Iraq Economic News and Points To Ponder Thursday AM 10-10-24
Oil Prices Rise Amid Fears Of Storms And Regional Unrest
Economy | 10/10/2024 Mawazine News – Economy Oil prices rose more than 1 percent on Thursday, supported by rising fuel demand as a major storm swept through Florida and concerns about potential supply disruptions in the Middle East.
Brent crude futures were up $1.2, or 1.6 percent, at $77.78 a barrel by 1330 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up $1.16, or 1.6 percent, at $74.40 a barrel.
The United States, the world’s largest oil producer and consumer, is grappling with another major storm, Hurricane Milton, which hit Florida, where about a quarter of gas stations ran out of supplies, helping support crude prices.
Prices have surged this month after Iran fired more than 180 rockets at Israel on Oct. 1, raising the prospect of retaliation and targeting Iranian oil facilities.
With Israel yet to respond, crude prices have retreated again and have been relatively steady throughout the week.
Biden “continues to dissuade Israel from targeting oil facilities but there are growing concerns that Israel’s allies have little influence over its strategy,” analysts at ANZ said in a note on Thursday.
While threats to Middle East production are at the forefront, weak demand continues to cloud the fundamental outlook. https://www.mawazin.net/Details.aspx?jimare=255852
Iraq Raises Gold Reserves To 152.6 Tons, According To The World Gold Council
Time: 2024/10/10 11:34:18 Read: 1,651 times {Economic: Al Furat News} Iraq’s gold reserves increased by 4 tons in the past two months, reaching 152.6 tons, according to a report issued by the World Gold Council. This increase places Iraq in 29th place globally among 100 countries in gold reserves, according to last month’s data.
At the Arab level, Iraq came in third place after Saudi Arabia and Lebanon, as data recorded an increase in Iraqi gold reserves from 148.3 tons to 152.6 tons.
Last August, Mazhar Mohammed Salih, economic advisor to the Iraqi prime minister, confirmed that gold represents about 10% of Iraq’s foreign currency reserves. He pointed out that the reserve had reached 148 tons at the time.
It is worth noting that Iraq recorded a gold reserve of 145 tons and 661 kilograms last February, indicating that the continuous increase reflects financial stability and stability in cash liquidity.
Globally, the United States holds the lead in gold reserves with 8,133 tons and 300 kilograms, followed by Germany with 3,351 tons and 500 kilograms, and then Italy in third place with 2,814 tons. LINK
Al-Hakim Stresses The Need To Leave The Rentier State And Activate The Five-Point Economy
Thursday 10 October 2024 | PoliticsNumber of readings: 61 Baghdad / NINA / The head of the National Wisdom Movement, Ammar al-Hakim, stressed the need to leave the rentier state and activate the economic quintet.
A statement from his office stated that al-Hakim received in his office in Baghdad Dr. Mazen al-Hakim, head of the Sibar Center for Digital Economy, and discussed with him the developments of events in Iraq and the region.
Al-Hakim stressed the importance of study centers to support the governmental and legislative system with ideas and studies, and the importance of studies being realistic and applicable.
Al-Hakim pointed to the nature of the economic challenges facing Iraq, stressing the need to leave the rentier state and activate the economic quintet represented by agriculture, industry, tourism, investment and technology. / https://ninanews.com/Website/News/Details?key=1161129
Promoting The Private Sector Through Legislative And Executive Support
Economy | 10/10/2024 Mawazine News – Baghdad The head of the Federation of Chambers of Commerce, Abdul Razzaq Al-Zuhairi, confirmed today, Thursday, that the private sector enjoys legislative and executive cover and great attention from the government and has reached a stage of stability, which contributed to the construction process and attracting foreign investments.
Al-Zuhairi said in a statement to the official agency, that "the private sector was able to build a strong name for itself in recent years after the current government assumed responsibility, as it contributed to the construction process and attracting foreign investments."
He explained that "the government paid remarkable attention that contributed to the continuity and distinction of this sector," noting that "the support included important sectors such as housing, energy and agriculture, by facilitating many procedures such as financial support, simplifying regulations and facilitating the entry of foreign investors."
He pointed out that "the private sector now enjoys strong legislative and executive cover, which contributed to its stability and growth.
" Al-Zuhairi stressed "the importance of controlling borders to prevent the entry of irregular goods and developing development banks that effectively support the private sector."
He concluded his speech by saying that "recent years have witnessed a successful start for the private sector, which is still in the beginning and needs time to grow and develop." https://www.mawazin.net/Details.aspx?jimare=255846
The US Embassy rejects any targeting of the religious authority, Mr. Ali al-Sistani
The US Embassy in Iraq announced on Thursday that the United States rejects any targeting of the highest religious authority, Sayyid Ali al-Sistani, while indicating that Sayyid al-Sistani represents a decisive and influential voice in promoting a more peaceful region.
The embassy said in a statement to the Iraqi News Agency (INA): "The United States rejects any targeting of His Eminence Grand Ayatollah Sayyid Ali al-Sistani," indicating that "Sayyid al-Sistani is a prominent religious figure who enjoys great respect in the international community."
It added that "the United States believes that His Eminence Grand Ayatollah Sayyid al-Sistani represents a decisive and influential voice in promoting a more peaceful region." https://www.radionawa.com/all-detail.aspx?jimare=39713
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