More Iraqi News Thursday PM 12-16-21
More Iraqi News Thursday PM 12-16-21
TLM724 Administrator BondLady’s Corner
Kuwaiti Prime Minister: Opening The Abdali Port With Iraq Next Week
Thursday 16 December 2021 16:26 | economic Number of readings: 247
Baghdad / NINA / - Kuwaiti Prime Minister Sabah Al-Khaled Al-Hamad Al-Sabah announced the opening of the Abdali port with Iraq next week.
And the Kuwait News Agency "KUNA" stated on Twitter: "Prime Minister Sabah Al-Khaled Al-Hamad Al-Sabah announced the opening of the Abdali port next week to increase economic cooperation, trade exchange and movement between Kuwait and Iraq in accordance with health requirements."/
https://ninanews.com/Website/News/Details?key=945225
Al-Nahrain Bank Implements 1,081 Financing In 2021
The headquarters of Al-Nahrain Islamic State Bank in Baghdad
Banks Economy News – Baghdad Al-Nahrain Islamic Bank announced that it granted 1,081 funds during the current year according to Islamic formulas.
An official source in the bank said, in a statement reported by the official newspaper, that "the past few days have witnessed taking measures against those who were reluctant to pay what they owed during the year 2021 to preserve public money," stressing that "the bank executed 1,548 seizures on those who were reluctant to pay what they owed on the finances." obtained during the last period.
He added that "all the measures taken by the bank against reluctance are based on the provisions of the Government Debt Collection Law No. 56 of 1977 and the clauses contained within the official contracts signed between the bank and the customer."
And the source indicated that "the bank was not satisfied with taking legal measures against the reluctance, but also made great leaps in the field of implementing its plan to grant Murabahas to citizens, as the main branch of the bank witnessed a leap in the number of granting transactions to various Murabahas that are granted according to Islamic banking formulas during the year 2021."
He explained that "the main branch achieved the large part of its plan for 2021, which was fulfilling the ambition and under the direct supervision of the General Administration for the purpose of providing the best services to customers, as various funds were granted during the current year, amounting to 1,081 grant transactions according to Islamic formulas, which varied between (Murabaha purchase of real estate and purchase of property).
Cars, the purchase of goods, projects, travel, education, marriage and leasehold ownership), and that the grant process is carried out in accordance with the instructions and controls set by the Board of Directors.
The source stressed by saying: "The doors of the branch are open to all citizens to benefit from the financing granted by the bank in accordance with the instructions and mechanisms set by the General Administration to work according to them, and the branch continues to follow up on those who have been reluctant to pay through the reservation of the salaries of the sponsors as well as the reservation of cars through the traffic departments spread in Iraq, and that This procedure paid those who owed money to the bank to attend and pay them, which greatly contributed to recovering the bank’s money to be used in the process of granting funds to other customers.”
And he continued, "The bank's services that it provides are subject, in their applications, to the provisions of Islamic Sharia, for example, the Islamic Murabaha formula, where the amount of financing is paid to the seller and not to the bank's customer (the applicant for financing)."
He pointed out that "all the services that were explicitly mentioned in the settlement offers, and agreements were signed with the ministries and departments regarding them, are legally binding, and the bank is fully prepared to implement them and has sufficient liquidity for that, and that these services and agreements for the settlement of employees' salaries were approved by the Central Bank." Providing all banking services in order to improve the living conditions of its beneficiaries. Number of Views 138 Date Added 12/16/2021 https://economy-news.net/content.php?id=26971
Oil Prices Continue To Rise After US Data
Economie| 08:16 - 16/12/2021 Baghdad - Mawazine News: Oil prices continue to rise, today, Thursday, after data showed strong demand for fuel in the United States, while the US Central Bank ended the bond purchases program to slow the rising inflation.
By 07:20 Moscow time, Brent crude futures rose 0.81% to $74.48 a barrel, and the contracts ended yesterday's trading at $73.88 a barrel.
Meanwhile, US West Texas Intermediate crude futures rose 1% to $71.58 a barrel, and US crude closed Wednesday's trading at $70.87 a barrel.
And government data showed a decline in US oil inventories by 4.6 million barrels last week, and inventories of gasoline and distillates also fell. US crude exports rose sharply, while demand for oil derivatives in the United States hit a record high at 23.2 million barrels per day.
The US Federal Reserve (the central bank) also said that it will end bond purchases in March 2022, and start increasing interest rates to counter inflation. https://www.mawazin.net/Details.aspx?jimare=178585
Experts Call For Economic Pressure To Solve The Water Issue
Thursday 16 December 2021 106 Bagdad: the mainstay of the emirate
Specialists mentioned that the use of economic pressure tools is one of the effective means of dealing with the water file, which is one of the most important pillars of national security.
Especially in light of the continuous increase in population and economic development that requires more water use, as well as food security requirements.
In this regard, a member of the Iraqi Economists Association, Dr. Ikram Abdel Aziz, said: "Political diplomacy, in addition to the use of economic pressure tools, appears to be one of the effective means to deal with the water file, so that the Iraqi negotiator is strong in managing this file with upstream countries."
Abdel Aziz added to Al-Sabah: "Iraq has common interests and broad economic relations with both Iran and Turkey, and by activating reciprocity, the country will be able to exercise a lot of pressure tools in order to achieve the legitimate benefit from the waters of the Tigris and Euphrates, in accordance with international conventions."
Joint Committee
For his part, the expert in economic affairs, Dr. Abdul Latif Shehab, stated that {the water problem has emerged between Iraq and Turkey since the founding of the two countries, as there was a need for provisions and rules governing the use of water between the two countries, and the Lausanne Treaty of 1923 addressed this, with the text of Article 109 on the necessity of Formation of a joint committee from Iraq, Syria and Turkey whose mission is to address issues related to the waters of the Tigris and Euphrates, especially since the three countries wish to build dams in the upper reaches of these two rivers, and these facilities affect the quantity and distribution of the two rivers’ water in Region}.
Conduct Surveys
Shehab continued: {In the Treaty of Friendship and Good Neighborliness between Iraq and Turkey held in March 1946, specifically Article V of Protocol No. 1 concerning the regulation of the waters of the Tigris and Euphrates, the article indicated that Iraq has the right to have bodies to conduct surveys and that Turkey pledges to cooperate with these Iraqi bodies and facilitate Their mission is to get their work done.
The specialist added: {The same is the case with Iran, as there are more than forty tributaries and water branches that cross the Iranian border into Iraq, but Iran cut off most or changed the course of those rivers, tributaries and branches, and prevented their access to Iraq, and the most important of these are the Karun and Karkhah rivers, which negatively affected the The situation of the border governorates, especially Diyala governorate.
National Security
In a related context, Minister of Water Resources Mahdi Rashid Al-Hamdani said in previous statements: {Water security is one of the most important pillars of national security, and that the ministry was able to activate the memorandum of understanding with Turkey that was signed in 2009 and amended in 2014 and allows Iraq to
Obtaining a full share}, pointing out that there is a joint committee with Turkey to coordinate on the water issue.
Al-Hamdani added: "Iran completely cut off the water from Iraq and did not share the damage with Iraq, explaining that Turkey and Iran have violated international conventions with regard to shared water and Iraq's share. LINK
Solutions To Move The Wheel Of The National Industry
IThursday 16 December 2021 130 Baghdad: Haider Falih Al-Rubaie
Experts and specialists in industrial affairs suggested a set of solutions that would advance this sector and move the wheel of the national industry, putting at the forefront of these solutions the activation of the laws of {product protection, competition and monopoly prevention}, as well as actually starting work with the national industrial strategy until 2030, stressing at the same time, On the need to form an Industrial Coordination Council and to move towards transforming a number of public industrial companies and factories, except for strategic ones, into joint stock companies, some of which would attract a strategic partner from the sector.
private.
Recently, calls for “privatizing the industrial sector” have increased, especially after the low rate of GDP for this sector, as the manufacturing industry in it, according to the advisor in the Cabinet, Dr. Mazhar Muhammad Salih, during a previous statement to “Al-Sabah” accounted for 2-2.5 ratio. percent of GDP (other than oil), which prompted Saleh to demand {linking tax revenues to agricultural and industrial financing, to be provided as soft loans to farmers and industrialists}.
Industrial Strategy
Industrial development and investment consultant, Amer Issa Al-Jawahiri, sees during his speech to {Al-Sabah} the necessity of the actual implementation of the industrial strategy until 2030, which stipulates (the realization of a national industry that is competitive regionally and globally that depends on excellence and creativity, achieves a diversified economy and creates job opportunities by using resources effectively, efficiently and responsibly) At the same time, stressing the importance of forming an Industrial Coordination Council in accordance with what was stated in the industrial strategy, to be effective in supervising the management of the implementation of the industrial strategy, and ensuring mechanisms of cooperation and coordination between all parties at the national and local levels, and increasing the representation of private sector representatives and experts, In addition to the necessity of forming a Competitiveness Observatory.
Made in Iraq
He also urged Al-Jawahiri, to move towards adopting the "Made in Iraq" campaign, which should include all economic, production and consumer sectors, as well as restructuring and activating the local product protection team with the active participation of private sector institutions and effective and strict control of all border crossings, calling for the implementation of procedures Reform and improve the business environment in a professional, rigorous and serious manner, while monitoring the results, their effectiveness and efficiency, and the actual verifications on the ground Indeed.
Council Of Advisors
Among the proposals that would advance the industrial reality, Al-Jawahiri drew attention to the need to form a council of advisors of retired experts, specialists and sectoral interests to be the advisory arm approved in all areas for the competent government agencies, as well as the actual implementation of a large industrial city with integrated services in each governorate according to strategy and practical plans. .
The industrial consultant also urged the importance of gradually transforming public industrial companies and factories, except for strategic ones, into joint-stock companies to be announced in the stock market and to attract to some of them a strategic partner by adopting the principles of governance, disclosure and transparency.
Production Costs
The industrial affairs specialist, Aqil Al-Saadi, did not depart much from the previous opinion, as he called on government agencies to work to reduce production costs for the private industrial sector, indicating that fuel prices are now directly affecting production costs. industrial in Iraq.
Al-Saadi explained that the fuel that operates the factories is sold at a price of 750 dinars per liter, which he described as “unreasonable,” pointing at the same time to “the entry of imported products without taxes, which he sees as a “contributing factor to the low competition of the local product.”
The specialist also sees that among the reasons that led to the decline of the industrial reality in Iraq is the absence of correct visions and decisions that would bring about a qualitative leap in this sector, calling in this matter, the country's economic policy makers, to listen to the opinion and specialists in the industrial sector, and to know Their views on many matters pertaining to this sector. LINK
Iraq And Saudi Arabia Are Among The Countries Most Vulnerable To Climate Change
Energy Economy News _ Baghdad Large amounts of oil and gas reserves in the world are at risk due to rising waves, storms, floods, and a sharp rise in temperatures caused by climate change, Verisk Maplecroft said today, Thursday.
It added that about 600 billion barrels, or 40 percent of the world's recoverable oil and gas reserves, may be affected by severe weather, and among the countries most exposed to risks are Saudi Arabia, Iraq and Nigeria, who are major producers of crude.
The sector has been affected by climate change this year, when freezing weather hit the main oil, gas and refining hub on the southern US Gulf Coast, causing long outages and curtailing production, according to Reuters.
"Events like these will become more frequent and intense, which creates bigger shocks to the sector," said Rory Claesby, environmental analyst at the company.
About 10% of the world's extractable commercial reserves are located in areas classified by the consulting firm as "high risk", while about a third are located in areas considered "high risk".
Researchers at the company pointed out that in Saudi Arabia, extreme heat, water shortages and dust storms may be the "weak point" for the kingdom, the world's largest oil exporter.
They said that the risks in Nigeria, the second largest exporter of crude in Africa, where reserves are concentrated around the Niger Delta region, are drought and floods.
The company's report says that companies with reserves in locations highly vulnerable to climate change will face more devastating events and possibly higher extraction costs. Production may have to be halted and the plant secured to allow storms to pass.
It also expects the risk of accidents to increase in environmentally sensitive sites where pipelines are exposed to more extreme weather events that they may not have been designed to withstand.
Views 60 Date Added 12/16/2021 https://economy-news.net/content.php?id=26963
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