi people deserve this development." / End9  https://ninanews.com/Website/News/Details?Key=1174545

Gold Ends Two-Week Losing Streak

Money and business   Economy News - Follow-up  Gold prices posted a weekly rise, ending a two-week losing streak.

This came after investors raised their expectations this week that the US Federal Reserve would cut interest rates at its meeting next week.

Gold futures for February 2025 delivery were up 0.6 percent on the week, despite falling 1.25 percent, or $33.6, to $2,675.8 an ounce on Friday.

The dollar index, which measures the performance of the US currency against a basket of 6 major currencies, settled at 106.98 points.

Profit-taking weighs on gold prices

Markets are pricing in a 97.5 percent chance the Fed will cut rates by 25 basis points at its meeting starting next Tuesday, according to the FedWatch tool, up from 86 percent last week.

Goldman Sachs had expected gold prices to rise to $3,000 per ounce by the end of 2025.

The bank said in a note that the rise in gold will occur even if the value of the US dollar continues to rise.

Goldman Sachs analysts said on Wednesday that markets could see increases in both gold prices and the value of the dollar in 2025, due to lower interest rates and increased uncertainty. 73 views - https://economy-news.net/content.php?id=50854

Gold Heads For Weekly Gain Of Over 2%

Money and business  Economy News - Follow-up  Gold prices are heading for weekly gains, and were slightly higher in early Friday trading, supported by reports that China, the largest gold consumer, has resumed its purchases and growing expectations that the Federal Reserve will cut interest rates at its meeting on Dec. 17-18.

Update prices

Spot gold rose 0.3 percent to $2,688.29 per ounce by 0320 GMT, and was on track for a weekly gain of more than 2 percent.

US gold futures settled at $2,711.30.

Traders are now focused on the Fed's interest rate decision, with the CME FedWatch tool pricing in a 96.4 percent chance of a 25 basis point rate cut.

Gold prices fell more than 1 percent on Thursday amid profit-taking after the metal briefly hit a five-week high earlier in the session.

U.S. producer prices rose more than expected in November, amid higher food costs. Data released Wednesday showed consumer prices rose by the most in seven months in November, boosting bets on interest rate cuts.

The European Central Bank cut interest rates for the fourth time this year and the Swiss National Bank cut rates by 50 basis points, its biggest cut in nearly a decade, on Thursday.

Gold prices usually rise in a low interest rate environment.

As for other precious metals, silver settled at $30.94 per ounce, according to Reuters data.

Platinum rose 0.4 percent to $933.65. Palladium fell 0.1 percent to $969.09. Both metals were on track for weekly gains.  98 views  Added 12/13/2024 - https://economy-news.net/content.php?id=50824

Dollar Closes Higher Against Dinar In Baghdad And Erbil At The Beginning Of The Week

12/14/2024  Mawazine News – Economy  The dollar prices rose in the markets of Baghdad and Erbil, the capital of the Kurdistan Region, on Saturday with the closing of the stock exchange.

The dollar prices also rose with the closing of the Al-Kifah and Al-Harithiya stock exchanges to record 151,000 dinars for every 100 dollars, while this morning it recorded 150,650 dinars for every 100 dollars.

Selling prices rose in exchange shops in the local markets in Baghdad, where the selling price reached 152,000 Iraqi dinars for every 100 dollars, while the purchase price reached 150,000 dinars for every 100 dollars.

In Erbil, the dollar also recorded a rise, where the selling price reached 150,450 dinars for every 100 dollars, and the purchase price was 150,250 dinars for every 100 US dollars. https://www.mawazin.net/Details.aspx?jimare=257458

Oil Rises 2% To Highest Level In 3 Weeks

Energy   Economy News - Follow-up  Oil prices jumped about 2 percent to settle at a three-week high on Friday, supported by expectations that additional sanctions on Russia and Iran will limit supplies and that interest rate cuts in Europe and the United States will boost fuel demand.

Brent crude futures rose $1.08, or 1.5%, to settle at $74.49 a barrel, while U.S. West Texas Intermediate crude futures rose $1.27, or 1.8%, to $71.29.

Today’s settlement was the highest for Brent crude since November 22, up 5% on the week. West Texas Intermediate crude gained 6% on the week and hit its highest since November 7.

"What drove the rally were... expectations of tighter sanctions on Russia and Iran, more supportive Chinese economic guidance, political unrest in the Middle East and speculation of a US rate cut next week," analysts at consultancy Ritter Busch & Associates said in a note.

The European Union agreed to impose a 15th package of sanctions on Russia this week over its war in Ukraine, targeting Russia's shadow fleet of tankers, and the United States is considering similar moves.

Britain, France and Germany told the UN Security Council that they were prepared, if necessary, to work to reimpose all international sanctions on Iran to prevent it from obtaining nuclear weapons.

Chinese data this week showed crude imports into the world’s biggest importer grew at an annual rate in November for the first time in seven months. China’s crude imports are expected to remain high until early 2025 as refiners lean toward increasing supplies from top exporter Saudi Arabia due to low prices and independent refiners rush to fill their quotas.

The International Energy Agency raised its forecast for demand growth to 1.1 million barrels per day in its monthly oil market report, from 990,000 barrels per day last month, citing stimulus measures in China.

The agency expects an oil supply surplus next year as non-OPEC+ countries are set to boost supplies by around 1.5 million barrels per day, led by Argentina, Brazil, Canada, Guyana and the United States.

The OPEC+ group includes OPEC member states and allies such as Russia.

Bloomberg reported that the OPEC member UAE intends to reduce oil shipments early next year as OPEC+ seeks stronger discipline in meeting production targets.

The price of Iranian crude to China has risen to its highest in years as U.S. sanctions limit shipping capacity and raise logistics costs. The incoming administration of U.S. President-elect Donald Trump is expected to ramp up pressure on Iran.

98 views  Added 12/14/2024 - https://economy-news.net/content.php?id=50847

Al-Sudani Confirms That Modernizing Company Registration Work Is At The Heart Of Economic Reform Efforts, Combating Corruption And Improving The Business Environment

Political | 12/14/2024  Mawazine News – Baghdad  Prime Minister Mohammed Shia Al-Sudani inaugurated today, Saturday, the new building of the Companies Registration Department, affiliated with the Ministry of Trade in the capital, Baghdad, and toured the building, during which he was briefed on the departments of the department and its work mechanisms.

Al-Sudani stressed the government's continuation of its special program to modernize the work of institutions and departments, and make them keep pace with technological developments and modern management systems, in a way that enhances the efficiency of administrative work. The

Prime Minister explained that developing the Companies Registration Department and modernizing its work mechanisms comes within the steps of administrative and economic reform, and at the heart of efforts to improve the business environment and achieve the goal of simplifying procedures to provide an attractive environment for investment, in addition to its important impact in combating corruption. https://www.mawazin.net/Details.aspx?jimare=257442

Al-Awadi: US Secretary of State praised the government's role in calming the region

Friday 13 December 2024 | Politics Number of readings: 110  Baghdad / NINA / Government spokesman Bassem Al-Awadi confirmed that the US Secretary of State praised the government's role in calming the region. / End 8    https://ninanews.com/Website/News/Details?Key=1174474

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