Zig’s Place Chat Room Discussion and News Tues AM 3-2-21
Zig’s Place Chat Room Discussion and News Tues AM 3-2-21
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butterfly Political turmoil hampered the economic metamorphosis of Iraq, PM's advisor says
butterfly 2021-03-02 06:04 Shafaq News/ The economic and financial advisor to the prime minister, Mazhar Muhammad Saleh, said on Tuesday that wars and political turmoils had halted Iraq's efforts to eliminate the economy's rentierism.
Saleh said in an interview with Shafaq News, "Iraq has witnessed during the last four decades a lot of wars, sieges, and political conflicts, which led to the dispersion of economic resources," indicating, "development was lost as a result of these wars and that the country needs a resource to keep things going and for people to live. Therefore, oil remained the only resource, and the Iraqi economy remained a monolithic economy."
Saleh added, "Development, stability, diversification of the economy, and transformation from the rentier economy requires political stability and stable institutions, which is what the state has missed over the years."
"Iraq has great economic experiences and minds, but the tough conditions that Iraq passed through due to external and internal wars had a major impact on the survival of the rentierism in the economy of Iraq."
"Three global models for countries that emulate economic development, including the State of Oman. Over the past five decades, Oman enjoyed continuous political and institutional stability that has positively affected its economic development and diversified its resources." https://shafaq.com/en/Economy/Political-turmoil-hampered-the-economic-metamorphosis-of-Iraq-PM-s-advisor-says
butterfly https://shafaq.com/en/Economy/CBI-sales-slipped-by-10 CBI sales slipped by +10%
butterfly 2021-03-02 03:21 Shafaq News Agency correspondent reported that CBI sales at the Foreign Exchange Auctions registered a 10.18% decline in its sales to settle at 125,321,939 dollars, compared to 139,530,235 dollars yesterday. The weighed average rate of the dinar to the U.S. dollar amounted to 1460.
Our correspondent explained that no cash purchases were made, while all the sales went to boost funds abroad in the form of transfers and credits, with 18 banks meeting those requests.
butterfly Oil extends losses on worry over possible supply increase from OPEC
https://shafaq.com/en/Economy/Oil-extends-losses-on-worry-over-possible-supply-increase-from-OPEC
butterfly 2021-03-01 23:44 Shafaq News / Oil prices fell more than 1% on Tuesday, extending losses that began last week, as investors unwound long positions on concern that OPEC may agree to increase global supply in a meeting this week and Chinese demand may be slipping, the Guardian reported.
Brent crude dropped 78 cents, or 1.2%, to $62.91 a barrel by 0138 GMT, after losing 1.1% the previous day. U.S. West Texas Intermediate (WTI) crude slid 74 cents, or 1.2%, to $59.90 a barrel, having lost 1.4% on Monday.
Investors are worried the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, will boost oil output, said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
The group meets on Thursday and could discuss allowing as much as 1.5 million barrels per day (bpd) of crude back into the market.
OPEC oil output fell in February as a voluntary cut by Saudi Arabia added to reductions agreed to under the previous OPEC+ pact, a Reuters survey found, ending a run of seven consecutive monthly increases.
China's factory activity growth slipped to a nine-month low in February, which may curtail Chinese crude demand and pressure oil prices.
butterfly A total lockdown is on the table amid rising COVID-19 infections, Cabinet spokesman says
https://shafaq.com/en/Iraq-News/A-total-lockdown-is-on-the-table-amid-rising-COVID-19-infections-Cabinet-spokesman-says
butterfly 2021-03-02 10:31 Shafaq News/ The spokesman of the Iraqi government, the Minister of Culture, Nadhim Hasan, hinted at imposing a lockdown as COVID-19 case-count has surged recently, announcing authorizing the Iraqi Ambassador to China and Russia to conclude the COVID-19 vaccine deals with the corresponding manufacturing countries.
Hasan said in the weekly press conference, which Shafaq News Agency attended, "there are signs of another total lockdown. The Supreme Committee for National Health and Safety will convene tomorrow to resolve this issue."
Hasan announced that Iraq shall receive 16million doses in the upcoming days, "the government authorized the ambassadors of Iraq to Russia and China to conclude the contracts with vaccine manufacturers," stressing, "there should be no intermediary companies between Iraq and the manufacturers."
The spokesman of the cabinet said that PM Al-Kadhimi directed conducting field visits to Nasiriyah to closely observe the conditions in the city and the status of the government services provided to the citizens.
butterfly Kurdistan’s receives first batch of COVID-19 vaccines from China
https://shafaq.com/en/Kurdistan/Kurdistan-s-receives-first-batch-of-COVID-19-vaccines-from-China
butterfly 2021-03-02 09:00 Shafaq News/ Kurdistan received its first doses of the Sinopharm COVID-19 vaccine donated by China.
“Today, we receive our first batch of COVID-19 vaccines from China, We thanked and appreciated China for supporting the Kurdish people”, Kurdish Minister of Health, Dr. Saman Al-Barzanji said during a ceremony to receive the consignment in the presence of the Chinese Consul in the Region, Ni Ruchi.
Al-Barzanji said Kurdistan is negotiating with several international companies to buy vaccines after KRG allocated a budget for this reason.
For his Part, the Chinese Consul said his Country has helped the Region in combating the pandemic from the beginning by providing equipment and support.
He added that this batch is for those working on frontlines but later, vaccines will be secured for all groups by priority. “The batch is to show good friendship,” he added.
Earlier today, Iraq also received its first 50,000 doses of the Sinopharm COVID-19 vaccine donated by China as the country is struggling to cope with a new surge of the disease.
An Iraqi military transport plane carrying the first batch of the vaccines from China landed at Baghdad International Airport late on Monday.
The doses will be offered to health workers, elderly people and members of the security forces first, the Iraqi health ministry said in a statement.
butterfly ‘Constant fear’: Iraq and Syria face ISIL resurgence
https://www.aljazeera.com/news/2021/3/2/we-liv-in-constant-fear-iraq-and-syria-face-isil-resurgence
ISIL’s ‘caliphate’ was destroyed in March 2019 but its ideology and socioeconomic fault lines that gave birth to it are still intact in the region.
Butterfly Iraq’s Al-Kadhimi: There is a great confidence in Iraq now
https://shafaq.com/en/Iraq-News/Iraq-s-Al-Kadhimi-There-is-a-great-confidence-in-Iraq-now
butterfly 2021-03-02 11:51 Shafaq News / The Iraqi Council of Ministers held, on Tuesday, a session headed by Mustafa Al-Kadhimi.
According to a statement by the PM office, Al-Kadhimi stressed that “there were attempts to obstruct the government …but it had succeeded in preventing the economic and financial collapse of the country.”
“The Government was accused of bankrupting the reserve.. but the central bank’s reserves had increased by four billion dollars,…” the statement added.
“The government also reduced the corruption of the notorious foreign exchange auction.” It added.
On foreign affairs, Al-Kadhimi stressed that Iraq returned playing an important role abroad, “There is great confidence in Iraq now” for it role in dialogue among different parties.
butterfly Security forces get rid of the most vast drug trafficking network in Nasiriya
https://shafaq.com/en/Iraq-News/Security-forces-get-rid-of-the-most-vast-drug-trafficking-network-in-Nasiriya
butterfly 2021-03-02 14:11 Shafaq News / A local source in Dhi Qar governorate said, on Tuesday, the security forces “dismantled” the most vast drug trafficking network in the city of Nasiriya.
The source told Shafaq News Agency that the security forces arrested five drug dealers in the city of Nasiriya, the center of Dhi Qar Governorate and seized 2 kilograms of crystal material, 2000 drug tablets.”
butterfly Kirkuk antiquities are threatened of extinction 2021-03-02 13:20
https://shafaq.com/en/Iraq-News/Kirkuk-antiquities-are-threatened-of-extinction
Shafaq News / The head of the Iraqi Turkmen Front, MP Arshad Salhi on Tuesday, issued a “distress call” to Prime Minister Mustafa Al-Kadhimi for saving the archaeological areas in the city of Kirkuk.
Salhi said in an urgent message, “We call on Prime Minister Mustafa Al-Kadhimi to immediately intervene to save the antiquities of Kirkuk in its historic citadel, Al-Qishla and its heritage markets, which are exposed to neglect and destruction due to the lack from the competent authorities.”
He added, "Antiquities are Kirkuk's historical identity,… it needs to be saved."
It is noteworthy that Kirkuk Citadel originally housed a Jewish temple, which was then turned into a Christian church and lastly into a Muslim mosque.
This historic site is located in the center of Kirkuk and is considered to be the oldest part of the city. It stands on a mound 130 feet high. It is believed that the enormous structure was constructed between 884 and 858 B.C. by King Ashurasirpall II. It is said to be the final resting place of the biblical prophet Daniel, ruler of Babylon.
butterfly Cboe seeks green light for first US Bitcoin ETF
https://www.aljazeera.com/economy/2021/3/2/bb-cboe-seeks-green-light-for-first-us-bitcoin-etf
Cboe Global Markets Inc is seeking approval to list and trade shares of what could be the first Bitcoin exchange traded fund in the United States.\
butterfly 2 Mar 2021 Cboe Global Markets Inc. is seeking approval to list and trade shares of what could be the first Bitcoin exchange-traded fund in the U.S.
Cboe in a Monday filing with the U.S. Securities and Exchange Commission sought the green light for the VanEck Bitcoin Trust. VanEck Associates Corp. in December applied to start an ETF tracking the largest cryptocurrency. It is at least the third time since 2018 that Cboe has teamed with VanEck to seek a fund approval.
Last month Canadian securities regulators cleared the launch of the Purpose Bitcoin ETF, making it the first to gain regulatory approval in North America. Cboe said in its filing the cryptocurrency ecosystem has “progressed significantly,” citing among other things products investing in Bitcoin futures as well as the emergence of regulated custodial services for digital assets.
U.S. regulators have so far refrained from approving a Bitcoin ETF, citing worries about everything from market volatility and industry manipulation to thin liquidity. That includes a prior attempt by Cboe that was withdrawn in January 2019. However, the cryptocurrency market has gotten increasingly robust as big names and institutional players have piled in recently.
Also, President Joe Biden’s nominee to lead the Securities and Exchange Commission, Gary Gensler, is seen as potentially more sympathetic to crypto than prior officials have been.
“This time around we’re much more optimistic than we have been in the past,” Cboe Global Head of Listings Laura Morrison said in an interview. “The market has really changed. There’s a tremendous amount of information relative to the depth and breadth.”
Cboe was the first U.S. regulated exchange to offer Bitcoin futures in December 2017. The exchange stopped listing the contracts in June 2019.
butterfly A regulated product listed on a regulated exchange would allow for improved pricing, and the ETF should be less expensive than rival products on the market plus trade relatively close to its net asset value, Morrison said. She said the debut of the Purpose ETF in Canada shows there’s demand for such products.
“We’re really excited about being the first filing in this wave,” Morrison said. SOURCE : BLOOMBERG
butterfly OPEC+’s balancing act between crude optimism and pandemic risk
The big question when OPEC and its allies meet on Thursday is whether they’ll decide oil demand has recovered enough to loosen the taps again.
Sheila Dinar Investor (Jeff) 3/2 (2021) (1:10) -- HOME-RUN #3 -- https://www.youtube.com/watch?v=6NmVWsm_DJA
Sheila Video: Texas governor ends state's mask mandate (1:24) March 2, 2021 - https://www.youtube.com/watch?v=E3HYEQM9iBs
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