More News, Rumors and Opinions Wednesday PM 4-24-2024
KTFA:
Clare: The Sudanese advisor reveals the goal of the development road: Goods arrive in Paris within 24 hours
4/24/2024 Baghdad
Today, Wednesday, Advisor to the Prime Minister for Transport, Nasser Al-Assadi, revealed the main goal of the development road project, while stressing that goods need 24 hours to reach Europe.
Al-Asadi said, in a televised interview, followed by Al-Iqtisad News, that “the goal of the development road project is not only transportation, but transportation is part of it,” pointing out that “the basic idea of the project is to create sustainable industrial, agricultural, educational, and tourism investment opportunities.”
He added, "We do not depend on one country, but rather a group of countries wishing to export their goods to Europe, which will take any of the routes available in the world, including the Suez Canal and the Cape of Good Hope. However, what distinguishes the path of development are several aspects, including a 50% reduction in time." %, also the cost is lower, in addition to being safe.”
Al-Asadi explained, “Many shipping operations are followed by loading and unloading, which leads to damage, but we perform this process only once, that is, from sea to land.”
He pointed out, "Ships need 24 hours to reach from the port of Al-Faw to Paris, and even if we say 72 hours, this is less than the 15 days in which goods arrive via the Suez Canal." LINK
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Zimbabwe’s New Currency Leads to a Stock Market Wipeout
Story by Kailas Salunkhe, TIPRANKS, on MSN
Earlier this month, Zimbabwe introduced a new gold (CM:XAUUSD)-backed currency, called the ZiG (Zimbabwe Gold). However, even a well-intentioned path to fiscal prudence can become paved with unintended setbacks, including a stock market wipeout.
Zimbabwe’s Stock Market Slump
The introduction of the ZiG has resulted in a difficult-to-digest 99.95% wipeout in the Zimbabwe Stock Exchange All Share Index so far this month. This major change required local institutions and businesses to reconfigure their systems to accommodate the new currency, resulting in the rebasing of share prices for all listed companies in the country. According to Bloomberg, investors rushed into stocks prior to the conversion to escape inflation and the collapse of the local dollar (Zimbabwe’s previous currency).
However, the trading volumes and the value of transactions on the exchange have plunged after share prices were rebased in the new currency. The low trading volumes are also taking a toll on the country’s stockbroking industry.
Meanwhile, many Zimbabweans still prefer to transact in the more stable U.S. Dollar. This preference has led to a black market, where the ZiG is trading at nearly 20 ZiG for 1 USD. The official exchange rate from the Zimbabwean authorities is 13 ZiG to 1 USD.
Next Steps
As Zimbabwe embarks on its sixth attempt to introduce a stable and credible currency, the next significant milestone approaches on April 30. This marks the introduction of physical notes and coins in the new currency for circulation across the country.
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 [Iraq boots-on-the-ground report] FIREFLY: Television is saying we have reached a satisfactory agreement with the United States Treasury on the banks here in Iraq that have any sanctions related to dealing with the dollar. Our banks are free. Our currency is free. They are about to add value just like Sudani said in DC.
Walkingstick [Iraqi Bank friends Aki and #1 update] We heard these words from Alaq when he spoke to us. Paraphrasing that the comment was about changing the exchange rate. These words came up in the meeting here [in the US] where #1 was at in the last few days. Investors, large companies, big oil refineries, massive contract, all of them heard these words. They all know the exchange rate of the IQD is going to change.
CRISIS ZONE: ON THE EDGE OF A TOTAL DEBT MARKET MELTDOWN... IMPORTANT UPDATES.
Greg Mannarino: 4-24-2024
Putin and China Move To WIPEOUT the U.S. Dollar, Get Ready
Atlantis Report: 4-24-2024
The global financial sector is under pressure as Russia and China are making increased efforts to promote an alternative to the longstanding dominance of the U.S. dollar.
President Vladimir Putin and the Chinese leadership have joined hands to reduce their dependence on the dollar and challenge its status as the world's reserve currency.
This move comes amidst rising geopolitical tensions and strained relationships between the United States and key players such as Russia and China.
These factors have set the stage for a disruption in global finance.