"Tidbits From TNT" Monday Morning 6-26-2023

TNT:

Tishwash: The Iraqi Gazette publishes the general budget law

Issue (4726) of the Iraqi Al-Waqae’ newspaper was published on 6/26/2023

2023-06-26 10:50:00

- Law No. (13) of 2023 "The Federal General Budget of the Republic of Iraq for the fiscal years (2023-2024-2025)".

To download the issue, click here link

Tishwash: Deputy: Iraq is going through a new phase of regional and international relations after its recent opening

Representative Karim Aliwi Al-Muhammadawi, a member of the Parliamentary Foreign Relations Committee, confirmed today, Sunday, that Iraq is going through a new phase of regional and international relations after its recent opening.

And Al-Muhammadawi said in a special statement to Al-Mutala Agency: "Iraq has now begun a new phase in relations and agreements with countries."

Al-Muhammadawi continued: "Iraq is working to improve relations with everyone and preserve its interests with all countries of the world, and this is a step for Iraq to be more developed, and we will witness the influx of many heads of state and diplomats to Iraq after its recent openness in relations." link

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Tishwash: Al-Haimus: The Iraqi stock market will be a competitor to the Arab financial markets in the future

The Chairman of the Securities Commission, Faisal Al-Haimus, affirmed today, Monday, that the Iraqi Stock Exchange will be a vital and effective part of the activities of the Arab financial markets and a competitor to it in the future, in implementation of the government program of the Prime Minister, Muhammad Shia'a Al-Sudani.

Al-Haimus said during his periodic meeting with the President of the Iraq Stock Exchange, Taha Ahmed Abdel-Salam, and the Chairman of the Board of Governors of the Market, Thaer Adnan Hashem, and the delegation accompanying them, according to a statement received by Earth News Agency, that “the meeting dealt with the overall movement that takes place in the trading activities in the market, and the indicators for trading Shares of joint-stock companies.

He added, "The recent meetings had a character and a vision for the future that extends on the basis of setting policies and strategies for the activity of trading the shares of Iraqi joint-stock companies, and encouraging building the capital of listed companies or that will be established and listed in the market."

And Al-Haimus indicated that "all these measures would add to the Iraqi economy factors of strength and durability, and for the Iraqi market for securities to be a vital and effective part of the activities of the Arab financial markets and a competitor for it in the future." link

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CandyKisses: Oil climbs and Aramco confirms its strength will remain until the end of the year

Economy News _ Baghdad

Oil prices rose in early Asian trade on Monday after a brief rebellion by Russia's Wagner private military group earlier this week, raising fears of political turmoil in Russia and its potential impact on oil supplies from one of the world's largest producers, Reuters reports.

Brent crude futures were up 95 cents, or 1.3 percent, at $74.80 a barrel by 2300 GMT.

West Texas Intermediate crude futures rose 88 cents, or 1.3 percent, to $70.04 a barrel.

The chief executive of Saudi oil giant Aramco, Amin Nasser, said on Monday that global oil market fundamentals are expected to remain strong for the rest of this year, supported by strong demand from developing countries, especially China and India.

"Overall, we believe that oil market fundamentals will remain strong for the rest of the year," he told the Asia Energy Conference.

"Despite recession risks in many OECD countries, developing economies, particularly China and India, are leading to strong oil demand growth of more than two million barrels per day this year," he said.

In the same context, the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghaith, said on Monday that OPEC expects global oil demand to increase to 110 million barrels per day by 2045, 23 percent more than current levels.

Russia avoided a clash between the leadership in Moscow and the commander of the Wagner mercenaries, Yevgeny Prigozhin, on Saturday, after the heavily armed group withdrew from the southern city of Rostov under an agreement that halted its rapid advance towards the capital.

But the crisis has raised questions about Russian President Vladimir Putin's grip on power and concerns about potential disruption to Russian oil supplies.

Analysts at Goldman Sachs said markets may consider a slightly higher likelihood that domestic tensions in Russia could lead to supply disruptions or have a significant negative impact on future oil supplies.

Brent crude and West Texas Intermediate crude fell about 3.6 percent last week on fears that the Federal Reserve will raise interest rates again, which could undermine oil demand at a time when China's economic recovery has disappointed investors after several months of weak data for consumption, production and the real estate market.

Tishwash: Deputy: Iraq is going through a new phase of regional and international relations after its recent opening

Representative Karim Aliwi Al-Muhammadawi, a member of the Parliamentary Foreign Relations Committee, confirmed today, Sunday, that Iraq is going through a new phase of regional and international relations after its recent opening.

And Al-Muhammadawi said in a special statement to Al-Mutala Agency: "Iraq has now begun a new phase in relations and agreements with countries."

Al-Muhammadawi continued: "Iraq is working to improve relations with everyone and preserve its interests with all countries of the world, and this is a step for Iraq to be more developed, and we will witness the influx of many heads of state and diplomats to Iraq after its recent openness in relations." link

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