KTFA:

Clare:  A deputy calls on the central bank and the government to act to stop speculation in dollar prices

12/10/2022

Today, Saturday, a member of the Labor and Social Affairs Committee, Hussein Arab, called on the Central Bank and the government to take action to stop speculation in dollar prices.

Arabs told {Euphrates News}, "Speculation with the exchange rates of the dollar and its rise to this level is unacceptable and undermines the citizen's confidence in the economic process or the country's monetary and financial policy."

He added, "We believe that this issue is orchestrated, and we call on the Central Bank and the government to move quickly to find a solution, as they are concerned and executive," noting that "the duty of parliament is to monitor and legislate."

Arabs pointed out that "solving this issue is not difficult, and that any decision helps the process of stabilizing the exchange rate, except for the traditional methods of currency auction."   LINK

Clare:  The Democrat announces the formation of a committee titled {Article 140}

 12/10/2022

The Kurdistan Democratic Party announced today, Saturday, the formation of a committee between the center and the region, bearing the name {Article 140}.

The leader of the party, Wafaa Muhammad Karim, told the Euphrates News Agency that, "It was agreed to define a committee called the Article 140 Committee between the center and the region, as well as an agreement to legislate the oil and gas law."

He added, "Visits to this committee will be every 10 days, once or twice a month."

And he continued: "With regard to the region's share in the budget, the deductions will be from the region's share according to a deductive case, meaning that the region will not deliver sums of money, but will be deducted from its oil exports according to mechanisms."   LINK

4Cash:  Thanks, Clare, for this article IMO sounds like this thing is settled and they need to make an announcement!!!

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Henig:  From Riyadh .. Al-Sudani: We reject the aggression on our lands and everyone should respect the sovereignty of Iraq / more

Baghdad / NINA / The Prime Minister, Muhammad Al-Sudani, stressed the necessity of not allowing Iraq to be a headquarters or a passage for aggression against neighboring countries, and said "we reject at the same time the aggression on our lands, and everyone must respect the sovereignty of Iraq."

Al-Sudani added in a speech he delivered during the Arab-Chinese summit held in Riyadh: I would like to commend the importance of holding this summit, which comes within a deep understanding of the international arena, so that we can adopt a balanced and complementary foreign policy that serves the interests of our peoples and countries and promotes stability and prosperity.

He stressed that Iraq supports all efforts aimed at strengthening the steady relations of cooperation and friendship between the Arab countries and China.

He pointed out that this summit is an opportunity for economic integration in our region by strengthening cooperation with China, and benefiting from Chinese expertise in various fields, without forgetting the experiences of combating poverty and epidemics, developing saltwater agriculture, and efforts to combat desertification.

He added, Iraq has long-standing relations with China that have gained a growing amount of interest and development over the past years at the governmental and popular levels.

He stressed that Iraq is looking forward to strengthening partnership within the Belt and Road Initiative, and within the fields of investment, energy and infrastructure projects.

He indicated that "our steps in the next stage will focus on a number of areas, including:

First: Developing the economy and providing services, and I invite you today to open up the economy to Iraq, as it represents a promising environment for investment, and has important human and material success ingredients.

Second: Not allowing Iraq to be a base or passage for aggression against neighboring countries. At the same time, we reject aggression on our lands, and everyone must respect Iraq's sovereignty.

Al-Sudani pointed out that our country was subjected to a brutal terrorist attack, which threatened the entire world. However, the Iraqis stood in self-defense, the region and the world, and made great sacrifices and dear blood, and victory was achieved. We know that the countries of the region and the world will not forget that honorable battle of ours, and will stand with us in our renaissance with gratitude and loyalty.

Third: Our region is the heart of the world and the link between the continents of Asia, Africa and Europe. It occupies a distinguished strategic position in the field of energy. Iraq is the center of this region historically and culturally, and among the most important oil-exporting countries in the world.

Al-Sudani stressed Iraq's keenness on the stability of the global economic system through our role as a founding member of OPEC, and we aim with our partners to achieve stability in oil production and prices in a way that achieves the balanced interests of producers and consumers.

Fourth: We affirm Iraq's steadfast and principled commitment, its standing by the Palestinian people, and its defense of its right to its national state, with Al-Quds Al-Sharif as its capital.

He stressed that our region represents an increasing weight in a changing world, and together we must shape our future in it, in a way that achieves our positive openness to all friends on the one hand, and our insistence on imposing respect for our values ​​and privacy on the other hand.

He continued: We extend the hand of brotherhood to our brothers, neighbors, and friends, and we cherish our open relations with the countries of the West and the East on the basis of common interests.  LINK

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Henig:  Chinese President: We will continue to support the reconstruction of Iraq

2022-12-09 00:03

 Shafaq News/ Chinese President Xi Jinping said today, Friday, that China will continue to support the economic reconstruction of Iraq and help it restore industries, improve people's livelihood and achieve sustainable development.

 President Xi made the remarks during his talks with Iraqi Prime Minister Mohammed Shia al-Sudani, according to the Chinese news agency Xinhua.

 Chinese President Xi Jinping - who began yesterday, Wednesday, a visit to Saudi Arabia - is participating in 3 Arab and Gulf summits, in the presence of more than 30 state leaders and international organizations, and Beijing said that it represents its largest diplomatic initiative in the Arab world.

The first summit in the program of the Chinese president's visit to Riyadh will be "Saudi-Chinese", and official Saudi media said that the Chinese delegation is expected to sign agreements with Riyadh worth 30 billion dollars during it.

The visit program will also include the Chinese president's attendance at the "Riyadh Gulf-China Summit for Cooperation and Development", in which the leaders of the Gulf Cooperation Council countries will participate.  LINK

Paulette:  President Xi doesn't make these types of announcements unless he has something to back them up,IMO. Could there be a common denominator that make them both happy?

KTFA:

Henig:  Dollar retreats to 3-month low against dong

By Dat Nguyen   December 9, 2022 | 01:27 am

The U.S. dollar plunged against the Vietnamese dong at banks on Friday to the lowest since early September, continuing its depreciation since last week.

Vietcombank sold it at VND23,640, down 1% from Thursday.

TPBank let the greenback slide by 0.94% to VND23,800, while the rate at Techcombank was 0.82% lower at VND23,730.

The State Bank of Vietnam let its reference rate dropped by 0.008% to VND23,657.

Unofficial exchange points sold the dollar at VND24,231, down 0.77%.

The dollar has gained over the dong by 3.14% since the beginning of the year.

The U.S. Dollar Index, which measures the greenback’s strength against major currencies, however around 104 points, lowest since June.

The dollar is retreating as worries over a slowdown in the U.S. mounted, with traders on guard ahead of a slew of central bank meetings next week, with the Federal Reserve taking centre stage, Reuters reported.   LINK

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Henig:  US to help Vietnamese businesses trade globally

By Tat Dat   December 9, 2022

Containers being transported at Cat Lai Terminal in Ho Chi Minh City. Photo by VnExpress/Thanh Nguyen

The U.S. will help smaller Vietnamese businesses join global markets, said a U.S. trade official who already views the Southeast Asian nation as an integral part of his country’s supply chain.

U.S. Consulate General economic section chief Alexander Tatsis told a forum in HCMC Thursday that Vietnam continues to play an increasingly important role in international commerce by supplying the U.S. with a spectrum of valuable products, from semiconductors used to manufacture smartphones and cars, to solar panels bolstering the clean energy revolution.

At the same time, Vietnam imports computers, wood, cotton and animal feed from the U.S., he said.

Over the first 11 months of 2022, the U.S. was Vietnam's largest export market, with an estimated turnover of %101.5 billion, up 18% year-on-year, according to the General Statistics Office.

This two-way trade helps Vietnam develop its domestic economy while bolstering exports to markets around the world, said Tatsis, noting that the U.S. wants to invest in helping Vietnam strengthen its long-term presence in the global supply chain.

He added that improving the adaptability along supply chains is a top priority of the Biden-Harris Administration.

The U.S. will facilitate trade and support the enhancement of the competitiveness of the private sector in Vietnam, especially among small and medium enterprises, he said.

U.S. agencies will also help Vietnam's small and medium enterprises improve production capacity, access to financial resources, and digital transitioning.

Tatsis said these efforts will help businesses better participate in the global supply chain for the mutual benefit of the two countries.

Over the last several years, Vietnam has been one of the biggest beneficiaries of the supply chain shift away from China. But this shift has also put pressure on Vietnam's infrastructure and customs operations.

To remedy this, the USAID Trade Facilitation Program, a $21-million five-year project, is working with Vietnam Customs to adjust border clearance procedures and reduce congestion at major ports, including Cat Lai Port in Ho Chi Minh City, the largest container shipping hub in Vietnam.   LINK