More News, Rumors and Opinions Friday Afternoon 5-5-2023
KTFA:
Clare: America's economy is "confusing"... the shares of 130 banks collapsed!
5/05/2023
Shares of 130 regional banks (at the state level) plunged in the United States, by more than 5%, according to what was shown by a site that tracks the banking sector in the United States.
he decline came in light of concerns about the safety of the US banking sector, in light of a wave of deposit withdrawals, and following the US Federal Reserve's decision to raise the main interest rate.
Shares of US local banks recorded strong losses, led by "Bacoist" stock, which fell by more than 45%.
Yesterday, the "Wall Street" stock market closed down, and the "Dow Jones" industrial index fell by 0.86% to 33127.74 points.
The "S&P 500" index fell by 0.72% to 4061.22 points, and "Nasdaq" fell by 0.49% to 11966.40 points. LINK
Clare: Iraq expects to start a project for Total at a cost of $ 27 billion
5/03/2023
Oil Minister Hayan Abdul Ghani said on Wednesday that Iraq and Total (EPA:TTEF) Energize expect to start a much-delayed $27 billion project within the next two weeks.
He added at a conference in Baghdad that he expects that five-way agreements related to the deal will be signed within the next two weeks, paving the way for the start of implementation.
The deal was signed in 2021, under which Total Energies will build four oil, gas and renewable energy projects with an initial investment of $10 billion in southern Iraq over 25 years, but it was delayed amid disputes between Iraqi politicians over the terms.
Iraq said last month it had agreed to take a small 30 percent stake in the project, reviving the deal that Baghdad hopes will re-attract foreign investment to a country enjoying relative stability after years of conflict and tension.
Qatar Energy will also own a stake in the project.
"We can confirm that discussions are progressing," a spokesman for Total Energies said.
Patrick Pouyanne, CEO of Total Energies, said last week that the two parties had reached an agreement on Iraq's share in the project.
"I think it's a good arrangement that we've finished all the paperwork," Pouyanne said on a call with shareholders last week, during which he reviewed the company's first-quarter results.
Pouyanne added, "The government of Iraq approved the entire contract, with no amendment whatsoever... So for me that was more than good news." LINK
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Courtesy of Dinar Guru
Mnt Goat ...We will soon know one way or the other if all this fuss about the dinar was really about a reinstatement or not. I can only go by what I am told and what I read in the news. For me we should expect to see a major revaluation of at least between 1.00 - 1.50 dinars to the dollar. The articles told us and as the prime minister told the citizens, the dinar is worth much more than the dollar. If you pay attention, it does not take a rocket scientist to see that early June is significant for the currency and the economy of Iraq. Something BIG is about to change Iraq forever.
Walkingstick [via Frank26] {CBI's private bank meeting minutes continued} [2. ATMs in private banks linked internationally] Every Private bank of the Central Bank of Iraq will have 2 ATMs. You know our firm has 6 banks. 4 in Jordon and 2 in Baghdad. The two banks in Baghdad unveiled their 2 new ATMs. Citizens can see them. One of those ATMs is mobile. The other ATM is permanently stationed outside of the bank on the wall of the bank...there is a decal on the face...the decal depicts the denomination information. It is just words right now...it says, 'Iraqi citizens will soon be able to get from the ATM machines a 1, 5, 10, 20 etc'...both of the ATMs will be accompanied with a dedicated person 24/7 to train customers on how to use the ATMs once they go online...
Money Market Funds are Crushing Banks
Heresy Financial: 5-4-2023
There is a reason so many people are pulling their money out of banks right now and instead putting it in money market funds.
Banks are falling like dominoes right now with PAC West Bank Corp. down 53% in after-hours trading. Western Alliance Bank Corp was down 23% in after-hours trading. Comerica is down 9% in after-hours trading.
The behemoths that have fallen like First Republic Bank and Silicon Valley Bank, and money market funds are attracting record net inflows.
As we will see, the reason is that banks offer more risk and less reward, while money market funds right now have far less risk and offer a much better return.
Timecodes
0:00 Introduction
2:17 Counterparty Risk of Banks
3:48 Money Market Funds from Brokerage Account
5:51 Reverse Repo Agreements and Money Market Funds
7:34 Rewards Towards the Risk
9:35 Lower Risk in Government Bonds Compared to Corporate Bonds
Smaller/Regional Banks SURGE HIGHER On Rumor Of Fed. "LIFELINE." Important Updates!
Greg Mannarino: 5-5-2023