Some "Friday News" Posted by Samson at KTFA 3-11-2022
KTFA
Samson: Iraq succeeds in bringing bank services covering 5 continents around the world
11th March, 2022
First Abu Dhabi Bank announced plans to expand its international operations by opening a representative office in Iraq, as part of its international growth strategy aimed at facilitating trade flows in the region and enhancing its financial services to international clients.
The UAE has important trade relations with Iraq; The volume of bilateral trade between the two countries exceeded $13.11 billion in 2020. Based on its position in the region and its strategic presence on five continents, the international network of First Abu Dhabi Bank currently covers about 70% of Iraqi crude oil export destinations around the world.
First Abu Dhabi Bank in Iraq will mainly provide its services to government agencies, Iraqi public companies and institutions, and institutions looking to do business in Iraq. The office will contribute to enhancing the diversified services provided by First Abu Dhabi Bank to its customers, and supporting trade across the most prominent markets in the Middle East and North Africa and global markets.
Hana Al Rostamani, Group CEO of First Abu Dhabi Bank, said: “The opening of a representative office for First Abu Dhabi Bank in Iraq is another step in the bank’s strategy to expand its business internationally, and we affirm our commitment to enhancing trade flows between the UAE and developing economies. By taking advantage of our strong business in the UAE and the region, and by focusing on selecting elite clients, First Abu Dhabi Bank will contribute to providing opportunities that support the growth of the Iraqi economy, including continuing the necessary investments to improve and rebuild the country’s infrastructure.”
The International Business Network of First Abu Dhabi Bank, covering five continents, provides the best global financial relationships and expertise to support the businesses of local, regional and international companies that wish to develop their businesses at home and abroad. LINK
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Samson: Iraq is the fifth in the Arab world in gold reserves..Who is the first?
11th March, 2022
Iraq ranked fifth in gold stocks on the ranking of Arab countries for the year 2021 based on data from the World Gold Council.
According to the World Gold Council, global gold reserves fell by 12 tons in January, continuing to switch between net purchases and sales in recent months. The bulk of the January drop was caused by big selloffs from Kazakhstan (17 tons), while Russia (3 tons), Poland (2 tons), Uzbekistan (1 tons) and Mongolia (1 tons) also saw a decrease in gold reserves in January.
Among the Arab countries, Saudi Arabia ranked first in gold reserves, which amounted to 323 tons, according to data from the World Gold Council, followed by Lebanon, with 286 tons, and Algeria, with reserves of 173.6 tons.
Gold plays an important role in managing the reserves of central banks, as they are the most important owners of the yellow metal, which it holds as a store of value and a guarantee to redeem promises to pay depositors and stockholders or their trading peers or to secure the currency. LINK
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Samson: With the participation of 170 local and foreign companies.. The launch of the activities of the Sulaymaniyah International Shopping Festival
11th March, 2022
The activities of the International Spring Festival were launched today, Friday (March 11, 2022) in Sulaymaniyah Governorate, in its fourth edition, which will last for ten days.
The events, which will continue until the 20th of this month, include a display of food and commercial products, with local and international participation.
Officials of the events held regularly talk about the festival's goal of "helping citizens to obtain the goods they need at the most appropriate prices." "The festival, which was launched under the supervision of the Sulaymaniyah Governorate, its Chamber of Commerce and Industry, and the Union of Importers and Exporters," said the director of the exhibition's relations and media, Shawqi Omar Mahmoud, during a press conference, attended by Shafak News Agency correspondent, "on the occasion of the advent of the month of Ramadan and holidays." Nowruz". He pointed out that "the festival, which is held on the land of the Sulaymaniyah International Fair, displays foodstuffs, handicrafts, cosmetics, furniture, detergents, types of clothing and shoes, and through direct sales from the producer and importer to the consumer."
Mahmoud also confirmed "the participation of 170 companies from all governorates of the country as well as the region, as well as an active contribution from the countries of Egypt, Syria, Lebanon, Turkey and Iran."
The festival will be held on an area of 10,000 square meters, and the external space has been used to display local handicrafts, according to the exhibition's media director, who stressed "its contribution to reducing the burdens on citizens in light of the wave of price hikes in the country."
The third international festival, which was held in the same month last year, witnessed the participation of about 200 companies from Turkey, Egypt and Iran, in addition to local Iraqi companies working mostly in the field of foodstuffs. LINK
Samson: The Arab Monetary Fund signs a memorandum of understanding with the International Payments Corporation of India to support the growth of cross-border payments by linking the Buna Platform for Arab Payments and the Unified Payment Interface (UPI) to enhance economic, financial and trade links between India and the Arab Region
10th March, 2022
The memorandum of understanding aims to build a strategic partnership between the “Bunna” platform for Arab payments and the International Payments Corporation in India to achieve harmonious interdependence between their instant payment services
This partnership reinforces the strategic role of the Buna platform for Arab payments as a major outlet for payments linking Arab countries to global markets
Today, Mr. Mahdi Manea, CEO of the Regional Corporation for Arab Payments Clearing and Settlement (“Bunni” Arab Payments Platform) owned by the Arab Monetary Fund and Mr. Ritesh Shukla, CEO of the International Payments Corporation of India (NIPL) signed today. The international arm of the National Payments Corporation in India, on a memorandum of understanding to cooperate on building a strategic partnership between the “Bunna” platform for Arab payments and the International Payments Corporation in India, aimed at providing innovative solutions in the field of payments that achieve the interconnection between instant payment services at each of the “Bunna” platform. Arab Payments and International Payments Corporation of India. The interconnection of the two parties allows participating financial institutions to exchange cross-border payments securely, affordably and efficiently, 24 hours a day, 365 days a year
The signing ceremony was held at the headquarters of the Arab Monetary Fund in Abu Dhabi, United Arab Emirates, in the presence of His Excellency Sanjay Sudhir, Ambassador of India to the United Arab Emirates, and His Excellency Dr. Abdul Rahman bin Abdullah Al Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund
The upcoming alliance between the Arab Payments Buna platform and the International Payments Corporation in India represents a strategic opportunity for the two payment systems to build on the advanced capabilities of their instant payment services, with the aim of spreading the benefits of instant cross-border payments to citizens and companies and supporting the growth of trade exchange, financial and investment flows between the Arab world and India
On this occasion, His Excellency the Director General and Chairman of the Board of Directors of the Arab Monetary Fund, Dr. Abdul Rahman bin Abdullah Al-Hamidi, praised the strategic cooperation with the International Payments Corporation in India. His Excellency stressed the importance of the joint role of the National Payments Corporation in India and the Arab Monetary Fund to launch initiatives that contribute to enhancing financial inclusion and keeping pace with the financial needs of individuals and the business community, in line with the objectives of the two institutions to support economic growth and provide appropriate means to achieve the welfare and social security of citizens in the Arab world and India
His Excellency Dr. Al-Hamidi added : “Promoting cross-border payments is a cornerstone for the growth of financial, trade and investment relations between countries of the world. The success of the Buna Platform for Arab Payments and the International Payments Corporation in India will lead to offering joint and advanced services to facilitate the flow of funds between institutions participating in the two payment systems, to building a safe and effective corridor for payments, which constitutes a major driver for the growth and deepening of economic relations and investment and trade opportunities between the Arab region and India, in order to reach all international markets.
This partnership constitutes a major station in the journey of “Buna” to enhance the use of its services for instant cross-border payment in Arab and international currencies, and its contribution to the development of Payment industry in the Arab region and at the international level
For his part, Mr. Ritesh Shukla, CEO of the International Payments Corporation of India (NIPL) , said: “The strategic partnership with the Arab Monetary Fund represents an important step in the implementation of our vision aimed at upgrading our model solutions in the field of payments to global markets. Our efforts are currently focused on providing advanced services in the field of cross-border payments through our instant payment system known as the Unified Payment Interface "UBI". We reaffirm that our partnership with the Arab Monetary Fund and the "Bunna" platform for Arab payments, will enhance the growth potential of UBI's activity in the field of cross-border payments
The UPI system of the National Payments Corporation of India ( NPCI ) ranks among the global payment systems, thanks to its ability to carry out personal money transfers and transfers between individuals and institutions in an easy, secure and efficient manner. The volume of remittances carried out by the UPI system during the year 2021 amounted to a total of 39 billion transfers, with a value equivalent to 940 billion US dollars, equivalent to 31 percent of the GDP of the Republic of India
It is worth noting that the "Buna" platform constitutes an integrated system specialized in providing clearing and settlement services for payments in Arab and international currencies, aiming to enable financial and banking institutions in the Arab region and beyond, including central and commercial banks, to send and receive inter-payments throughout the Arab region and abroad in a safe, reliable, affordable and highly effective manner.
Buna offers participants state-of-the-art payment solutions that comply with international standards and principles and international compliance requirements. "Buna" contributes to enhancing opportunities for economic and financial integration in the Arab region and supporting investment links with trading partners in different continents.
It is noteworthy that participation in the platform is available to all banks and financial institutions that meet the criteria and conditions for participation in it, foremost of which are the standards and procedures for compliance aspects LINK
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Samson: Goldman Sachs Warns Of 3 Severe Global Crises
10th March, 2022
While the Ukrainian war is raging, it seems that the global economy is on the verge of severe crises due to the embargo and mutual embargo between the parties to the conflict.
As the US ban on oil imports sparked prices, as oil jumped to its highest level in 14 years, which was reflected in analysts' expectations that global inflation would jump to record levels.
On the other hand, it seems that Russia is also threatening to ban its exports to countries that have imposed sanctions on the Russian economy, as it waved the oil, gas and minerals paper that represents Laurasia as a striking power such as nickel, palladium, copper and of course oil and gas.
Energy crisis
Goldman Sachs (NYSE:GS) has warned that the Russian invasion of Ukraine and Western actions against Moscow exposed the global economy to an epic energy shock.
The US bank said in a note carried by CNN that the uncertainty about how to resolve this conflict and the oil shortage is unprecedented. "Given Russia's key role in global energy supplies, the global economy may soon face one of the largest energy supply shocks ever, indicating that the scope of the shock is likely to be enormous," the US bank added. He explained that the Russian invasion may block three million barrels per day from exports of oil and Russian petroleum products.
The US House of Representatives approved President Joe Biden's decision to ban the purchase of Russian oil, amid calls by representatives of both parties to apply greater sanctions against Moscow over its invasion of Ukraine. The bank warned that the potential results are still sharp given the threat posed by high oil prices to the global economy, noting that “Brent” crude may trade at $ 115 next year, compared to previous estimates of $ 105.
Food crisis
Goldman Sachs warned that grain prices could rise further as the war in Ukraine and sanctions against Russia upended supplies from the Black Sea region.
Goldman said disruptions in shipping lines, rising input costs and concerns about planting new crops in Ukraine had pushed the global grain market into the biggest shock since the 1970s grand robbery. That period was associated with a sharp increase in prices after it became clear that the Soviet Union had struck a deal that effectively wiped out American wheat stocks.
Goldman Sachs raised its forecast for corn, soybean and wheat prices, as it expects the price of corn to reach $7.75 a bushel by summer. While Goldman expected the price of soybeans to reach 17.5 dollars per bushel, while wheat may reach 12.5 dollars per bushel. We are seeing clear upward pressure in the data curves around the world, the US bank analysts added.
Analysts said their expectations remain bullish for new crop contracts in cotton, corn and soybeans, with the possibility of a significant increase in prices due to unfavorable weather conditions in the United States, or the Ukrainian turmoil.
Growth crisis
Goldman Sachs forecast in a report for clients that the eurozone economy will contract in the second quarter due to the war in Ukraine, and inflation will rise towards the 8% level.
According to the bank, financial conditions have become more tight and the trade implications are more significant, and the potential for production cuts has increased amid energy supply disruptions. finished/25h
Households will suffer more than initially expected due to higher costs related to oil and gas, Goldman Sachs said.
The bank expects the eurozone economy to grow 2.5% this year, down from 3.9% previously, and output to rise to 2.2% in 2023. Goldman Sachs expected inflation in the euro area to reach its peak at 7.7% in July, and to reach an average of 6.8% in 2022. LINK