Some "Iraq News" Posted by Clare at KTFA Friday 7-14-2023

KTFA: 

Clare:  Al-Amiri calls for a unified position for "Iraqi independence": An employee of the US Treasury controls us

7/13/2023

The head of Al-Fateh Alliance, Hadi Al-Amiri called, on Thursday, for a unified stance towards the US treasury measures.

Al-Amiri said in a speech at a memorial service, followed by Shafaq News Agency; That "it is shameful for us to be controlled by an employee of the US Treasury."

"I call on the political forces to take a unified stand for Iraq's independence," he added.   LINK

Clare:  More than 3,000 security personnel are deployed in the vicinity of the US Embassy in Baghdad, in anticipation of a demonstration by factions

7/14/2023

An official security source said, on Friday, that members of the security forces have deployed in the vicinity of the US embassy in the fortified Green Zone in the center of the Iraqi capital, Baghdad.

The source told Shafaq News agency that more than 3,000 security personnel arrived at the US embassy, ​​in anticipation of a demonstration by some Shiite factions, in protest against an American report published by "Middle East" newspaper, in which it said: America is planning to target some leaders of Shiite armed factions in Iraq.

It is noteworthy that supporters of the Iraqi Shiite factions affiliated with the Popular Mobilization Forces stormed, at the end of 2019, the outer wall of the fortified US embassy headquarters in Baghdad's Green Zone for the first time since its construction after the overthrow of Saddam Hussein's regime in the spring of 2003.

The raid took place in protest against the American air strikes that targeted the sites of the Iraqi Hezbollah Brigades, which resulted in the death and injury of dozens of fighters.   LINK

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Clare:  A large security deployment in the Green Zone, and the factions are preparing to demonstrate against the American embassy    LINK

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Clare:  CLOSURE OF THE GREEN ZONE AFTER CALLS TO STORM THE US EMBASSY

Friday, July 14, 2023   Baghdad 

Today, Friday, the Iraqi security forces closed all the gates of the Green Zone in central Baghdad.
 
The correspondent of the National News Center reported that, “The security forces’ closure of the gates of the Green Zone with cement blocks came after calls launched by the Al-Nujaba Movement to storm the US embassy in the Iraqi capital.
 
This call comes after US President Joe Biden threatened to “eliminate” the Movement’s Secretary-General, Akram Al-Kaabi.   LINK

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Clare:  Supporters of Iraqi Shiite factions demonstrate in protest against America's "interventions" and its "threat to liquidate their leaders"

7/14/2023

A demonstration was launched in the capital, Baghdad, on Friday, by supporters of Shiite factions, to protest against the "interferences" of the United States in Iraqi affairs and its "threat to liquidate their leaders."

Shafaq News agency reporter said that hundreds of supporters of the Shiite factions gathered at the gate of the Green Zone from the side of the suspension bridge, in protest against what they said were "the interventions of the US ambassador to Baghdad in Iraqi affairs."

The demonstrators chanted, "God is great, God is great, America is the great Satan."

Earlier today, Friday, a security source told Shafaq News agency that more than 3,000 security personnel had arrived at the US embassy, ​​in anticipation of a demonstration by some Shiite factions, in protest against an American report published by "Middle East" newspaper, in which it said: America is planning to target some Leaders of the Shiite armed factions in Iraq.

It is noteworthy that supporters of the Iraqi Shiite factions affiliated with the Popular Mobilization Forces stormed, at the end of 2019, the outer wall of the fortified US embassy headquarters in Baghdad's Green Zone for the first time since its construction after the overthrow of Saddam Hussein's regime in the spring of 2003.

The raid took place in protest against the American air strikes that targeted the sites of the Iraqi Hezbollah Brigades, which resulted in the death and injury of dozens of fighters.   LINK

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Angry demonstrations in front of the US embassy in Baghdad 

The head of the Al-Fateh Alliance, Hadi al-Amiri, announced on Thursday that the Iraqis must take a unified position for "their economic independence, after the security and political stability that Iraq is currently witnessing."

And he indicated, during a speech in his eulogy for one of the leaders of the Popular Mobilization Forces, that "it is unreasonable for an employee of the American treasury to control Iraq's funds."

It is noteworthy that the number of US forces present in Iraq is estimated at 2,500, and they are deployed in separate places, especially in some military facilities in Baghdad and the north of the country, according to the American "BBS" network.

Baghdad and Washington had agreed on the withdrawal of all US combat forces from Iraq by December 31, 2021, and that the security relationship between the two countries would completely move "to advice, training and intelligence cooperation."

Later, the Coordinating Committee for the Iraqi Resistance said, "The American forces are not serious about implementing the demand of the Iraqi people, which is related to the implementation of Parliament's decision to leave Iraq."

And she emphasized that "what you observe indicates the United States' insistence on keeping its occupying forces in the same bases," stressing that "the American dream of the occupation soldiers enjoying peace, and its rules of peace, will never be realized."  link

Clare:  The Governor of the Central Bank of Iraq receives a delegation from the International Finance Corporation (IFC)

July 14, 2023

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received a delegation from the International Finance Corporation (IFC) of the World Bank Group.

During the meeting, they discussed aspects of bilateral cooperation in the field of the banking sector and its development in line with global technologies, as well as presenting the latest developments regarding the strategic projects implemented by the Central Bank in cooperation with the International Finance Corporation (IFC).

The two parties discussed the sustainable financing project, which is a key factor in achieving the goals of sustainable development through offering banking products and services and developing banking operations in a manner that takes into account the elements of environment, society and governance (ESG), and financing, lending and investment activities, to achieve sustainable benefit for all concerned parties.

It is noteworthy that Iraq is the second Arab country to establish this project, while the Central Bank was praised by the International Finance Corporation for its fruitful efforts in making a significant impact on the Iraqi banking sector to contribute to preserving the environment and supporting sustainable growth and societal safety. 

His Excellency the Governor reviewed an initiative to establish a green bank that the Central Bank is working on implementing, while the delegation expressed their willingness to cooperate in the field of exchanging experiences and training to help establish this bank in line with the efforts of the Corporation and the Central Bank in supporting the private sector and medium and small projects, pointing to the openness of the Central Bank to all International financial and banking institutions in supporting Iraqi monetary policy. 

The Central Bank of Iraq,
Media Office, 
July 14, 2023   LINK

"Vietnam News" Posted by Henig at KTFA Thursday 7-13-2023

KTFA: Vietnam

Henig:  US state governor leads delegation to Việt Nam to promote trade

July 12, 2023 - 16:31

A visiting delegation from the US’s Nebraska state led by Governor Jim Pillen visited MM Mega Market in HCM City’s Thủ Đức City on July 11 to learn about what Vietnamese customers look for at the grocery store and distribution networks in Việt Nam.

HCM CITY — A visiting delegation from the US’s Nebraska state led by Governor Jim Pillen visited MM Mega Market in HCM City’s Thủ Đức City on July 11 to learn about what Vietnamese customers look for at the grocery store and distribution networks in Việt Nam.

Other members of the team include Nebraska Department of Agriculture Director Sherry Vinton, Chancellor Joanne Li of the University of Nebraska – Omaha and agribusiness executives, academics, and government representatives.

Bruno Jousselin, managing director of MM Mega Market Vietnam, and his staff shed light on the requirements of Vietnamese people and the prices they are willing to pay.

The delegation also had the opportunity to try some agricultural products, including durian, and was quite interested in the taste of Vietnamese fruits.

They also attended a food demonstration by MM chef brand ambassador Steven Long mainly with ingredients from Nebraska.

Pillen said: “We are in the centre of the United States and agriculture drives our entire economy.”

“Our objective is to help Nebraska businesses and companies make connections in the Vietnamese market. Nebraska has been able to cultivate some great relationships with quality Vietnamese businesses in the last several years, and we are hoping to expand upon that.

“Getting to visit MM Mega Market is a real treat. It is very informative to learn about what the Vietnamese customers are looking for at the grocery store and for us to see how our products are displayed. Understanding the two will allow us to cater more specifically to the desires of the Vietnamese consumers.”

The delegation has a goal of growing trade with a country that already buys goods worth almost US$1 billion from Nebraska.

"We hope to highlight beef from Nebraska, corn gluten, soybean meal and other quality agricultural products. Additionally, we will be promoting efforts to bring high-quality grain storage infrastructure from expert companies located in Nebraska to Việt Nam's fertile agricultural areas.

"Further, we have representatives from our University of Nebraska system that are looking to make connections at the Vietnam National University of Agriculture'" he said.

Nebraska is one of the biggest producers of cattle, pork, dairy, corn and soybeans in the US. — VNS    LINK

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Henig:  Google works with NIC and US Mission in Vietnam launch Google for Startups Accelerator

July 12, 2023 - 12:33

Việt Nam is becoming one of South East Asia's rising startup hubs as its online economy is forecasted to grow to US$50 billion by 2025.

HÀ NỘI — Google will continue its partnership with the Vietnam National Innovation Center (NIC) and the US Mission in Việt Nam.

The announcement came on Tuesday in Hà Nội as part of the programme "Google for Startups Accelerator".

The programme was conducted following the success of the ‘Google for Startups, Startup Academy-Vietnam’ programme last year.

It aims to extend support for the national digital transformation effort by providing intensive training, resources and mentoring networks for local startups to hasten their business development.

Việt Nam is becoming one of South East Asia's rising startup hubs as its online economy is forecasted to grow to US$50 billion by 2025, according to the "eConomy SEA report 2022".

Việt Nam is home to four unicorns to date and a total of 3,400 tech-savvy startups that are well-poised to develop sophisticated digital products and solutions.

The programme this year is built on the success of the Startup Academy that was first launched and implemented across the country in 2022 for 50 selected local companies from 16 key industries.

This year, the programme will zoom in on six key industries: education, retail, agriculture, fintech, healthcare and smart cities.

The ‘Google for Startups Accelerator, Southeast Asia’ is a three-month programme that starts with a five-day BootCamp followed by five follow-up online workshops leading to Graduation and Demo Day.

The cohort will receive mentoring from Google and leading industry figures throughout the period. Given the intensity, only 20 startups will be selected across the country to participate in the in-person boot camp to ensure Google and NIC will be able to provide in-depth support throughout.

The selected startups will also be inducted into Google’s global alumni network consisting of more than 1,000 startups from various regions.

To ensure more will be able to benefit from the content of the programme, Google and NIC will co-design open-access online workshops and will be accepting up to 200 additional startups.

Speaking at the event, Trần Duy Đông, Vice Minister of Investment and Planning said "The accelerator is solid proof of Việt Nam’s commitment to supporting the innovation and startup ecosystem which is shared by Google’s mission to raise up the startup community in emerging markets.

"By providing startups with essential resources to grow and succeed, we are nurturing the next entrepreneurial generation who would join hands to accelerate economic growth and make the country a global success.

"On top of that, the selected startups will be a part of the inventive startup community working towards a common goal to connect, collaborate and learn from each other.”

Thye Yeow, Bok, Head of Startup Ecosystem SEA said: “The launch of Google for Startups Accelerator today continues our long-term commitment to support this country's economic growth by fast-tracking local startup’s development through intensive training, mentorship, and networking opportunities for Việt Nam’s entrepreneurs.

"We are extremely excited to continue our partnership with NIC and the US Mission in Việt Nam to pool our resources together to help accelerate them to the next level, and eventually expand globally.

"While the accelerator is only accepting 20 startups, we will co-design and make available some of the group training sessions to the startup community. Up to 200 startups can apply to attend the online workshops. Collectively, Google, NIC and the US Mission in Việt Nam hope this will benefit the wider ecosystem.”

Last year's Google Startups Academy successfully wrapped up after 15 workshops and 283 hours of mentoring with experts and renowned mentors. One of the startups that joined the programme last year, Momby has scaled up its app with 35,000 users, while another, BenKon, successfully closed a seed round with their energy-saving solution.

Trương Minh Đạt, CEO and Co-founder of BenKon said after participating in the programme, they successfully secured their seed round with the participation of a venture capitalist.

Nguyễn Hồng Ngọc, CEO of Momby said Google for Startups was not just a leadership programme, it also provided startups with new knowledge and the latest technologies. They have the opportunity to become a part of a dynamic startup community where everyone is willing to collaborate for collective growth and success. — VNS    LINK

Henig:  Việt Nam contributes to global food security: MARD Deputy Minister

July 12, 2023 - 11:24

The target to reach US$10 billion from exports of vegetables and fruits can be fulfilled in the future despite a downtrend in the area due to industrialisation, urbanisation and other factors.

 HÀ NỘI — Việt Nam is contributing to ensuring food security not only for its own people but also for the wider region and the world, according to Deputy Minister of Agriculture and Rural Development Phùng Đức Tiến.

The agriculture deputy minister made this statement at a press conference this week in Hà Nội, acknowledging the agricultural sector as the "firm foundation" of the national economy.

The Ministry of Agriculture and Rural Development (MARD) held the press conference to release official information about the country's agricultural production and exports in the first six months of the year.

Tiến said the agricultural sector implemented a plan for the first six months of 2023 to address challenges, of which, the export market for agro-forestry-fishery products, mainly for wood and aquatic products, was a particular difficulty. 

He said the country still has much potential in agricultural exports and MARD will undertake flexible solutions to boost management, adapting to the new context and meeting the demands of the world market.

While ASEAN countries and the agriculture industry around the world is currently concerned about food security, Việt Nam has achieved impressive results in ensuring food security for its 100 million population while maintaining its standing in the global rice export market. 

"People often believe that over time, rice yield will decrease, but this year the situation did not happen because the MARD has learned from previous experience and promptly provided technical support for farmers," said the agriculture deputy minister.

Nguyễn Như Cường, Director of the MARD's Department of Crop Production identified current development trends, especially the migration of the workforce to urban environments, industrialisation and exploration in different crops, as causing negative impacts on rice production.

However, with the application of scientific and technological advances in seed and seedling cultivation, along with a timely respond to climate change, the country's agricultural sector is fully operational over the next six months of the year and in the next two years, ensuring both exports and domestic consumption. 

A report from MARD shows rice and other crop production in the first six months of the year achieved good results.

The whole country planted about 4.98 million ha of rice with an average yield of 67 quintals/ha, an increase of 1.8 quintals/ha, with output reaching 22.8 million tonnes.

Rice exports in the first six months reached 4.2 million tonnes, earning $2.32 billion, including $300 million in June. The average export price of rice in the first five months of 2023 was estimated at $517 per tonne, up 5.8 per cent over the same period in 2022.

Meanwhile, VNDirect expects the export price of rice to continue to increase in 2023 thanks to the increased demand for food reserves in many countries, and Việt Nam is also focusing on exporting high-quality, good-priced rice.

According to data from the General Department of Customs, in 2022, Việt Nam's rice exports were recovering from the impact of the COVID-19 pandemic, totalling 7.1 million tonnes, equivalent to $3.5 billion.

In the agricultural sector report, VNDirect said that rice demand will remain high in 2023 as political and economic uncertainties push up the demand for rice reserves. Besides this, climate change is still affecting rice supply in many countries, especially the Philippines, due to floods, and China, due to drought.

Analysts also expect rice export prices to continue to increase in 2023 thanks to increased demand for food reserves in many countries.

Việt Nam is focusing on producing high-quality rice to match global consumption trends since many rice-growing areas have switched to other more profitable crops.

MARD reported the area of agricultural land used for the 2022-2023 crop year in the country has decreased by 3 per cent compared to the previous crop.

Cường said although Việt Nam's cultivation area is not large but agricultural export value is not inferior to that of many other countries, with its agricultural products present in all countries and territories in the world.

In the first half of 2023, fruit and vegetable export turnover was estimated at $2.8 billion, including $950 million in June, up 2.6 times compared to June 2022.

The fruit growing area was about 1.22 million ha, up 2.7 per cent with an increase in output of many items such as mango, oranges, rambutan and lychee while the area used for industrial crops expanded to 2.2 million ha, up 0.3 per cent with output raising in pepper, rubber, cashew, and tea cultivation.

"The target to reach US$10 billion from exports of vegetables and fruits can be fulfilled in the future despite a downtrend in the area due to industrialisation, urbanisation and other factors," he said.

Tiến emphasised that fruit and vegetable exports have never been as high as they are now. "According to this growth momentum, it is certain that in 2023, the country's fruit and vegetable exports will reach over US$5 billion and if investment is more focussed on deep processing and market expansion, the figure of US$10 billion from will likely be achieved," he said. — VNS   LINK

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Henig:  Credit institutions expect positive demand for banking services

July 11, 2023 - 17:21

According to credit institutions, the liquidity of the banking system in the second quarter of 2023 remained solid and was more abundant than in the first quarter.

 HÀ NỘI — Credit institutions forecast the demand for banking services will be buoyant in the remaining months of this year, of which credit growth will reach about 4.4 per cent in the third quarter of 2023 and 12.5 per cent for the whole year, according to a survey of the State Bank of Vietnam (SBV).

SBV’s latest survey on business trends of credit institutions in the third quarter of 2023 released late last week showed the business situation of the banking system in the second quarter of 2023 improved much slower than the previous quarter while pre-tax profits grew slightly but also lower than expected.

According to the assessment of credit institutions, the demand for loans, payment services and cards, and deposits improved in the second quarter of 2023, but the number of credit institutions that saw the improvement was lower than the SBV’s previous survey.

Credit institutions forecast customers' demand for banking services will grow positively in the third quarter of 2023, but the rise will be at a slower rate compared to 2022. The demand for loans is expected to increase more than that of deposits.

Capital mobilisation of the whole credit institution system is expected to increase by an average of 3.2 per cent in the third quarter of 2023 and by 10.6 per cent in 2023.

Outstanding loans of the banking system are expected to increase by 4.4 per cent in the third quarter of 2023 and by 12.5 per cent in 2023, down by 0.6 per cent compared to the 13.7 per cent forecast of the previous survey.

According to credit institutions, the liquidity of the banking system in the second quarter of 2023 remained solid and was more abundant than in the first quarter. Credit institutions forecast the liquidity situation in the third quarter and the whole year will continue to be abundant compared to 2022.

Credit institutions also expect the average deposit and lending interest rates of the whole banking system to decrease by 0.31 and 0.42 percentage points in the third quarter, respectively; and decrease by 0.91 and 0.79 percentage points, for the whole year, respectively.

In the survey, they said the overall customer risk in the second quarter increased faster than the first, with 34.2 per cent of credit institutions identifying the overall customer risk currently being at a high level. A total of 48.2 per cent forecast the customer risk will increase in 2023 compared to last year.

According to the assessment, the ratio of bad debt to outstanding loans of the banking system showed a slight increase in the second quarter, but the rate is expected to decrease in the third.

Regarding the labour and employment situation of the finance and banking industry in the second quarter, although improving compared to the previous quarter, it did not reach the expected level. However, credit institutions expect the labour situation will be more positive in the third quarter of 2023 and the whole year. — VNS        LINK

"Vietnam News" Posted by Henig at KTFA Wednesday 7-12-2023

KTFA:

Henig:  Vietnam:  Shares move higher as cash flow spurs market

July 11, 2023 - 17:17

HÀ NỘI — Vietnamese markets ended Tuesday higher as the injection of cash flow supported the market and outweighed the sell-off pressure.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) rose 0.24 per cent, to close the day at 1,151.77 points.

The breadth of the market was in positive territory, with 236 stocks up and 197 trading lower.

During the session, investors poured more than VNĐ19.1 trillion (US$803.4 million) into the southern market, equivalent to a trading volume of 936.9 million shares.

The VN30-Index also closed higher at 1,146.67 points, up 0.31 per cent. Sixteen stocks of the VN30 basket climbed, while 12 went down.

The VN-30 group performed positively and bolstered the market.

In the basket, banking stocks gained slightly, including Military Bank (MBB), Saigon-Hanoi Commercial JS Bank (SHB), Vietcombank (VCB), VietinBank (CTG), Tiên Phong Bank (TPB) and Vietinbank (CTG).

However, VPBank (VPB), Techcombank (TCB), and BIDV (BID) were still hit by selling forces, down 0.7 per cent, 0.2 per cent and 0.9 per cent, respectively.

The Vin family trio of Vingroup (VIC), Vinhomes (VHM) and Vincom Retail (VRE) - saw differences. VIC lost 0.2 per cent but VHM and VRE gained 0.2 per cent and 1.3 per cent, respectively.

“The market maintained momentum from the previous session and surpassed the resistance zone of 1,140 - 1,145 points of the VN-Index thanks to the low supply pressure in this area,” said Việt Dragon Securities Co.

“However, the bullish candles surpassing the resistance zone are still not really strong. Still, with this signal, it is likely that the market will maintain an uptrend in the near future but the movement will be slow and there will be a state of contention between supply and demand.

Therefore, investors still need to observe market movements to assess the cash flow. Currently, it is possible to hold or exploit short-term opportunities in stocks that are showing good technical signals from the accumulation base. However, for stocks that are still under selling pressure and have not performed well recently, it is still advisable to consider taking profits or reducing the weight to rebalance the portfolio.

On the Hà Nội Stock Exchange (HNX), the HNX-Index closed the trading day at 229.22 points, down 0.37 per cent. — VNS    LINK

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Henig:  Quảng Ninh Province exceeds investment capital goals six months early

July 11, 2023 - 10:42

Quảng Ninh Province demonstrated its ability to attract both domestic and foreign capital in the first half of this year, solidifying its position as a prominent economic development hub in the northern region.

HÀ NỘI — Quảng Ninh Province has achieved impressive results in both domestic and foreign investment attraction in the first six months of this year, solidifying its position as a prominent economic development hub in the northern region.

The province attracted VNĐ44 trillion (US$1.9 billion) worth of domestic capital, exceeding its target for the whole year by 2.4 per cent right in the first six months. This number also represented an increase of 29.8 per cent year-on-year.

Some notable projects include the Stavian Quảng Yên Petrochemical Plant, situated in the Quảng Yên Coastal Economic Zone, with a total expected investment capital of VNĐ36 trillion ($1.5 billion), and the construction investment project of Yên Hưng Liquid Cargo Port worth VNĐ792 billion.

Apart from domestic investment, Quảng Ninh has also successfully attracted $894 million in foreign direct investment (FDI), reaching 89 per cent of the target set by the provincial Party Committee's Resolution (minimum of $1 billion) and 74.5 per cent of the plan set by the provincial People's Committee ($1.2 billion).

The province has granted nine new FDI projects and planned to issue five additional projects with a total capital of nearly $800 million. Many of these projects belong to the "new generation" category, focusing on environmentally friendly processing and manufacturing industries that aim to reduce resource consumption.

Among the recent FDI projects is the approval of two factories by Foxconn Group in Sông Khoái Industrial Park, valued at $250 million. These projects are expected to create employment opportunities for nearly 2,000 local workers.

Hoàng Trung Kiên, head of the Management Board of Quảng Ninh Economic Zone, has expressed confidence in achieving the target of $1.2 billion from FDI projects.

In addition to traditional investors from mainland China, Hong Kong, Singapore and Japan, the province has attracted investment from Swedish investors for the first time. Autoliv Vietnam Company, with a total investment of $154 million, is establishing a project in Sông Khoái Industrial Park to manufacture safety products for export, with a capacity of 10 million products per year.

In recent years, Quảng Ninh has actively collaborated with ministries and regional leaders to promote investment activities and achieved remarkable results. The province has already implemented its Investment Promotion Programme for 2023 and is working on a scheme to attract prominent FDI investors to the region, with a particular focus on key industrial parks and economic zones such as Quảng Yên Coastal and Móng Cái Border Gate. The province prioritises eco-friendly manufacturing and processing industries.

Quảng Ninh is a leading coastal economic hub in the North. The province ranked fourth nationwide in terms of economic growth during the first half, with its economic growth rate (GRDP) reaching 9.46 per cent. — VNS    LINK

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Henig:  Carriers prepare to broadcast 5G to the masses

July 11, 2023 - 10:13

Viettel noted that it is on schedule to complete the mass 5G rollout. It has completed the construction of 282 stations, of which 265 are fully deployed.

HÀ NỘI — The Military Industry-Telecoms Group (Viettel) said it will broadcast 5G services on a large scale in the third quarter of this year.

Viettel has reportedly achieved revenue of VNĐ81 trillion (US$), equivalent to 101.2 per cent of its six-month plan.

Its profit reached VNĐ24.1 trillion, or approximately 102 per cent of the plan, and paid VNĐ21.6 trillion to the State budget.

Viettel has actively shifted 2G and 3G subscribers to 4G, bringing the ratio of 4G subscribers to nearly 78 per cent. It has also tested 5G services in 55 provinces and cities.

Viettel noted that it is on schedule to complete the mass 5G rollout. It has completed the construction of 282 stations, of which 265 are fully deployed.

Viettel is currently testing 5G capacity and is expected to broadcast to a wide area in the third quarter of this year.

VNPT, a major competitor of the military's own telecoms company, had a total consolidated revenue estimated at VNĐ26.32 trillion ($1.1 billion), of which the parent company's revenue is VNĐ18.6 trillion ($782 million) equaling 47.1 per cent of the year's plan.

VNPT's consolidated profit before tax was estimated at VNĐ2.2 trillion ($92 million) in the first six months of this year, of which the parent company's pre-tax profit reached VNĐ1.38 trillion ($58 million), equaling 49.7 per cent of the year plan.

MobiFone, another major player in the telecoms industry, saw revenue estimated at VNĐ13.5 trillion ($568 million) in the first six months of this year, reaching 89.3 per cent of the same period last year.

Its profit before tax was VNĐ1.56 trillion ($65 million), with contributions to the State budget estimated at VNĐ1.35 trillion ($56 million).

However, the two carriers have not given information about their 5G development plans for the last six months of the year. — VNS     LINK

Henig:  Hanoi’s economy on path to recovery

13:00 | 09/06/2023 Metropolis

In the first months of this year, Hanoi has focused on removing difficulties to and facilitating industrial production, export-import, public investment, and foreign investment attraction, according to a local official.

Such efforts paid off as the city’s index of industrial production (IIP) expanded 2.1% year-on-year in the first five months of this year. Processing and manufacturing went up 1.7%, electricity production and distribution was up 4.1%, and water supply and waste water treatment rose 8.3%, said Vice Chairman of the municipal People’s Committee Nguyen Manh Quyen.

Some sectors like beverage, tobacco and drug production, wood processing, and metal product manufacturing experienced significant year-on-year increases in the five-month period.

More than 13,000 enterprises were established in the city between January and May with a total registered capital of 125.9 trillion VND (5.35 billion USD), up 8% in number and 17% in capital.

Meanwhile, 1,500 businesses registered for dissolution, down 5%, and 12,600 others registered for temporary suspension, up 22%. Some 4,600 firms resumed their operations, a drop of 22%.

Despite the global economic crisis that has affected foreign investment attraction in general, Hanoi still lured nearly 156.4 million USD in May, with 43 new FDI projects worth 13.2 million USD, and 21 others adjusting their capital by 108 million USD. Foreign investment capital contribution and share purchases were valued at 35.2 million USD.

In the five months, the city attracted 1.86 billion USD in foreign investment, with 146 new projects valued at 48 million USD, and 71 others that had their capital adjusted by 200 million USD. A total of 114 foreign investors contributed capital and purchased shares worth 1.61 billion USD.

Notably, Japanese lender Sumitomo Mitsui Banking Corporation (SMBC) has completed a 1.5 billion USD deal to purchase a 15% stake in Vietnam’s VPBank in the biggest acquisition ever recorded in Vietnam’s banking industry.

Hanoi sees tourism as an economic spearhead. Therefore, it has rolled out various tourism stimulation programmes and built new tours and products, luring both domestic and foreign visitors. At the same time, it has stepped up the communications work to promote local tourism.

The capital city welcomed 1.71 million foreign tourists in the five months, nearly 10 times higher than that recorded in the same period last year, and 8.4 million domestic arrivals, a rise of 31.3% as compared with the same period last year. Total revenues from tourism were estimated at over 37 trillion VND, up 92.4% year on year.

Regarding employment, Hanoi generated jobs for 85,800 labourers, fulfilling 52.9% of the target, but down 11.5% year-on-year. The city decided to provide unemployment insurance for 30,400 people with funding of 855 billion VND.

The municipal People’s Committee is rolling out solutions with priority to the implementation of key projects and public investment disbursement.

Hanoi has urged investors, contractors, departments, agencies and districts to quickly handle obstacles in procedures and site clearance, considering those the leading criteria to evaluate the capacity of officials and performance of agencies and localities.

It has also resolved to decentralize administrative procedures, in an attempt to improve investor confidence.

Source: VNA   LINK

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Henig:  Vietnam’s economic locomotive begins to gather pace again

The business situation in HCMC is steadily becoming brighter, a senior executive at the Co.opmart supermarket chain says.

Nguyen Ngoc Thang, director of Co.opmart’s operations division, says he was not surprised the city’s economy grew by only 0.7% in the first quarter after seeing very weak sales at Co.opmart.

But it forced the Ho Chi Minh City Union of Trading Cooperatives (Saigon Co.op), which runs them, to act more vigorously.

Efforts to spur demand since April saw second quarter revenues rise by 6-7% year-on-year and 1-2% from the previous quarter.

The average spending by a shopper in May was VND500,000, nearly 30% higher than a year earlier.

"Promotions were launched at weekends, helping the average invoice value increase to VND0.8-1 million," Thang says.

When retailers such as Saigon Co.op saw sales improve, Ta Chu Van, director of Sen Ta Development & Service Trading Company, which produces and exports agricultural products, breathed a sigh of relief.

His sales to supermarkets in HCMC have improved in the past two months.

"We have run promotions and added many new and unusual products to meet market trends and demands," he says.

The weak global economy notwithstanding, Pham Quang Anh, founder and CEO of Dony Garment Company says, his firm has sustained its operations.

He says: "Our domestic orders have increased since it is the school uniform season. Foreign orders from existing customers have also increased.

Many businesses say they have seen a lot of hope in public investment disbursement, the city’s growth engine.

"There has never been a national-level project in the city that has moved so fast," Luong Minh Phuc, director of the HCMC Traffic Construction Investment Project Management Board, which is building Ring Road No.3, says.

Site clearance for the road is progressing rapidly, and work is ahead of schedule, he says.

The manager of an infrastructure investment company says the city is making great efforts to solicit investment in projects in the form of public-private partnerships.

"The pace of work is getting significantly faster."

These indicate that the city’s economy has basically recovered.

Retail sales of consumer goods and services were worth VND298 trillion (US$12.6 billion) in the second quarter, up 13% and 9% from the previous quarter and a year earlier.

Public spending in the second quarter was estimated at VND10.26 trillion, an 89% increase from the first quarter and 44% higher than in the same period of last year.

The spending in the first half of the year was up 44% year-on-year at VND15.7 trillion.

Thanks to all this, the city’s economy grew at 5.87% in the second quarter, taking the first half growth to 3.55%.

According to economist Tran Du Lich, this is spectacular growth, and higher than the national rate.

Online sales too have prospered in recent months, according to Nguyen Khac Hoang, director of the HCMC Statistics Office.

Thang says Saigon Co.op’s sales through its website rose sharply in both volume and value terms in the first half.

According to analysts, people spent more thanks to two main reasons, decreasing inflation and demand stimulus efforts by businesses and city authorities.

The city’s inflation was just 0.17% in June. The price rise has in fact been easing since the beginning of this year.

In recent months the city has organized a number of trade fairs, linking up with various provinces and cities to sell their goods.

With prices generally being steady, demand stimulus measures have proven effective.

Meanwhile, the services sector has been the largest contributor to growth in the first half, accounting for 86%, as it expanded by 4.96% year-on-year, according to the HCMC Statistics Office.

The city’s tourism revenues were the highest in the country: VND80.8 trillion, up 163% from the same period in 2019, the year before Covid broke out.

Over 18 million visitors came to the city, a year-on-year increase of 48% and 5% higher than in 2019.

"The growth partly came from the synchronicity between the city’s promotion programs," Tran Thi Bao Thu, head of marketing and communications at tourism company Vietluxtour, says.

A study by the General Statistics Office found that for every 1% increase in public spending, there is a 0.06 percentage point increase in GDP.

But in HCMC, the impact could be even greater.

After the economy hit rock bottom in the first quarter, Phan Van Mai, chairman of the city People’s Committee, decided that during difficult times the city has to focus on speeding up public spending.

So priority was given to public spending on key infrastructure projects such as Ring Road No. 3, metro lines 1 (Ben Thanh - Suoi Tien) and 2 (Ben Thanh - Tham Luong), the An Phu intersection, renovation of the Tham Luong - Ben Cat - Nuoc Len canal network, and widening of National Highway 50.

The city also added to its medium-term development plans some other projects such as sections 1 and 2 of Ring Road 2, renovation of the Xuyen Tam Canal, and construction of the Moc Bai - HCMC Highway.

The entire administration has become involved, many working groups have been set up and meetings are held every week to identify and remove obstacles.

These efforts paid off.

Spending in the first quarter had been only 4% of the year’s outlay of more than VND70 trillion. But by June 29 it had risen to 21% and was expected to rise to 23% the next day.

"Though we did not hit the target of 35%, we managed to spend more than VND14 trillion as against less than VND6 trillion in the same period last year," Mai said at a meeting held on June 29 to assess the city’s economic situation.

Along with the increase in public spending, efforts to revive the property market over the past few months have also had a positive effect.

The industry only accounts for 3.7% of the city’s economy, but has spillover effects.

When it is in good health, it has a positive impact on 40 other industries, and drives economic growth, according to the HCMC Real Estate Association.

Some property businesses in HCMC are on the path to recovery after the slump of the last year or so.

"Overcoming difficulties," Nguyen Van Dat, chairman of Phat Dat Real Estate Development Corp., said about the company’s situation at its annual general meeting on June 30.

He said during the difficult period at the end of 2022, facing pressure to redeem corporate bonds it had issued, it decided to sell assets worth VND3 trillion for just VND2 trillion.

Dat himself sold or mortgaged personal assets to raise money to help the company out of its difficulties.

But from now through next year its health would gradually improve because legal issues related to projects and short-term debts would be resolved, he assured.

The same holds true for many other property businesses, which are gradually getting out of the crisis that had engulfed them.

At a recent city government meeting, Mai said the real estate and bond markets had gradually recovered though there was a long way to go.

Fewer orders, weaker exports

Though its economy is recovering, HCMC still has some weaknesses.

The HCMC Institute for Development Studies had predicted that imports and exports would decline from May, and it has come true.

In the first half the city’s trade balance was negative, with both exports and imports decreasing year-on-year.

"Never before have we had such difficulty getting orders as now," the manager of a wood products company laments.

"We spared no efforts but only managed to get a few small orders."

Current production is mainly to meet old orders as global demand remains weak, he adds.

Analysts and business executives agree the city economy is likely to remain troubled since the world’s major economies, which are also its key trading partners, have seen recessionary pressures since the beginning of May.

Differences in monetary policy responses by major economies are causing exchange rate volatility, affecting the city’s trade.

Orders for many industries have decreased by 30-50%, even 70% in some cases. Only a few such as heavy engineering have sufficient orders.

"Orders have dwindled, there are few jobs, workers’ incomes have fallen, life has been difficult," Mai said on June 28 at a meeting with voters in the city’s District 4.

"All of these have put pressure on the city’s social security system."

The lack of exports has caused many workers to lose jobs or be furloughed.

Taiwanese shoemaker Pouyuen Vietnam, the city’s largest employer, said it was preparing to terminate the contracts of nearly 5,700 workers in June and July.

Anh at Dony says it is necessary to retain existing customers while waiting for the global economy to improve.

To achieve this, his company is forced to offer discounts of 5-7% to customers.

"At a good time an export order can fetch a profit of 5-7%. Now it is only 3%, even zero [on occasions], because input prices, transport costs and interest rates remain high."

A recent survey by the HCMC Union of Business Associations found some 95% of businesses faced losses and large inventories.

To achieve growth, companies have had to make tradeoffs.

To achieve its revenue targets this year Co.opmart has had to spend 15-25% more on stimulus programs.

Van at Sen Ta says: "Investment costs have skyrocketed, and so profits are not as expected."

Restaurant chain King Cua’s CEO Doan Thi Anh Thu says there is more footfall now than before, but revenues have not increased because the restaurants are offering new dishes at low prices "for us to sustain the prospects of expanding the chain and reaching the masses."

The city’s business environment is improving month after month, with the number of businesses pulling out of the market being lower than that of new ones since March.

However, in the first half, of every 10 enterprises in the market, six have suspended operations or quit altogether. This rate is high, according to Chu Thanh Tuan of RMIT University Vietnam.

Many businesses have had to settle for lower profit margins, down even to merely breaking even, to get orders or attract consumers. But it is surely not a long-term solution.

Measures and recommendations

According to experts, what need to be done immediately are to stabilize the bond market and help businesses get loans on easy terms.

Nguyen Phuoc Hung, vice chairman of the HCMC Union of Business Associations, suggests that bank lending interest rates should be reduced to below 8% from the unaffordable rates of over 10% now.

To continue to support businesses and sustain the recovery momentum amid the difficult export markets, the HCMC Institute for Development Studies says the city needs to focus on tapping the domestic market with promotions and linkages to stimulate demand and by combining trade and tourism and expanding consumer credit.

Lawmaker Tran Hoang Ngan says: "Stimulating the domestic market is extremely important at this time."

It is necessary to support businesses through a mechanism for linking them with banks and faster processing of tax, customs and fire prevention procedures by authorities.

Acceleration of public spending is also a good measure in the context that the city’s production and exports largely depend on overseas demand.

Nguyen Khac Hoang, director of the HCMC Statistics Office, says it is necessary to further quickly complete new works and projects, especially key ones for regional connectivity and with high spillover effects such as Metro No. 1, Metro No. 2, Ring Road 3, and the HCMC-Moc Bai Expressway.

"The city is actively disbursing public spending monies and soliciting investment. The whole apparatus is running at full speed."

At the meeting on June 29, Mai said if conditions are favorable and HCMC increases public spending, stimulates trade and tourism demand, facilitates exports, and resolves businesses’ problems in the second half of this year, its economy is likely to grow at 7%.

He points out that new policies rolled out by authorities will need time to have an impact, and so the city will have a good foundation to bounce back in the long term by making decisions now.

He wants the city to speed up key programs and projects such as Can Gio Port, the innovation center for startups, finalization of the plan to convert five industrial parks, and the VND10 trillion anti-flood project.

Though difficulties remain, HCMC has opportunities for growth, he adds.

Tuan of RMIT says HCMC should become the country’s economic locomotive by focusing on knowledge, new technologies and sustainable development.

A key to realizing that vision the National Assembly’s recent Resolution 98 on developing the city comprising more than 40 specific mechanisms and policies.

Ngan says these mechanisms will help the city have greater autonomy.

The entire political system is racing to implement Resolution 98 to aid the city’s economy, he adds.

At the meeting on June 29 Mai instructed departments and the city’s various districts to lay the groundwork for the implementation so that they could act immediately when the resolution takes effect on August 1.

Ngan adds: "HCMC contributes more than 25% of Vietnam’s budget, and so its recovery will have an impact on the entire country."

Story by Vien Thong, Duc Minh, Thi Ha
Graphics by Tat Dat    LINK

Henig:  Vietnam, France step up financial cooperation

09:39 | 12/07/2023 Vietnam and EU

Vietnamese Deputy Minister of Finance Vo Thanh Hung held a working session with French Minister Delegate for Industry Roland Lescure in Paris on July 10.

At the event, Hung said the Vietnamese Ministry of Finance (MoF) highly evaluated the French ministry’s role in providing the French Government’s official development assistance (ODA) for Vietnam's socio-economic development.

France is now the biggest bilateral donor in Europe for Vietnam while Vietnam is the second largest recipient of French ODA capital. From 1993-2022, France committed to supplying around 18.4 billion USD in ODA loans to Vietnam through the French Treasury and the French Development Agency (AFD), with a focus on transportation (railway), water supply and drainage, climate change, energy and green growth.

Hung wished to learn from France's experience in the State budget settlement and State financial report making. He believed that the French ministry will work together with the MoF to successfully hold technical support activities for 2023-2024, and France will assist Vietnam in strengthening its capacity and gradually bringing Vietnam's public financial management closer to international practices.

Lescure, for his part, also shared major reforms that France is making, including pension reform (raising the retirement age to 64 by 2030) to ensure a more sustainable pension system for the country and to draw more people to the workforce for economic growth.

He affirmed that Hung’s visit will contribute to further reinforcing close ties between Vietnam and France.

In the afternoon of the same day, Hung paid a working trip to the headquarters of the AFD’s Expertise France.

Receiving the Vietnamese official, AFD Director Philippe Orliange recalled the content of a meeting between the Vietnamese Finance Minister and the French Ambassador in Hanoi last November, which included a proposal related to France's support for the ministry in establishing a green budget.

Orliange pledged to assist Vietnam in the project, considering it a priority of the AFD, and believed that the project will help the ministry with its modernisation efforts to meet the goal of achieving net zero emissions by 2050.

CEO of Expertise France Jérémie Pellet said Vietnam is the only country in Southeast Asia where Expertise France has established an office.

About Vietnam's concerns over challenges in green finance initiatives such as building a carbon market, proper use of public and private funding, and enhancing the Government's action capacity, Pellet said Expertise France is ready to share France’s experience and urge the European Commission (EC) to assist Vietnam in this field, and introduce Vietnam's model to other countries in Southeast Asia.

He expressed the readiness to cooperate with Vietnam in this green finance project and hoped that it will meet the expectation of the MoF for sustainable development.

Hung believed that Expertise France, together with the MoF, will successfully hold technical support activities in 2023-2024, and help the Vietnamese side enhance the capacity of developing green finance policies, thus contributing to delivering on Vietnam's international commitments.

On the occasion, Hung and Orliange signed an agreement on enhancing the capacity of building green finance policies. Accordingly, the two sides will partner in areas such as strengthening the capacity of evaluating green tax policies, supporting the improvement of legal frameworks, improving the capacity of issuing green government bonds in the financial market, and improving research capacity in managing revenue from the carbon market.

During his visit from July 10-14, Hung is also scheduled to hold working sessions with the General Directorate of Public Finances, the French Treasury, the Finance Department of Montreuil city and lay a wreath at President Ho Chi Minh’s statue in Montreau park.

Source: VNA LINK

Monday Night KTFA CC "Back to my Blue Couch" 7-10-2023

KTFA

Monday Evening Conference Call

Frank26…..7-10-23…..BACK TO MY BLUE COUCH

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=j4sVgxEUfVU

KTFA Members "News and Views" Monday 7-10-2023

KTFA:

Clare:  Parliamentarian: We are following the issue of accelerating the implementation of the budget instructions

7/09/2023

The deputy of the State of Law Coalition, Jawad Al-Ghazali, confirmed that Parliament will follow up on the issue of accelerating the implementation of the budget instructions.

 Al-Ghazali told Al-Furat News that: "Everyone is waiting for the implementation of the budget instructions to start providing services to the citizens because they suffer from a severe shortage, especially in the housing and educational fields." 

Al-Ghazali pointed out, "It has now left the House of Representatives and entered the Government. On our part, as deputies and the legislative authority, we are following the matter of speeding up the implementation of its instructions.

And the Parliamentary Finance Committee announced that, with the start of the legislative term, it will form sub-committees to monitor the provisions of the implementation of the budget law, and activate the oversight role on certain ministries without other ministries, according to the committee’s plan.

Today, Sunday, the Presidency of the House of Representatives set a date for the start of the second legislative term for the second legislative year, and the first session of the second legislative term will be held next Saturday, corresponding to 7/15/2023.

From: Raghad Dahham    LINK

Turk182:  IMHO - Ladies & Gentlemen, please begin to put your Trays & Seat backs in their upright positions, as we prepare the cabin for descent into our destination.

Billuke:  Bringing this plane in for a landing!!!.... Old timers will know what I'm referring to......imo

Don:  I think we are flying in IFR weather and the approach is being missed each time. We need to go to alternate airport till the weather clears.

DallasDude:  The closest alternate airport is Vietnam I believe..happy travels.

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Clare:  Wholesale corruption" in the Rafidain Bank... the most prominent reasons for the overthrow of its administration (documents)

7/10/2023

An informed source revealed, on Monday, the reasons for withdrawing the hand of the Director General of the Governmental Rafidain Bank and a number of department managers and bank employees by the Ministry of Finance.

The source told Shafaq News agency, "The current management of Al-Rafidain Bank, which has been withdrawn, is accused of several cases, including causing waste of public money and mismanagement, and making administrative transfers on the basis of nepotism and nepotism away from the standard of competence and integrity, and the rise of unqualified people to assume administrative positions."   LINK

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Clare:  An Iraqi official caught in the act of bribery in the south of the country

7/10/2023

The Federal Integrity Commission announced, on Monday, the arrest of a tax official in the act of "bribery" in Basra Governorate, in the south of the country.

And she said, in a brief statement received by Shafaq News Agency, that the Federal Integrity Commission team caught the Basra tax director in the act of bribery.

And it indicated that it would publish details and pictures at a later time, without giving further details.   LINK

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Clare:  The Ministry of Oil sets the date for signing Total global contracts

7/09/2023

The Ministry of Oil announced the signing of contracts for the integrated gas development and growth project with Total International Company tomorrow, Monday, under the auspices and presence of Deputy Prime Minister - Minister of Oil, Hayan Abdul Ghani.

The ministry's spokesman, Assem Jihad, said, in a statement, which {Euphrates News} received a copy of, that: "The set of contracts concluded by the ministry with Total includes first the contract for the project of transporting sea water to the productive oil fields."

He added, "As for the other project, it is a project to invest the gas associated with oil operations from the number of oil fields in Basra Governorate, at a rate of six hundred million standard cubic feet per day, divided into two phases." 
Jihad continued, "The third contract project is represented by developing the Artawi oil field and increasing production from it, while the fourth contract project is a project to generate electric power from solar energy at a rate of (1 gigawatt)."

Jihad pointed to "the importance of these contracts in developing the oil industry in Iraq, as they represent an important addition to supporting the national economy."   LINK

Turk182:  at a Program Rate of 1310 +/-     I think NOT

KTFA Members "News and Views" Saturday PM 7-8-2023

KTFA:

Clare:  The Iraqi parliament sets tomorrow, Sunday, as the date for its new legislative session

7/08/2023

The Presidency of the Iraqi Council of Representatives announced, on Saturday, the start date of the second legislative term for the second legislative year.

In a statement received by Shafaq News agency, the presidency said, "The second legislative term begins tomorrow, Sunday, provided that the parliamentary committees will start their legislative and oversight work, starting tomorrow."

She added, "The first session of the second legislative term will be held on Saturday, corresponding to 7/15/2023."   LINK

Clare:  Iran seeks to get rid of the dominance of the US dollar through the Iraqi dinar

7/08/2023

The Iranian government is seeking to get rid of the dominance of the US dollar by using the Iraqi dinar in the trade exchange process between the two countries, according to what an Iranian official said today, Saturday.

The Mehr news agency quoted the head of the Iranian-Iraqi Chamber of Commerce, Yahya Al-Ishaq, as saying: By using the dinar instead of the dollar in trade with Iraq, we will get rid of the dominance of the dollar in imports and exports, as the government planned.

He added that trading in the national currencies of different countries is one of the 13 goals of the government, adding that most countries in the world seek to break the American hegemony in their stock exchanges and the use of national currencies of countries can help speed up this process.

Turning to the Iranian-Iraqi relations, Al-Ishaq said: More than $10 billion in goods and services are exchanged annually between the two countries, which, if the trade system is applied with the national currencies of the two countries, can contribute to deepening these relations and establishing good trade.

The Iranian official referred to the problems of trade with the national currencies of the two countries and said that: balance in trade is very important in this new system; If Iraq imports more than Iran and pays all its debts in dinars, then problems will arise in other Iranian stock exchanges, because we must be able to meet our needs with the dinars received.

He pointed out that the arrival of three million religious tourists to Iraq and the large number of health tourists from this country to Iran can help exchange dinars instead of dollars.

The head of the Iranian-Iraqi Joint Chamber of Commerce stressed that we should be able to reduce the dominance of the dollar by maximizing exchanges with the national currencies of the two countries, adding that the proposal made by this country is a system and that Iran is following it and can help the two countries lift the American pressure on two states.

Regarding the 10% difference between the price of the dinar in the open market and the dinar of the bank, Al-Ishaq said that this will make Iran's competitors more successful in the Iraqi market, and the necessary measures must be taken to solve this problem.

He stressed that the interaction between Iran and Iraq in this field could be an important measure that we can benefit from more through appropriate follow-up.   LINK

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Clare:  The Minister Of Commerce Directs The Advanced Staff To Work Throughout The Week, In The Morning And Evening

7/07/2023

The Minister of Commerce, Atheer Daoud Al-Ghurairy, today, Friday, directed the advanced staff to work throughout the week, morning and evening.

A statement by the ministry, which was received by Earth News, stated, "In implementation of the Prime Minister's directives during the cabinet meeting, the Minister of Commerce, Atheer Dawood Al-Ghurairy, directed the advanced staff in the ministry to work throughout the week, in a (morning and evening) manner, with what they need from the staff of departments and companies."

The statement added, "Minister Al-Ghurairy's directive came out of keenness to take advantage of the time in implementing the government program and to make every effort to achieve what we promised our people in providing the best services."   LINK

************

Clare:  The Anbar Alliance sends a message to the authorities: The province has become the first trend in corruption because of you

7/08/2023

The information/exclusive..

The Anbar Unified Alliance considered, today, Saturday, that Anbar province has become the "first trend" in corruption, and while attributing the reason to the breaches of those in power and the province's politicians, it confirmed that the financial allocations that were provided to Anbar exceed the rest of the provinces.

The leader of the coalition, Muhammad Dahham, said in an interview with Al-Maalouma Agency, "The financial allocations that were provided to Anbar Governorate exceeded all allocations to other governorates," pointing out that "the amount of corruption that occurred in Anbar is very large compared to the rest of the governorates.”

He added, "The owners of power and excellency in Anbar have made the province the first trend of corruption, on social media and satellite channels, instead of being a destination for integrity, justice and project implementation."

Earlier in the day, Abdullah al-Dulaimi, one of the sheikhs and notables of Anbar, revealed that Parliament Speaker Muhammad al-Halbousi had informed the leaders of his party, Taqaddam, of the need to escape to avoid legal prosecution on charges of corruption .

Anbar is witnessing a wave of accelerating government investigations into several files, due to suspicions of corruption and major financial and provincial administrative breaches, which led to the Federal Integrity Commission moving around many files and arresting many officials, amid a popular welcome.    LINK

ButchB:  In my opinion-Sudani has made it clear crystal clear
The new national currency… the new national currency rate… … is not for the corrupt politicians or powers that be

Therefore, also, in my opinion…..No one sees the rate until the “house is spotless”
no one sees anything until the laws of the budget, are implemented against the corrupt

IMO:  Only once the laws are implemented, and being enforced only then can they allow the new national currency, and the new national rate to be public

Just an opinion, against what I see Sudani doing…going back to my corner…Be the blessing

Zeeman:  i agree especially with all the preceding articles the pm  means to clean up the corrupt as much as possible. i only have one question does this mean they will arrest the biggest crook  of all malaki?  

ButchB:  In my opinion
… when the timing is right
… when the evidence is in hand
… anyone who is standing in the way of the monetary reform
… anyone who is violating the new laws set forth in the budget
… or set forth an implemented to protect the monetary reform, 
… Any and all corruption

Well, in my opinion, they will have arrest warrant, issued no matter what your name is
And that is the whole point that Sudani is making to the people of Iraq 
oh yeah and let’s not forget the 2024 as an election year for Iraq

This is only a point of view it’s an opinion and I am nobody…..Going back to my corner
BE THE BLESSING

************

Clare: Urgent... Al-Sudani directs that all extradition files for the fugitives be executed

7/08/2023

Today, Saturday, the Prime Minister, Mr. Mohamed Shia’ Al-Sudani, chaired a meeting devoted to following up on the process of recovering the accused, convicted and wanted persons in corruption cases, and recovering the funds they seized. Ministry of Foreign Affairs, Director General of the Legal Department at the Ministry of Justice, Director of the Interpol Arab and International Police Directorate, and Advisor to the Prime Minister on Anti-Corruption Affairs.

During the meeting, they discussed the cases that have been accomplished, the procedures achieved, the files that are currently being worked on, and the most prominent obstacles facing the recovery agencies.

Mr. Al-Sudani stressed the importance of attending this file, in a practical way, in the priorities and interests of the agencies concerned with prosecution and recovery, because it is evidence for citizens of the government's seriousness in following up and fighting corruption, recalling the international agreements that bind Iraq with a number of countries in the world and their obligations in cooperation to implement the law and restore rights.

 His Excellency also stressed the need for the various agencies to exert their efforts, each within its competence, and for Iraq to invest its foreign diplomatic and economic relations to serve the recovery of looted and wanted Iraqi funds, indicating that corruption threatens all government programs, and will hinder its plans unless the movement against the corrupt and their means is sustained.

The Prime Minister directed that all files for the recovery of fugitives wanted be entered into execution and claim, and that a careful follow-up process be conducted for each file, stressing that the serious pursuit of the accused prompted many of them to surrender to justice, and the Interpol department also prepared ready files for the wanted.  LINK

KTFA Wednesday Night CC "Nothing Will Happen Without....." 7-5-2023

Wednesday Night Conference Call

Frank26…..7-5-23….. NOTHING WILL HAPPEN WITHOUT………

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=XqmKQRbciYE

KTFA Members "News and Views" Wednesday 7-5-2023

KTFA:

Clare:  An Iraqi proposal to deal in dinars instead of dollars with Iran

7/05/2023   Baghdad

The commercial adviser to the Iranian embassy in Iraq, Abd al-Amir Rabihawi, stated that the pressures of the US treasury prevent the Iraqi side from using its official currency to transfer money to Iran, forcing it to use the free market currency, which differs by 10% from the official currency and harms Iranian merchants.

According to the Jahan Sanat News website, Rabihawi said, at the meeting of the Iranian-Iraqi Joint Chamber, that "trade with Iraq is traditionally possible so that money is exchanged with this country through exchange offices or cash."

Referring to the number of decision-making centers in Iraq and Iran, he explained: "We have Iraqi offices in most ministries in Iran that make decisions on their own, and this is what led to a lack of centralization in decision-making in Iran and it has become a peninsula, which causes contradictory steps to be taken."

Rebihawi believes that Iraq is the best country for investment and export of goods in the region, stressing the importance of using this country for re-export, or benefiting from the advantage of transit through Iraqi territory to Europe or North Africa.

The Iranian trade advisor in Iraq stated that the central bank in this country distributes daily no less than 250 million dollars to the country's banks, and said: "The pressures of the American treasury prevent the Iraqi side from using its official currency to transfer funds to Iran, which forces it to use the market currency." The free currency, which differs by 10% from the official currency and harms Iranian merchants.

The Iranian official added, "Iraq suggested that all our financial dealings in Iraq be in dinars, even Turkish shops buy and sell in dinars in this country. Given the sanctions, this issue is in Iran's favor."

And he added, "Based on that, we offered the Central Bank of Iran that Iranian businessmen and merchants trade in dinars instead of dollars."

Rabihawi confirmed that Iran is using its frozen funds in Iraq to buy 7 non-sanctioned commodities, in addition to industrial equipment, medicines and foodstuffs.

He continued, "Iranian merchants must convince the Iraqis that the goods Iran exports to Iraq are non-sanctioned," declaring that the country exports 4,500 goods to Iraq that cover about 10% of its needs.

He added, "We must be frank with the Iraqis so that they realize that the issue of the price is very important to us regarding commercial exchanges with it, so that they return to us a difference of 10% of the price of the official and free currency."

Rabihawi stated that since the beginning of the arrival of tourists with the aim of treatment to Iran, brokers began to exploit this point and plunder money by increasing the cost of treatment several times, and he said: "It is true that medical tourism has become popular and has a noticeable demand by Iraqis, but it is subject to the control of merchants and brokers in Iraq There is a disagreement between the Ministry of Health and Tourism on the need to solve these problems.

In conclusion, he added that it was decided to establish 5 industrial cities on the Iranian-Iraqi border.

Last week, the Iranian deputy oil minister for gas affairs said that the Iraqi Ministry of Electricity had paid Iran all gas-related debts.

“The Iraqi Ministry of Electricity has paid all our dues for gas, and the debt is now zero, but sometimes there are problems transferring money from the Iraqi TBI Bank to Iran,” Majid Chengy said.

In his statements, the Iranian official did not mention the amount of frozen funds in Iraqi banks.

For his part, Ahmed Musa, spokesman for the Iraqi Ministry of Electricity, confirmed, on Monday, that his country had paid Iranian gas dues to Tehran and deposited them in the Trade Bank of Iraq.

He said, "The Ministry of Electricity has paid all dues owed by Iraq to Iran, which are dues for importing gas from it."

He added, "The dues were paid to the Iraqi Trade Bank in the Credit Fund, but the bank is finding difficulties in transferring them to the Iranian government because of the US sanctions." LINK

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Suzie:  I would expect that "Eddie" and the citizens are about at the "riot" point after the big NOTHING burger served to them so far, I'd like to know if they've stopped using the American dollar how are they making change and doing business if the ATM's aren't up and running yet and if the HCL is in the budget and settled I would imagine they're  anxious to start getting their money since they now have it legally coming to them.  Maybe JP Morgan knows something since they're in-country setting up to do international business.....maybe the 2nd. set of books, I dunno, just mulling over what could be holding this up since everything's done, just MY opinion only, pondering....... hope everyone had a great4th of July, wish we would have had better fireworks! 

TrevorL:  For the Iraqi government to just mandate that you can only use Dinars instead of Dollars will never work without proper motivation $$$. Until the Iraqi Government ( CBI) change the dinar to a 1 to 1 or better there is absolutely no motivation for the people or the merchants to use the Dinars. Do you blame them!!! We have to trust and believe in the information we receive here at KTFA. For me, I keep hearing the words from Sudani, "hold your dinar they will be worth more than the dollar soon". This whole thing is way above my personal pay grade so I/we are forced to just continue to wait this out. Hopefully we will wake up one morning soon to sounds of $$$ in our ears.

Clare:  The Ministry of Interior: legal penalties against 50 companies that did not commit to selling in dinars

7/05/2023  Baghdad

The Ministry of the Interior confirmed, on Wednesday, the implementation of arrests and legal penalties against 50 companies and commercial entities that did not commit to buying and selling in Iraqi dinars, while indicating that more than 11,000 pledges were taken to abide by the law and deal only in dinars.

Brigadier General Hussein Al-Tamimi, Director of the Organized Crime Operations Department at the Ministry of Interior, said, "There is a great commitment by companies, shops, and car showrooms to the campaign to support the dinar and stop selling in dollars. Citizens have seen this in their daily dealings."

He added, "The campaign started with taking 11,785 pledges not to sell in dollars and to commit to selling in dinars, then it was followed by a second stage at the beginning of last June to follow up on those who did not comply with the pledges and hold them accountable. They were arrested and referred to the judiciary in accordance with Articles 306 and 240 of the Iraqi Penal Code No. 111."

And he continued, "The number of those arrested has reached 50 violating companies in Baghdad and the provinces, and they are currently under investigation, and our inspection campaigns are carried out through employees in civilian clothes, as well as by receiving complaints from citizens, as we have received cases about residential complexes setting a price in dollars, as well as renting units in dollars, and they were dealt with according to the law." ".

LINK

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Clare:  The Republic of Iraq joined the Egmont Group of Financial Intelligence Units

 July 05, 2023

The efforts exerted by the Republic of Iraq and under the direct supervision of the honorable Prime Minister, the honorable President of the Supreme Judicial Council, and the honorable Governor of the Central Bank culminated in the acceptance of the membership of the Office of Combating Money Laundering and Terrorist Financing in the (EGMONT) group concerned with the exchange of information between the Financial Intelligence Units for combating money laundering Funds and financing of terrorism, since with the accession of the Republic of Iraq, the number of member states has reached 170.

Where the member states voted during the general meeting of Group No. (29) on the accession of Iraq, which was attended by the Director General of the Office of Combating Money Laundering and Terrorism Financing in the United Arab Emirates / Abu Dhabi on July 5 / 2023 

The approval came after the request submitted by Iraq earlier, as a result of which the legislative and operational structure in which the office operates was studied and a field visit was conducted. The report of the field visit to the Republic of Iraq that was carried out by representatives of the sponsoring countries was discussed during the meeting of the Working Group on Membership, Support and Commitment MSCWG held In Senegal on 31/1/2023, which recommended the adoption of the report.

It is worth noting that the Egmont Group provides support to its member countries through:

Enhancing secure communication between financial investigation units, and securing communication between them through the application of modern technology through the secure Egmont website (ESW).

Expanding the scope of international cooperation in the field of exchanging information related to combating money laundering, terrorist financing and predicate offences.

Activating the role of the financial investigation units by providing training and promoting exchange between individuals to improve the expertise and capabilities of the employees of the financial investigation units.

Enhancing coordination and operational support among member FIUs of the Egmont Group.

Enhancing the independence of financial investigation units.

Encouraging the establishment of financial investigation units in cooperation with countries that already have a national system to combat money laundering and terrorist financing, or whose national system to combat money laundering and terrorist financing is in the process of development.

https://cbi.iq/news/view/2369

Monday Night KTFA CC "Sudani is in Full Control" 7-3-2023

KTFA

Monday Night Conference Call

Frank 26 …..7-3-23…….SUDANI IS IN FULL CONTROL

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=80Q9gR2714g

KTFA Members "News and Views: Monday 7-3-2023

KTFA:

Turk182:  Yes, it is true, this will be a Non-Event (Media Wide) - 

it has be said for many years, that "One day you will just wake up to a new rate.  No fan fare, nothing.  Just a New IQD Rate".

Understand.  This is NOT about YOU!  This is about the Citizens of Iraq.  Yes, THEY will wake up one day with something other than their current Program Rate of 1,310 +/-

The Iraqi Citizens may very well wake-up one day with their rightful rate of the IQD.  

Contrary to popular belief, this "Change" will NOT take place during the day!  FACT!

IF this New Rate does NOT show @ 12:01AM, the it will NOT show at all that day.  FACT!  No Country would EVER change the value of their currency "Mid-Day"

Todays "Window" in Iraq is already gone.  Lets hope for something tomorrow, (THEIR) Tuesday, July 04th 2023

Do TalktoMe:  We were trusting for a new rate and NSCNs  (new small currency notes) after the holiday. We were never told how many days, or weeks after ….At the end of the day This is IRAQ

Clare:  Owners of banking companies are calling for an amendment to the Central Bank of Iraq's policy in the currency auction 

7/03/2023

Dozens of owners of banking companies demonstrated in Baghdad, on Monday, to protest against the Central Bank of Iraq's policy of selling dollars in the daily auction.

Shafaq News Agency reporter stated that the owners of exchange companies gathered in front of the Central Bank building in the center of the capital, Baghdad, demanding the stability of the dollar exchange rate, and not limiting its sale to travelers, as this contributes to the smuggling of hard currency outside Iraq.

The demonstrators also called for the implementation of Law No. 56 of 2004, which gives the Central Bank exclusive power to supervise and inspect its financial institutions.   LINK

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Clare:  Finance: Banks stop receiving customers for the purpose of the semi-annual inventory

7/03/2023

An official source in the Ministry of Finance announced, on Monday, that all banks have stopped receiving customers for the purposes of the semi-annual inventory.

The source told Shafaq News Agency, "Bank credits and facilities will be suspended today for the purposes of applying semi-annual accounts and budgets, and therefore there will be no reception for customers today."

He added, "The banks will resume their work tomorrow, Tuesday," stressing that "the salaries of retirees will not be affected if they are launched by this matter, because they are raised electronically." LINK

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Clare:  Economist: Achieving economic sovereignty will liberate Iraq from American pressures

7/03/2023

Economic expert Mustafa Akram Hantoush confirmed today, Sunday, that achieving economic sovereignty will liberate Iraq from American pressures on the Central Bank and Iraqi banks.

Hantoush said, in a statement to Al-Ahed website, followed by “Al-Ahed News,” that “economic sovereignty means the independence of the economic and financial decision in the implementation of strategic and vital projects.”

He added, "The economic openness to the world will enable Iraq to get rid of the dominance of the dollar and oil, which witnesses fluctuations in prices from time to time."

Hantoush pointed to "the need to diversify sources of income through the implementation of major economic projects to achieve economic sovereignty," noting that "Iraq is facing a correct economic direction, if it succeeds in it, it will have economic diversity and sovereignty, which is entering into profitable economic projects such as the port of Faw."    LINK

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Clare:  Fouad Hussein arrives in London on an official visit and holds political and economic meetings

7/03/2023

The Iraqi Deputy Prime Minister and Minister of Foreign Affairs, Fouad Hussein, arrived on Sunday in the British capital, London, on a two-day official visit.

A statement from the ministry received by Shafaq News agency stated, "The visit comes to hold a number of meetings within the framework of strengthening bilateral relations between Iraq and the United Kingdom within the Iraqi-British strategic dialogue."

She explained that "the Minister of Foreign Affairs will hold several bilateral meetings, as he will meet with his British counterpart James Cleverly, Minister of Defense Ben Wallace and Minister of State for Immigration Affairs Robert Jenrick, and Minister of State for Security Affairs in the British Ministry of the Interior Mr. Tom Tokhandat, in addition to holding meetings with the Chair of the Foreign Relations Committee in Parliament." Briton Elisha Cairns, Defense Committee Chairman Tobias Elwood, All Parties for Iraq (APPG) and others.

In the context of strengthening economic relations between Iraq and the United Kingdom, the Foreign Minister will hold several meetings with the European Bank for Reconstruction and Development (EBRD), and a number of businessmen within the Arab-British Chamber of Commerce symposium, in addition to meeting with the CEO of the British company BT and others.   LINK

KTFA Wednesday Night CC "Forex To ATFX" 6-28-2023

KTFA

Wednesday Night Conference Call

Frank 26 …..6-28-23…..FOREX TO ATFX

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=TyNKrHn-u8U

KTFA

Frank26:  "THE WHOLE WORLD COMES INTO IRAQ TO INVEST... AS IRAQ GOES TO THE WHOLE WORLD TO INCREASE VALUE TO IRAQ"..........F26

 ATFX Launches Operations In Iraq With Ashur Bank Partnership

June 26, 2023 -

Multi-asset online broker ATFX has launched operations in Iraq, by signing a partnership agreement with local Iraqi bank Ashur Bank.

The agreement was signed at a company dinner and awards ceremony at the Ritz Carlton hotel in Amman, Jordan.

During the dinner, Managing Director of ATFX Levant, Mr. Ahmad Disi, highlighted the significance of expanding into Iraq, and emphasised the immense potential of the Iraqi market and the valuable opportunities it presented. The agreement was signed between Joe Li, Global Chairman of ATFX, and Ziad Fatayer, the CEO of Ashur Bank.

ATFX as been gaining a firmer hold in the Middle East. Last week the UAE branch of ATFX, ATFX Mena Financial Services LLC,, gained a Category Five status under the UAE's SCA's licensing regime allowing it to introduce clients as well as provide financial consultation and financial analysis.  The UAE branch of ATFX already employs approximately 30 staff members in various roles and anticipates significant expansion in the coming months

Ashur Bank was established in 2005 and is considered the first investment bank that provides the full package of banking services for commercial enterprises and individuals in Iraq.

Iraq currently has 4 home-grown retail brokers operating in its domestic market: Smart Trader Iraq, VCG Markets, Sender FX, Forex Iraq.   LINK 

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ATFX Launches Ops in Iraq with Ashur Bank

28th June 2023 

By John Lee.

UK-based online trading and foreign exchange company ATFX has announced the start of operations in Iraq, in partnership with Iraq's Ashur Bank.

The agreement was signed in Jordan by Joe Li, Global Chairman of ATFX, and Ziad Fatayer, the CEO of Ashur Bank.

Speacking at the event, Managing Director of ATFX Levant, Mr. Ahmad Disi, highlighted the significance of expanding into Iraq, emphasising the immense potential of the Iraqi market and the valuable opportunities it presented.

(Source: ATFX)     LINK

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