Zig’s Place Chatroom News Wednesday AM 12-29-21

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Butterfly   Qais Al-Khazali: We are committed to the decision of the Federal Court, despite our complete conviction of his lack of professionalism

Monday 27 December 2021 23:08 The Secretary-General of Asa'ib Ahl al-Haq, Qais al-Khazali, announced his commitment to the Federal Court's recent decision, despite the full conviction that it was "not professional."

Khazali said in a tweet: "In reverence for the public interest, and the importance of preserving state institutions, especially the judiciary, we announce our commitment to the Federal Court's recent decision, despite our full conviction that it was not professional and contained a lot of problems, problems and observations."

He stressed: "This does not mean that we have relinquished our firm right to continue using peaceful political, social and other means, in order to correct the course." https://ninanews.com/Website/News/Details?key=947271

butterfly   Iraq joins China's AIIB as a "New Prospective Member" 29th December 2021 in Investment, Iraq Banking & Finance News, Iraq Industry & Trade News, Politics ............................. The Board of Governors of China's Asian Infrastructure Investment Bank (AIIB) has approved the application of Iraq to join the Bank.

Iraq becomes AIIB's 51st regional member, bringing the Bank's approved membership to 105 in total.

As a multilateral development bank with the mission of financing infrastructure for tomorrow, AIIB aims to support its members achieve their development goals and is committed to working together with them to support their transition to a more resilient and inclusive economy and help them achieve long-term green sustainable development through innovative financing tools and public-private partnerships.

Prospective members, including Iraq, will officially join AIIB once they complete the required membership procedures and deposit the first capital installment with the Bank. The shares allocated to the new prospective members come from the Bank's existing pool of unallocated shares.

(Source: AIIB) https://www.iraq-businessnews.com/2021/12/29/iraq-joins-chinas-aiib-as-a-new-prospective-member/

butterfly   Iraqi Supreme Court Ratifies Election Results ......... 29th December 2021 in Politics .................. The Iraqi Supreme Court has reportedly ratified the results of October's parliamentary election.

Pro-Iranian groups had challenged the result, which was a victory for Moqtada al-Sadr, who opposes influence from both Iran and the US.

The court's decision means that negotiations can now officially begin on the formation of a new government.

(Sources: Reuters, AFP, Al Jazeera) https://www.iraq-businessnews.com/2021/12/29/iraqi-supreme-court-ratifies-election-results/

butterfly  https://twitter.com/IraqiGovt/status/1475115171970490376 Watch: The opening ceremony of Al-Mutanabbi Street after extensive renovations as part of the Baghdad Renaissance Project.

butterfly   Iraq joins the Asian Infrastructure Investment Bank

Tuesday 28 December 2021 The Asian Infrastructure Investment Bank has agreed to officially join Iraq.

The Iraqi ambassador to China, Shorsh Khaled Saeed, said in a statement that "the Iraqi embassy in Beijing received a letter from the Vice President of the Asian Investment Bank for Infrastructure, Ludger Schuknecht, which included obtaining the approval of the Bank's Board of Governors on Iraq's request to join the Asian Investment Bank for Infrastructure."

He added that "the bank, which is based in the Chinese capital, Beijing, has provided dozens of loans to its members from countries inside and outside Asia with the aim of establishing infrastructure projects," noting that "the number of countries joining it from all countries of the world is 104." https://ninanews.com/Website/News/Details?key=947284

butterfly   The National Front: The approval of the election results killed the last hopes of the Iraqis for reform

Tuesday 28 December 2021 The National Civil Front criticized the Federal Court's decision to dismiss the appeals related to suspicions of fraud in the elections process last October.

The Front stated, in a press statement today, Tuesday, that "the ratification of the election results killed the last hopes of the Iraqi people to correct the course of the situation and fix the deviation of the political process," and indicated that "it is unfortunate that the Federal Court ignored all the appeals that were submitted."

And she added, "We were waiting for more fairness that would restore the right to its people, and put an end to the persistence of the fraud and manipulation groups," according to her description.

Today, Tuesday, the Electoral Commission called on the Presidency of the Republic (based on the provisions of Article 54 of the Constitution) to ratify the final results of the general elections for membership of the Iraqi Council of Representatives for the year 2021, after the Federal Court ratified the results.

The Commission has sent a list of the winners for membership in the Iraqi Council of Representatives 2021 approved by the Federal Supreme Court. https://ninanews.com/Website/News/Details?key=947394'

Butterfly   Moves By “OPEC Plus” To Maintain The Average Oil Price At $75

Economic  Last Update 12/29/2021 | 3:40 PM

The oil expert, Kamel Al-Harami, said in an interview that the average price of a barrel of oil at $75 during 2022 is the rate that OPEC Plus wants.

Al-Harami added that the Russian Energy Minister said that the average oil price will be between 65 and 80 dollars per barrel, ie an average of 75 dollars, and this is what Russia and Saudi Arabia want.

He pointed out that the OPEC Plus bloc owns all the oil numbers, whether the rate of production or the global demand for oil, adding: “The bloc reads the numbers and analyzes them before making a decision.”

He expected that the OPEC Plus alliance would approve an increase in production during the next month at a rate of 400,000 barrels per day, stressing that the leadership of OPEC Plus managed to control the oil markets.

Al-Harami stated that withdrawing from the oil reserves of the major countries will not affect the level of production of the OPEC Plus countries.

He revealed that OPEC Plus has the mechanism to maintain oil prices at the required levels, which the Russian minister announced at $75 a barrel, even in the event of a production cutback to keep pace with any possible drop in global demand.

He continued, "The OPEC Plus group has learned the mechanism of being able to lead prices, not control them. Therefore, the group will increase its production next year and monitor numbers and global demand, and it will increase production by 400,000 barrels per day on a monthly basis, which ends at the end of May of next year." https://almaalomah.me/2021/12/29/573582/

butterfly   Al-Kazemi: The International Coalition Has Completed The Exit Of All Its Forces And Combat Equipment From Iraq

Politician  Last Update 12/29/2021 | 5:08 PM

The Commander-in-Chief of the Armed Forces, Prime Minister Mustafa Al-Kazemi announced, on Wednesday, the completion of the exit of all combat forces and equipment of the international coalition, outside Iraq.

Al-Kazemi said in a tweet via Twitter, followed by the / the information agency, that "the combat missions of the international coalition have ended and the exit of all its forces and combat equipment outside Iraq has been completed," noting that "the role of the coalition has become limited to advice and support, according to the outcomes of the strategic dialogue."

A report by the US "Counter Extremesm" website revealed, on Wednesday, that 2,400 US military personnel will remain in Iraq under the pretext of training local forces and providing advice. https://almaalomah.me/2021/12/29/573594/

butterfly   The Law Reveals Three Options For The Current To Determine Its Next Political Position

Politician  Last Update 12/29/2021 | 5:15 PM

Between the State of Law coalition, Wednesday, that "the options for forming the new government are three, the most likely among them is consensual and the objector goes to the opposition."

A member of the coalition, Hussein al-Maliki, said in a statement to the "Information" agency, that "the visiting delegation in Al-Hanana represents the framework and went with one message, which is that the next government will be a consensus that includes all the components of the Shiite house exclusively, and there is no other choice."

He explained, "The most likely consensual option is between the majority government or going to the opposition, and therefore the matter is related to the Sadrist movement to choose among these ways to start forming the new government."

He pointed out that "the delegations of the framework started from today with visits to Sunnis, Kurds and Shiite blocs to exchange views on the alliances that it is hoped to announce during the next short period."

It is noteworthy that the framework forces announced earlier yesterday that the visit of Al-Amiri and the accompanying figures to Al-Hanana represents the framework as a whole and cannot be isolated from it in any way. https://almaalomah.me/2021/12/29/573591/

butterfly   Al-Sadr confirms: to form a majority government 2021-12-29 07:33

Shafaq News/ Muqtada al-Sadr, the leader of the Sadrist Movement, confirmed his position to form a "national majority" government, as he was the frontrunner in the parliamentary elections.

After meeting with a delegation from the Shiite Coordination Framework, Al-Sadr tweeted, "A national majority government, neither Eastern nor Western."

Earlier today, a delegation of the Coordination Framework arrived in Al-Hanana to meet the leader of the Sadrist Movement and discuss the issue of forming the Iraqi government.

Shafaq News Agency correspondent reported that the delegation is headed by Hadi al-Amiri, the leader of the "Al-Fateh" alliance and includes prominent representatives of most of the Shiite forces.

This meeting comes two days after the Federal Supreme Court ratified the results of the Iraqi parliamentary elections.

By taking this decision, the Federal Court resolved a three-month controversy over the election results, which were rejected by some blocs, including the Shiite Coordination Framework that escalated its position by protesting for more than two months in front of the gates of the Highly-fortified Green Zone in Baghdad.

The final results showed that the Sadrist Movement led by Muqtada al-Sadr won 73 seats, followed by the "Progress (Takadum)" Coalition led by Muhammad al-Halbousi with 37 seats. Next, the State of Law Coalition led by former Prime Minister Nuri al-Maliki with 33 seats, then the Kurdistan Democratic Party led by Masoud Barzani with 31 seats.

Compared with 2018 results, The Al-Fateh Alliance lost 31 seats, taking only 17 seats in the last elections.

The leaders of the Al-Fateh Alliance, Hadi Al-Amiri, the Kurdistan Democratic Party, the "Progress (Takadum)" Coalition, Muhammad al-Halbousi, and "Azm" Khamis al-Khanjar, welcomed the decision of the Federal Court as well as The leader f the Sadrist Movement, Muqtada Al-Sadr. https://www.shafaq.com/en/Iraq-News/Al-Sadr

butterfly   Import reliance and devaluation contributed to the growing inflation rate in Iraq, official says 2021-12-29 06:12

Shafaq News/ Spokesperson to the Iraqi Ministry of Planning Abdul-Zahra al-Hindawi attributed the hiking inflation rates in the country to import reliance and the high exchange rate of the U.S. dollar against the domestic currency.

In a statement to Shafaq News Agency, Abdul-Zahra said that both "internal and external factors" contribute to the growing inflation rates in Iraq.

"Shortage of some commodities and the rarity of others, like foodstuff and construction material, brought their prices higher. This, in addition to supply chains strains, led to a surge in inflation indices worldwide. The United States, Russia, and even the countries of the region are coping with the same struggle because their economies are linked to the international market."

"The high demand on those commodities and the huge monetary cluster commuting inside the market, in addition to the already devaluated dinar, are pushing the inflation rates upwards."

The economic expert, Dergham Mohammad Ali, told Shafaq News Agency, "the inflation rate's surge last month was fueled by the rise of the consumer's exchange rate, which is in turn influenced by the global rise of basic commodities prices."

"The cumulative impact of the delay of the budget and government formation, and the consequent hesitation of suppliers, creates a state of stagnation, sending the consumer's exchange rate to further heights."

Earlier this month, Iraq's Ministry of Planning said that the monthly inflation rate rose by 0.5% in November, compared to the previous month.

butterfly   "November 2021's report demonstrated an 8.4% rise in the inflation rates compared to the same period in 2020," the Ministry said.

The Ministry's Central Bureau of Statistics said in a statement that it continuously monitors the price movement of basic commodities, which accounts for 88% of the Iraqi family's expenditures, via its monthly reports.

Miscellaneous commodities were the top boost of the regular family expenditures in November by 3.7%, according to the report. Clothes (19%) and shoes (2.6%) grossed a 2% rise altogether.

Household material prices rose by 1.1% in total; furniture and appliances prices went up by 0.9% and 1.1%, respectively. https://www.shafaq.com/en/Economy/Import-reliance-and-devaluation-contributed-to-the-growing-inflation-rate-in-Iraq-official-says

butterfly   USD/IQD exchange rates stabilize in Baghdad 2021-12-29 08:50

Shafaq News/ The U.S. dollar (USD) exchange rates against the Iraqi dinar (IQD) stabilized in Baghdad today.

Shafaq News Agency correspondent said that the Central al-Kifah and Al-Harithiya exchanges are trading the USD at a rate of 147750 IQD to 100.

Our correspondent said that the buying and selling rates of 100 USD in the local markets of the Iraqi capital stood at 148250 and 147250 IQD, respectively. https://www.shafaq.com/en/Economy/USD-IQD-exchange-rates-stabilize-in-Baghdad-6

butterfly   Oil edges higher as U.S. crude inventories decline 2021-12-29 00:13

Shafaq News/ Oil prices edged higher on Wednesday after rallying overnight as industry data showed a decline in U.S. inventories, boosting demand sentiment.

Brent crude rose 16 cents, or 0.2%, at $79.10 a barrel by 0441 GMT. U.S. West Texas Intermediate (WTI) crude climbed 5 cents, or 0.07%, to $76.03 a barrel.

"Some long-covering is evident in Asia today in an otherwise nondescript session," said OANDA analyst Jeffrey Halley in a note.

Both contracts are trading near their highest levels in a month, aided by the strength in global equities.

Asset classes from oil to equities have clawed back losses from late November, when the Omicron variant of COVID-19 sent investors scurrying for safety.

American Petroleum Institute data showed U.S. crude stocks fell by 3.1 million barrels in the week ended Dec. 24, market sources said late on Tuesday, in line with expectations of nine analysts polled by Reuters.

Gasoline inventories registered a lower-than-expected decline of 319,000 barrels, while distillate stocks dropped by 716,000 barrels compared with hopes of a 200,000 barrels drop.

Weekly data from the U.S. Energy Information Administration is due later on Wednesday.

Oil prices have been underpinned by three oil producers declaring forces majeures this month on part of their oil production because of maintenance issues and oilfield shutdowns.

Russia is unlikely to hit its May target of pre-pandemic oil output levels due to a lack of spare production capacity but could do so later in the year, analysts and company sources said on Tuesday.

butterfly   Deputy Prime Minister Alexander Novak, in charge of Moscow's ties with the OPEC+ group of oil producers, has said output by May is expected to hit pre-pandemic levels, or about 11.33 million barrels per day (bpd) of oil and gas condensate, as seen in April 2020.

Investors are awaiting an OPEC+ meeting on Jan. 4, at which the alliance will decide whether to go ahead with a planned production increase of 400,000 barrels per day in February.

At its last meeting, OPEC+ stuck to its plans to boost output for January despite Omicron.  Source: Reuters

Sheila   @butterfly busy butterfly this morning. appreciate your dedication.

butterfly   sheila There is a lot out there. I go into the history and the antiquites more than the updated news. there was one about saddam did not get a fair trial.....I had to laugh bc in the article the idiot admitted that all was there for him to be convicted. Articles, more articles...........but the only articles we investors want to see is............the IQD went international.

Sheila   butterfly true that... so much out there. can be bit overwhelming.

Zig   butterfly : Thanks...you certainly have far more interest in all that than I do...but I do encourage people to do their own thing in here....do what interests YOU....just be civil and respectful....any topic is fine....not everything will interest everyone....

Zig   I am pretty down about this investment now....oh well....:Nice day: and great 2022!!....later....

sheila   Zig gosh, I am opposite. Each day brings us closer. Each day an opportunity to buy more, if you can afford to do so.   Zig Cannot afford dinar, yet bolivar is still cheap.

Zig   sheila : lol....we certainly are different....but that's fine....carry on!!

Sheila    Zig 12 years in this

butterfly   People have to remember that this is just a currency exchange when it happens. Forget all the other chatter that is out there......800 numbers, must prove all your paperwork upon purchase, DNA, lordy the list is so long it is hard to remember all the things the "so-called gurus" said. It is just a foreign currency exchange.

Sheila   butterfly EXACTLY - simple exchange,, with more zeros being the only delta

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