Iraqi News Highlights Monday Afternoon 9-4-23
Iraqi News Highlights Monday Afternoon 9-4-23
Tlm724 Administrator Bondlady’s Corner
The President Of The Republic Confirms His Support For All Efforts To Pass The Oil And Gas Law
Monday 04 September 2023 16:41 | political Number of readings: 131 Baghdad / NINA / - The President of the Republic, Abdul Latif Rashid, affirmed his support for all efforts aimed at approving the oil and gas law in a manner that preserves the rights of all Iraqis. A statement by the media office of the President of the Republic said, "Rashid visited the Sulaymaniyah governorate, and he was received by the governor, Haval Abu Bakr."
Iraqi News Highlights Monday Afternoon 9-4-23
Tlm724 Administrator Bondlady’s Corner
The President Of The Republic Confirms His Support For All Efforts To Pass The Oil And Gas Law
Monday 04 September 2023 16:41 | political Number of readings: 131 Baghdad / NINA / - The President of the Republic, Abdul Latif Rashid, affirmed his support for all efforts aimed at approving the oil and gas law in a manner that preserves the rights of all Iraqis. A statement by the media office of the President of the Republic said, "Rashid visited the Sulaymaniyah governorate, and he was received by the governor, Haval Abu Bakr."
During the meeting, the President stressed the need to make efforts to combat all forms of corruption and provide the best services to citizens," stressing his support for "all efforts aimed at approving the oil and gas law in a manner that preserves the rights of all Iraqis.
" The importance of establishing cultural centers known about Kurdish culture and its history, as well as preserving the antiquities in the province and taking care of its museum.
According to the statement, "Governor Haval Abu Bakr expressed his thanks to the President of the Republic for his important visit, stressing that the governorate in all its departments will continue to work to provide services to citizens in a way that achieves their aspirations for stability."/ End
https://ninanews.com/Website/News/Details?key=1075473
More Than 3.5 Billion Dollars In Auction Sales Of The Central Bank Of Iraq Within A Month
Posted On2023-09-04 By Sotaliraq The sales of the Central Bank of Iraq, from the hard currency auction of the US dollar during the month of August, amounted to more than 3.5 billion dollars.
Our correspondent stated that the Central Bank sold during the month of August, in the days when it opened its auction for buying and selling US dollars, 3 billion and 749 million and 706 thousand and 378 dollars, at a rate of 197 million and 352 thousand and 967 dollars, down by 8% from the previous month, which amounted to 213 million and 816 thousand and 528 dollars, also decreasing by 25% compared to the same period last year 2022.
He added that sales of foreign remittances amounted during the past month to 3,111,974,378 dollars, an increase of 79% compared to cash sales, which amounted to 637,732,000 dollars.
Our correspondent went on to say that these sales were distributed between remittances abroad to finance foreign trade, and between cash sales to banks, while the price of selling amounts of documentary credits and international settlements of electronic cards reached 1305 dinars per dollar, while the price of selling remittances abroad and the price of cash sales amounted to 1310 dinars per dollar. dollar. LINK
The Dollar Is Rising Again In The Local Markets
Economy Monday, September 4, 2023 Baghdad / National News Center Today, Monday, the prices of the US dollar against the Iraqi dinar rose in the markets of the capital, Baghdad.
The selling prices in the exchange shops in the local markets in Baghdad amounted to 154,500 dinars per 100 dollars, while the purchase price reached 152,500 dinars per 100 dollars.
Oil Prices Rise Due To Strong Chinese Data And OPEC+ Cut Expectations
Economy | 04/09/2023 Baghdad - Mawazine News Oil prices rose slightly in Asian morning trade on Monday, as positive economic data from China and the United States, as well as expectations of continued crude supply cuts from major producers, boosted market sentiment.
By 00:15 GMT, Brent crude rose 4 cents to $88.56 a barrel. US West Texas Intermediate crude rose 6 cents, to $85.61.
The sustained upward movement in the price comes after both contracts settled at their highest levels in more than half a year last week, breaking a two-week losing streak.
On the demand side, manufacturing activity in China unexpectedly expanded in August, leading to renewed optimism about the economic growth of the world's largest oil importer.
https://www.mawazin.net/Details.aspx?jimare=234409
Statistic: Iraq Achieved The Largest Trade Surplus In 2022 Over A Period Of Ten Years
Money and business Economy News _ Baghdad Statistics conducted by the German company Statista, which specializes in market and consumer data, revealed that Iraq achieved the largest trade surplus for the past year 2022 over the past ten years.
The trade balance indicates the differences in imports and exports of goods in the country during the year. If the value of its exports during a period exceeds the value of its imports, it is called a surplus in the trade balance. If the total value of imports exceeds the total value of exports, it is called a deficit in the trade balance.
And the company stated in a table seen by Al-Iqtisad News that Iraq achieved the highest trade surplus for goods in 2022 over the past ten years, as the surplus last year amounted to $53.54 billion, up by 64% from 2021, which amounted to a trade surplus for goods in that period. The year is 20.08 billion dollars, indicating that Iraq achieved a deficit in its trade balance for two years, the first in 2020, when the deficit amounted to 4.11 billion dollars, and the second in 2015, when the trade deficit reached 0.94 billion dollars.
And he continued, “In 2019, the balance achieved a trade surplus of $16.62 billion, in 2018 the trade surplus reached $35.95 billion, and the trade surplus in 2017 reached $15.1 billion,” noting that the trade surplus in 2012 amounted to $35.39 billion.
Views 56 09/04/2023 https://economy-news.net/content.php?id=36164
To read more current and reliable Iraqi news please visit BondLady’s Corner:
"Tidbits From TNT" Monday 9-4-2023
TNT:
CandyKisses: Deputy: 10 countries expressed their desire to invest in the Iraqi development path
Information / Baghdad
MP Baqir al-Saadi said, on Monday, that there is a desire by 10 countries to invest in the Iraqi development road.
Al-Saadi said in an interview with Al-Maalouma that "Iraq's strategic location as a link in an important geography in the global transport map allows it high flexibility in attracting large investments, especially with the presence of large development projects."
He added, "The development road, which was recently announced by Prime Minister Muhammad Shia Al-Sudani, will be the most important development project for Iraq after 2023, as it will achieve great benefits in regional and international openness and the transfer of part of the movement of goods towards the country's ports on their way to Europe through Turkey and the possibility of creating other branches."
TNT:
CandyKisses: Deputy: 10 countries expressed their desire to invest in the Iraqi development path
Information / Baghdad
MP Baqir al-Saadi said, on Monday, that there is a desire by 10 countries to invest in the Iraqi development road.
Al-Saadi said in an interview with Al-Maalouma that "Iraq's strategic location as a link in an important geography in the global transport map allows it high flexibility in attracting large investments, especially with the presence of large development projects."
He added, "The development road, which was recently announced by Prime Minister Muhammad Shia Al-Sudani, will be the most important development project for Iraq after 2023, as it will achieve great benefits in regional and international openness and the transfer of part of the movement of goods towards the country's ports on their way to Europe through Turkey and the possibility of creating other branches."
He pointed out that "10 countries have expressed their desire to invest in the Iraqi development road, and there is interest from other countries, pointing out that the launch of the project means important messages, most notably security stability and the return of Baghdad to play a pivotal role in the Middle East."
REalPrazer18: This is exciting! The more the merrier and the sooner we can RV so their contracts can start!
CandyKisses: Statistical: Iraq achieved the largest trade surplus in 2022 over ten years
Shafaq News / Statistics conducted by the German company Statista specialized in market and consumer data revealed that Iraq achieved the largest trade surplus for the past year 2022 over the past ten years.
The trade balance indicates the differences in imports and exports of goods in a country during the year, if the value of its exports during a period exceeds the value of its imports, it is called the surplus in the trade balance, and if the total value of imports exceeds the total value of exports, it is called the deficit in the trade balance.
The company stated in a table seen by Shafaq News Agency that Iraq achieved the highest trade surplus for goods in 2022 over the past ten years, as the surplus last year amounted to $ 53.54 billion, up by 64% from 2021, which reached the trade surplus of goods in that year $ 20.08 billion, noting that Iraq achieved a deficit in its trade balance for two years, the first in 2020, where the deficit reached $ 4.11 billion and the second in 2015. The trade deficit was $0.94 billion.
He continued, "In 2019, the balance achieved a trade surplus of $ 16.62 billion, and in 2018 the trade surplus reached $ 35.95 billion, and the trade surplus in 2017 amounted to $ 15.1 billion," noting that the trade surplus in 2012 amounted to $ 35.39 billion.
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CandyKisses: American Expert: The Impact Of "BRICS" Is Growing And The Global Economy Is Starting To Change
American economist Richard Wolf pointed to the growing influence of BRICS, which has become a guarantor for countries that reject the alliance with Washington and the West, especially with the economic development in producing Russia and China.
He added in an interview with the Dialogue Works channel on YouTube that "the economies of the West will be troubled during the coming period, while the Russian economy will grow and the Chinese economy will grow rapidly, as Russia is a producing country in the end, not to mention that the alliance between Russia, Iran, Saudi Arabia, the UAE and others, which are oil and energy producing countries, will compete with the West and Washington, so why American hegemony?"
He stressed that BRICS sent a strong message that the global economy is changing and has a general goal of developing and supporting the economies of its countries, and therefore every country in the world has two options: either submit to the hegemony of Washington and its allies, or join the BRICS and its allies.
Wolff pointed to the relentless attempts of Washington and the West to prevent this and influence the BRICS group, whose role began to grow year after year, as countries that need financial support and reject American hegemony can now turn to the BRICS Bank.
He stressed that most countries saw what happened in the Ukrainian crisis and the position of the West, led by Washington, towards Russia in terms of sanctions and freezing of its assets.
He stressed that the war in Ukraine is not because of Ukraine, but rather falls within the West's attempts to weaken Russia and China, and so far the West believes that by supplying Kiev with weapons and prolonging the conflict, the Russians will kneel, but in the end it destroys Ukraine, and will not prevent Russia from achieving its goals.
Mot: ..... more Insight into Raising the ""Wee Folks"" of This Generation! – LOL
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MilitiaMan: Iraq Dinar Exchange Rate - Great Wealth - Private Sector - International Trade - Iranian Rial?
Iraq Dinar Exchange Rate - Great Wealth - Private Sector - International Trade - Iranian Rial?
MilitiaMan and Crew: 9-4-2023
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to entire video for all of the news
Iraq Dinar Exchange Rate - Great Wealth - Private Sector - International Trade - Iranian Rial?
MilitiaMan and Crew: 9-4-2023
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to entire video for all of the news
Monday Morning Iraq Economic News Highlights 9-4-23
Monday Morning Iraq Economic News Highlights 9-4-23
Sudanese Advisor: The Ownership Of The Railway Link Project Will Be 100% For Iraq
Information/Baghdad… Adviser to the Prime Minister for Transportation Affairs, Nasser Al-Asadi, confirmed today, Monday, that the ownership of the railway link project with Iran will be 100% in favor of Iraq.
Al-Asadi said in a televised interview, followed by Al-Maalouma Agency, that "the railway link agreement with Iran stipulates the transportation of passengers only," pointing out that "the completion of the rehabilitation and development of the Shalamcheh crossing has become an urgent need."
Monday Morning Iraq Economic News Highlights 9-4-23
Sudanese Advisor: The Ownership Of The Railway Link Project Will Be 100% For Iraq
Information/Baghdad… Adviser to the Prime Minister for Transportation Affairs, Nasser Al-Asadi, confirmed today, Monday, that the ownership of the railway link project with Iran will be 100% in favor of Iraq.
Al-Asadi said in a televised interview, followed by Al-Maalouma Agency, that "the railway link agreement with Iran stipulates the transportation of passengers only," pointing out that "the completion of the rehabilitation and development of the Shalamcheh crossing has become an urgent need."
He added, "There are no secrets related to the railway link project with Iran," noting that "the workforce in the project will be 100% Iraqi."
And the Prime Minister's Adviser for Transportation Affairs continued, "We do not know the reasons for the sensitivity of the railway link project with the Islamic Republic of Iran." LINK
About $200 Million In Cash Sales Today From The Iraqi Central Bank
2023-09-04 Shafaq News/ The Central Bank of Iraq's sales amounted to about 200 million dollars in the currency auction today, Monday.
Shafaq News Agency reporter stated that the Central Bank sold today, during its auction for buying and selling US dollars, 197 million, 727 thousand and 483 dollars, which the bank covered at a basic exchange rate of 1,305 dinars, per dollar for documentary credits and international settlements of electronic cards, and at a price of 1,310 dinars per dollar for external transfers. Same price in cash.
Our correspondent added that most of the dollar sales went to enhance the balances abroad in the form of (remittances, credits), which amounted to 172 million 357 thousand and 483 dollars, while cash sales amounted to 25 million and 370 thousand dollars.
Our correspondent indicated that the number of banks that bought the cash dollar amounted to 7, while the number of banks that responded to requests for strengthening balances abroad reached 20, while the total number of exchange and mediation companies participating in the auction was 89 companies. LINK
Parliamentary Oil: The Import Of Gas Will Continue For Five Years
Information / Baghdad.. The Parliamentary Oil and Gas Committee suggested, on Monday, that Iraq's need to import gas intended for electricity production plants may continue for the next five years.
Member of the committee, Representative Ali Shaddad, said in a statement to Al-Maalouma, that "the issue of providing gas for electricity production plants is linked to two matters, the first is the national effort through the investments provided by the South Gas Company, and the second is what the Basra Gas Company is doing in investing and stopping the burning of gas associated with extraction." oil.”
He added that "Iraq's need for energy is constantly increasing due to the increase in the need for electric energy and its provision for new housing projects and the reactivation and establishment of new industrial factories."
Prime Minister Muhammad Shia al-Sudani confirmed, during a meeting with deputies of the State of Law coalition last Wednesday, the possibility of stopping importing gas for a period of two years or a little more. LINK
Deputy: The Railway Link Between Iraq And Iran Is A Mercy Shot At The Port Of Faw
Posted On2023-09-04 By Sotaliraq Basra - Qusay Munther Laying the foundation stone for the rail link project between the Iranian provinces of Basra and Khorramshahr sparked reactions in favor and opposition to the government's step, amid a desire to complete the pending transportation and electricity projects with the Iraqi neighborhood. Independent MP Amer Abdul-Jabbar wrote on the XN website (the investment of the Arbaeen visit to lay the foundation stone for the project The rail link with Iran is considered as a mercy shot on the port of Faw.”
He added, “The need for 91 berths in the port will be eliminated, and it may be limited to 15 berths.”
According to reports, Iranian pressure continued on Iraq through the Minister of Transport, Rustam Qasimi, to link the two countries by rail, but that did not happen at the time.
During the ceremony, Al-Sudani welcomed (the Iranian Vice President and his accompanying delegation, and also appreciated the role of the Minister of Transport, the Governor of Basra, the advisors and the rest of the officials in the Ministry of Foreign Affairs, committees and ministries, for their exceptional efforts, to proceed with this great project),
pointing to (the importance of the railway link project in Transporting travelers and visitors to the holy shrines, from Iran and the countries of Central Asia, in addition to its importance in strengthening the infrastructure of the Iraqi economy and increasing its growth),
indicating that (the project has undergone years of discussion, and it was agreed to complete it between Iraq and Iran in 2021), and he pointed out that ( The railway link through Shalamcheh, is one of several links for transporting travelers and visitors to the holy shrines,
which is scheduled to reach the governorates of Najaf and Karbala). For his part, an informant conveyed (President Ibrahim Raisi's greetings to Al-Sudani, and praised the development plans initiated by the Iraqi government in various sectors). LINK
Statistic: Iraq Achieved The Largest Trade Surplus In 2022 Over A Period Of Ten Years
Money and business Economy News _ Baghdad Statistics conducted by the German company Statista, which specializes in market and consumer data, revealed that Iraq achieved the largest trade surplus for the past year 2022 over the past ten years.
The trade balance indicates the differences in imports and exports of goods in the country during the year. If the value of its exports during a period exceeds the value of its imports, it is called a surplus in the trade balance. If the total value of imports exceeds the total value of exports, it is called a deficit in the trade balance.
And the company stated in a table seen by Al-Iqtisad News that Iraq achieved the highest trade surplus for goods in 2022 over the past ten years, as the surplus last year amounted to $53.54 billion, up by 64% from 2021, which amounted to a trade surplus for goods in that period. The year is 20.08 billion dollars, indicating that Iraq achieved a deficit in its trade balance for two years, the first in 2020, when the deficit amounted to 4.11 billion dollars, and the second in 2015, when the trade deficit reached 0.94 billion dollars.
And he continued, “In 2019, the balance achieved a trade surplus of $16.62 billion, in 2018 the trade surplus reached $35.95 billion, and the trade surplus in 2017 reached $15.1 billion,” noting that the trade surplus in 2012 amounted to $35.39 billion.
Views 26 Added 09/04/2023 - https://economy-news.net/content.php?id=36164
Goldilocks' Comments and Global Economic News for Sunday evening, September 3, 2023
Good evening Dinar Recaps,
Goldilocks posted comments and news links on the global financial system
The markets and banking system have made their preparations for our transition into the new economy.
The new capital requirements for the banking system will be tested this month as the banking system returns to the Debt Market.
This is the place where bonds are bought and sold to build infrastructure rise and fall. It is an important month for the banking system to test these new capital requirements.
These new Basel 3 requirements will be adjusted if need be this month. This includes the commodity market's participation in growth due to higher requirements on gold as an asset for the banking system.
I would classify this month as an adjustment period to see if these new requirements hold or need more changes. It will tell us the economic ranges we are in enabling us to expand or contract.
© Goldilocks
Good evening Dinar Recaps,
Goldilocks posted comments and news links on the global financial system
The markets and banking system have made their preparations for our transition into the new economy.
The new capital requirements for the banking system will be tested this month as the banking system returns to the Debt Market.
This is the place where bonds are bought and sold to build infrastructure rise and fall. It is an important month for the banking system to test these new capital requirements.
These new Basel 3 requirements will be adjusted if need be this month. This includes the commodity market's participation in growth due to higher requirements on gold as an asset for the banking system.
I would classify this month as an adjustment period to see if these new requirements hold or need more changes. It will tell us the economic ranges we are in enabling us to expand or contract.
© Goldilocks
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Will sharing a digital yuan QR code with Alipay, WeChat Pay drive adoption? - Ledger Insights - blockchain for enterprise
https://www.ledgerinsights.com/digital-yuan-qr-code/
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Multipolar Market on X
https://twitter.com/MultiPolarMarkt/status/1698311979323015507?t=RMCwv5NCm9HrnlJZYaFHyw&s=35
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How Have Mortgage Rates Hit Home Sales & Inventory? Where Will Inflation & Long-Term Rates Go? Have Credit Cards Propped up Consumers Spending? | Wolf Street
https://wolfstreet.com/2023/09/03/how-mortgage-rates-hit-home-sales-inventory-where-will-inflation-long-term-rates-go-did-credit-cards-prop-up-consumers-spending/
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Well, well, well #China and #SaudiArabia dump $114.5 Billion #USTreasury bonds. I keep asking the question, if the #USD #Petrodollar agreement is dropped and all other currencies are accepted for #oil. Who will make the bondholders whole?
Well, if these nations keep off losing their positions, it won't be a question at all, now will it?
dailyhodl.com/2023/09/02/114…
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Financial Assets Are Now Set To Seriously Deflate | King World News
https://kingworldnews.com/financial-assets-are-now-set-to-seriously-deflate/
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Treasury and IRS Issue Proposed Regulations for Tax Reporting Requirements on Digital Asset Transactions | Sullivan & Worcester - JDSupra
https://www.jdsupra.com/legalnews/treasury-and-irs-issue-proposed-1008175/
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Vietnam and Iran News Posted by Harambe at TNT 9-3-2023
TNT:
Harambe: New e-visa policy to help lure more foreign visitors | Vietnam+ (9/3/23)
. The e-visa policy, which took effect from August 15, is expected to help Vietnam attract a hike in the number of international visitors right in the autumn-winter tourist seasonof 2023, said Do Van Hao, Deputy Chief of Police at Tan Son Nhat International Airport in Ho Chi Minh City.
According to Hao, the resolution issued by the Government on August 14 on granting e-visas to citizens of all countries and territories represents a breakthrough and reaffirms the Vietnamese Government's commitment to continuing the policy of openness to foreigners, creating favourable conditions in terms of visa, entry and exit procedures for them, especially those visiting Vietnam for the purposes of working, investment, and tourism.
TNT:
Harambe: New e-visa policy to help lure more foreign visitors | Vietnam+ (9/3/23)
. The e-visa policy, which took effect from August 15, is expected to help Vietnam attract a hike in the number of international visitors right in the autumn-winter tourist seasonof 2023, said Do Van Hao, Deputy Chief of Police at Tan Son Nhat International Airport in Ho Chi Minh City.
According to Hao, the resolution issued by the Government on August 14 on granting e-visas to citizens of all countries and territories represents a breakthrough and reaffirms the Vietnamese Government's commitment to continuing the policy of openness to foreigners, creating favourable conditions in terms of visa, entry and exit procedures for them, especially those visiting Vietnam for the purposes of working, investment, and tourism.
The number of foreign visitors, especially those from Europe and the Americas, is projected to increase sharply after the Autumn-Winter tourist season starts (from late September to early October), Hao said.
Tan Son Nhat International Airport put automatic entry systems (Autogate) into operation in early August, helping reduce the time for security check to about 30-40 seconds per passenger, the official noted.
However, Director of the municipal Department of Tourism Nguyen Thi Anh Hoa said a survey conducted by the agency at travel agencies found that there hasn't been a significant change in tourist numbers to Vietnam following the implementation of the new e-visa policy.
Statistics reported by local hotels show that the number of room reservations for September reached around 70% of the total capacity.
Strong growth is expected in both international and domestic visitors during September and towards the end of the year, Hoa said.
Sharing Hoa’s opinion, General Director of Viet Tourism Communication JSC Pham Phuong Anh predicted that the new e-visa policy may increase the number of international tourism arrivals to Vietnam served by the company by 2-25% per year.
According to the Government’s decision, foreigners using e-visas are permitted to enter or exit Vietnam via 13 air border gates, 16 land border gates, and 13 sea border gates
https://en.vietnamplus.vn/new-evisa-policy-to-help-lure-more-foreign-visitors-official/267245.vnp
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Harambe: Vietnam to host Biden visit and elevate US links amid rising China assertiveness in South-East Asia | Brisbane Times (9/2/23)
The United States and Vietnam are poised to significantly enhance their economic and technological ties, bringing the former wartime foes closer at a time of increased Chinese assertiveness in South-East Asia.
The deal, expected to be announced when US President Joe Biden makes a state visit to Vietnam next weekend, is the latest step by his administration to deepen relations in Asia.
For Hanoi, the closer relationship with Washington serves as a counterweight to Beijing’s influence.
The establishment of a “comprehensive strategic partnership” will give the United States a diplomatic status that Vietnam has so far reserved for only a handful of other countries: China, Russia, India and South Korea. The deal was confirmed by a senior Biden administration official and two people in Hanoi familiar with the matter.
Tightening the American relationship shows Hanoi is willing to risk angering Beijing but sees the move toward Washington as necessary given how aggressively China is flexing its military muscle in the region, analysts said.
“If you have the United States on the same pedestal as China, that is saying a lot to Beijing, but also to the rest of the region and the world,” said Derek Grossman, a senior defence analyst at Rand Corporation and a former US intelligence officer.
“That’s saying the US-Vietnam relationship has come a long way since 1995”, when the two countries normalised relations.
The agreement, proposed by the Biden administration in recent months, flows from a US strategy to build economic and security partnerships in the Indo-Pacific that can serve as a bulwark against Chinese economic and military coercion.
For Vietnam, it “serves both symbolic and substantive purposes”, said Le Hong Hiep, a senior fellow at the Singapore-based ISEAS-Yusof Ishak Institute.
The agreement is expected to lead to greater economic activity between the two countries, as the United States seeks to diversify its manufacturing supply chains away from China, and as Vietnam aspires to develop advanced technologies. American semiconductor firms have expressed “a willingness to support them in that ambition”, said a senior Biden administration official, speaking on the condition of anonymity because the agreement has not yet been announced.
The United States is now the top destination for exports from Vietnam, which has made a dramatic economic transformation over the past two decades.
VinFast, the country’s leading electric vehicle manufacturer, is now selling its sleek SUVs in California and recently held an initial public offering of its stock on Nasdaq.
American companies have likewise shown a willingness to do business: Apple and Google suppliers have invested heavily in new factories in Vietnam, and a major announcement is expected from Boeing, which said earlier this year that it intends to expand its footprint in the country.
Harambe: Iran shopping gold as dedollarization trend accelerates - Mehr News Agency (9/3/23)
According to the data from the Islamic Republic of Iran Customs Administration, gold, worth over $265 million, accounted for more than one percent of all Iranian imports during the five month period. Iran has been quietly ramping up its foreign purchases of gold, adding over 4.1 tons of standard gold ingots to the country’s coffers in the first five months of the Iranian calendar year (March 21-August 22).
Both the Iranian state and private citizens appear to have been turning to gold recently, with the World Gold Council reporting in May that demand for gold coins and bars by Iranians had jumped dramatically, with investment soaring to 13 tons over the first months of 2023 – 26 percent more than the 10 ton five-year quarterly average, as citizens searched for solid stores of values amid inflation and sanctions-related pressures.
Iranian Trade Promotion Organization chief Mehdi Zeighami indicated that the bump in gold imports was related to eased regulations by the state late last year related to the return of export proceeds, which has led companies engaging in exports to import gold to pay their hard currency liabilities to Iran’s Central Bank.
“Imports of gold ingot are economical for businesses and we have tried to diversify methods used for repatriation of hard currency,” Zeighami explained, Sputnik reported.
The measures are a boon to the Iranian state, which has worked carefully to build up gold reserves and expand domestic extraction activities. This week, Ministry of Industry, Mines and Trade Department of Exploration Affairs director general Ebrahim Ali Molabeigi announced that the country discovered some 79 tons of untapped gold reserves worth $355 million in 2022 alone.
Iran has successfully used gold to deal with sanctions, using it in trade to avoid using dollars or becoming ensnared in Western financial institutions subjected to US and European sanctions and secondary restrictions. The country now has an estimated 340 tons in proven gold reserves, although exact data on gold held by the Central Bank are unknown.
Gold’s attractiveness as a store of value has climbed steadily over the decades, reaching close to $2,000 an ounce in public trading this week, amid inflation and uncertainty about the value of the dollar and other paper money, and the growing popularity of gold in countries’ international reserves after witnessing how reserves held in Western currencies can be frozen or transformed from a financial instrument into a weapon.
Speculation about the possible use of a gold-backed token of exchange by the BRICS bloc has served to further pique investor and government interest in the precious metal.
Earlier this year, Russian officials revealed that Moscow and Tehran were considering the use of a gold-backed ‘Persian Gulf token’ stablecoin. Financial experts said that idea, if realized could cause a potential “tectonic shift” in international finance, with serious implications not only for the dollar but for other fiat currencies around the world, since they could serve as “a very appealing safe haven alternative that cannot be weaponized against the owners and users of such tokens.”
https://en.mehrnews.com/news/205554/Iran-shopping-gold-as-dedollarization-trend-accelerates
"Tidbits From TNT" Sunday 9-3-2023
TNT:
CandyKisses: Demonstrations and strikes from work. Delayed payment of salaries paralyzes movement in Sulaymaniyah
Baghdad today - Baghdad
Today, Sunday (September 3, 2023), a local source reported that a number of government departments in Sulaymaniyah Governorate have gone on a general strike.
The source told "Baghdad Today" that "the electricity departments, the educational hospital, and the land registry office started a general strike because of the delay in paying the salaries of employees with their entry into the month of September and not receiving their salaries for the month of July until now."
In the same context, the source confirmed that "the free lecturers in Sulaymaniyah organized a protest to demand their appointment to permanent staffing."
He added, "The protesters threatened to escalate if their demand was not implemented by the concerned authorities."
TNT:
CandyKisses: Demonstrations and strikes from work. Delayed payment of salaries paralyzes movement in Sulaymaniyah
Baghdad today - Baghdad
Today, Sunday (September 3, 2023), a local source reported that a number of government departments in Sulaymaniyah Governorate have gone on a general strike.
The source told "Baghdad Today" that "the electricity departments, the educational hospital, and the land registry office started a general strike because of the delay in paying the salaries of employees with their entry into the month of September and not receiving their salaries for the month of July until now."
In the same context, the source confirmed that "the free lecturers in Sulaymaniyah organized a protest to demand their appointment to permanent staffing."
He added, "The protesters threatened to escalate if their demand was not implemented by the concerned authorities."
Tishwash: Al-Sudani sponsors the signing of an agreement with the International Finance Corporation to develop and rehabilitate Baghdad International Airport
Prime Minister Muhammad Shia Al-Sudani sponsored, this morning, Sunday, the signing of a pioneering agreement with the International Finance Corporation / IFC, to develop and rehabilitate Baghdad International Airport, where the Director General of the Civil Aviation Authority signed on the Iraqi side.
The agreement includes, according to a statement by the Prime Minister’s Office, a copy of which {Euphrates News} received, “the provision of the international corporation with an integrated investment portfolio that includes how to expand, finance, operate and maintain the international airport, raise the efficiency of its facilities and safety factors, and upgrade its services, to comply with international standards for airports in the world.” through a specialized international company.
Al-Sudani stressed, "This agreement is one of a series of agreements that will be concluded with the private sector, which will take the role of partner in developing infrastructure for various vital sectors in Iraq, within an economic vision that extends to 2030, that enhances the infrastructure needed for the sustainable development of the Iraqi economy." .
He stressed that the government has given importance to the Baghdad International Airport file. Because it represents a civilized interface that represents Iraq and its people, and that falls within the framework of an integrated vision that includes all airports and is also based on diversifying means of transportation and interconnection with countries in the region and the world.
The agreement includes that the International Finance Corporation, a member of the World Bank Group, will provide consultations on the path of developing the role of the private sector, and strengthening its entry into the arena of public services, in partnership with the public sector, and sectors facing future challenges.
It is noteworthy that the International Finance Corporation has pioneering experiences in the region and the world in the field of airport rehabilitation, as it previously supervised the development and expansion of the most important airports in the Kingdom of Saudi Arabia and Turkey, as well as Queen Alia International Airport in the Jordanian capital, Amman. link
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CandyKisses: Integrity: Detection of manipulation and embezzlement of more than two billion dinars
Economy News _ Baghdad
Today, Sunday, the Investigations Department of the Integrity Commission announced that it had carried out seizures of cases of embezzlement of more than two billion dinars and an injustice in estimating the value of a property to achieve a benefit at the expense of the state in the provinces of Diyala and Wasit.
The department stated in a statement received by "Economy News", that "the work team of the Diyala Investigation Office, which moved to the Directorate of Real Estate Registration in the province, revealed that the Federation of Trade Unions in Diyala manipulated the amount of buying a property, as the property was purchased for (235,000,000) million dinars only, while the price was fixed in the purchase contract at (2,407,000,000) two billion dinars."
She added that "the work team of the Wasit Investigation Office monitored that the official of Article (25) of the Law on the Sale and Rent of State Funds in the Directorate of the Municipality of Kut in line with the transaction of selling a residential plot of land with an area of (300 m 2) for an amount not commensurate with its real value, which led to damage to public money," pointing out that "the official, who is a member of the assessment committee in the municipality, sold the land to his brother for an amount of (35,100,000) million dinars."
She added that the team monitored the failure of the executor of justice to deduct the percentage of fees amounting to 3% of the amount of an executive file for a property, amounting to (11,000,000) million dinars, explaining that the property was registered in the Real Estate Registration Department, noting the issuance of the decision of the judge of the Investigative Court competent to consider integrity issues in Wasit to present the executive file to the External Audit Division in the Wasit Investigation Office, to clarify the violations, determine the violator and the value of waste in public money.
Mot: .... Now Ya KNows!!!
Mot: ... the Perfect ""Quiet"" Moment when Raising the WEe Folks!!
Iraqi News Highlights Sunday Afternoon 9-3-23
Iraqi News Highlights Sunday Afternoon 9-3-23
Tlm724 Administrator Bondlady’s Corner
Differences Between The Center And The Region May Plague The New Draft Oil Law
Economy News-Baghdad The economist, Nabil Al-Marsawi, confirmed that there are real differences between the center and the region that may plague the new draft oil law.
The expert summarized in a post seen by "Al-Iqtisad News", that "the first difference is stipulated in Article 5 of the new draft oil and gas law, provided that the Federal Council is established under the chairmanship of the Prime Minister or whoever authorizes him, and includes in its membership each of the Federal Minister of Oil, the Federal Minister of Finance and the Federal Minister of Planning."
Iraqi News Highlights Sunday Afternoon 9-3-23
Tlm724 Administrator Bondlady’s Corner
Differences Between The Center And The Region May Plague The New Draft Oil Law
Economy News-Baghdad The economist, Nabil Al-Marsawi, confirmed that there are real differences between the center and the region that may plague the new draft oil law.
The expert summarized in a post seen by "Al-Iqtisad News", that "the first difference is stipulated in Article 5 of the new draft oil and gas law, provided that the Federal Council is established under the chairmanship of the Prime Minister or whoever authorizes him, and includes in its membership each of the Federal Minister of Oil, the Federal Minister of Finance and the Federal Minister of Planning."
And the governor of the central bank and the minister of natural resources in the region and the governors of three oil-producing provinces that are not organized in a region and three experts.
He added, “Decisions are taken by majority, while the region believes that the Federal Council for Oil and Gas should include in its membership both the federal government (ministers of oil, finance and planning) and the regional government (ministers of natural resources, finance and planning) and the governors of oil-producing governorates that are not organized in a region. The council is rotating and decisions are taken unanimously
And he continued, as for the second difference, the draft law stipulates in Article 8 first, which is that the Federal Ministry of Oil manages the oil and gas producing fields throughout Iraq in coordination with the producing region and provinces. As for the vision of the region, it is summarized as follows:
The federal government manages the oil and gas extracted from the current fields (which were extracted, developed and commercially produced before the constitution ran out in 2005) with the regional government and the producing provinces that are not organized in a region.
The government of the producing region or provinces shall have the authority concerned with managing oil and gas in the current and future fields (which are the fields from which oil and gas have been extracted, developed, and produced commercially after the constitution runs out).
And he added, “While the third difference is that Article 11 of the draft serious oil law stipulates that the Federal Council is the one that gives approval to oil licensing contracts, while the region sees that it is the competent authority on exploration, development and production contracts or any other contracts with the contractor who falls The choice is upon it, and this does not require the approval of the Federal Council.”
He continued by saying, “The fourth difference in Article 16 of the draft law is that the ministry is the supreme authority responsible for the obligations of the contractors, while the region believes that the competent authority in the region is responsible for the obligations of the contractors in the contracting areas within the region, while the fifth difference is in Article 24 of the draft law.”
The law states that the main pipelines are owned by the federal government, while the region says that the federal government, the regional government, and the producing provinces establish and own pipelines to transport oil and gas.
He concluded by saying that “the sixth difference is that the new draft oil law did not include any article indicating the marketing of oil and the party responsible for it, but as is currently in force and confirmed by the Federal Court, the Ministry of Oil represented by SOMO is the only party responsible for marketing all Iraqi oil regardless of Its production site, while the region sees that the Federal Council sets marketing and sales policies, and the sale process is carried out by marketing companies belonging to the government of the region or the producing provinces that are not organized in a region.
Views 96 09/03/2023 - https://economy-news.net/content.php?id=36151
The Council Of Ministers Decides To Grant 500 Billion Dinars To The Kurdistan Region Per Month
Political | 03/09/2023 Baghdad - Mawazine News, Representative Mustafa Jabbar Sanad announced that the Council of Ministers decided to grant 500 billion dinars to the Kurdistan region per month.
Sanad said in a post on Facebook, followed by Mawazine News, that "the cabinet decided to renew the contracts for the Kar and Qaiwan refineries and grant 500 billion dinars for the Kurdistan Region on a monthly basis."
And he added, "The Federal Court issues a state order to stop the implementation of the prime minister's directive to hand over the advanced joint operations headquarters to the benefit of Al-Barti, and this is the benefit of the multi-authority system. There is a judicial authority that corrects executive deviations, if any." https://www.mawazin.net/Details.aspx?jimare=234382
Iraq's Oil Exports To America Decreased Last Week
Energy Economy News _ Baghdad The US Energy Information Administration announced, today, Sunday, that Iraq's oil exports to America decreased to an average of 283 thousand barrels per day during the past week.
The administration said in a table seen by "Al-Iqtisad News", that "the average US imports of crude oil during the past week from eight major countries amounted to 5.548 million barrels per day, down by 452 thousand barrels per day from the previous week, which amounted to 6,000 million barrels per day."
She added, "Iraq's oil exports to America amounted to an average of 232 thousand barrels per day last week, down by 51 thousand barrels per day from the previous week, which amounted to an average of 283 thousand barrels per day."
The administration also indicated that "most of America's oil revenues during the past week came from Canada at a rate of 3.405 million barrels per day, followed by Saudi Arabia at an average of 462 thousand barrels per day, and oil revenues from Mexico amounted to an average of 437 thousand barrels per day, and then Ecuador at an average of 328 thousand barrels per day." ".
According to the statistics, "the amount of US imports of crude oil from Colombia amounted to 295,000 barrels per day, from Brazil at an average of 245,000 barrels per day, and from Nigeria at an average of 144,000 barrels per day, while it did not import any quantity from Russia and Libya."
Views 36 09/03/2023 - https://economy-news.net/content.php?id=36139
Central Bank Sales Amounted To More Than 200 Million Dollars
Economy News-Baghdad Today, Sunday, the sales of the Central Bank of Iraq in the foreign currency sale window amounted to more than 200 million dollars.
The Central Bank's website published a schedule of its dollar sales, and "Al-Iqtisad News" reviewed it, as it included the participation of 28 banks and 67 exchange companies, and covered external transfer requests of $181 million, while cash requests amounted to more than $19.6 million.
The Central Bank of Iraq sells the dollar for documentary credits and international settlements of electronic cards at a price of 1305 dinars per dollar, per dollar for documentary credits and international settlements of electronic cards and at a price of 1310 dinars per dollar for foreign transfers and at a price of 1310 dinars per dollar in cash. Views 32 09/03/2023 https://economy-news.net/content.php?id=36148
A Slight Decrease In The Exchange Rates Of The Dollar In The Baghdad Markets
Economy Sunday, September 3, 2023 Baghdad / National News Center Today, Sunday, the dollar prices recorded a slight decrease in the exchange rates in the markets of the capital, Baghdad.
The selling prices in exchange shops in the local markets amounted to 154,000 Iraqi dinars for every 100 dollars, while the purchase price reached 152,000 dinars for every 100 dollars. https://nnciraq.com/224807/
The Stability Of Dollar Prices In Baghdad With The Closing Of The Stock Exchange
Economy Saturday, September 2, 2023 Baghdad / The National News Center The US dollar prices stabilized against the Iraqi dinar, today, Saturday, in the Baghdad markets, with the closing of the stock exchange.
The correspondent of the National News Center said, “The dollar prices stabilized with the closure of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, to record 153,000 Iraqi dinars against 100 dollars, while the prices this morning were 153,100 dinars.”
He added, "The selling prices in exchange shops in the local markets in Baghdad have stabilized, as the selling price reached 153,500 dinars, while the purchase price reached 152,500 dinars for every 100 dollars." https://nnciraq.com/224692/
To read more current and reliable Iraqi news please visit BondLady’s Corner:
Goldilocks' Comments and Global Economic News for Sunday, September 3, 2023
Goldilocks' Comments and Global Economic News for Sunday, September 3, 2023
Good morning Dinar Recaps,
For the last 2 weeks, there have been gains in the Futures Market for gold.
The Futures Market give us an indication of where price patterns are going for an asset. They give us direction on where the markets are going.
Remember, gold supports the economy during critical and transitional periods.
At the same time, we have Banks returning to the debt markets this week with higher Capital requirements to aid them during critical moments of stress.
It is here that the rubber meets the road, and we are going to find out if those higher Capital requirements will do their job.
© Goldilocks
Goldilocks' Comments and Global Economic News for Sunday, September 3, 2023
Good morning Dinar Recaps,
For the last 2 weeks, there have been gains in the Futures Market for gold.
The Futures Market give us an indication of where price patterns are going for an asset. They give us direction on where the markets are going.
Remember, gold supports the economy during critical and transitional periods.
At the same time, we have Banks returning to the debt markets this week with higher Capital requirements to aid them during critical moments of stress.
It is here that the rubber meets the road, and we are going to find out if those higher Capital requirements will do their job.
© Goldilocks
https://www.bloomberg.com/news/articles/2023-09-02/regional-banks-ready-a-wave-of-bond-issuance-credit-weekly
https://www.kitco.com/commentaries/2023-09-01/The-second-week-of-gains-in-gold-futures-confirms-a-piercing-line.html
https://www.fidelity.com/learning-center/trading-investing/trading/using-futures-as-indicator
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The Treasury is COMING For Crypto!! End of DeFi in the US?!
https://youtu.be/S8xA_ABclrE?feature=shared
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Soroban, Stellar (XLM) Development Foundation’s smart contract platform, is getting close to its official mainnet launch after more than a year in public preview releases. The milestone may eventually prove considerable for Stellar (XLM) by increasing its utility and use cases.
Notably, Soroban offers Turing-complete smart contract functionality that powers Stellar’s (XLM) blockchain. The platform unlocks new utilities for Stellar (XLM) as gas for operating these smart contracts and supporting innovative DAO and DeFi projects. On that note, Soroban can considerably expand Stellar’s (XLM) ecosystem.
https://captainaltcoin.com/from-beta-to-boom-borroes-25-surge-leaves-monero-xmr-stellar-xlm-behind/
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India will play an important role in trade realignment globally: Former U.S. Assistant Commerce Secretary Arun Kumar
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The G20 meeting is just around the corner. On September the 9th through the 10th of 2023, a group of 20 countries have been selected to analyze data and recommend movement forward for the global economy.
The following are the items on their agenda:
agriculture
anti-corruption
culture
digital economy
disaster risk reduction
development
education
employment
environment and climate sustainability energy transitions
health
trade and investment
and tourism.
The digital economy is going to be one of the highlights of the meeting. New policies and recommendations are expected.
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Singapore, Singapore--(Newsfile Corp. - September 1, 2023) - XDC Trade Network, a complete suite of dApps that aims to redefine the global trade finance Industry by digitalising trade documents and improving access to capital for SMEs has completed an important milestone as part of efforts to increase compliance in their solution.
https://finance.yahoo.com/news/xdc-trade-network-enhances-compliance-155400374.html
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Shipping Container Coatings Market: Protecting Cargo and Preserving Sustainability
https://xherald.com/market-news/shipping-container-coatings-market-protecting-cargo-and-preserving-sustainability/
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Sunday Morning Iraq Economic News Highlights 9-3-23
Sunday Morning Iraq Economic News Highlights 9-3-23
"The Interest Will Not Be Shared." 3 Negative Aspects Of The "Railway Link" With Iran - Urgent
Baghdad today – Baghdad Today, Saturday (September 2, 2023), an Iraqi political movement identified three negative aspects of the railway link between Iraq and Iran.
The Secretary-General of the Bayariq Al-Khair Movement, Muhammad Al-Khalidi, told "Baghdad Today", that "Iraq's geographical location allows it to turn into a compass in the birth of international routes for international trade that extend from the Gulf to Europe directly through Turkey through the path of development."
Sunday Morning Iraq Economic News Highlights 9-3-23
"The Interest Will Not Be Shared." 3 Negative Aspects Of The "Railway Link" With Iran - Urgent
Baghdad today – Baghdad Today, Saturday (September 2, 2023), an Iraqi political movement identified three negative aspects of the railway link between Iraq and Iran.
The Secretary-General of the Bayariq Al-Khair Movement, Muhammad Al-Khalidi, told "Baghdad Today", that "Iraq's geographical location allows it to turn into a compass in the birth of international routes for international trade that extend from the Gulf to Europe directly through Turkey through the path of development."
However, Al-Khalidi considered the "sudden" railway link project with Iran harmful to Iraq, especially with the reports of economists who warned of its repercussions on the country's development projects.
He added, "There are three drawbacks to the railway link, the most prominent of which is that the benefit will not be shared, especially since the project is being implemented with Iranian funding, which gives Tehran a source of control over it."
He pointed out that "any railway link project with any of the neighboring countries must adopt the concept of economic feasibility and the extent of support for the national economy," expressing his astonishment at the neglect of reports by economists who pointed to negative points in the project.
Al-Khalidi added, "Iraq is an extension from sea to land, and it can shift from 10-20% of international trade coming from Southeast Asia to Europe through its territory, which means a huge wealth of investments and development, but the step of rail linkage will reduce the financial benefits." .
Today, Saturday morning (September 2, 2023), Prime Minister Muhammad Shia'a al-Sudani laid the foundation stone for the railway link project at the Shalamjah port in Basra.
A statement by the media office stated in a statement received by "Baghdad Today" that "the prime minister laid the foundation stone for the railway link project at the Shalamcheh port in Basra, to transport travelers and visitors to the holy shrines, between the Republic of Iraq and the Islamic Republic of Iran, in the presence of Iranian Vice President Muhammad Mukhber."
And the Iraqi government had confirmed, earlier today, Saturday, (September 2, 2023), that the railway link project (Basra-Shalamja) between Iraq and Iran will be for the transportation of individuals, while it reviewed its most important benefits, in exchange for the registration of objections by popular and political circles.
The government spokesman, Basem Al-Awadi, told "Baghdad Today" that "the foundation stone for the project will be laid in the presence of Prime Minister Muhammad Shia Al-Sudani and a senior Iranian official, according to an agreement between the two countries."
And he indicated, "The project is to transport travelers only and activate the tourism sector between the two countries, and beyond that, its arrival in the countries of Central Asia, especially in the forty-day visit ceremonies, after the citizens of those countries were among the means of transportation."
Regarding the economic importance, Al-Awadi said, "The railway connection is one of the pillars of the international economy and in Iraq as well, and it is a project open to all neighboring countries such as Saudi Arabia, Syria and Turkey."
He stressed that "the railways set for the Shalamcheh-Basra line are intended for the transport of travelers, and most importantly, Iraq does not remain isolated."
Al-Awadi explained, "The project is implemented equally between Iraq and Iran, and each party implements what is related to it to the convergence borders of the project."
It is noteworthy that the Council of Ministers approved in its session last week regarding the Basra-Shalamja railway project, the following:
1- The Basra governorate obtains the approval of all concerned departments on the path proposed by it, and it is fixed in the basic design of the governorate, in a way that does not conflict with any future activity or projects.
2- Obtaining the fundamental approvals to allocate the land belonging to the state, through which the track passes, for the purposes of the Basra-Shalamcheh railway project.
3- The Basra Governorate removing all encroachments on the new railway track proposed by the Basra Governorate.
4 - The Ministry of Environment / Department of Mine Affairs to identify the areas contaminated with mines on the new route proposed by the province of Basra.
5- The Ministry of Transport shall determine the expropriation amounts to be included in the project with the Ministry of Planning.
It is noteworthy that the project faces opposition political and popular opinions, given that it will eliminate the ports of Iraq, the most prominent of which is the great Faw, because "the railway link harms Iraq, as it will make ships go to the ports of Kuwait and Iran, which will negatively affect the Iraqi economy." LINK
5 Differences Between The Center And The Region Will Afflict The New Draft Oil Law.. What Are They?
Economy |Today Baghdad today – Baghdad Today, Sunday (September 3, 2023), economist Nabil Al-Marsoumi revealed 5 differences between the center and the region that may plague the new draft oil law.
Al-Marsoumi said, in a clarification received by "Baghdad Today", that "there are several differences between the center and the region that may plague the new draft oil law."
He added, "The first difference is represented by Article 5 of the new draft oil and gas law, which stipulates that the Federal Council shall be established under the chairmanship of the Prime Minister or whomever he authorizes, and includes in its membership each of the Federal Minister of Oil, the Federal Minister of Finance, the Federal Minister of Planning, the Governor of the Central Bank, the Minister of Natural Resources in the region, and the governors of Three oil-producing provinces that are not organized into a region and three experts.
He explained, "Decisions are taken by majority, while the region believes that the Federal Council for Oil and Gas should include in its membership both the federal government (ministers of oil, finance and planning) and the regional government (ministers of natural resources, finance and planning) and governors of oil-producing governorates that are not organized in a region. The presidency is in The council is rotating and decisions are taken unanimously.
Al-Marsoumi continued: “As for the second difference, it concerns (Article 8 First), which stipulates that the Federal Ministry of Oil shall manage the oil and gas-producing fields throughout Iraq in coordination with the region and the producing provinces. As for the vision of the region, it is summarized as follows: The federal government manages the oil and gas extracted from the fields.
The current (which was extracted, developed, and commercially produced before the constitution expired in 2005) with the regional government and the producing governorates that are not organized in a region. commercial production after the expiry of the constitution).
And he added, “While the third disagreement is about Article 11 of the new draft oil law, as it states that the Federal Council is the one that gives approval to oil licensing contracts, while the region sees that it is the competent authority on exploration, development and production contracts or any other contracts with the contractor that The choice falls on him and does not require the approval of the Federal Council.
He pointed out that "the fourth difference is in Article 16 of the draft law, which stipulates that the ministry is the supreme authority responsible for the obligations of the contractors, while the region believes that the competent authority in the region is responsible for the obligations of the contractors in the contracting areas within the region,
and the fifth difference is in the article 24 of the draft law that the main pipelines are owned by the federal government, while the region says that the federal government, the regional government, and the producing provinces establish and own pipelines to transport oil and gas.
He concluded by saying that "the sixth difference is that the new draft oil law did not include any article indicating the marketing of oil and the party responsible for it, but as is currently in force and confirmed by the Federal Court, the Ministry of Oil represented by SOMO is the only party responsible for marketing all Iraqi oil regardless of Its production site, while the region sees that the Federal Council sets marketing and sales policies, and the sale process is carried out by marketing companies belonging to the regional government or producing governorates that are not organized in a region. LINK
6 Points Of Contention Between Baghdad And Erbil May Plague The New Draft Oil And Gas Law.. What Are They?
Policy 09-03-2023 | Source: Alsumaria News 1,530 views Alsumaria News – Politics Today, Sunday, September 3, 2023, economist Nabil Al-Marsoumi revealed 6 differences between the central government of Baghdad and the Kurdistan region that may plague the new draft oil law.
Al-Marsoumi said in a post that I followed Alsumaria News The first difference:
Article 5 of the new draft oil and gas law states the following:
First: It establishes Federal Council It is chaired by the Prime Minister or whomever he authorizes, and includes in its membership the following:
1. Federal Minister of Oil
2. Federal Minister of Finance
3. Federal Minister of Planning
4. Governor of the Central Bank
5. Minister of Natural Resources in the region
6. Governors of three oil-producing provinces that are not affiliated with a region
7. Three experts
Second: Decisions are taken by the majority while the region sees that For oil and gas, it should include in its membership:
First: It shall include Federal Council For oil and gas, each of:
1. The federal government (ministers of oil, finance and planning)
2. The regional government (ministers of natural resources, finance and planning)
3. Governors of oil-producing governorates that are not affiliated with a region
Second: The presidency in the council is periodic
Third: Decisions are taken unanimously
Expert, “The second difference: The bill stipulates in Article 8 first the following:
The Federal Ministry of Oil Management of oil and gas producing fields in the pan Iraq In coordination with the producing region and governorates.
As for the vision of the region, it is summarized as follows:
The federal government manages the oil and gas extracted from the current fields (which were extracted, developed and commercially produced before the constitution ran out in 2005) with the regional government and the producing provinces that are not organized in a region.
The government of the producing region or provinces shall have the authority concerned with managing oil and gas in the current and future fields (which are the fields from which oil and gas have been extracted, developed, and produced commercially after the constitution runs out). Federal Council
He is the one who grants approval for oil licensing contracts, while the region considers it the competent authority for exploration, development and production contracts, or any other contracts with the contractor who is chosen, and this does not require approval Federal Council.
He also pointed out that "the fourth difference: in Article 16 of the draft law, the ministry is the supreme authority responsible for the obligations of the contractors, while the region believes that the competent authority in the region is responsible for the obligations of the contractors in the contracting areas within the region."
Al-Marsoumi explained, "The fifth discrepancy: In Article 24 of the draft law, the main pipelines are owned by the federal government, while the region says that the federal government, the regional government, and the producing provinces establish and own pipelines to transport oil and gas."
He added, “The sixth difference: Although the new draft oil law did not include any article referring to the marketing of oil and the party responsible for it, but as is currently in force and confirmed by the Federal Court, the Ministry of Oil is represented by SumoIt is the only party responsible for marketing all Iraqi oil, regardless of the location of its production Federal Council He sets marketing and sales policies, and the sales process is carried out by marketing companies belonging to the regional government or the producing governorates that are not affiliated with a region.
Despite the economic importance of the Iraqi Oil and Gas Law, which has been awaiting legislation in parliament since 2005, which stipulates that the responsibility for managing the country's oil fields should be entrusted to a national oil company, which will supervise it.
Baghdad However, the dispute over the issue of managing the fields of the region Kurdistan Iraq Oil has prevented it from being voted on for many years, as the law was passed many times during previous parliamentary sessions and was not included in parliamentary laws and legislation.
The stalled oil and gas law in the Iraqi parliament since its first session, in 2005, is one of the most prominent points on which a preliminary agreement was reached between the two governments. Baghdad and territory Kurdistan.
On February 15 of last year 2022, the Federal Supreme Court issued a ruling that the oil and gas law of the regional government of 2007, which regulates the oil industry and its extraction in the region, was unconstitutional. This ruling came after the regional government concluded contracts with foreign oil companies. Provincial government refused Kurdistan Federal Court decision, relinquishing control over oil exports. LINK
In Argentina, Voters Toy With Ditching Pesos For Dollars
In Argentina, Voters Toy With Ditching Pesos For Dollars
Eduardo DE MIGUEL Thu, August 31, 2023 Many Argentines are still traumatized by events that occurred when their currency was pegged to the dollar at a one-to-one convertible rate in the nineties (Luis ROBAYO)
Many Argentines are still traumatized by events that occurred when their currency was pegged to the dollar at a one-to-one convertible rate in the nineties (Luis ROBAYO)
In inflation-hit Argentina, where rentals, cars, and appliances are increasingly priced in dollars to sidestep the volatile peso, a leading presidential candidate has sparked debate over whether to officially adopt the currency as a remedy to a battered economy.
In Argentina, Voters Toy With Ditching Pesos For Dollars
Eduardo DE MIGUEL Thu, August 31, 2023 Many Argentines are still traumatized by events that occurred when their currency was pegged to the dollar at a one-to-one convertible rate in the nineties (Luis ROBAYO)
Many Argentines are still traumatized by events that occurred when their currency was pegged to the dollar at a one-to-one convertible rate in the nineties (Luis ROBAYO)
In inflation-hit Argentina, where rentals, cars, and appliances are increasingly priced in dollars to sidestep the volatile peso, a leading presidential candidate has sparked debate over whether to officially adopt the currency as a remedy to a battered economy.
The US dollar has long been a refuge for Argentines from pesos which lose value faster than they can spend them. Citizens bypass strict currency controls to buy dollars from a flourishing parallel market and squirrel them away at home in what is often their only viable means of savings.
So why not just dump the peso entirely?
This is the tempting message being spread by Javier Milei, a political outsider with radical ideas who has surged to the front of the presidential race ahead of October elections, despite economists long arguing dollarization would be unfeasible.
"Ending inflation is possible, we just have to take the monetary weapon away from politicians," said the 52-year-old lawmaker, referring to the central bank, which he has said he will scrap entirely if he is elected.
With annual inflation at 113 percent, and a peso that was devalued by 20 percent this month, experts say the lure of Milei's ideas is that many Argentines feel they have nothing to lose.
"It would be good to dollarize. With the instability of the exchange rate I sell half as much as I usually do," said Ivan Abl, who has sold fabric in the Once district of the capital for 30 years.
After thinking for a few moments, he adds, "But, that will mean the Yanks will control everything right?"
- Economic ghosts of 2001 -
Dollarization involves replacing a currency entirely with the US dollar, which offers a more stable currency, but removes government control of monetary policy -- such as setting interest rates or taking measures to target inflation.
In Latin America, Ecuador, El Salvador, and Panama have adopted the dollar as their main currency.
To continue reading, please go to the original article here:
https://news.yahoo.com/argentina-voters-toy-ditching-pesos-031314251.html