"Tidbits From TNT" Friday AM 10-7-2022

TNT:

Tishwash:  Urgent- Parliament will hold its session next Saturday and announce its agenda

Saturday 8 October 2022 Department of Foreign Affairs

(Reading the verses of the Qur’an

First: Taking the constitutional oath of some ladies and gentlemen members of the House of Representatives.

Second: Discussing the Iranian bombing of the areas of Iraqi Kurdistan.

Third: The first reading of the draft law dealing with residential abuses. (Services and Construction Committee, Legal Committee, Finance Committee), (22 articles).

Fourth: The first reading of the draft mineral investment law. (Investment and Development Committee,

Committee on Economy, Industry and Trade), (24 articles).

Fifth: The first reading of the draft law on social security and retirement for workers.  (Work Committee and Civil Society Organizations, Finance Committee, Legal Committee), (113 articles).  Ghum Ne Nweh Ran

Sixth: General discussions

The session starts at eleven o'clock in the afternoon.  link

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CandyKisses:  A deputy for the law is likely to resolve the election of the President of the Republic next week

A deputy from the State of Law coalition suggested that the election of the President of the Republic in the House of Representatives next week would be decided.

Muhammad Al-Ziyadi told {Euphrates News}: "The first step towards starting the formation of the government is choosing the president of the republic, and we expect that next week the election of this position will be decided." And he indicated that "the State Administration Coalition has prepared all matters and is ready with all its components and spectrums to support candidate Muhammad Shia Al-Sudani in forming the government."

And the representative of the Kurdistan Democratic Party, Majid Shankali, revealed to Al-Furat yesterday that: “The House of Representatives will set next week a date for electing the President of the Republic.” Shankali said in the program “Al-Mastra” broadcast by Al-Furat satellite channel last night, “Next week, parliament sessions will be held and may not witness the first time.

A session to present a presidential candidate, but the date for electing the President of the Republic is set and the opportunity is given to resolve the matter.

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Candykisses:  Oil prices are falling after the big rise

Oil prices fell slightly, on Friday, after an accelerating rise, caused by the decision of the OPEC + group of oil producers to reduce production.

This decline comes before the announcement of important US economic data, after it rose by more than one percent in the previous session, but it is heading for weekly gains.

By 0900 GMT, Brent crude futures fell 14 cents to $ 94.28 a barrel. West Texas Intermediate crude futures fell 12 cents to $88.33 a barrel, after hitting $89.37 a barrel, the highest level since Sept. 14.

The two crudes are heading towards recording weekly gains, supported by the OPEC + announcement of a greater reduction in oil production.

The cut that OPEC + decided to implement is the largest since 2020 and comes before the European Union imposed a ban on Russian oil. This decision will put pressure on an already tight market.

Mot: ''''''' Growing Up Can Sure Have its Moments! ~~~

Mot:  ... No new purchases! - We're in "the zone."

More Iraqi News Thursday Evening 10-6-22

More Iraqi News Thursday Evening 10-6-22

Tlm724 Administrator Bondlady’s Corner

The Parliament Announced Today, Thursday, The Agenda For Saturday's Session.

Thursday, October 6 2022 4:10 PM   Baghdad/National News Center   A statement by the parliament’s media department, received by the National News Center, stated that “the agenda of session No. 3 scheduled for next Saturday includes taking the constitutional oath of some members of Parliament, discussing the Iranian bombing of Kurdistan regions, the first reading of a number of projects, and a general discussion.”    https://nnciraq.com/155811/

World Bank: Oil Developing Countries Will Achieve 4% Growth Led By Iraq

Money and business     Economy News-Baghdad   The World Bank expected that developing oil-exporting countries are expected to join the Gulf Cooperation Council and achieve growth, but at lower levels, with expectations that 2022 will witness a rise in growth rates to 4.1%, led by Iraq, with growth reaching 2.7% in 2023.

The World Bank added, in the latest report on the economic developments in the Middle East and North Africa, entitled "Enhancing Transparency and Accountability in the Region", that the economies of the Middle East and North Africa region will grow by 5.5% in 2022, to record the fastest growth rate since 2016, to reach The pace of growth to 3.5% in 2023, while it is estimated that growth in the Gulf Cooperation Council countries will accelerate to 6.9% in 2022, driven by hydrocarbon exports, with a growth rate of 3.7% in 2023.

The report pointed out that growth is uneven across the region as countries that are still striving to overcome the lasting effects of the “Covid-19” pandemic, are facing new shocks due to high oil and food prices due to global geopolitical tensions, high global interest rates as well as The slowdown in the economies of the United States, China and the Eurozone.

The report indicated that for developing oil-importing countries, it is expected to achieve a growth of 4.5% in 2022 and 4.3% in 2023, and Egypt leads this group, recording a growth of 6.6% in the fiscal year ending in June, driven by gas exports, communications and tourism.

The report concluded that the oil-exporting countries in the region will benefit from the high prices of hydrocarbons (oil and gas), while the oil-importing countries in the region face adverse conditions, as they suffer from increased pressures and risks as a result of high import bills, especially food and energy imports, and the shrinking space available for spending in their public finances. .

The report emphasized that slow economic growth in the United States and China and the possibility of recession in Europe pose risks, especially in oil-importing developing countries that rely more on tourism and external demand from Europe, as this group of countries depends more on trade with the euro area, especially countries Importing oil in North Africa and geographically closest to Europe.

The report pointed out that policy makers throughout the region have introduced some measures, especially price controls, subsidies and subsidies, to reduce the salty prices of certain commodities such as food and energy compared to their international prices, noting that this matter had an impact in keeping inflation in the region lower than in other regions.

He pointed out that the average inflation in Egypt during the period from March to last July amounted to 14.3%, although it would have been higher at 18.4% if the competent authorities had not intervened.

The report pointed out that the governments of the region will continue to incur additional expenditures to increase subsidies and cash transfers to mitigate the damage to the living standards of their residents due to the rise in food and energy prices globally, while for the Gulf Cooperation Council countries and developing oil-exporting countries, this is not a major concern.

Currently, as unexpected revenue increases due to higher hydrocarbon prices have significantly increased fiscal space and will lead to fiscal surpluses for most oil-exporting countries in 2022, even after increased spending on inflation mitigation programmes.

The report expected an acceleration in the per capita real GDP growth for the region to 3.9% in 2022, before declining to 2% in 2023, but this growth varies between groups of countries, and it is expected that the growth rate of per capita GDP will accelerate In the Gulf Cooperation Council countries, it will reach 5.5% in 2022, while the growth rate will reach 2.5% for the developing oil-exporting countries in the same year.

The report pointed out that for oil-importing developing countries, the per capita GDP growth rate is expected to remain at about 2.9 percent in 2022, and 2.7 percent in 2023.

The report expected that the current account balances and public finances for the Middle East and North Africa region will improve significantly in 2022, to reach 10.5% and 1.9%, respectively, driven by the rise in hydrocarbon prices. In the Gulf Cooperation Council countries, the current account balance is expected to rise to 17.2% in 2022, and 14.6% in 2023, from 7.9% in 2021. WAM

69 . views   Added 10/06/2022 - 10:33 AM   Update 10/06/2022 - 10:09 PM

https://economy-news.net/content.php?id=30081

The Inclusion Of The Archaeological Al-Azim Dam And The White Qantara In The World Heritage Register Of Irrigation

Reconstruction and building   Economy News – Baghdad   On Thursday, the Government Media Cell announced the inclusion of the archaeological Al-Azeem Dam and Al-Qantara Al-Bayda in the Irrigation World Heritage Register.

The cell of the Cabinet Secretariat said in a statement, "The archaeological Al-Azim Dam in Diyala Governorate, and the origin of Al-Qantara Al-Bayda in the Holy Governorate of Karbala, were included in the Irrigation World Heritage Register, during the meetings of the 73rd Executive Council of the International Organization for Irrigation and Drainage (ICID). On the 6th of this month (October 2022) in Adelaide, South Australia.

She added, "The listing process came according to the directives of the Minister of Water Resources, Mahdi Rashid Al-Hamdani, and the follow-up of the Iraqi National Committee for Irrigation and Drainage, with the support of the General Authority for Operation and Maintenance of Tigris River Basin Projects, the General Authority for Dams and Reservoirs, and the Ministry of Culture / General Authority for Antiquities and Heritage," explaining that "the efforts The relentless Iraqi efforts culminated in this great Iraqi achievement.

The cell indicated that "what happened in Adelaide is a great achievement for the Iraqi government and the Ministry of Water Resources and will constitute a great incentive to achieve more achievements and gains."   47 . views   Added 10/06/2022 - 7:37 PM   Update 06/10/2022 - 10:06 PM

https://economy-news.net/content.php?id=30092

Oil Prices Rise To Their Highest Level In Three Weeks

Economie| 08:44 - 06/10/2022   Follow-up - Mawazine News: Oil prices rose, on Wednesday, to their highest level in three weeks, with the OPEC + agreement on the largest production cuts since the outbreak of the Covid pandemic, and also against the backdrop of US government data that showed a decline in crude and fuel stocks last week.

Bent crude rose 13 cents, or 0.15 percent, to settle at $93.53 a barrel.

US West Texas Intermediate crude rose 12 cents, or 0.14 percent, to settle at 87.88 dollars a barrel, and reached 88.42 dollars a barrel during the session, the highest level since September 15.

The two million barrels per day cut from OPEC+ could lead to a recovery in oil prices, which fell to around $90 from $120 three months ago on fears of a global economic recession, higher interest rates in the United States, and a stronger dollar. https://www.mawazin.net/Details.aspx?jimare=207455

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Thursday Evening Iraq Parliament News Highlights 10-6-22

Thursday Evening Iraq Parliament News Highlights 10-6-22

Al-Kazemi: Iraq needs a government and a budget

Shafaq News/ Prime Minister Mustafa Al-Kazemi stressed on Thursday the need for Iraq to form a new federal government, and to proceed with approving the country's financial budget.

Al-Kazemi said in his speech during the foundation stone laying ceremony for the Iraqi-Jordanian electrical interconnection line project: “Laying the foundation stone for the Iraqi-Jordanian electrical interconnection project, let us devote the project of cooperation and partnership, and positive interaction with our surroundings, in the service of our country and our people.”

He added, "This exceptional effort of the employees of the Ministry of Electricity secures the path of energy exchange between Iraq and brotherly Jordan, which is a true reflection and translation of the policy of openness and cooperation."

Al-Kazemi also confirmed, "We previously worked on the electrical connection with Saudi Arabia and the Gulf countries, and the agreement was signed at the Jeddah conference months ago."

He also said: The world has changed, and the concepts of political and economic relations have changed in favor of development and cooperation, and this is what we do when we look for partners and cooperate with them to develop our country, and to secure the needs of all our people.

The caretaker prime minister pointed out that "this government, despite the difficult political conditions, the most difficult economic conditions, and the absence of a budget, has steadily proceeded in its vision, and has overcome many obstacles, and it continues to do so tirelessly."

He added, "These circumstances and this obstruction must be resolved and must end, for the sake of Iraq and the Iraqis, and for the sake of building the state and its institutions."

He stressed that the solution is to return to the dialogue and discussion table, put aside differences and speak honestly and honestly. Let's come up with realistic solutions that end this political crisis," stressing that "Iraq needs a government and a budget, and it is unacceptable for it to be absent for so long."

Al-Kazemi described the current political crisis in the country as "a crisis of confidence, and it can only be restored or repaired through frank and constructive dialogue."

He stated, "It is our destiny to understand, cooperate, meet and engage in dialogue. We are the people of one country, and it is our national and moral responsibility to preserve it and its capabilities, and bear full responsibility at this historic moment."

The Prime Minister called on the governorates, the governorate officials to "assume their national and moral responsibilities. They have the powers to address any defect in accordance with the legal contexts and the directions provided to them."   LINK

The Coordination Framework Sets A Time Limit Soon For The Formation Of The Iraqi Government

Shafaq News/ The coordination framework affirmed, on Wednesday, its insistence on proceeding with the formation of the new federal government before the end of this October, while continuing the dialogue with the Iraqi political forces in this field.

Representative of the framework, Gharib Askar, told Shafaq News Agency, "The coordination framework continues with dialogue with the political forces to form the new government," noting that "the coming days will witness a radical solution by sitting at the dialogue table to resolve the political crisis."

He added that "Parliament will resume its sessions next week, but the session for electing the President of the Republic is not scheduled," noting that "the new government will be formed before the end of this month."

The political scene in Iraq has been going through a dangerous turn since supporters of the Sadrist movement led by prominent Shiite cleric Muqtada al-Sadr stormed the parliament building in the fortified Green Zone in central Baghdad, and staged a sit-in in protest against Al-Sudani's nomination for the position of head of the next federal government.

The Sadrist bloc had obtained the highest votes in the early legislative elections that took place in October of 2021, but the efforts of the leader of the current failed to form the new federal government due to the Shiite coordination framework standing in its way by obtaining a fatwa from the Federal Court with the so-called blocking third in a contract The session for electing the President of the Republic, which paves the way for naming the Prime Minister.

The three-way alliance between the Kurdistan Democratic Party led by Masoud Barzani, the Sovereignty Alliance headed by Khamis al-Khanjar, and the Sadrist movement led by Muqtada al-Sadr was broken following the resignation of the Sadrist bloc's deputies, and the movement's withdrawal from the political process by order of al-Sadr.

The political scene is living in a crisis situation and a dead end unprecedented in the history of Iraq, as more than a full year has passed since the early elections without being able to form a new government in the country, and the caretaker government headed by Mustafa Al-Kazemi remains.

On the tenth of last October, Iraq held early legislative elections to get out of a political crisis that swept the country after large demonstrations in the central and southern regions in 2019 in protest against the widespread unemployment in society, the spread of financial and administrative corruption in government departments and institutions, and the deteriorating reality The service and the livelihood, which prompted the former prime minister, Adel Abdul-Mahdi, to resign under popular pressure.

As soon as the preliminary results of the elections were announced, the voices of political forces and actors rose in their rejection of losing many seats, accusing them of major fraud in the ballot, which was denied by the executive and judicial authorities, at a time when the United Nations and international organizations praised the integrity of the electoral process. LINK

Will Plasschaert Need To Brief The Sadrist Movement To Return To The Dialogue?

Posted On2022-10-05 By Sotaliraq   Today, Wednesday, independent politician Mahmoud Al-Hayani expected the Sadrist movement to return to dialogue after the briefing given by the head of the UN mission, Jenin Plaschaert, to the UN Security Council on Iraq.

Al-Hayani said in an interview that "Blackshart diagnosed during her briefing the absence of the Sadrist movement from the dialogue that took place under the auspices of the Prime Minister, what obligates him to return to the dialogue."

He added, "Blaschart's presentation in the briefing does not consider imposing the will of the international community, but it is preparing messages to the political forces that there is no solution but dialogue."

He pointed out that “the international community sees the need to form a government in Iraq during this stage, especially in light of the continuation of the war between Russia and Ukraine and does not want an armed clash to occur inside Iraq,” stressing that “in the event of Saddam, guardianship will be imposed on Iraq under Chapter VII, and this matter does not want It is the Iraqi people, not the political forces.”

During the briefing session on Monday evening, Plasschaert criticized the Iraqi political class and its failure to manage the country, noting that corruption is eating away at all joints of the state. LINK

Parliamentary Security Hosts Al-Ghanimi And Discusses With Him The Events Of Baghdad, Basra, Dhi Qar And The Imposition Of The Law

Shafaq News/ The Parliamentary Security and Defense Committee hosted, on Wednesday, Minister of Interior Othman Al-Ghanimi and discussed with him the latest events in the governorates of Baghdad, Basra and Dhi Qar.

A source in the committee told Shafaq News Agency, "The committee held a meeting headed by the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, and during the meeting, the Minister of Interior, Othman Al-Ghanimi, and the advanced cadre in the ministry were hosted."

He explained that "the meeting discussed the financial allocation of the Ministry of Interior in the Food Security Law and the Ministry's role in the fight against drugs."

The meeting also discussed, according to the source, "the recent security events in Baghdad and the governorates of Basra and Dhi Qar, and the enforcement of the law and security control in all governorates."

Basra governorate witnessed security tension on Monday evening, when gunmen exchanged fire, it was said that they were from the "Saraya al-Salam" and "Asa'ib Ahl al-Haq", specifically in the presidential palaces area where armed factions are present.

A day before, Dhi Qar witnessed security tension as well, when masked men tried to burn the governorate building and several departments in it.   LINK

Proceeding From The Principle Of Activating The Role Of Parliament... Parliamentary Security And Defense Adds The Minister Of Interior

Local news  October 5, 2022   12  Today, Wednesday, the Parliamentary Security and Defense Committee announced the hosting of the Minister of Interior, to discuss the developments of Dhi Qar and Basra, in addition to other files.

And the committee said in a statement, “Based on the principle of activating the role of the House of Representatives in the supervisory and legislative role, the Security and Defense Committee started its first hosting in the second legislative term, and it hosted the Minister of Interior, the agents and the advanced owners in it.”

The statement added that "the security situation in Iraq in general and the security situation in the provinces of Dhi Qar and Basra in particular was discussed."

The meeting also discussed, “evaluating the performance of the Ministry of Interior and the administrative measures taken by the ministry during the period of the caretaker government, in addition to discussing the issue of their contracts terminated by the Ministry of Interior, and the committee promised to support the budget of the Ministry of Interior in the next federal budget in light of the ministry’s requirements.”  https://khabaar.press/archives/99331https://khabaar.press/archives/99331

Kurdistan Parliament Completes The First Reading Of A Proposal To Extend Its Legislative Life

Political news  October 5, 2022   The Kurdistan Regional Parliament, in a session held today, Wednesday, completed the first reading of a proposed law to extend its current legislative life.

A source said that Parliament has completed the first reading of the proposed law, and the present members voted by a majority to grant it the status of emergency law.

The Presidency of Parliament decided, in a statement, that the second reading and approval of the proposed law will be one of the most prominent paragraphs of tomorrow's session.

This comes at a time when the Kurdistan Democratic Party (KDP), the Patriotic Union of Kurdistan (PUK) and the Movement for Change submitted a formal request at the beginning of this month to the Presidency of the Parliament of the Region, demanding an extension of the life of the current parliamentary session.

This session is the fifth session of the Iraqi Kurdistan Parliament. Last September, Parliament Speaker Riwaz Faiq announced the extension of the current session of Parliament.

https://khabaar.press/archives/99291https://khabaar.press/archives/99291

Thursday Evening Iraq Economic News Highlights 10-6-22

Thursday Evening Iraq Economic News Highlights 10-6-22

World Bank: Oil Developing Countries Will Achieve 4% Growth Led By Iraq

Money and business   Economy News-Baghdad   The World Bank expected that developing oil-exporting countries are expected to join the Gulf Cooperation Council and achieve growth, but at lower levels, with expectations that 2022 will witness a rise in growth rates to 4.1%, led by Iraq, with growth reaching 2.7% in 2023.

The World Bank added, in the latest report on the economic developments in the Middle East and North Africa, entitled "Enhancing Transparency and Accountability in the Region", that the economies of the Middle East and North Africa region will grow by 5.5% in 2022, to record the fastest growth rate since 2016, to reach The pace of growth to 3.5% in 2023, while it is estimated that growth in the Gulf Cooperation Council countries will accelerate to 6.9% in 2022, driven by hydrocarbon exports, with a growth rate of 3.7% in 2023.

The report pointed out that growth is uneven across the region as countries that are still striving to overcome the lasting effects of the “Covid-19” pandemic, are facing new shocks due to high oil and food prices due to global geopolitical tensions, high global interest rates as well as The slowdown in the economies of the United States, China and the Eurozone.

The report indicated that for developing oil-importing countries, it is expected to achieve a growth of 4.5% in 2022 and 4.3% in 2023, and Egypt leads this group, recording a growth of 6.6% in the fiscal year ending in June, driven by gas exports, communications and tourism.

The report concluded that the oil-exporting countries in the region will benefit from the high prices of hydrocarbons (oil and gas), while the oil-importing countries in the region face adverse conditions, as they suffer from increased pressures and risks as a result of high import bills, especially food and energy imports, and the shrinking space available for spending in their public finances. .

The report emphasized that slow economic growth in the United States and China and the possibility of recession in Europe pose risks, especially in oil-importing developing countries that rely more on tourism and external demand from Europe, as this group of countries depends more on trade with the euro area, especially countries Importing oil in North Africa and geographically closest to Europe.

The report pointed out that policy makers throughout the region have introduced some measures, especially price controls, subsidies and subsidies, to reduce the salty prices of certain commodities such as food and energy compared to their international prices, noting that this matter had an impact in keeping inflation in the region lower than in other regions. He pointed out that the average inflation in Egypt during the period from March to last July amounted to 14.3%, although it would have been higher at 18.4% if the competent authorities had not intervened.

The report pointed out that the governments of the region will continue to incur additional expenditures to increase subsidies and cash transfers to mitigate the damage to the living standards of their residents due to the rise in food and energy prices globally, while for the Gulf Cooperation Council countries and developing oil-exporting countries, this is not a major concern. Currently, as unexpected revenue increases due to higher hydrocarbon prices have significantly increased fiscal space and will lead to fiscal surpluses for most oil-exporting countries in 2022, even after increased spending on inflation mitigation programmes.

The report expected an acceleration in the per capita real GDP growth for the region to 3.9% in 2022, before declining to 2% in 2023, but this growth varies between groups of countries, and it is expected that the growth rate of per capita GDP will accelerate In the Gulf Cooperation Council countries, it will reach 5.5% in 2022, while the growth rate will reach 2.5% for the developing oil-exporting countries in the same year.

The report pointed out that for oil-importing developing countries, the per capita GDP growth rate is expected to remain at about 2.9 percent in 2022, and 2.7 percent in 2023.

The report expected that the current account balances and public finances for the Middle East and North Africa region will improve significantly in 2022, to reach 10.5% and 1.9%, respectively, driven by the rise in hydrocarbon prices. In the Gulf Cooperation Council countries, the current account balance is expected to rise to 17.2% in 2022, and 14.6% in 2023, from 7.9% in 2021. WAM

https://economy-news.net/content.php?id=30081

Politician Warns: Plasschaert's Briefing May Push Iraq Towards International Trusteeship

2022-10-05 05:19   Shafaq News/ The Iraqi politician, former MP Mithal Al-Alusi, said today, Wednesday, that the briefing of the UN Special Representative, Jenin Plasschaert, at the UN Security Council may push towards guardianship over Iraq.

The trusteeship system applies to countries that are defined in international law as “deficient in sovereignty,” and are subject, according to special conditions, to an agreement whose implementation is supervised by the Trusteeship Council of the United Nations.

The international trusteeship system came as an alternative to the mandate system that was applied during the era of the League of Nations, which was replaced by the United Nations with its establishment in 1945, in order to settle the situation of the colonial countries in accordance with international legal legitimacy that moved them gradually from a situation of complete colonialism to a transitional situation followed by complete independence.

Al-Alusi told Shafaq News Agency, "Plasschaert's briefing revealed to the international community the tragic situation that Iraqis are experiencing due to the corruption of parties and blocs, and the dominance of militias loyal to Iran and involved in killing and robbing Iraqis."

And he indicated that "the international community will not remain a spectator of what Iraq is going through, and for this there is a possibility for the international guardianship to intervene in Iraq during the next stage, in order to ensure its stability, which will be reflected in the stability of the entire region and the world."

Yesterday, Tuesday evening, Blaskharat gave a briefing to the UN Security Council on the situation in Iraq, in which she confirmed that differences prevail over the language of dialogue, and that the southern provinces are witnessing armed skirmishes and the political class is unable to resolve the crisis.

"The disappointment of the people has reached sky-high. Many Iraqis have lost faith in the ability of Iraq's political class to work for the benefit of the country and its people. Continuing failure to address this loss of confidence will only exacerbate Iraq's problems," said Blackshart.

She pointed out that "the political system and the system of governance in Iraq ignore the needs of the Iraqi people. The rampant corruption represents a major root cause of dysfunction in Iraq. No leader can claim that he is protected from it. Keeping the system "as is" will rebound with negative results." LINK

Report: Rail Freight May Be The Key To Iraq's Ambition To Compete With Jebel Ali And The Suez Canal

Reports   Economy News-Baghdad   A report by theloadsta website, which specializes in the field of shipping, stated that Iraq's ambitious plans to complete the large port of Faw may compete with other Middle Eastern ports, and even the Suez Canal, if railways were developed and freight was shipped to Turkey and then to Europe.

The report, which was translated by "Economy News", quoted the director of the Iraqi Railways Company, Talib Jawad Al-Hasani, as saying, "Iraq is working on a project to maximize the benefit from our geographical location and serve merchants who wish to transport goods through Iraq to other countries via Turkey, once the Grand Port of Faw is completed. ".

He added, "We are working with an Italian company to conduct studies for a 1,200-kilometre railway line to the Turkish border that could provide transit transportation from Al-Faw, providing an alternative to the Suez Canal for goods traveling between East Asia and Europe." The works were expected to be carried out by Italian, Chinese and Iraqi companies.

Italian engineering services firm PEG is expected to submit feasibility studies and designs for the "dry canal" - a series of road and rail networks connecting the new port to Turkey - by the end of this year, according to the transport ministry.

The idea of ​​a huge port on Iraq's southernmost peninsula of Faw, where the mouth of the Shatt al-Arab river enters the Persian Gulf, has been mooted for decades, but it wasn't until 2010 that a concrete proposal emerged. Work eventually began in 2020, after the South Korea's Daewoo Engineering has won a port contract worth $2.7 billion.

Some preliminary construction work has been completed, with FAO's Guinness World Record for longest breakwater (9.02 miles) taken down, and last month the General Company for Ports of Iraq (GCPI) announced the start of piling work for five container berths.

The project is designed for up to 100 berths, which, if achieved, would see the Faw area overtake Jebel Ali Port in Dubai, with its berth of 67, as the largest in the Middle East.

According to the Global Construction Review, by 2028, FAO is expected to be able to handle around 4 million TEUs and 22 million tons of dry bulk cargo, and this is expected to reach 7.5 million TEUs by 2038.

However, a source in Umm Qasr estimated that between 1,000 and 2,000 trucks leave the port each day, meaning that the IRR's scattered rail services were a negligible part of the current container traffic market.

"In order to effectively recharge in the future, Iraq will need several freight trains operating every day, each carrying 100 TEUs, not 40," he said.

This would currently be a difficult task. The Iraqi Railways Company relies on aging infrastructure, some northern parts of which were severely damaged under ISIS.

Infrastructure challenges between Baghdad and Basra include tracks crossing busy main roads where, with no barriers or warning lights, trains have to slow to a crawl relying on motorists to notice and stop.

Rail relocation, especially on the scale envisaged by FAO as the Iraqi Railways plans to build five additional stations, will not only require significant investment, but will also be a radical new direction for the company, changing its long-standing focus on hydrocarbons.

There are currently 38 train stations in and around Umm Qasr (27 in the northern ports and 11 in the south). IRR is also expanding routes to the Basra Gateway Terminal (BGT) East, which was built and operated by International Container Terminal Services (ICTSI), which has reached the terminal's fringes.

Despite Iraqi officials' optimism about the potential of the grand port of Faw, the project has been criticized as "too ambitious". The work has been marred by delays, and the suspicious death of the South Korean project's head in 2020, with allegations that FAO is mired in political rivalry, corruption and contract disputes over subsequent construction phases, with the entire project expected to run at $7 billion.    Views 28   Added 10/06/2022 - 9:31 AM  Update 06/10/2022 - 12:51 PM

https://economy-news.net/content.php?id=30078

Al-Kazemi: The Electrical Interconnection Project Will Secure The Path Of Energy Exchange Between Iraq And Jordan

Energy Economy News-Baghdad   Prime Minister Mustafa Al-Kazemi confirmed, today, Thursday, that the electrical interconnection project will secure the path of energy exchange between Iraq and Jordan, indicating that it is a true reflection and translation of the policy of openness and cooperation adopted by the government.

The media office of the Prime Minister said in a statement, "Prime Minister Mustafa Al-Kazemi and Jordanian Prime Minister Bishr Hani Al-Khasawneh laid, today, the cornerstone of the Iraqi-Jordanian electrical interconnection project."

He added, "Al-Kazemi confirmed that the project would secure the path of energy exchange between Iraq and Jordan, which is a true reflection and translation of the policy of openness and cooperation adopted by this government."

He added, "The two sides held a bilateral meeting, on the sidelines of the launch of the project, during which they discussed ways to develop bilateral relations and develop regional cooperation in light of the tripartite Baghdad summit, in which the leaders of Jordan, Egypt and Iraq participated," explaining that "the meeting witnessed research into the implementation of the project.

The agreements concluded between the two countries and their entry into force, especially in the areas of electrical interconnection, agriculture, transportation, food security, and in the field of financial and banking relations, and the development of their infrastructure.

And the office indicated that "the two sides expressed the keenness of the governments of Iraq and Jordan to develop bilateral work mechanisms, in a way that integrates with the horizon of regional work and sustainable development, as well as efforts to prepare for the upcoming tripartite summit, and the political, economic, and security files that will be addressed."

20 . views   Added 10/06/2022 - 11:11 AM   Update 06/10/2022 - 1:00 PM

https://economy-news.net/content.php?id=30082

The Sentencing Of Iraqi Officials In The Ministries Of Defense And Reconstruction And Housing

Shafaq News/ The Federal Integrity Commission announced today, Thursday, the issuance of two verdicts convicting officials in the Ministries of Defense and Construction and Housing, Municipalities and Public Works.

In a statement received by Shafaq News Agency, the commission's investigations department said that the Karkh and Al-Hilla Criminal Courts, which are specialized in cases of integrity, issued two prison sentences and imprisonment in absentia against the director general of the General Directorate of Budget and Programs in the Ministry of Defense and the director general of the municipalities of Babylon, the former; For deliberately causing damage to the funds and interests of the entity in which they work and committing something that violates their job duties.

The circuit added that the Karkh Criminal Court issued a six-year prison sentence to the convict, the former Director General of the General Directorate of Budget and Programs in the Ministry of Defense; For deliberately causing damage to public funds by disbursing the amount of a contract concluded by the Ministry to supply (400) four-wheel drive “Land Cruisers” and (100) ambulances to persons not authorized to receive delivery.

And it indicated that the Hilla Misdemeanors Court, which is competent to look into integrity issues, sentenced the former director general of the municipalities of Babylon to severe imprisonment for a period of two years, for violations committed by him to the terms of the purchase contract (4) vehicles of "waste caps" type "azuz" for the benefit of the municipality of Al-Qasim from the General Company for the Automotive Industry and equipment in Alexandria.

The department indicated that the convict did not calculate the fines for the delay on the company after the expiry of the processing period of (180) days, in addition to paying 95% of the contract value.

She confirmed that the two courts issued two judgments in absentia based on the provisions of Articles (340 and 331) of the Penal Code, and issued an arrest and search warrant against them, while supporting the seizure of their movable and immovable property.   LINK

Iraq Contracts With An Italian Company To Link The Port Of Faw To Turkey

Reconstruction and building   Economy News – Baghdad   Today, Wednesday, the General Company for Railways determined Iraq's benefit from the international railway connection, while it announced a contract with an Italian company to link the great port of Faw with Turkey.

The Director General of the Iraq Railways Company, Talib Jawad Al-Husseini, told the official news agency, "The company has a high coordination with the governors to rehabilitate the destroyed bridges from ISIS terrorism in the northern and western provinces," noting that "the percentage of destruction in the bridges has reached 90% in some liberated provinces." ".

He added, "The local government in Anbar Governorate, in coordination with the General Company for Railways, is working to restore the destroyed bridges and railways, as well as efforts to re-establish the Mosul train station after it was completely destroyed by ISIS criminal gangs."

Regarding the great port of Al-Faw, Al-Husseini indicated that "the company is working on developing and preparing studies and designs for the port, considering that more than 33% of the port's success depends on the railway network."

He pointed out that "the company has started a contract with an Italian company to prepare studies and designs with a length of 1,300 km, to link the great port of Faw with Turkey, and as a result, the east will be linked to the west through Turkey to market the goods coming to the port of Faw."

He added, "The port will be one of the important projects that will achieve a qualitative leap, by raising and supporting the national economy, as a result of collecting sums through (transit) wages," explaining that "most of the Iraqi provinces will be linked to the railway network."

He noted that "there are 9 provinces linked to the railway network," expressing his hope that "the Italian company will provide studies and designs according to the contract concluded to link all provinces to the railway network for the use of trains for travel and trade."

Views 184   Added 10/05/2022 - 9:00 PM   Update 10/06/2022 - 11:06 AM

https://economy-news.net/content.php?id=30073

Thursday Afternoon Iraq Parliament News Highlights 10-6-22

Thursday Afternoon Iraq Parliament News Highlights 10-6-22

The Coordination Framework Fails To Determine The Session For Selecting The President Of The Republic And Refuses To “Public Dialogue”

Posted On2022-10-06 By Sotaliraq    Baghdad / Tamim Al-Hassan    Contrary to what is being promoted by parties within the coordination framework, a Shiite leader denied the existence of an upcoming session to elect the president of the republic.

On the other hand, Muqtada al-Sadr, the leader of the Sadrist movement, refused to form a government in response to the briefing of the United Nations representative in Iraq, Jenin Plasschaert, before the Security Council.

Accordingly, it seems that the path to forming a government is going through difficult bumps, especially with the indications of an escalation of violence and what happened during the last two days of armed conflict in the south.

So far, the framework and its allies that leaked at the end of last month, what became known as the "state administration coalition", have not been able to release the name in public.

And the day before yesterday, Plasschaert said in her last briefing to the Security Council that any "Iraqi leader" can drag the country into a "protracted and fatal conflict."

According to sources from Dhi Qar, the outcome of the "masked" attack at dawn Tuesday on the governorate building in the latest political conflict in the south, caused the injury of about 70 civilians and soldiers.

The local authorities there also revealed that more than 50 people were involved in the attack, half of whom have been arrested so far.

Observers interpret what is happening in the south of the country as a temporary transfer of the armed conflict from Baghdad - following the Green Zone clashes at the end of last August - to the strongholds of the competitors in the provinces.

Despite the return of calm in Dhi Qar and Basra after a night in which rockets were fired and government buildings were burned, the conflict could renew at any moment, especially since clans were involved in the conflict.

Where the latest information from Basra, which witnessed, hours before the events of Nasiriyah (the center of Dhi Qar governorate), the firing of 3 missiles at the main headquarters of the crowd near the Shatt al-Arab, that tribes participated in the attacks against the background of a previous revenge by killing their sons at the hands of factions.

On the other hand, opinions in Basra speak of an "artificial involvement" of clans in these conflicts, which are mainly driven by political competition and the revenues of the oil-rich province.

In the meantime, the coordination framework tried to precede any future scenarios that might complicate his plan to proceed with the formation of the government, and he started talking about setting a date soon for the presidential election session.

But Muin Al-Kazemi, a leader in the Badr Organization led by Hadi Al-Amiri, denied in an interview with (Al-Mada) that "there will be any date that has been set for that session."

The moment of choosing the president of the republic is crucial on the way to forming the government, as the elected president, according to the constitution, assigns the candidate of the largest bloc to present the cabinet within a month.

And on how to reach that session, Muin Al-Kazemi, a deputy from the coordination framework, confirmed that "it is up to the Kurdish forces' agreement on one candidate, and so far there is no agreement."

On the other hand, there is talk behind closed doors that the problem is not related to the Kurdish forces, but rather to the "framework's" reluctance to resolve its issue due to the absence of al-Sadr.

Although the coordination framework had spoken more than a week ago about his new coalition (the State Administration), which includes all forces with the exception of al-Sadr, he has not officially launched it yet.

The hesitation of the "framework" is now justified, as the leader of the Sadrist movement has returned from his political silence, and criticized the day before yesterday's words about Plasschaert about forming a government.

Al-Sadr said in a tweet on Tuesday evening: "I stand against the insistence of some members of the Security Council to form a government in Iraq. Many governments have been formed, but they have harmed the country and the people."

Al-Sadr added, “The people’s aspirations are to form a government that is far from corruption, dependency, militias, and foreign interference, in order to be an independent and stable government that serves its people, not the interests of its parties and sects. Everyone brings fire to his party, sect, or race.”

Moreover, there are leaks about the readiness of al-Sadr's followers to take to the street again in the event the "framework" decides to hold a session to form a government.

Also, a resigned Sadrist deputy had threatened the political forces a few days ago, with what he considered the "last fight" in the presidential election session.

Representative Haider Abdul Karim al-Muhammadawi said on his Facebook page that "the session for selecting the president of the republic and assigning the prime minister will be the 'last fight'."

Despite this, the coordination framework still hopes to obtain a meeting with Al-Sadr, but it has not happened so far.

In Al-Sadr's response to the United Nations representative in Iraq, the leader of the movement agreed to the dialogue, but stipulated that it be "public", a condition he had revealed more than a month ago, following similar calls for dialogue.

So far, the Shiite forces have not responded to al-Sadr's requirement, and Muin al-Kazemi says that "public dialogue can cause tension in the street and lead to the opposite effect."

During the briefing, Blackshart said: “There are still very realistic risks of further strife and bloodshed, we can only reiterate the importance of keeping any protest away from violence. All parties must act responsibly in times of heightened tension.”

Plasschaert urged the need for all Iraqi parties to participate in the dialogue, and said, "In order for the dialogue to bear fruit, it is very important that all parties participate in it. There are solutions, but only if there is a willingness to reach settlements. In the end, it is all up to the political will." LINK

Plasschaert's Briefing Ravages The Political Atmosphere, And Al-Sadr Agrees To A Dialogue That Keeps The Corrupt Away

Posted On2022-10-06 By Sotaliraq   Finally, Muqtada al-Sadr, the leader of the Sadrist movement, broke his political silence with a lengthy tweet in which he commented on the briefing of the United Nations Representative to Iraq, Jenin Plasschaert, to the Security Council on the state of the country. The tweet included many points, including his support for most of the positions of the delegates in the Council.

Al-Sadr also agreed to participate in the dialogue on the condition that it be public, which was interpreted by those close to Al-Hanana as a desire to inform the people about the agreements that will be signed and to reveal those who disavow them if they occur.

Mujahid al-Tamimi, a political specialist, told UTV that "Al-Sadr has been absent from the political scene during the last period, but he has not changed. He wants there to be a fundamental change, and he is still insisting on a transparent dialogue in front of the public, in order to know who adheres to the agreements and who renounces them.”

Other specialists in political affairs believe that dialogue is an important opportunity for the coordination framework to be able to grant full legitimacy to a government it wants to form, and that negotiations - if they happen - will start from scratch.

Osama Al-Alaq, a specialist in political affairs, told UTV that “there is a great opportunity for the coordination framework to engage in serious dialogues with the Sadrist movement to resolve the crisis. This opportunity should be seized by the framework to form a government acceptable to all.”

At a time when the political parties are still unable to find solutions to the tense political situation in the country, the international community finds only national dialogue a solution for Iraqi politicians to avoid collapse. LINK

Coordinating Framework: Plasschaert's Briefing Included Many Messages And Political Dialogues Continue

Political | 03:43 - 05/10/2022   Special - Mawazine News, Representative of the Coordination Framework, Waad Qaddo, confirmed that the briefing of the United Nations envoy to Iraq, Jenin Plasschaert, in the Security Council included a number of messages.

In an interview with Mawazine News, Qaddo said, "Plasschaert's briefing emphasized the necessity of national dialogue," stressing that "the door to dialogue is open to all, and there is no veto on any of the political parties or personalities to sit at the dialogue table.

" "Efforts to revitalize dialogue are continuing, and that there are some obstacles and ambiguities that need to sit down a lot to find a way out, indicating that the coming days will be clearer with regard to understandings,"

he added, adding, "Plasschaert's speech was closer to calm and prevented the country from going to an agreement ." Infighting. Ended 29/H    https://www.mawazin.net/Details.aspx?jimare=207400

A Deputy Calls On The Sudanese To Implement His Economic Reform Program

Political | 11:43 - 05/10/2022   Baghdad - Mawazine News   The deputy of the Sadiqoun parliamentary bloc, Zainab Juma'a Al-Moussawi, stressed today, Wednesday, the need for Mr. Muhammad Shia Al-Sudani to change the exchange rate of the Iraqi dinar against the US dollar.

Al-Moussawi said in a statement received by Mawazine News, a copy of it, that "the candidate for the coordination framework for the presidency of the Iraqi government, Muhammad Shia Al-Sudani, must proceed with the implementation of the reform economic policy that he intends to implement when he heads the government, which is very soon."

The statement added that "one of the steps of economic reforms in Iraq is to restore the exchange rate of the Iraqi dinar against the US dollar from 1450 dinars to 1180 dinars for 1 dollar."

He pointed out that "the change in the Iraqi currency exchange rate led to economic and financial damage in Iraq and a deterioration in the state of the local market."

And he indicated that "reducing the exchange rate of the Iraqi dinar will lead to a decrease in the prices of real estate, food, consumer and construction materials, and cause stability in the local market." Ended   https://www.mawazin.net/Details.aspx?jimare=207381

The Kurdistan Commission Explains The “Unconstitutionality” Of The Federal Court’s Decision

Posted On2022-10-06 By Sotaliraq  Erbil   The Federal Court issues a decision regarding the constitutionality of the Electoral and Referendum Commission in the Kurdistan region, and opinions differed quickly in understanding the decision.

The Erbil Commission says that the ruling did not nullify its constitutionality, and promised it positive, stressing that the court’s objection referred to the phrase “exclusive authority” contained in the text of the Regional Commission Law, because the Federal Commission in Baghdad also has the right to organize elections within Kurdistan, including the election of the House of Representatives.

Legally, federal decisions are binding on everyone and cannot be appealed,” Shursh Hassan, director of relations at the Kurdistan Election Commission, told UTV.

We see that there is a positive aspect in the decision in terms of the work of the Kurdistan Commission, because there is a constitutional endorsement of this commission, and the commission is formed under Law No. 4 of 2014, within the constitutional contexts that give the region the right to have institutions.

Law experts went to the opinion of the Kurdistan Elections Commission, stressing that the Federal Court rejected the lawsuit related to the unconstitutionality of the Commission, but confirmed that the commissions of the Center and Erbil have the right to work within the region, and this explains the objection to the phrase “exclusive authority” contained in the text of the Commission law. Kurdistan.

Sattar Ramadan, a legal expert, told UTV that “the Federal Court’s decision to reject the lawsuit and the plaintiffs’ requests in the two lawsuits regarding the unconstitutionality of the law of the Region’s Elections Commission, and therefore this law is correct and enforceable, except for the three-word phrase, which is to be the exclusive authority.”

Despite this interpretation, which favors the region, Kurdish politicians believe that the opponents are trying to use judicial decisions in political disputes.

This is just political pressure, especially on the Democratic Party because it does not accept political dictates," Imad Baglan, a Kurdish politician, told UTV.

The case, which was decided by the Federal Court, was filed by the opposition Kurdish MP, Sarwa Abdul Wahed and other deputies, to challenge the constitutionality of the Kurdistan Elections Commission.

LINK

Thursday Afternoon Iraq Economic News Highlights 10-6-22

Thursday Afternoon Iraq Economic News Highlights 10-6-22

Parliamentary Speech On The Date Of Approving The 2023 Budget

Political | 10:21 - 06/10/2022   Baghdad - Mawazine News, a member of the Parliamentary Finance Committee, Faisal Al-Naeli, suggested, on Thursday, the approval of the financial budget for 2023 early next year.

Al-Naeli said, "The budget of next year will be approved at the beginning of it, and no later than the months of January or February," noting that "the formation of the government is near to be discussed in November and December, and it will be ready at the beginning of next year."

Al-Naeli added in an interview with the official "Al-Sabah" newspaper, which was followed by "Mawazine News", that "both the government and the committee will take into consideration the surplus that was achieved from crude oil sales after the rise in its prices globally."

He continued, "The budget will be loaded with many positives that can be in the interest of the citizen without affecting the central bank's reserves, after the difficult conditions that the country experienced during the Corona pandemic and the drop in global oil prices, which prompted the country to borrow."

Al-Naeli pointed out that "providing services to the people in all governorates will be among the priorities of the 2023 budget, after it was missed over the past years." Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=207469

Anxiety In Europe And A Chronic Reality In Iraq.. Energy Rationing Tops Global Crises

Political | 03:31 - 05/10/2022   Baghdad - Mawazine News  Energy rationing that worries Europe this winter is a normal thing for Muhammad Jabr, who has been living with it for decades... In his country, Iraq, whose infrastructure has been exhausted by wars, private generators are a vital component of life.

For more than 20 years, the sight of electric generators on city roads and streets has been an integral part of daily life. It is an essential source to compensate for the continuous power cuts that government stations are unable to provide. The hours of power outage may range from four to ten hours during the height of the summer, as the Ministry of Electricity acknowledges.

"Without generators, all of Iraq goes out," said retired Jabr, 62, speaking from his small apartment in the poor neighborhood of Sadr City.

The man, who worked as an accountant in a government institution and paid a generator subscription of 75,000 dinars (about $50) per month, added that "the generator gives us electricity for the TV, refrigerator and air conditioner."

Energy rationing has reached Europe. This appeared in new vocabulary that entered the words of the leaders of European countries and the European media, while the prices of energy and electricity rose in an unprecedented way after the flow of Russian gas stopped as a result of the war in Ukraine.

Several countries have resorted to measures, including reducing the lighting of public buildings, and some universities have extended their closure period in the winter, and residents have been called to reduce or postpone the operation of heaters and reduce the use of lighting and kitchen appliances, especially during the morning and evening peak hours.

For the 42 million Iraqis, rationing electricity is part of their daily lives, even though their country is among the world's richest in oil, but has been plagued for decades by conflict and corruption.

The rationing is related to the level of energy provided by private generators, as it is usually not enough to run all household appliances. Khaled al-Shiblawy, who has been working for 13 years in operating generators that today provide electricity to 170 homes in Sadr City, says that it depends on "the size of the subscription...Some of them turn off the refrigerator, for example, or something else to keep the air conditioner on, or vice versa...".

"Darkness" - Gabr

does not care much that the lights on the Eiffel Tower will be turned off at 11:45 pm instead of one after midnight, nor that the Christmas lights on the Champs Elysees will be cut off at 11:45 pm after they were turned off at 2 am every year During the year-end holidays.

"It is normal, in our areas, if an area becomes extinguished, it remains for a day and two days if there is a fault, until it is repaired," he says.

He recalls what it was like after the invasion of Iraq by the international coalition to overthrow Saddam Hussein's regime in 2003, saying, "Houses were drowning in darkness," as the infrastructure, including electricity stations, was almost completely destroyed during the military operations.

At the time, "the houses were dark, and the electricity came for a little two or three hours" a day, he recounts, adding that people used to buy "small generators that fill with gasoline and turn them on for a day or two."

Currently, with the advent of autumn, the hours of rationing electric power in the country are declining, compared to the long summer months in which temperatures exceed fifty degrees Celsius, and the pressure on private generators is strong, and with it the value of the monthly tariff rises.

Many Iraqi provinces were deprived of electricity during the summer of 2021, and sporadic protests broke out in the country as a result.

To face the energy shortage, the Iraqi authorities, which rely heavily on electricity and gas to operate their plants, are trying to diversify their sources and increase production.

- "They will go back" - Iraq is currently producing more than 24,000 megawatts per day, according to Electricity Ministry spokesman Ahmed Musa, adding that "this is an unprecedented number."

At the same time, he points out that in order to avoid rationing, more than 32 thousand megawatts must be secured.

Until Iraq can achieve this, the periods of providing electricity during the summer period range "between 14 hours, 16 hours, or 20 hours a day," according to Moussa.

On a street in Sadr City, large private generators are scattered everywhere, sticking together, covered with used metal sheets, and out of which electric wires are attached to poles, one of which supplies power to 300 homes and 300 shops.

Ali al-Araji, 58, the founder of a private school, says, "As a school, we have a generator and we buy fuel at fantastic amounts, exorbitant amounts" of up to "about 600 dollars a month."

"Electricity is an eternal problem for the Iraqis," he adds with a sigh, blaming the "American occupation" of responsibility.

On the impact of the energy crisis on Europe, he says, "We have endured more than 30 years."

He adds, "Energy is the source of economic recovery. Currently, Europe has been shaken." He believes that the matter "will affect their economy, industry and trade, and they will take steps back."

https://www.mawazin.net/Details.aspx?jimare=207398

The Sacrificial Areas.. Oil Fields In Iraq Spread Cancer Like The Flu

Posted On2022-10-06 By Sotaliraq    A press investigation revealed that communities living near oil fields, where gas is burned in the open air, are at risk of developing leukemia. The United Nations said it considers such places in Iraq to be “modern-day (human) offerings” where profit is prioritized over respect for human rights.

Both BP and Italy's two major oil companies, Eni, operate at these sites. By this process, what is meant is the “absurd” burning of gas emitted when drilling for oil, which produces pollutants linked to cancer.

On the outskirts of the southeastern city of Basra, some of the country's largest oil exploration areas are located. The gases flaring from these sites are considered dangerous because they emit a strong mixture of carbon dioxide, methane and highly polluting black soot.

Iraqi law prohibits, for health reasons, gas burning within six miles of residents' homes, but we found gas-burning towns less than two miles from homes.

The Iraqi government is aware of the potential effects of burning gas; The BBC Arabic team was briefed on a leaked report of the Iraqi Ministry of Health, which blames air pollution for a rise in cancer incidence by up to 20 percent in Basra between 2015 and 2018. The first test was conducted to monitor pollution in at-risk communities, and the results indicated levels of High exposure to carcinogenic chemicals.

Using satellite data, it was found that the Rumaila field, the largest oil field in Basra, burns more gas than any other site in the world. This field is owned by the Iraqi government, and BP is the main contractor. In this field there is a city called “North Rumaila”, but the locals call it “the cemetery”. Teens came up with the phrase after noticing high levels of leukemia in their friends, which they suspected were caused by the gas ignition. Local ecologist, Professor Shukri El-Hassan, said the cancer there was so widespread that it was "like the flu". In 2021, we met Ali Hussein Jalloud, 19, a resident of North Rumaila and a childhood leukemia survivor.

He refused to allow filming in Rumaila, so Ali trusted his life from the inside. Ali Hussain contacted BP on four different occasions to obtain compensation for the pollution.

Ali shows us videos on his mobile phone showing his primary school with torches burning behind it, and because of that, Ali had to drop out of school when he was 14 to undergo treatment.

He tells us that one day, on his way to the hospital after years of chemotherapy, he told his father, “It's over for me, Dad. Please say goodbye to my mother for me.”

His father wipes tears at the mention of this incident.

But Ali is now in the recovery stage, he told us, asking BP for compensation, as the main contractor in the oil field, but his request has been silenced.

Many children in nearby villages did not survive after being diagnosed with cancer.

Fatima Falah Najim lived 25 miles (40 km) from Ali's home in the Zubair oil field, with her parents and six siblings. Eni, the Italian oil major, is the main contractor for the Zubair field. Fatima was diagnosed at the age of eleven with a type of blood and bone cancer called acute lymphocytic leukemia, and exposure to benzene, which is found in burning gases, can increase the risk of people developing this condition.

From Fatima's house we can see the glows that burn almost continuously; The nearest torch is located just 1.6 miles (2.6 km) from the family home. Fatima painted the “fiery fire” that surrounded her house while she was in the hospital; She told us that she enjoyed watching her at night as that became a natural thing for her.

But for her father, watching her get sick was like "a fire was burning and I couldn't put it out". Last year, doctors managed to secure a bone marrow transplant for Fatima outside the country, but she was too ill to travel. Fatima passed away last November when she was thirteen years old.

The Iraqi Ministry of Health report shows that the government is aware of health issues in those areas, but the Iraqi prime minister himself issued a secret order, seen by BBC News Arabic, prohibiting employees from talking about the health damage caused by pollution.

David Boyd, the UN special rapporteur on human rights and the environment, told us that people who live near oil fields are “victims of state and corporate collusion, and in most cases lack the political power to bring about change.”

Ali Hussain, a leukemia survivor, said: "Here in Rumaila no one is talking. They say they are afraid to speak out for fear of being expelled."

Until now, health researchers have been denied entry to oil fields to conduct air quality tests. So BBC Arabic worked with environmental and health experts to conduct the first independent monitoring of pollution in communities living near oil fields.

It tested carcinogenic chemicals emitted by burning the gas over a two-week period, and air tests conducted in five communities indicated that benzene levels, which are linked to leukemia and other blood disorders, reached or exceeded Iraq's national limit in at least four places.

Urine samples collected from 52 children indicated that 70 percent of them had elevated levels of 2-naphthhol, a form of naphthalene that is likely to cause cancer. “Children have high levels of it,” said Dr. Manuela Orguilla Grimm, a professor of pediatric cancer at Columbia University. “This is a cause for concern and means they need to be closely monitored.” The BBC presented these results to the Iraqi Oil Minister, Ihsan Abdul-Jabbar Ismail. He told us, "We have instructed all contracted companies operating in the oil fields to abide by international standards."

The BBC has asked BP and Eni to respond to its inquiry.

ENI said it "strongly rejects any claim that its activities endanger the health of the Iraqi people."

While BP said: "We are very concerned about the issues raised by the BBC, and we will look into these concerns immediately."

About BBC Arabic     LINK

The Factions Are Waging A Street War And The Night Of Basra Is Out Of Control

Posted On2022-10-06 By Sotaliraq    Basra is under the buzz of bullets, on another difficult night in the city and its people, with violent clashes between two armed factions. Confrontations took place in which light weapons and rockets were used near the government palace complex that includes security headquarters, causing intimidation of residents and damage to the homes of some of them.

Basem Hussein, a writer and analyst, told UTV that “the main reason for what happened is the uncontrolled weapons, the weakness of the security services and their intelligence, and the bloodshed. My home is close to the area. The sounds of gunfire were clear and frightening.”

The government and security silence turned a blind eye to what happened, despite the pledges and promises not to allow Basra to be dragged into armed confrontations with political backgrounds, only a few days ago, amid questions about the reasons for the absence of scenes of heavy security deployment, as happened on the eve of the popular protests.

Jassim al-Moussawi, a political analyst, told UTV that "the essence of this double standards is the deep state, meaning that what is happening is that there is a state within a state, and whoever rules is the non-state, and it wants to rule the country according to the law of chaos and not state building."

Anxiety dominates the street, as Basra is afraid of the expansion of the clashes and the increase in their repercussions, disrupting life and paralyzing movement in the economic capital of Iraq.

Against the background of recent events, the Chief of Staff of the Army, accompanied by a number of senior officers, arrived in Basra to discuss the security file in a city where weapons are widespread, threatening its fragile stability.

Reporter: Saad Qusay   Tags    LINK

Iraqi News Thursday Afternoon 10-6-22

Iraqi News Thursday Afternoon 10-6-22

Tlm724 Administrator Bondlady’s Corner

The Central Bank: We Will Not Print A Currency Higher Than 50 Thousand Iraqi Dinars

Economy | 07:56 - 06/10/2022   Baghdad - Mawazine News, the Central Bank of Iraq confirmed, today, Thursday, that the new twenty thousand category will carry high security marks, and while he pointed out that there is no tendency to print a category higher than 50 thousand, he revealed that the volume of cash circulating in Iraq is 84 trillion dinars.

Central Bank Adviser Ihssan Shamran Al-Yasiri said that "the printing of the new 20,000 dinars denomination is part of the normal monetary practices of the Central Bank and within the framework of reconsidering the structure of the national banknote series."

He added, "This category will be an intermediate currency structure and will be enhanced with high security marks from the latest globally and will provide an addition to smaller denominations such as the five thousand and ten thousand."

He added that "the denomination of twenty thousand will be of the (standard) size under which the denomination of fifty thousand was printed, and it will also bear Iraqi features, as was done in the currencies that preceded it," noting that "there is no current trend to reprint the current currencies with new copies."

In response to a question about the possibility of issuing higher categories, between Al-Yasiri, that "the 50 thousand category is sufficient at the present time for the upper limit of the Iraqi currency, which is a very strong and sober category and can be used for storage, savings and cash transactions."

He pointed out that "the size of the monetary mass circulating in banks and the public currently ranges between 83-84 trillion Iraqi dinars, and the new issuance of the 20,000 denomination will not change much of the volume of circulation because it will enter into the existing liquidity."

He stressed that "the printing of the new category will not affect the value of the Iraqi currency and will not cause inflation, and the issue of inflation is linked to economic policies and has nothing to do with monetary circulation." Ended 29   https://www.mawazin.net/Details.aspx?jimare=207521

Advisor To The Central Bank Of Iraq: The New Twenty Thousand Dinars Category Will Carry High Security Marks

Thursday 06 October 2022 20:53 | Economic Number of readings: 125  Baghdad / NINA / - The Central Bank of Iraq confirmed, today, Thursday, that the new twenty thousand dinars category will carry high security marks, and while pointing out that there is no tendency to print a category higher than 50,000, he revealed that the volume of the monetary mass in circulation in Iraq is 84 trillion dinars.

The advisor of the Central Bank of Iraq, Ihsan Shamran al-Yasiri, said to the official agency, "The printing of the new 20,000 dinars denomination is part of the normal monetary practices of the Central Bank and within the framework of reconsidering the structure of the national banknote series."

He added, "This category will be an intermediate currency structure and will be enhanced with high security marks from the latest globally and will provide an addition to smaller denominations such as the five thousand and ten thousand."

He continued, "The denomination of twenty thousand will be of the (standard) size under which the denomination of fifty thousand was printed, and it will also bear Iraqi features, as was done in the currencies that preceded it," noting that "there is no current trend to reprint the current currencies with new copies."

In response to a question about the possibility of issuing higher categories, between Al-Yasiri, that "the 50 thousand category is sufficient at the present time for the upper limit of the Iraqi currency, which is a very strong and sober category and can be used for storage, savings and cash transactions."

He pointed out that "the size of the monetary mass circulating in banks and the public currently ranges between 83-84 trillion Iraqi dinars, and the new issuance of the 20,000 denomination will not change much of the volume of circulation because it will enter into the existing liquidity."

He stressed that "the printing of the new category will not affect the value of the Iraqi currency and will not cause inflation, and the issue of inflation is linked to economic policies and has nothing to do with monetary circulation." / End 8   https://ninanews.com/Website/News/Details?Key=1005890

Parliamentary Integrity Confirms The Theft Of Tax Funds That Exceeded (800) Million Dollars

Political | 08:09 - 06/10/2022   Baghdad - Mawazine News, a member of the Parliamentary Integrity Committee, Representative Ahmed Taha Al-Rubaie, confirmed that there is a theft in the revenues of the trust accounts belonging to the general tax in Rafidain Bank, which exceeds (800) million dollars, and no authority or entity can cover this theft or deny it in favor of the thieves of public money.

Al-Rubaie said in a statement that Mawazine News received a copy of it, “After we addressed the Ministry of Finance to provide us with the results of the investigative committees on the file of the loss of the revenues of the trust accounts belonging to the general tax in the Rafidain Bank, which is estimated at more than a trillion Iraqi dinars, and to indicate the real numbers of the amounts and suspects who They took the money illegally."

He added, "The ministry replied that it had formed an investigation committee to conduct the administrative investigation into the matter, and the investigation committee recommended precautionary recommendations regarding what they were changed in the investigation, because the loss of these huge amounts from the account of the General Tax Authority was during the period of their administration and under their direct responsibility and powers."

He continued, "The ministry is awaiting the judicial investigation, as the case is before the judiciary, which has a general mandate to protect public money."

Al-Rubaie indicated that the answers of the Ministry of Finance confirm the existence of this theft, and no party or authority can cover it up or even deny it.

Al-Rubaie called on government and regulatory agencies to “prevent the travel of some managers and senior cadres in the Tax Authority who have been changed until the end of the administrative and judicial investigation.”    Al-Rubaie demanded the Federal Integrity Commission, to "

https://www.mawazin.net/Details.aspx?jimare=207522

Parliamentary Meeting Confirms The Amendment Of The Draft Mineral Investment Law

Political | 07:14 - 06/10/2022   Baghdad - Mawazine News, a joint meeting at the headquarters of the Parliamentary Committee on Economy, Industry and Trade discussed, today, Thursday, the draft mineral investment law and the introduction of amendments that would develop industry in Iraq.

The Media Department of the House of Representatives stated in a statement that Mawazine News received a copy of it, that "the Committee for Economy, Industry and Trade held today, headed by Deputy Mohamed Abd Rabbo, Vice Chairman of the Committee and in the presence of its members, a joint meeting with the Investment and Development Committee, in the presence of the advanced cadre in the Ministry of Industry and Minerals, to discuss a project Mineral Investment Law.

During the meeting held at the committee's headquarters, the head of the session stressed the need to "proceed with the legislation of the law in line with the industrial reality, and to introduce amendments that would develop the industry in Iraq."

The media department added, "The most important paragraphs of the draft law were discussed and it was agreed to take the proposals of the government side represented by the Ministry of Industry, as well as the private sector, including industrialists and factory owners. During the meeting, some paragraphs of the law were amended in preparation for its presentation for the first reading."

And she added, "The meeting stressed the need to legislate such laws to contribute to the development of the investment of minerals in the ground, including quarries and mines, and to encourage foreign and Iraqi companies to invest in this vital sector." Ended 29 / h

https://www.mawazin.net/Details.aspx?jimare=207517

The Central Bank Of Iraq Announces Health Loans

Economie| 05:26 - 06/10/2022   Baghdad - Mawazine News   The Central Bank of Iraq announced the launch of health loans for people with cancer and chronic diseases.

https://www.mawazin.net/Details.aspx?jimare=207508

The Dollar Is Rising In The Iraqi Market

Economie| 09:26 - 06/10/2022   Baghdad - Mawazine News, the dollar exchange rates rose, today, Thursday, in the local markets.  Selling  price: 147.900 dinars per $100 purchase price: 147.800 dinars per $100    https://www.mawazin.net/Details.aspx?jimare=207461

The Iraqi Stock Exchange Announces The Weekly Trading Indicators

Economie| 04:59 - 06/10/2022   Baghdad - Mawazine News   The Iraqi Stock Exchange announced the indicators of the weekly trading, after holding four trading sessions from last Sunday to today Thursday, as the trading session was not organized for Monday.

And the market management stated in a statement received / Mawazine News / a copy of it, that "the Iraqi Stock Exchange organized during the first week of October 2022 four trading sessions from Sunday 10/022022 to Thursday 06/10/2022, As the trading session was not organized on Monday 03/10/2022 because it coincided with an official holiday.

They added, "During this week, the indicators below were achieved: The number of shares traded during this week amounted to more than 9 billion shares, and the value of shares traded this week amounted to more than 4 billion dinars."

And she indicated, "The trading index in the market for the first session of the week closed at (603.33) points, while the index closed at the end of the week at (603.48) points, achieving an increase of (0.02%) from its closing in the first session, and it executed more than 2400 during the week. A contract of sale and purchase on the shares of companies listed in the market

https://www.mawazin.net/Details.aspx?jimare=207505

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

Thursday AM Iraq Parliament News Highlights 10-6-22

Thursday AM Iraq Parliament News Highlights 10-6-22

Al-Kazemi: The Political Blockage Must Be Resolved In Order To Build The State And Its Institutions

Policy    2022-10-06 | 04:34   Source:  Alsumaria news  102 views  Alsumaria News - Politics

The Caretaker Prime Minister, Mustafa Al-Kazemi, affirmed today, Thursday, that the political solution is to return to the dialogue and discussion table, put aside differences, and talk honestly and honestly to come up with realistic solutions that end this political crisis.

Al-Kazemi said in a statement received by Alsumaria News, "This government, despite the difficult political and economic conditions, and despite the absence of the budget, has steadfastly gone ahead in its vision and has overcome many obstacles, and it continues to do so tirelessly," noting that "Iraq needs a government." and to a balance, and it is unacceptable for her to be absent for so long.”

He added, "These conditions and this obstruction must be resolved and must end, for the sake of Iraq and the Iraqis, and for the sake of building the state and its institutions," adding, "The crisis today is a crisis of confidence, and it can only be restored or repaired through frank and constructive dialogue."

Al-Kazemi explained, "The solution is to return to the table of dialogue and discussion, put aside differences and speak in all honesty and integrity, to come up with realistic solutions that end this political crisis," explaining, "We are destined to understand, cooperate, meet and engage in dialogue, we are the people of one country, and it is our national and moral responsibility to preserve it." And on his abilities, and bear the full responsibility at this historical moment.

He continued, "I call on the brothers in the governorates, the governorate officials, to assume their national and moral responsibilities. They have the authority to address any defect in accordance with the legal contexts and the directions provided to them."

He stated, "The world has changed and the concepts of political and economic relations have changed in favor of development and cooperation, and this is what we do when we look for partners and cooperate with them to develop our country, and to secure the needs of all our people."

Al-Kadhimi continued, "Today, we are laying the foundation stone for the Iraqi-Jordanian electrical interconnection line project, to devote the project of cooperation and partnership, and positive interaction with our surroundings, in the service of our country and people. policy of openness and cooperation.

And he added, "We have previously worked on the electrical connection with Saudi Arabia and the Gulf states, and the agreement was signed at the Jeddah conference months ago and we worked on several clean energy projects with reputable international companies, to keep pace with the developments of the times and the challenges of the environment."

Al-Kazemi pointed out that "Iraq today enjoys great confidence, weight and presence ... and we are trying to invest this privacy, and this opportunity, in the service of Iraq and the Iraqis."   LINK

Deputy for Sovereignty: Sadr’s popular opposition is more dangerous than politics

Policy   2022-10-05 | 14:12  Source:  Alsumaria news  3,394 views  On Wednesday, the representative of the Sovereignty Alliance, Adnan al-Juhaishi, considered the popular opposition to the leader of the Sadrist movement, Muqtada al-Sadr, to be more dangerous than the political opposition, stressing the absence of comments for the candidate of the coordination framework for prime minister, Muhammad Shiaa al-Sudani.

Al-Juhaishi said during his speech to the program "Bil-Makhtaz", which is broadcast by Alsumaria satellite channel, that " Muhammed Shiaa Al-Sudani He is not far from the political arena," he stressed, stressing that "he has proven his competence and professionalism, and he is a moderate and respectable man, and there are no comments on him."

He added that "Mr. Al-Sadr is a strong political player in the Iraqi arena, and his audience is not to be underestimated," noting that "he has a popular opposition, which is more dangerous than the political opposition."

was a leader  Sadrist Movement Muqtada al-Sadr Yesterday, Tuesday, he stressed that the aspirations of the people are to form a government that is far from corruption.

Al-Sadr expressed in a tweet to him on Twitter, "His support for the words of the participants in the Security Council session show restraint, calling for self-restraint and not to resort to violence and weapons from all parties."   LINK

Allawi's Coalition After Plasschaert's Briefing .. "Two Things That Must Be Noted"

Policy   2022-10-05 | 13:54   5,087 views  Today, Wednesday, the National Coalition, led by Iyad Allawi, confirmed the "correctness" of the briefing of the United Nations envoy to Iraq, Jenin Blackshart, on "corruption and political sectarianism", while noting that there are "two things that must be addressed."

The coalition said in a statement received by Alsumaria news He "confirms the correctness of what Plasschaert spoke about corruption and political sectarianism and the need for there to be a comprehensive national dialogue to overcome the crisis that we have always called for previously," noting that this briefing "clearly diagnosed many of the problems and suffering of the Iraqi people, but there are two things that must be done." Referring to them, the first is to indict all political leaders, and this generalization is not permissible."

As for the second matter, according to the statement, "that briefing did not clearly refer to the blatant foreign interference in Iraqi affairs, especially the American and Iranian interference, as it forgot their joint agreement to stifle the democratic process in Iraq."IraqIn 2010, the right of the Iraqi people to choose who would represent and lead them at that time was taken away.

The coalition reiterated, "it stands with all of the contents of that briefing, and we take this opportunity to prove our principled position once again regarding the subject of the national dialogue according to the principle that there is no winner or loser in which peaceful demonstrators, unions, and representatives of the displaced participate in preparation for the formation of a national government that will take upon itself the holding of free and fair elections." With a new electoral commission and electoral law.    LINK

Kurdistan Commission..A New Judicial Decision Regarding The Phrase "Exclusive Authority"

2022-10-06 | 02:35  1,492 views  Alsumaria News – Localities The Federal Supreme Court decided today, Thursday, to rule the unconstitutionality of the phrase “exclusive authority” stipulated in Article (Second / First) of the Law of the Independent High Commission for Elections and Referendum in the Kurdistan Region No. (4) of 2014.

The court stated in a statement received by Alsumaria news, that “the ruling came to violate the aforementioned phrase, the provisions of Articles (20 and 120) of the Constitution The Republic of Iraq [/url] of 2005 and its infringement of the independence of the Independent High Electoral Commission.

Earlier, the Federal Supreme Court ruled the unconstitutionality of the Electoral and Referendum Commission in the region Kurdistan. LINK

Foreign Ministry: We Have Coordination With The Joint Operations And The Regional Government To Limit The Recurrence Of Bombing

Iraq   23:03 - 05-10-2022   Today, Wednesday, the Ministry of Foreign Affairs announced coordination with joint operations and the regional authorities to limit the recurrence of bombing, while noting that the bombing of Iraqi territory from neighboring countries will not end efforts to combat terrorism.

The ministry's spokesman, Ahmed Al-Sahaf, said, "The Iraqi Foreign Ministry has taken a number of steps towards the Iranian bombing, including issuing a strong statement and condemning in the strongest terms the result of this provocative unilateral Iranian aggression that affected areas of the Kurdistan Region and left many martyrs and wounded."

He added, "The Iranian ambassador to Baghdad was summoned and a strongly worded protest note was handed to him."

He added that "there is coordination between the Ministry of Foreign Affairs, the Joint Operations Command and the Kurdistan Regional Authorities, to limit the recurrence of bombing operations on Iraqi territory," explaining that "the continuation of the strikes constituted a serious qualitative shift that started with artillery shelling and passed through missile strikes and then ended with drones carrying explosive materials."

He continued, "The Ministry of Foreign Affairs considered this bombing a dangerous shift that harms the principles of good neighborliness," explaining that "the continuation of the bombing will not end efforts to combat terrorism in the region, but rather will increase security tension and cast a shadow at the level of Iraq and the region."    https://kirkuktv.net/AR/Details/9457

Al-Hakim: Side Conflicts Will Not Bring Anything New Except To Disrupt And Harm The Interests Of Citizens

Iraq   13:07 - 10-5-2022   Today, Wednesday, the leader of the National Wisdom Movement, Ammar al-Hakim, called for a concession to Iraq and the supreme national interest, while stressing that side conflicts will not bring anything new except obstruction.

Al-Hakim said, in a statement, "developments in political affairs in Iraq, mechanisms for completing the constitutional benefits, forming a national service government, and ways to strengthen relations between Iraq and France, files that were the focus of discussion during our meeting with the French ambassador in Baghdad, His Excellency Eric Chevalier."

He added: "We renewed our call to end the current political crisis through dialogue and compromise with Iraq and the supreme national interest, and indicated that side conflicts will not bring anything new except to disrupt and harm the interests of citizens."

He stressed, "the importance of investing in the promising opportunities offered by Iraq in reconstruction," noting "Iraq's firm desire to open up to everyone in order to achieve its interests and preserve its sovereignty."

And he continued: "We listened to France's position, which respects the will of the Iraqis in choosing their representatives and stands at the same distance from everyone, as the ambassador expressed his admiration for the Iraqi national cohesion, which was manifested in the fortieth visit of Imam Hussein (peace be upon him)."     https://kirkuktv.net/AR/Details/9436

The Regional Government Approves A Draft Agricultural Law And A Draft Decision On The Reform Law

Political | 05:23 - 05/10/2022   Baghdad - Mawazine News   The Kurdistan Regional Council of Ministers approved, on Wednesday, a draft law to implement and amend the Federal Agricultural Quarantine Law.

And the regional government stated in a statement that Mawazine News received a copy of it, that "the Council of Ministers held its regular weekly meeting, headed by Prime Minister Masrour Barzani and in the presence of the Deputy Chairman of the Council, Qubad Talabani."

And she added, "He reviewed, among the first paragraphs of his agenda, a draft law (implementing and amending the Federal Agricultural Quarantine Law No. 76 of 2012 amended in the Kurdistan region), which was presented by the Minister of Agriculture and Water Resources, Bekard Talabani, after which the Cabinet approved the draft law, as directed by The Minister of the Region for Parliamentary Affairs, Vala Farid, sent it to the Kurdistan Parliament with the aim of legislating it.

She indicated, "The draft law aims to regulate everything related to the acquisition, import and export of plants, their products and crops to prevent the entry and spread of agricultural diseases and epidemics in the Kurdistan Region, and by implementing the same measures, procedures and standards throughout Iraq, a high-level committee from the Ministry of Agriculture and Resources will undertake the implementation of the law. It includes representatives from the ministries of (higher education and scientific research, the interior, commerce and industry, finance and economy, and health), and the Environmental Protection and Improvement Authority.

And she added, "This law is an implementation of a federal law in the region, after its amendment and taking into account the peculiarities of the ministries and institutions of the region, in order to unify the procedures of agricultural quarantine in the region and Iraq, as well as to facilitate the work of the region's traders, farmers and farmers, to ensure the safety and quality of raw materials and basic requirements imported specifically to the region."

Agricultural projects from abroad, and ensuring that the operations of marketing the region’s local products to the central and southern governorates are not obstructed by the federal government, after the region’s institutions adopted the same procedures related to agricultural quarantine.

And she stressed, "In the second paragraph of the meeting, the head of the Coordination and Follow-up Department, Abdul Hakim Khosrow, presented a draft cabinet decision to implement Article (9) of the Reform Law, as part of the regional government's steps to implement the reform law. After discussions and deliberations, the Council of Ministers approved a draft the decision".

The Cabinet renewed, according to the statement, "its insistence on implementing the reform law, to reorganize public jobs and retirement in order to achieve justice in terms of public income, and to prevent waste and illegal use, provided that the rights of eligible citizens are preserved, and they are not deprived of their dues and salaries."   https://www.mawazin.net/Details.aspx?jimare=207412

Thursday AM Iraq Economic News Highlights 10-6-22

Thursday AM Iraq Economic News Highlights 10-6-22

Al-Kazemi: Iraq Needs A Government And A Budget, And Its Absence For So Long Is Unacceptable

Political | 11:32 - 06/10/2022   Baghdad - Mawazine News, Prime Minister Mustafa Al-Kazemi confirmed, on Thursday, that the government has worked on several clean energy projects with reputable international companies in order to keep pace with contemporary developments and environmental challenges, while noting that Iraq needs a government and a budget.

Al-Kazemi said in his speech during the foundation stone laying ceremony for the Iraqi-Jordanian electrical interconnection line project, that "laying the foundation stone for the Iraqi-Jordanian electrical interconnection line project came to devote the project of cooperation and partnership, and positive interaction with our surroundings, in the service of our country and people."

He explained, "This exceptional effort for the employees of the Ministry of Electricity secures the path of energy exchange between Iraq and brotherly Jordan, which is a true reflection and translation of the policy of openness and cooperation," noting that "we previously worked on the electrical connection with Saudi Arabia and the Gulf states, and the agreement was signed at the Jeddah Conference." months ago."

He added, "We have also worked on several clean energy projects with reputable international companies, to keep pace with the developments of the times and the challenges of the environment," noting that "Iraq today enjoys great confidence, and has its weight and presence, and we are trying to invest this privacy, and this opportunity, in the service of Iraq and the Iraqis."

He continued, "These circumstances and this obstruction must be resolved and must end, for the sake of Iraq and the Iraqis, and for the sake of building the state and its institutions," stressing that "the solution is to return to the table of dialogue and discussion, put differences aside and speak in all honesty and integrity, to come up with realistic solutions that end this political crisis." ".

He pointed out that "Iraq needs a government and a budget, and its absence for this long is unacceptable," noting that "the crisis today is a crisis of confidence, and it can only be restored or repaired through frank and constructive dialogue."

Al-Kazemi concluded his speech by saying, "We lay the foundation stone for the project, and we stress the need for serious work and the correct and proper implementation of this project and others, for the sake of Iraq and the Iraqis," explaining that "this is a trust and responsibility, and we must be up to it." Ended 29/N33    https://www.mawazin.net/Details.aspx?jimare=207477

New Details Regarding The OPEC Agreement .. Extends Until The End Of 2023

Internationals   2022-10-05 | Source: Russia Today 2,136 views  Saudi Energy Minister Abdulaziz bin Salman affirmed that "OPEC + will remain a fundamental force for the stability of the economy in the world."

After the "OPEC +" meeting inViennaBin Salman said: “What we are doing is essential for all oil exporters, even outside of OPEC +.”

The Saudi Energy Minister added: "We are acting and making our commitment to the entire global economy, and we will continue to improve the production situation."

He continued, "The current OPEC + agreement extends until the end of 2023."

He explained, "The key to our success in the OPEC + meeting is cohesion and cohesion."

The countries of the "OPEC +" alliance had decided, during its meeting today, inViennaSignificantly reducing production quotas, according to a member of the Iranian delegation, in order to support prices affected by fears of deflation.

Amir Hossein Zamani, an actor, said:IranIn the cartel as it left the meeting, representatives of the 13 member states of the Organization of Petroleum Exporting Countries (OPEC) and their 10 allies agreed to cut "two million" barrels per day for the month of November.   LINK

After Reducing Oil Production, The Consequences Of The "OPEC +" Decision On Iraq

Economie   2022-10-05 | 13:06   Source: Alsumaria news  8,088 views  Today, Wednesday, the economic expert, Abdul Rahman Al-Mashhadani, explained the consequences of the “OPEC +” decision to reduce oil production, on Iraq.

And “OPEC +” decided, earlier today, to reduce oil production by two million barrels per day, starting next November, in a move aimed at supporting prices that witnessed in the third quarter the first quarterly loss in two years.

This is the largest reduction since the historical cuts of about ten million barrels in the spring of 2020, before the collapse in demand linked to the Covid-19 epidemic.

In this regard, Al-Mashhadani says,  Alsumaria news The fluctuations that occurred in the energy markets and the significant declines that occurred in oil prices, including the barrel’s drop to below $80, in addition to the existence of a surplus in the market of about two million barrels, are all factors that served as an alarm bell for OPEC, which forced the organization to hold a meeting and proceed with production cuts. ".   LINK

Somo Reveals Iraq's Share Of The Reduction Following The Opec+ Decision

Economie| 07:34 - 05/10/2022   Baghdad - Mawazine News  The National Oil Marketing Company (SOMO) revealed that Iraq's share of the OPEC Plus decision to reduce production by about two million barrels will be 220 thousand barrels per day.

The Director-General of the National Oil Company (SOMO), Alaa Al-Yasiri, said, "The OPEC Plus decision that was taken today will prevent the continued decline in oil prices and contribute to their rise, especially as it has lost 35% of its value in recent days and months."

He added, "If a decision is not issued to reduce production, this will lead to a continuous decline that may bring prices to 50 dollars per barrel," noting that "Iraq's share of the reduction will be 220 thousand barrels per day."

The OPEC Plus group announced, in an official statement, the agreement to reduce its oil production by about two million barrels, starting next November.

In its statement, OPEC Plus said that the reduction agreement, which it called (extension of the declaration of cooperation) will continue throughout the year 2023, provided that the Ministerial Monitoring Committee of “OPEC Plus” meets every two months to follow up on market developments.

https://www.mawazin.net/Details.aspx?jimare=207428

Al-Kazemi And His Jordanian Counterpart Lay The Foundation Stone For The Iraqi-Jordanian Electrical Interconnection Project

Iraq   11:10 - 06-10-2022   Prime Minister Mustafa Al-Kazemi confirmed, today, Thursday, that the electrical interconnection project will secure the path of energy exchange between Iraq and Jordan, indicating that it is a true reflection and translation of the policy of openness and cooperation adopted by the government.

The media office of the Prime Minister said in a statement, "Prime Minister Mustafa Al-Kazemi and Jordanian Prime Minister Bishr Hani Al-Khasawneh laid, today, the cornerstone of the Iraqi-Jordanian electrical interconnection project."

He added, "Al-Kazemi confirmed that the project would secure the path of energy exchange between Iraq and Jordan, which is a true reflection and translation of the policy of openness and cooperation adopted by this government."

He added, "The two sides held a bilateral meeting, on the sidelines of the launch of the project, during which they discussed ways to develop bilateral relations and develop regional cooperation in light of the tripartite Baghdad summit, in which the leaders of Jordan, Egypt and Iraq participated," explaining that "the meeting witnessed a discussion of the implementation of the project.

The agreements concluded between the two countries and their entry into force, especially in the areas of electrical interconnection, agriculture, transportation, food security, and in the field of financial and banking relations, and the development of their infrastructure.

And the office indicated that "the two sides expressed the keenness of the governments of Iraq and Jordan to develop bilateral work mechanisms, in a way that integrates with the horizon of regional work and sustainable development, as well as efforts to prepare for the upcoming tripartite summit, and the political, economic, and security files that will be addressed."  https://kirkuktv.net/AR/Details/9465

Mustafa Al-Kazemi Arrives At The Iraqi-Jordanian Border

Iraq   10:48 - 06-10-2022   The Prime Minister's Media Office said in a statement that Prime Minister Mustafa Al-Kazemi arrived at the Iraqi-Jordanian border.  The office added that the visit comes to lay the foundation stone for the Iraqi-Jordanian electrical interconnection project, and to announce the launch of its work by the Iraqi Prime Minister Mustafa Al-Kazemi and the Jordanian Prime Minister.    https://kirkuktv.net/AR/Details/9462

The Ministry Of Commerce Completes The Payment Of Farmers' Dues For The 2022 Wheat Season

Iraq   22:52 - 05-10-2022   Today, Wednesday, Trade Minister Alaa Al-Jubouri announced the completion of the payment of farmers' dues for the 2022 wheat season

. The Minister of Trade said in a brief statement issued by the ministry, "The ministry has completed disbursing farmers' dues for the wheat marketing season for the current year 2022."

And the Ministry of Commerce announced earlier at the end of the marketing season that the quantities produced exceeded two million tons this year.    https://kirkuktv.net/AR/Details/9455

Jordanian Prime Minister: We Affirm Our Full And Absolute Support For Iraq's Efforts To Establish Security And Stability

Political | 11:51 - 06/10/2022   Baghdad - Mawazine News, on Thursday, Jordanian Prime Minister Bishr Al-Khasawneh affirmed his full and absolute support for Iraq's efforts to establish security and stability.

Al-Khasawneh said in a speech during the foundation stone laying ceremony for the Iraqi-Jordanian electrical interconnection project, in the presence of Prime Minister Mustafa Al-Kazemi, "We support Iraq's efforts in a full and absolute way in strengthening state institutions and establishing security and stability."

Al-Khasawneh pointed out that "Iraqi-Jordanian relations have made real and great leaps in recent times."

He added, "The mechanism of tripartite cooperation between Iraq, Jordan and Egypt constitutes a model for joint Arab cooperation and coordination." Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=207480

Some "Thursday News" Posted by Samson at KTFA 10-6-2022

KTFA:

Samson:  World Bank: Oil developing countries will achieve 4% growth led by Iraq

6th October, 2022

The World Bank expected that developing oil-exporting countries are expected to join the Gulf Cooperation Council and achieve growth, but at lower levels, with expectations that 2022 will witness a rise in growth rates to 4.1%, led by Iraq, with growth reaching 2.7% in 2023

The World Bank added, in the latest report on economic developments in the Middle East and North Africa, entitled "Enhancing Transparency and Accountability in the Region", that the economies of the Middle East and North Africa region will grow by 5.5% in 2022, to record the fastest growth rate since 2016, to reach The pace of growth to 3.5% in 2023, while it is estimated that growth in the Gulf Cooperation Council countries will accelerate to 6.9% in 2022, driven by hydrocarbon exports, with a growth rate of 3.7% in 2023

The report pointed out that growth is uneven across the region as countries that are still striving to overcome the lasting effects of the “Covid-19” pandemic, are facing new shocks due to high oil and food prices due to global geopolitical tensions, high global interest rates as well as The slowdown in the economies of the United States, China and the Eurozone

The report indicated that for developing oil-importing countries, it is expected to achieve a growth of 4.5% in 2022 and 4.3% in 2023, and Egypt leads this group, recording a growth of 6.6% in the fiscal year ending in June, driven by gas exports, communications and tourism

The report concluded that the oil-exporting countries in the region will benefit from the high prices of hydrocarbons (oil and gas), while the oil-importing countries in the region face adverse conditions, as they suffer from increased pressures and risks as a result of high import bills, especially food and energy imports, and the shrinking space available for spending in their public finances

The report emphasized that slow economic growth in the United States and China and the possibility of recession in Europe pose risks, especially in oil-importing developing countries that rely more on tourism and external demand from Europe, as this group of countries depends more on trade with the euro area, especially countries Importing oil in North Africa and geographically closest to Europe

The report pointed out that policy makers throughout the region have introduced some measures, especially price controls, subsidies and subsidies, to reduce the salty prices of certain commodities such as food and energy compared to their international prices, noting that this matter had an impact in keeping inflation in the region lower than in other regions. He pointed out that the average inflation in Egypt during the period from March to last July amounted to 14.3%, although it would have been higher at 18.4% if the competent authorities had not intervened

The report pointed out that the governments of the region will continue to incur additional expenditures to increase subsidies and cash transfers to mitigate the damage to the living standards of their residents due to the rise in food and energy prices globally, while for the Gulf Cooperation Council countries and developing oil-exporting countries, this is not a major concern. Currently, as unexpected revenue increases due to higher hydrocarbon prices have significantly increased fiscal space and will lead to fiscal surpluses for most oil-exporting countries in 2022, even after increased spending on inflation mitigation programmes

The report expected an acceleration in the per capita real GDP growth for the region to 3.9% in 2022, before declining to 2% in 2023, but this growth varies between groups of countries, and it is expected that the growth rate of per capita GDP will accelerate In the Gulf Cooperation Council countries, it will reach 5.5% in 2022, while the growth rate will reach 2.5% for the developing oil-exporting countries in the same year

The report pointed out that for oil-importing developing countries, the per capita GDP growth rate is expected to remain at about 2.9 percent in 2022, and 2.7 percent in 2023. The report expected that the current account balances and public finances for the Middle East and North Africa region will improve significantly in 2022, to reach 10.5% and 1.9%, respectively, driven by the rise in hydrocarbon prices. In the Gulf Cooperation Council countries, the current account balance is expected to rise to 17.2% in 2022, and 14.6% in 2023, from 7.9% in 2021. LINK

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Samson:  A financial expert determines when the dollar will end completely!

6th October, 2022

Andrei Vernikov, an independent financial expert, said that the establishment of a global reserve currency alternative to the dollar will take decades, noting that the dollar is strong despite its negativity, but confidence in it is still high.

The financial expert explained his position by saying that "many countries of the world, on the one hand, have large debts in dollars, and on the other hand, some countries export natural resources, the value of which is declining due to the rise in the value of the dollar, but the cycles of the rise and fall of the dollar alternate constantly," explaining in this context, developing countries suffer at some point, and then profit again.

Vernikov assumed that the real alternative to the dollar in world trade should have a history spanning at least several decades, while at present, even the euro could not become such an alternative, and the cryptocurrencies that were expected to play such a role too volatile, in his view.

The financial expert also noted that trade in national currencies between some countries is quite possible. And that Russia, in particular, is already making such deals with a number of neighboring countries.   LINK

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Samson:  A Kurdish party talks about a UN intervention to end the president's crisis

6th October, 2022

The Kurdistan Democratic Party confirmed today, Thursday, that there is an international intervention regarding going to an agreement and nominating one person for the President of the Republic.

The leader of the party, Wafa Muhammad Karim, said in an exclusive interview with "Mawazine News", that "there is interference from the United Nations representative in Iraq, Jenin Plasschaert, to reach a Kurdish agreement and to nominate one person for the presidency of the republic," noting that any interference from foreign countries or others. It is not relevant because this file is considered an internal matter and it is not permissible to interfere in it.”

He indicated that “there are visits from some consulates of foreign countries in the region, and their visits are limited to dialogue and consultation without pressure.”

He pointed out that “only the United Nations intervened in this matter,” noting with the holding of the parliament session, it is possible to reach a solution to this matter, and without holding it, matters will remain suspended.”

He stressed that "the selection of the President of the Republic depends on holding a parliamentary session, which will help reach a solution." LINK

Samson:  "Taslujah" hosts the 15th edition of the Sulaymaniyah International Fair

6th October, 2022

The Sulaymaniyah Chamber of Commerce and Industry announced today, Thursday, the completion of all preparations for the launch of the activities of the fifteenth international exhibition on the fairgrounds in the "Taslujah" area, with great participation. 

The Director General of the Chamber, Salam Abdullah, said during a press conference attended by Shafak News Agency, that the 15th International Exhibition will open in Sulaymaniyah from 11 to 16 October.

He added that more than 150 companies from 12 Arab and foreign countries will participate in the exhibition, in addition to local companies.  He pointed out that this year's exhibition will be supported by the Federal Trade Ministries, the Kurdistan Region and the Investment Authority.  LINK

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Samson:  Al-Kazemi: Iraq needs a government and a budget, and the crisis is a crisis of confidence

06/10/2022 11:31:18

Prime Minister Mustafa Al-Kazemi confirmed, on Thursday, that Iraq needs a government and a budget, and its absence for this long is unacceptable.

Al-Kazemi said in a statement received by {Euphrates News}, that “this government, despite the difficult political and economic conditions, and despite the absence of the budget, has steadfastly pursued its vision and overcame many obstacles, and it continues to do so tirelessly,” noting that “Iraq needs a government and a budget, and its absence for so long is unacceptable.”

 He added, "These circumstances and this obstruction must be resolved and must end, for the sake of Iraq and the Iraqis, and for the sake of building the state and its institutions," adding, "The crisis today is a crisis of confidence, and it can only be restored or repaired through frank and constructive dialogue."

Al-Kazemi explained, "The solution is to return to the table of dialogue and discussion, put aside differences and speak in all honesty and integrity, to come up with realistic solutions that end this political crisis," explaining, "We are destined to understand, cooperate, meet and engage in dialogue, we are the people of one country, and our national and moral responsibility is to preserve it." And on his abilities, and bear the full responsibility at this historical moment.

He continued, "I call on the brothers in the governorates, the governorate officials, to assume their national and moral responsibilities. They have the authority to address any defect in accordance with the legal contexts and the directions provided to them."

He stated, "The world has changed, and the concepts of political and economic relations have changed in favor of development and cooperation, and this is what we do when we look for partners and cooperate with them to develop our country and secure the needs of all our people."

Al-Kadhimi continued, "Today, we are laying the foundation stone for the Iraqi-Jordanian electrical interconnection line project, to devote the project of cooperation and partnership, and positive interaction with our surroundings, in the service of our country and people. policy of openness and cooperation. And he added, "We have previously worked on the electrical connection with Saudi Arabia and the Gulf states, and the agreement was signed at the Jeddah conference months ago and we worked on several clean energy projects with reputable international companies, to keep pace with the developments of the times and the challenges of the environment."

Al-Kazemi pointed out that "Iraq today enjoys great confidence, weight and presence... and we are trying to invest this privacy, and this opportunity, in the service of Iraq and the Iraqis."   LINK

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Samson:  The sentencing of Iraqi officials in the Ministries of Defense and Reconstruction and Housing

6th October, 2022

The Federal Integrity Commission announced today, Thursday, the issuance of two verdicts convicting officials in the Ministries of Defense and Construction and Housing, Municipalities and Public Works.

In a statement received by Shafaq News Agency, the commission's investigations department said that the Karkh and Al-Hilla Criminal Courts, which are specialized in cases of integrity, issued two prison sentences and imprisonment in absentia against the director general of the General Directorate of Budget and Programs in the Ministry of Defense and the director general of the municipalities of Babylon, the former; For deliberately causing damage to the funds and interests of the entity in which they work and committing something that violates their job duties. 

The circuit added that the Karkh Criminal Court issued a six-year prison sentence to the convict, the former Director General of the General Directorate of Budget and Programs in the Ministry of Defense; For deliberately causing damage to public funds by disbursing the amount of a contract concluded by the Ministry to supply (400) four-wheel drive “Land Cruisers” and (100) ambulances to persons not authorized to receive delivery.

And it indicated that the Hilla Misdemeanors Court, which is competent to look into integrity issues, sentenced the former director general of the municipalities of Babylon to severe imprisonment for a period of two years, for violations committed by him to the terms of the purchase contract (4) vehicles of "waste caps" type "azuz" for the benefit of the municipality of Al-Qasim from the General Company for the Automotive Industry and equipment in Alexandria.

The department indicated that the convict did not calculate the fines for the delay on the company after the expiry of the processing period of (180) days, in addition to paying 95% of the contract value. She confirmed that the two courts issued two judgments in absentia based on the provisions of Articles (340 and 331) of the Penal Code, and issued an arrest and search warrant against them, while supporting the seizure of their movable and immovable property.  LINK

"Tidbits From TNT" Thursday Morning 10-6-2022

TNT:

CandyKisses:  Newspapers continue to talk about the date of approving the next budget.. and the feasibility of issuing new categories of currency

The newspapers issued in Baghdad this morning, Thursday, the sixth of October, continued to talk about the date of approving the next budget, the feasibility of issuing new categories of currency, and other issues.

On the issue of the budget, Al-Sabah newspaper, which is issued by the Iraqi Media Network, said: "The Parliamentary Finance Committee has approved the readiness of the 2023 budget in next January."

Committee member Faisal Al-Naeli said in a statement to Al-Sabah: "The budget for next year will be decided at the beginning, and no later than January or February," noting that "the formation of the government is close to discussing it in the first months of next year, in November and early January." He added: “Both the government and the committee will take into consideration the surplus that was achieved from crude oil sales after the rise in its prices globally,”

Noting: “The budget will be loaded with many positives that can serve the interest of the citizen without affecting the central bank reserves after difficult circumstances.” The country experienced during the Corona pandemic and the drop in global oil prices, which led the country to borrow.”

Al-Naeli stressed: "Providing services to the people in all governorates will be a priority in the 2023 budget, after it was missed over the past years." But the economic expert, Manar al-Obeidi, largely ruled out, according to the newspaper, that the service aspect should be a priority for next year's budget. Al-Obaidi was quoted as saying: “There are reports of a decline in oil prices, which leads to a decrease in state revenues, in addition to a rise in operating expenses, which represent about 94 percent of total expenditures, and it is difficult for the expenses to be operating in a budget." And he added: There will be no budgets concerned with the service aspect during the next year and beyond unless the issue of operating expenses is resolved, and salaries and social benefits are reduced, or a solution is found for them at least, or an increase in state revenues from sectors other than oil.”

Regarding the issuance of new currencies, the newspaper said. Al-Zawraa, which is issued by the Iraqi Journalists Syndicate: "The Parliamentary Finance Committee suggested printing a currency of 100,000 dinars instead of a denomination of 20 thousand dinars to counter the high rates of inflation in the market."

Member of the Committee, Representative Nermin Maarouf, said in an interview with Al-Zawra: "We do not have details about what was raised in the media regarding the Central Bank's intention to print a currency of 20 thousand dinars." And she added: "I do not think that the Iraqi economy needs to print such a category, because the categories of the Iraqi currency are sufficient to complete transactions, especially since in the economy usually when the rate of inflation rises, the daily transactions of citizens need large groups to complete the daily exchange operations, and the economy does not need categories. small".

And she continued, "If the Central Bank had the intention of issuing a new category, the first was to print a category greater than 50 thousand to complete large transactions, such as the category of 100,000 dinars," pointing out that the category of 20 thousand dinars is not necessary because we have 10 thousand dinars and we have 25 thousand dinars. And there is no economic justification for issuing such a category, because the issuance of such a category is not necessary at the present time due to the high rates of inflation, and usually in this case we need larger categories.”

She pointed out: “The available monetary mass in the economy is estimated at more than 80 trillion dinars, And if a large part, and perhaps half of this money mass, is stored in individuals and families at home, and is not circulated in the economic cycle, due to the weakness of the banking systems, which were unable to attract these savings and make them part of the economic process and recycle these funds within the various economic activities. 

She concluded by saying: "I do not think that we need more cash injection, but rather we need to re-employ or move the idle and saved funds through activating banking institutions to attract savings for the purpose of investing them within the various economic activities."

In another matter, Al-Zaman newspaper continued the preparations for the celebration of the Prophet's birthday. In this regard, she said: "The Baghdadis are preparing preparations for the celebration of the Prophet's birthday in the shrines of Abu Hanifa al-Numan and Sheikh Abdul Qadir al-Kilani, where most Iraqis are keen to decorate homes, roads and markets, coinciding with the launch of the celebrations that continue until the late hours of tomorrow Friday."

And she added: "What distinguishes the celebration of this occasion is the customs and traditions inherited from fathers and grandfathers, as families prepare food and sweets and distribute them among neighbors and those who seek out. They place it in separate parts of the house or outside it after the evening prayer, as many believe that this is a blessing on the night of the birth of the Master of Creation, and they look at it with eyes of joy and hope for a better tomorrow.

Al-Zaman indicated: "The Iraqi Fiqh Council of Senior Scholars of Da'wah and Iftaa discussed with the Director of Adhamiya Municipality Zahid Al-Kitab, preparation for the upcoming celebration.

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Yada:  If the Kurds can pull this off, we may not have to wait for the UN. "Kurdish deputy: Parliament will set next week a date for electing the President of the Republic"

Yada:  I will root for anything they put together. They, the Iraqis, now know that the warning has been issued and it's up to them to try anyway. As much as I favor Sadr's cause, he has now gone beyond reason in stopping the formation.

2gold:  At the beginning of every month “this is it”- now it’s maybe by months end.” Soon it will be “by the end of year.” 17 years for me - same old story month after month, year after year!. When will it happen? Only God knows.

Yada:  2gold, I would encourage you to understand why it has been that the past 18 years. It wasn't for a lack of trying. Their constitution continued to allow for the manipulation of this release and NOW, those who have been running rough shod, have now been cornered. The same UN who lowered their dinar is now the same UN who have given them notice of the REISSUE of their currency.

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Tishwash:  International banks: Oil will catch fire after the “OPEC +” decision, and exceed $110

International banks expected, on Thursday, that oil prices would ignite after the recent “OPEC +” decision, to exceed $110 a barrel.  

The expectations of oil prices, which have witnessed many cuts in recent weeks, in light of expectations of a decline in demand in light of the economic slowdown and inflation that are plaguing the markets, after the largest OPEC + production cut from 2020.  

This comes while markets are awaiting Washington's reaction to the decision to cut, which the US President believes was not necessary, as he accused the group that it did not take into account global conditions and that the decision came in the interest of Russia.  

US investment bank Goldman Sachs raised its forecast for the price of Brent oil for the fourth quarter by $10 a barrel to $110, according to a note from several analysts.  

"All the developments we've seen on the supply side at this point are pretty much setting the stage for what we think will be higher prices at the end of this year," Damien Corvalin, head of energy research, told Bloomberg TV.  

The adjustment comes as a result of OPEC+'s decision to cut oil production by 2 million barrels per day from November, and the note states that OPEC+ plans to cut production by 2 million barrels per day, which is a real decrease of 1.2 million barrels per day compared to the bank's forecast for November.  

US investment bank Goldman Sachs said the price is likely to rise further if the production plan is adhered to and market conditions continue to improve.  

Goldman Sachs believes the cut makes sense, albeit exceptional, as it increases the oil group's revenue with the least amount of sacrifice in future profits.  

Morgan Stanley (NYSE:MS)  

"Brent crude will find its way to $100 a barrel faster than we previously expected after the OPEC+ move," Morgan Stanley analysts including Martin Ratts said in a note.    link

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Harambe:  World Currency Reserves Shrink by $1 Trillion in Record Drawdown | Bloomberg 10/5/22

Global foreign-currency reserves are falling at the fastest pace on record as central banks from India to the Czech Republic intervene to support their currencies.

Reserves have declined by about $1 trillion, or 7.8%, this year to $12 trillion, the biggest drop since Bloomberg started to compile the data in 2003.

Part of the slump is simply due to valuation changes. As the dollar jumped to two-decade highs against other reserve currencies, like the euro and yen, it reduced the dollar value of the holdings of these currencies. But the dwindling reserves also reflect the stress in the currency market that is forcing a growing number of central banks to dip into their war chests to fend off the depreciation.

India’s stockpile, for example, has tumbled $96 billion this year to $538 billion. The country’s central bank said asset valuation changes account for 67% of the decline in reserves during the fiscal year from April, implying the rest came from intervention to prop up the currency. The rupee has lost about 9% against the dollar this year and hit a record low last month.

Japan spent about $20 billion in September to slow the yen’s slide in its first intervention to support the currency since 1998. That would account for about 19% of the loss of reserves this year. A currency intervention in the Czech Republic helped drive down reserves there by 19% since February.

“This is all part of the catalog of symptoms of the canary in the coal mine,” said Axel Merk, chief investment officer at Merk Investments, of the declining reserves. “Cracks are showing up. And those red flags will come at an increasing pace.”

While the magnitude of the decline is extraordinary, the practice of using reserves to defend currencies isn’t anything new. Central banks buy dollars and build up their stockpiles to slow currency appreciation when foreign capital floods in. In bad times, they draw on the reserves to soften the blow from capital flight.

“Some countries, notably in Asia, can go both ways, smoothing weakness, and pockets of strength,” said Alan Ruskin, chief international strategist at Deutsche Bank AG.

Most central banks still have enough fire power to keep interventions going, if they chose to. Foreign reserves in India are still 49% higher than 2017 levels, and enough to pay for nine months of imports.

But for others, they are quickly depleting. After declining 42% this year, Pakistan’s $14 billion of reserves aren’t enough to cover three months of imports, data compiled by Bloomberg show

https://www.bloomberg.com/news/articles/2022-10-05/world-currency-reserves-shrink-by-1-trillion-in-record-drawdown

Mot: ooooh....... ooooh....... ooooh....... oooh Deeer!! Siigghhhhhh

Mot: What??? - sigghhh - He did Exactly what She asked.. Must be a Marital Thingy! ~~~