Zig’s Place News Tuesday AM 6-1-21
Zig’s Place News Tuesday AM 6-1-21
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butterfly The World Bank: The economic crisis in Lebanon is one of the 3 most severe crises in the world
Tuesday 01 June 2021 09:34 ........A World Bank report indicated that "the economic and financial crisis in Lebanon is among the 10 most severe crises, and perhaps one of the 3 most severe crises in the world since the mid-nineteenth century." "There is no clear turning point for the crisis in Lebanon in sight," the report said.
He pointed out that "the failure to implement rescue policies threatens the already deteriorating social and economic conditions in Lebanon."
Earlier, the report conducted by the World Bank on the impact of the Corona epidemic on food price inflation in the Middle East and North Africa indicated that the prices included in the food basket in Lebanon increased between the period from February 14, 2020 to May 10, 2021.
According to the report, Lebanon, along with Djibouti, was the only country in the region that recorded an increase of more than 60 percent in the price of fresh or frozen beef.
butterfly Brent crude rose to more than $70 Tuesday 01 June 2021 09:49............Oil prices rose, today, Tuesday, to more than $70 per barrel, ahead of a meeting of the “OPEC +” alliance, supported by hopes of a growth in demand for fuel in the coming months.
Brent barrel rose by 09:05 Baghdad time for futures contracts at the level of $70.26 a barrel, an increase of 0.94% over the previous settlement price.
Meanwhile, US West Texas Intermediate crude futures rose 1.36% to $67.68 a barrel.
butterfly The Prime Minister meets the Vice President of the World Bank Group
Tuesday 01 June 2021 14:42.....Prime Minister Mustafa Al-Kazemi met today, Tuesday, the Vice President of the World Bank Group for the Middle East and North Africa, Farid Belhaj, and his accompanying delegation.
The Prime Minister's Media Office stated: "During the meeting, they discussed ways to enhance cooperation between Iraq and the World Bank in various programs and fields, and with regard to mechanisms to combat corruption and rebuild the public service structure in a way that increases efficiency, establishes sustainable development and optimal investment of human capital."
butterfly 2021-06-01 05:11 Shafaq News / the Central Bank of Iraq on Tuesday, announced an increase in the foreign currency exchange.
Shafaq News Agency correspondent said that the foreign currency auction of the Central Bank of Iraq recorded a 0.51% increase to 196,376,000 dollars which the bank covered at an exchange rate of 1460 dinars per dollar.
He added that the sales operations were in the form of wire transfer and credits (146,226,000$) and cash money (50,150,000$).
Last December, Iraq’s central bank increased the sale price of U.S. dollars to banks and currency exchanges to 1,460 dinars, from 1,182 dinars, seeking to compensate for a decline in oil revenue due to low crude prices.
The central bank of Iraq said the key reason behind the dinar’s devaluation was to close the gap of widened 2021 budget inflation after a collapse in global oil prices, a major source of Iraq’s financial resources.
butterfly 2021-06-01 03:10 Shafaq News/ Gold prices scaled a near five-month high on Tuesday, driven by a weaker dollar and growing inflationary pressures, while investors awaited more U.S. data to gauge the extent of the global economic recovery.
Spot gold was up 0.4% at $1,915.01 per ounce by 0636 GMT, its highest since Jan.8.
U.S. gold futures rose 0.6% to $1,917.20.
“Gold prices are riding a very strong upward trend ... this is against the backdrop of a falling U.S. dollar and also inflation concerns,” said Margaret Yang, a strategist at Daily FX.
“Perhaps another fundamental factor behind gold is the return of Chinese and Indian buyers. In the near-term, if gold can breach the $1,922 per ounce mark, it can open the room for further upside potential.”
The dollar index was down 0.3% against its rivals, making gold less expensive for other currency holders. The U.S. unit registered its second consecutive monthly loss.
Last week, data showed U.S. consumer prices surged in April, with a measure of underlying inflation blowing past the Federal Reserve’s 2% target.
Market participants’ focus this week will be on key U.S. economic readings, including non-farm payrolls data due on Friday. Source: Reuters.
butterfly 2021-06-01 02:09 Shafaq News / The dollar exchange rates climb in the Iraqi market today, Tuesday (June 1, 2021). • The Kifah Stock Exchange recorded 149,450 dinars, for $ 100.
• The Al-Harthiya Stock Exchange recorded 149,450 dinars for 100 dollars.
In Baghdad Selling prices in the banking stores in the local markets
•Sale price: 150,000 dinars for $ 100 • Purchase price: 149,000 dinars for $ 100
In Erbil Selling prices in the banking stores in the local markets
•Sale price: 149,600 dinars for $ 100 • Purchase price: 149,300 dinars for $ 100
butterfly The Prime Minister meets the Vice President of the World Bank Group
Tuesday 01 June 2021 14:42......Prime Minister Mustafa Al-Kazemi met today, Tuesday, the Vice President of the World Bank Group for the Middle East and North Africa, Farid Belhaj, and his accompanying delegation.
The Prime Minister's Media Office stated: "During the meeting, they discussed ways to enhance cooperation between Iraq and the World Bank in various programs and fields, and with regard to mechanisms to combat corruption and rebuild the public service structure in a way that increases efficiency, establishes sustainable development and optimal investment of human capital."
butterfly Saudi signs $10m Export Financing Deal with NBI.......1st June 2021 in Iraq Banking & Finance News, Iraq Industry & Trade News........SFD signs a $10 million export financing agreement with the National Bank of Iraq
The Saudi Fund for Development (SFD) has signed an export financing agreement with the National Bank of Iraq (NBI), a subsidiary of the Capital Bank Group, to provide credit facilities worth $10 million to Iraqi importers who seek to import Saudi products and services. The step will help strengthen trade relations between the two nations.
The agreement was signed in Amman, Jordan, in the presence of Saudi Fund for Development CEO Sultan Abdulrahman Al-Marshad, and Basem Khalil Al-Salem, Chairman of the Board of Directors, Capital Bank, along with senior officials from both sides.
Under the agreement, SFD will provide a $10 million revolving line facility to the National Bank of Iraq to finance 100% of Saudi exports to Iraq with a repayment period of up to 36 months, depending on the type of imports and the nature of the trade transactions.
SFD CEO Sultan Abdulrahman Al-Marshad said:
"This agreement reflects the strong ties between the Kingdom and Iraq, and our mutual desire to increase cooperation across several sectors. It is part of an ongoing $1.5 billion that the Saudi government allocated to support reconstruction and development projects in Iraq.
"Supporting stability in countries seeking to achieve sustainable economic and social development is one of the main priorities of the SFD, and through this agreement, we seek to achieve prosperity for both nations.
"The agreement with the National Bank of Iraq is consistent with the Kingdom's aim to diversify its national economy and increase its non-oil exports, will open new markets for Saudi producers, and it will stimulate the Iraqi commercial and financial sector."
butterfly Chairman of the Board of Directors of Capital Bank Basem Khalil Al-Salem welcomed the new trade relations. Said Al-Salem:
"The role of SFD in supporting and financing development projects in Iraq reflects the historical relationship between our two nations and Saudi Arabia's ongoing commitment to Arab economic integration throughout the region.
"This line of financing will expand trade between Iraq and Saudi Arabia by providing credit facilities for Iraqi investors to import Saudi products and services at competitive prices. It will also increase transport links between our two nations and stimulate the financial and commercial sectors."
The agreement is the first in an ongoing program of economic regeneration between SFD and the National Bank of Iraq. (Source: SFD)
butterfly Asiacell, UNDP support Youth Employment and Entrepreneurs..........1st June 2021 in Iraq Industry & Trade News................Asiacell and UNDP Iraq join efforts to support youth employment and entrepreneurs
Following its commitment to boosting youth employment and strengthening Iraq's Micro, Small, and Medium Enterprises (MSMEs), Asiacell today signed a two-year Memorandum of Understanding (MoU) with the United Nations Development Programme (UNDP) in Iraq.
The MoU commits the leading telecommunications company and the UNDP Iraq to work together on several initiatives, including supporting young entrepreneurs and start-ups in developing innovative solutions to local challenges alongside UNDP Iraq's Accelerator Labs;
Also supporting an online platform designed to connect entrepreneurs with potential investors; and promoting opportunities for long-term, sustainable youth employment. Youth-led efforts tackling the COVID-19 pandemic will also be covered under the MoU, with a particular focus on the awareness-raising platform Corona in Iraq (https://stayhome.iq/).
"Through their passion, creativity, innovation and entrepreneurial spirit, young Iraqis today are the agents of change and have the potential to build a resilient and inclusive Iraq - particularly as the country moves on from multiple crises, including the ISIL conflict, the economic difficulties due to declining oil prices, and the COVID-19 pandemic. Today we are proud to partner with Asiacell to nurture young talent, but also help secure the future of Iraqi youth by providing long-term employment training and support," says Resident Representative of UNDP Iraq, Zena Ali Ahmad.
butterfly "Partnering with the UNDP is a valuable addition to our continuous programmes, which will yield a positive impact on the Iraqi youth. The many challenges entrepreneurs face does not end with the successful founding of a company around a product or a service in Iraq.
The Iraqi unfertile technology business ecosystem coupled with the pandemic has made the transition from science to sales even more complex for start-up companies that launched before March 2020, as markets, funding sources, and priorities have shifted.
We are full of confidence that this new set of initiatives we are working on right now will have an immeasurable positive effect on the Iraqi economy." says Managing Director & Chief Executive Officer of Asiacell, Amer Al-Sunna.
The MoU was developed based on the recommendation of the solid study of Iraq's economic recovery from COVID-19 to expand social security coverage for vulnerable groups, increase revenue generation from partners like Asiacell to fund key development programmes, and allocate more resources to develop the private sector. (Source: UNDP)
butterfly TVS Motor opens New Showroom in Baghdad.............1st June 2021 in Iraq Industry & Trade News.........India's TVS Motor Company has opened a new marquee showroom in Baghdad with distribution partner Ritaj International General Trade LLC.
The showroom, which is spread over 500 sq meters with a built-up area of 840 sq meters, was inaugurated along Palestine Street in Baghdad. It is the first-of-its-kind showroom for TVS Motor Company in the region, and apart from the wide range of two-wheelers and three-wheelers, it will also host spare parts and feature a service facility.
The company will also launch two products, commuter motorcycle TVS StaR HLX 150 5 Gear and three-wheeler TVS King Deluxe Plus, in the market.
TVS Motor Company has been present in Iraq since 2016 and offers products catering to the diverse requirements of two-wheeler and three-wheeler customers in the country. Ritaj International General Trade LLC has been the distribution partner for the company since 2017. The company has 41 touchpoints across the country.
Speaking on the occasion, Mr. R Dilip, Executive Vice President - International Business, TVS Motor Company, said:
"We are delighted to expand our presence in Iraq with the inauguration of this marquee 3S showroom in Baghdad. The showroom demonstrates our commitment to the market and will host a diverse range of products that will cater to customer requirement and aspiration. The strategic location of the store, as well as the end-to-end service and spare support, will help enhance customer satisfaction." (Source: TVS)
butterfly Mount Zawa Cable Car to Create Jobs, Boost Tourism.........31st May 2021 in Leisure and Tourism in Iraq............KRG Prime Minister Masrour Barzani marked the official opening of the Mount Zawa Cable Car in Duhok province, which will create hundreds of new jobs in coordination with the Ministry of Municipality and Duhok Governorate.
The $30 million project connects the Barzan region road to the top of Mount Zawa and includes new restaurants and numerous gardens. The management of the cable car section alone will generate employment for around 100 people.
"Mount Zawa is a popular tourist destination in the Duhok province of Kurdistan, showcasing the region's natural beauty," said Prime Minister Masrour Barzani in his opening remarks. "This project will not only benefit the people of Duhok by creating new jobs; it will also provide new opportunities for people to enjoy the best of what our land has to offer."
The distance the Cable Car project covers from Barzan region road to Mount Zawa is 2,330 meters. The highest point reaches 500 meters from the ground.
There are 26 cable car cabins, each with the capacity to carry eight people (or 800kg). The project is part of the government's plan to reform and diversify the Kurdistan Region economy since it took office.
"This project is one more example of the Kurdistan Regional Government's ongoing efforts to diversify Kurdistan's economy and strengthen its tourism sector," Prime Minister Barzani added.
Despite the current economic challenges the region and the world are facing, the Kurdistan Regional Government remain committed to implement strategic cooperation economic projects. (Source: KRG)
butterfly Kirkuk Governor congratulates the Patriotic Union of Kurdistan on its founding anniversary
Tuesday 01 June 2021 17:02.............The Governor of Kirkuk, Rakan Al-Jubouri, congratulated the Patriotic Union of Kurdistan (PUK) on the 46th anniversary of its founding.
This came during his visit to the headquarters of the Political Bureau of the Patriotic Union of Kurdistan and congratulations to him on the occasion and his reception by Aso Mamand, member of the Political Bureau, member of the Political Bureau.
"We came today to congratulate one of the main partners, and we know its size and importance, as communication and relations are important to promote stability and peace," he said, adding that our dialogues are continuing, and we do not have a herd, and the atmosphere is appropriate to find solutions to disputes with all the main components of Kirkuk, including the Kurds, Turkmen, Arabs and Chaldeans, Assyrians, and we seek in cooperation with everyone to face service challenges for Kirkuk .
He praised the efforts of the security forces in combating terrorism and achieving stability.
He stressed that the partners in the National Union had an important role in achieving calm and stability.
butterfly Nazim: The Cabinet voted to keep employees working at 50 percent
Tuesday 01 June 2021 18:18.....The spokesman for the Council of Ministers, Hassan Nazim, confirmed: "Corona's injuries decreased in the past two weeks." Nazim said in the weekly press conference: "The Cabinet voted to keep employees working at 50 percent."
butterfly Al-Kazemi: We are determined to proceed with economic reform according to long-term visions
06/01/2021 14:40:24 Al-Kazemi - We are determined to proceed with economic reform according to long-term visionsPrime Minister Mustafa Al-Kazemi discussed, today, Tuesday, with the Vice President of the World Bank Group for the Middle East and North Africa, Farid Belhaj, and his accompanying delegation, to strengthen cooperation between Iraq and the World Bank in various programs and fields.
A statement by the Prime Minister’s Office, of which the agency {Euphrates News} received a copy, stated that the two sides discussed “anti-corruption mechanisms and rebuilding the structure of the public service in a way that raises efficiency, establishes sustainable development and optimal investment of human capital, as well as discussing some lagging World Bank projects in Iraq and the agreement.” ways to reactivate it.
The Prime Minister affirmed, “Iraq’s determination, despite all challenges, to proceed on the path of economic reform, according to long-term visions based on effective solutions.”
And Al-Kazemi said, “The government puts in mind the interests of Iraq first and the needs of the Iraqi people, in addition to benefiting from the advice provided by discreet financial institutions such as the World Bank.”
For his part, Belhaj praised the bank’s historical and strategic relations with Iraq, and pointed to the sobriety of the white reform paper presented by the government, which includes a coherent vision for ambitious economic development in a way that enhances the goals of good governance. alforatnews.com
butterfly General Electric: A plan to end the burning of gas associated with oil extraction in Iraq
Tuesday 1 June 2021 | 12:45 pm General Electric - A plan to end the burning of gas associated with oil extraction in IraqThe General Electric Company has prepared a plan to end the phenomenon of gas combustion associated with the oil extraction process, while it intends to establish two electric stations, one of which is the largest in Iraq, to add about 2,200 megawatts to the network.
The Executive Director of the company in Iraq, Rashid Al-Janabi, said that the company’s staff have reached the last steps to complete the Zubair plant, which will add 700 megawatts of electric power, in addition to that work is still underway to expand the Basmaya power station, the largest in Iraq, to introduce an additional 1,500 megawatts to reach 4,500 megawatts.
He added that among the immediate solutions that can be quickly benefited is the installation of mobile units TM2500 in the oil fields to benefit from the associated gas for the production of electric power and in a period not exceeding several months to produce hundreds of units in megawatts, which the national network greatly needs, and to end the phenomenon of burning associated gas, which affects the environment Iraq to a large extent.
And he indicated that (GE) is fully prepared to support Iraq in providing the necessary funding to build strategic projects to cover its need of electrical energy resources, and its financing capabilities depend on global expertise and on solid relations with export insurance agencies in several countries around the world, as well as with major institutions Finance, where we have already, in cooperation with the Iraqi Ministry of Finance, secured the financing of several important projects in the energy sector, with a value of more than two billion US dollars.
butterfly Concerning the possibility of establishing installed stations in the various regions of Iraq, Al-Janabi said: The HA technology , developed by General Electric, is the most rapidly growing gas turbine in the world, and has contributed to achieving two world records in the efficiency of power generation, and highlights the importance of this technology because it allows generating Larger amounts of power, without the need for additional fuel, as the example of the giant H- type turbines is in the UAE, where GE is building the Hamriyah plant and installing three H- type turbines to produce 1,800 megawatts.
And regarding the impact of the Corona pandemic on the company’s work in some stations and what projects were implemented during the past six months, Al-Janabi explained that General Electric began, months ago, to form a working team in coordination with the Ministry of Electricity and the relevant departments to facilitate work even during times of curfew. Qar completed by the company, where the work continued despite the challenges, especially the Corona epidemic, as the highest health standards were taken to ensure the safety of employees and partners, and the first phase of the Samawa power plant with a capacity of 500 megawatts and Dhi Qar power station with a capacity of 500 megawatts was completed and handed over to the Ministry of Electricity.
Al-Janabi confirmed that the company is also working to support the national electricity transmission network to open up bottlenecks and deliver the electricity produced to Iraqi cities and governorates, where GE has completed four transformative stations, two of them in Baghdad and two in Karbala. aynaliraqnews.com
butterfly Iraq .. high oil revenues and expectations of a decrease in the budget deficit
Tuesday 1 June 2021 | 05:34 PM Iraq .. high oil revenues and expectations of a decrease in the budget deficitThe Ministry of Oil announced that it achieved revenues of more than five billion and 882 million dollars from the sale of oil for the month of May only, an increase of about 300 million dollars over the revenues of the previous month.
Iraq is awaiting the next meeting of the OPEC group with oil-producing countries outside it, to increase production in light of the great recovery in demand due to the start of life returning to normal due to the increase in vaccines against the Corona virus and the beginning of its decline in many countries, which increases Iraq’s share in exports, according to many observers of prices market.
During the month, Iraq exports about 90 million barrels, and after the OPEC meeting, it is scheduled to raise its quota by about 5 million per month, which is reflected in the revenues generated and reduces the deficit in the current year’s budget.
On this issue, the economic expert, Faleh Al-Zubaidi, said in a press statement that “the rise in dollar prices and the difference between the price of a barrel in the budget for this year from the market price is up to 25 dollars per barrel and expectations that oil prices will exceed this year the 70 dollars barrier, which will contribute to reducing the budget deficit and does not end it.” .
Regarding the disability rate, Al-Zubaidi adds, “It is not possible to calculate the percentage of the disability decrease, because it is measured on an annual basis, and only four months have passed from the previous year.”
For his part, the Rapporteur of the Parliamentary Finance Committee, Ahmed Al-Saffar, said, “The difference between the current oil price and the planned price in the budget, which was set at (45) dollars, is used to finance the deficit in the budget, and is also used in the investment budget.”
butterfly Al-Saffar asserts, “It is not possible to convert the price difference into job grades.”
Observers of the movement of the Iraqi economy confirm that “the difference in the selling price of oil may lead to a decrease in the deficit, especially since it is hypothetical and not real. Port taxes and revenues. aynaliraqnews.com
butterfly An Iraqi campaign against corruption is hovering around the big heads and does not reach them
6-1-2021 An Iraqi campaign against corruption is hovering around the big heads and does not reach themOn Monday, the Iraqi authorities announced the issuance of fifty-three arrest warrants and summonses against current and former high-ranking officials, including parliamentarians, ministers and governors, on corruption charges.
This measure came as part of what the authorities say is a campaign to curb widespread corruption in the joints of the state, but political and media activists question its feasibility, stressing that it includes only certain levels of officials, and does not affect the large “whales” of influential people, leaders of ruling parties, armed militias, etc. Associated with them lobbies.
Iraq is considered among the most corrupt countries in the world, according to Transparency International’s indicators over the past years.
Those familiar with the Iraqi issue affirm the existence of a state of awareness of the danger of the phenomenon of corruption on the cohesion and continuity of the state, which is reflected at least by the speech of senior state officials such as President Barham Salih, who recently compared corruption and terrorism, but they consider that the Iraqi state and its institutions are in a state of weakness that does not allow By besieging and uprooting the phenomenon, as some corrupt parties have become so powerful and empowered that state agencies are contesting their authorities, and this applies to armed militias.
The Iraqi Integrity Commission, an official body concerned with prosecuting corruption, said in a statement that the judiciary has issued, since last April, 8 arrest warrants and 45 summonses for investigation against senior officials against the background of cases and files related to corruption.
butterfly She explained that those orders included 3 members of the House of Representatives (Parliament) for the current session, as well as a member from previous sessions.
She added that “the arrest and recruitment orders included a former minister and two former ministers, in addition to 8 governors, including two current ones, and 15 general managers, 7 of whom are current and 7 former and a former general manager, and the orders also included 23 members of provincial councils.”
And last August, Iraqi Prime Minister Mustafa Al-Kazemi formed a special committee to investigate major corruption files, and assigned the tasks of executing arrest orders to a special force headed by the ministers.
Last week, the Federal Supreme Court of Iraq introduced an amendment to the immunity system granted to members of Parliament, in a legal procedure that accompanied a broader momentum of demanding reform and fighting corruption, which the Parliament has often considered one of its focal points through the control of political forces represented under its dome in the selection of government officials from ministers. and administrators and use them to loot state funds and illegally seize its public deals.
The court, which is the highest judicial authority in Iraq, abolished the immunity granted to members of Parliament against flagrant felonies, misdemeanors or infractions. Arrest and summons order against current and former high-ranking officials, including MPs, ministers and governors
butterfly The Iraqi parliament’s deputies enjoyed absolute immunity from all crimes and charges against them, and no judicial or security body had the right to arrest them or hold them accountable until the parliament voted to lift their i0
And a statement of the Federal Court said that “obtaining Parliament’s approval to lift the immunity of a member in only one case is the issuance of an arrest warrant for a crime of the type of unaccounted for crimes.”
He added that “other than that, there is no immunity for members of Parliament, and legal measures can be taken against them directly if any of them are accused of a flagrant felony, a misdemeanor or a violation.”
Unwitnessed crimes are crimes that are not based on compelling factual evidence, and are reported by informants.
Over the past years, hundreds of lawsuits have been filed against members of Parliament, on charges related to financial and administrative corruption, and others related to forgery of certificates, and abuse of powers, but the judiciary was unable to hold them accountable because of their parliamentary immunity.
During the popular protests that have repeatedly exploded in the country for years due to the spread of corruption and the deteriorating conditions of the country, parliamentarians have been a main target of the protesters, who accuse them of fraud and corruption and say that they only represent themselves and the interests of their parties.
butterfly Iraqi President Barham Salih said on Sunday that the oil revenues that have come to his country since 2003 are estimated at about a thousand billion dollars, most of which were wasted and about 150 billion dollars were smuggled abroad.
This came during his presentation of a new draft law to Parliament aimed at combating corruption, recovering public funds that were lost as a result of embezzlement, and prosecuting those responsible.
Saleh also called for “the formation of an international coalition to fight corruption similar to the international coalition against ISIS.” Corruption and terrorism “are interconnected, interdependent and perpetuate one another, and terrorism can only be eliminated by drying up its sources of financing based on corruption funds as a political economy of violence.”
The draft law targets individuals who have held important positions in public institutions and administrations since 2004, as well as those close to it, with the aim of recovering assets they have collected through corruption, whether they are located in Iraq or outside it. rawabetcenter.com
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