“Tidbits From TNT” Sunday Morning 7-14-2024
TNT:
Tishwash: Al-Sudani invites Saudi and Egyptian businessmen to invest in hotels and entertainment facilities
On Saturday, July 13, 2024, Prime Minister Mohammed Al-Sudani held a meeting with a delegation of Egyptian and Saudi businessmen, inviting them to invest in hotels and entertainment facilities.
Al-Sudani received, according to a statement from his office, which was reviewed by "Ultra Iraq", a delegation of Egyptian, Saudi and Iraqi businessmen, including; Chairman of the Board of Directors of TMG Company Hisham Talaat Moustafa, Chairman of the Board of Directors of Al-Muhaidib Group Suleiman Abdul Qader Al-Muhaidib, CEO of the group Essam Abdul Qader, Director of Development in the group Raed Ibrahim Al-Madhiem, Director of Al-Maysara Group Yasser Qasim Zagher, and businessman Ahmed Talaat Hani,
TNT:
Tishwash: Al-Sudani invites Saudi and Egyptian businessmen to invest in hotels and entertainment facilities
On Saturday, July 13, 2024, Prime Minister Mohammed Al-Sudani held a meeting with a delegation of Egyptian and Saudi businessmen, inviting them to invest in hotels and entertainment facilities.
Al-Sudani received, according to a statement from his office, which was reviewed by "Ultra Iraq", a delegation of Egyptian, Saudi and Iraqi businessmen, including; Chairman of the Board of Directors of TMG Company Hisham Talaat Moustafa, Chairman of the Board of Directors of Al-Muhaidib Group Suleiman Abdul Qader Al-Muhaidib, CEO of the group Essam Abdul Qader, Director of Development in the group Raed Ibrahim Al-Madhiem, Director of Al-Maysara Group Yasser Qasim Zagher, and businessman Ahmed Talaat Hani,
All of whom are specialized in real estate development and the establishment of integrated and smart residential cities, in the presence of the Saudi Ambassador to Iraq Abdulaziz bin Khalid Al-Shammari."
Hisham Talaat Moustafa is one of the most prominent businessmen and politicians in Egypt. He was sentenced to death for his conviction in the murder of Lebanese singer Suzanne Tamim. The Cairo Criminal Court then sentenced him to 15 years in prison instead of the death penalty , before Abdel Fattah el-Sisi's regime decided to pardon him and release him from prison.
Al-Sudani called on "Egyptian and Saudi company owners to invest in the field of tourist resorts, hotels and entertainment facilities, as Iraq has many diverse tourist destinations," indicating that "development and progress in Iraq serve the economic interests of the rest of the Arab countries."
He pointed out that "Iraq is witnessing rapid growth and a phase of recovery, and there are many promising investment opportunities, especially in the field of housing and new city projects, as the country needs about 3 million housing units," stressing that "the government is moving towards building integrated cities that include all sectors, services, entertainment and commercial facilities, and are linked to the capital, Baghdad, by an advanced network of transportation routes."
Al-Sudani explained that "the government has offered projects for 5 new cities for investment in Baghdad and some governorates, and it is moving towards launching 11 new cities, just as it supports successful investment experiences," noting that "what is important about modern cities is that they contribute to solving the housing crisis, especially for low-income groups."
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Tishwash:Chinese CETC Group expresses interest in Iraq's infrastructure and economic projects
The Chinese CETC Group, specializing in energy, construction technology, and infrastructure, expressed to PM Mohammed Shia Al-Sudani its desire to participate in Iraq's infrastructure and economic projects.
According to a statement from the Prime Minister's office, Al-Sudani received a delegation from the prominent Chinese group. He highlighted the government's economic approach of embracing "productive partnerships and enhancing Iraq's investment environment to attract global companies."
Moreover, the Iraqi Prime Minister stressed that the government aims to "attract investments and strengthen partnerships with the Iraqi private sector by providing supportive guarantees."
The Chinese delegation expressed their interest in expanding cooperation with both the Iraqi public and private sectors across various economic and investment fields.
Notably, Iraq and China are partners in many areas. Iraq is one of the top oil suppliers to China, and Chinese companies operate in various sectors in Iraq, including oil and gas extraction and school construction. Additionally, both countries are cooperating on the Belt and Road Initiative and the Development Road project. link
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Tishwash: Iraq in Talks With US Treasury Over Banks, Dollar Restrictions (bloomberg)
Iraq has engaged in discussions in Washington with representatives from the US Treasury to address dollar restriction issues, Iraqi Foreign Minister Fuad Hussein said during a press conference aired on state-run media al-Iraqiya.
Describing the meetings as “very useful,” Hussein indicated that they would continue. Topics slated for upcoming discussions include further talks on the list of Iraqi banks under US sanctions and the status of accumulated Iranian funds in Iraq. “There are serious steps to resolve these issues,” Hussein said.
Iraq experienced dollar shortages last year after the New York Fed began scrutinizing transfers to Iraqi banks more closely. Iranian businesses and individuals have long used banks in neighboring Iraq to access the greenback and get around US sanctions.
Iraq’s central bank pledged to restrict all internal commercial transactions as of this year, in an apparent attempt to curb dealings of the dollar outside Iraq’s banking sector and limit its smuggling abroad.
Last week, the exchange rate for the dollar against the Iraqi dinar in the unofficial market rose from 1,450 to nearly 1,500 dinars per dollar. Local news agencies, citing a lawmaker, attributed this increase to measures by the Federal Reserve, which halted transactions from dollars to yuan aimed at supporting Iraq’s foreign trade. link
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Why did Iraq stop dealing in the Chinese yuan?
The Parliamentary Finance Committee revealed the reasons behind Iraq’s suspension of dealing in the Chinese yuan, while indicating that many of the Central Bank’s procedures are governed by American will.
Committee member Moeen Al-Kazemi said in a press statement that "the US Federal Bank imposed on Iraq to stop dealing in the Chinese yuan, under the pretext that there was manipulation in some transfers or certain problems occurred, indicating that "Iraq's money, as we know, is included in the US Federal Bank as a result of the sale of oil at an amount of 3.5 million barrels per day, and this money enters the Federal Bank and is not transferred to Iraq in cash. It witnessed a transfer to Iraq through corruption transfers from the Central Bank and the Federal Declaration."
Al-Kadhimi continued, "Many of the central bank's measures for the government are governed by American will, and this will may be explained by administrative and financial reasons, not financing terrorism, and others," and he announced that "the reasons are political with the aim of pressuring the Iraqi government."
Is the Chinese currency canceled?
Al-Kadhimi stressed that "the merchant and the Central Bank must have multiple options and not only deal in dollars, so this suspension is temporary and not permanent," noting that "the committee will ask the Central Bank to address the issue and have a diverse price basket, so that the options are more for the Central Bank and Iraqi merchants."
Al-Kadhimi stated earlier that "China's remittances in yuan have been temporarily suspended until auditing mechanisms are found."
He continued, "During the past period, there have been major manipulations of China's affairs." link
Mot.... Buying New FURniture in da Future - Tips!!!!
Mot: He Tries - He Really Does!! –
Economist’s “News and Views” Saturday 7-13-2024
Financial Blow Up: Little Time Left Before Wheels Come Off System Warns David Morgan
Daniela Cambone: 7-12-2024
"So now all they want is control, saying, 'I own you because you have to pay me interest. And when you can't pay interest, what happens? They take over the property,'" warns David Morgan, founder of The Morgan Report.
He emphasizes that we don’t have much time left to address these issues. However, he expresses his optimism about the silver market. "Silver's not at an all-time high, but it's at an 11-year high or close to it," says Morgan.
He explains to Daniela Cambone that strong monetary demand for silver, combined with steady or increasing industrial demand, could lead to a situation where both forces compete for the same supply, potentially driving prices higher.
Financial Blow Up: Little Time Left Before Wheels Come Off System Warns David Morgan
Daniela Cambone: 7-12-2024
"So now all they want is control, saying, 'I own you because you have to pay me interest. And when you can't pay interest, what happens? They take over the property,'" warns David Morgan, founder of The Morgan Report.
He emphasizes that we don’t have much time left to address these issues. However, he expresses his optimism about the silver market. "Silver's not at an all-time high, but it's at an 11-year high or close to it," says Morgan.
He explains to Daniela Cambone that strong monetary demand for silver, combined with steady or increasing industrial demand, could lead to a situation where both forces compete for the same supply, potentially driving prices higher.
"Around 60% of the silver market is driven by industrial demand, especially in areas like solar energy and electric vehicles.
As currency wars and financial instability continue, the monetary demand for silver could increase significantly."
BRICS Launched Intra-bank Payment System, Crashing USD & SWIFT System!
We Love Africa: 7-12-2024
Has BRICS accidentally ended dollar dominance? BRICS has launched an intra-bank payment system, posing a significant challenge to the supremacy of the US dollar.
This development could lead to a decline from which the dollar may not recover. However, this shift is not unexpected; BRICS has been working for years to achieve this goal.
As the dollar's decline becomes more imminent and its value continues to drop, one must ask: Does the United States have any plans to revive its currency?
More importantly, is it even possible for the US to revive the dollar at this stage, even if it wants to? Let’s find out.
JPMorgan, Bank Of America & Citigroup Are in Big Trouble
Atlantis Report: 7-13-2024
The 2008 financial crisis significantly impacted the global economy, revealing vulnerabilities in the banking sector and leading to government intervention.
The collapse of Lehman Brothers and subsequent bailouts highlighted the need for strong regulatory frameworks to prevent similar crises.
In response, major banks were required to create "living wills."
These living wills ensure that even the largest banks can be dismantled in an orderly manner, reducing risks to the broader economy. However, recent reports from the Fed and the FDIC have raised concerns about the adequacy of these plans for three major American banks. JPMorgan, Bank Of America & Citigroup Are in Big Trouble
“Tidbits From TNT” Saturday 7-13-2024
TNT:
CandyKisses: Sources: The Governor of the Central Bank of Iraq made an unannounced visit to Washington on the Chinese yuan
Informed sources revealed on Saturday that the Governor of the Central Bank of Iraq Ali Al-Alaq is making an unannounced visit to United States to discuss with officials in Washington about the US Federal Reserve's decision to stop Baghdad's dealings with the Chinese yuan.
The sources told Shafaq News that the relationship left for Washington last Tuesday to meet with officials of the Federal Bank and the US Treasury.
She added that Al-Alaq is discussing with US officials the decision to stop dealing Iraq in the Chinese yuan, indicating that the Governor of the Central Bank is also discussing during his visit the required obligations regarding Iraqi banks deprived of dealing with the dollar.
TNT:
CandyKisses: Sources: The Governor of the Central Bank of Iraq made an unannounced visit to Washington on the Chinese yuan
Informed sources revealed on Saturday that the Governor of the Central Bank of Iraq Ali Al-Alaq is making an unannounced visit to United States to discuss with officials in Washington about the US Federal Reserve's decision to stop Baghdad's dealings with the Chinese yuan.
The sources told Shafaq News that the relationship left for Washington last Tuesday to meet with officials of the Federal Bank and the US Treasury.
She added that Al-Alaq is discussing with US officials the decision to stop dealing Iraq in the Chinese yuan, indicating that the Governor of the Central Bank is also discussing during his visit the required obligations regarding Iraqi banks deprived of dealing with the dollar.
The visit of the Governor of the Central Bank of Iraq Ali Al-Alaq to Washington coincides with a significant jump in the exchange rate of the dollar against the dinar, and more than two months after the visit of Prime Minister Mohamed Shia Al-Sudani to the United States.
Iraqi military delegation visits Washington regarding security agreement
Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein revealed today, Friday, that an Iraqi military delegation will soon visit Washington to hold security talks.
Hussein said in a press conference held in the US capital, Washington, that "our visit to Washington was to attend the NATO summit at the invitation of the American side, and on the sidelines of the summit we held intensive meetings with leaders of several countries, and we held a meeting with the US Treasury Department to discuss issues related to monetary policy and banking signs."
He added that "a military delegation will visit Washington to hold talks on the security agreement concluded between Iraq and the United States."
He continued: "We discussed the future of the international mission in NATO meetings in cooperation with the Iraqi Ministry of Defense." link
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Tishwash: Foreign Minister from Washington: US Treasury positively assessed Central Bank's efforts
Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein confirmed that the US Treasury Department evaluated the efforts of the Central Bank positively, while indicating that a military delegation will visit Washington to hold security talks.
"Our visit to Washington was to attend the NATO summit at the invitation of the US side, and on the sidelines of the summit we held intensive meetings with leaders of several countries, and we held a meeting with the US Treasury to discuss issues related to monetary policy and banking signs," Hussein said in a press conference held in the US capital Washington, attended by the Iraqi News Agency (INA).
He added that "the US Treasury positively evaluated the efforts of the Central Bank," indicating that "a military delegation will visit Washington to hold talks on the security agreement concluded between Iraq and the United States."
He continued: "We discussed the future of the international mission in NATO meetings in cooperation with the Iraqi Ministry of Defense." link
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Tishwash: Financial expert to Iraq Observer: Western Union has set a ceiling for its money transfers from Iraq and has not stopped them completely
Financial and banking expert Mustafa Hantoush believes that Western Union Banking Company has set a ceiling for sending money transfers from Iraq and has not suspended them permanently.
Hantoush told Iraq Observer, “Western Union has reduced the size of its money transfers. For example, instead of transferring an amount of $1,000, it will become $500.”
He added, "The Central Bank has not issued any official statement regarding the suspension of Western Union Company for money transfers from Iraq," noting that this information must be verified from its primary source, which is the Central Bank."
Local news agencies reported that the world's largest money transfer company, Western Union, has stopped its money transfers from Iraq without providing further details, at a time when the dollar is witnessing a continuous rise. Meanwhile, a prominent financial source who preferred to remain anonymous told Iraq Observer that the matter is related to setting a ceiling for money transfers issued by Western Union from Iraq, ruling out a final halt.
The financial markets in Iraq are witnessing a state of instability in the exchange rate of the dollar against the Iraqi dinar, as it has been approaching 150,000 for days, in anticipation of the visit of the Governor of the Central Bank of Iraq to the United States of America.
Economic researcher Ziad Al-Hashemi said in a tweet on the X platform: The governor of the Central Bank was sent to New York to discuss the issue of the failure of yuan transfers to China, which the Central Bank relied heavily on to sell dollars and provide the dinar needed to feed the government’s finances.
He added: The causes of the problem remaining unresolved and the strong parties hovering around the Central Bank and searching for the dollar, without accountability, neutrality or internal Iraqi restrictions, will make all the pledges that Al-Alaq will present without any real value, as the same person has previously presented the same pledges throughout the past ten years, and the same problem is still ongoing without a solution, according to him. link
Mot: Stay Cooooool !!!!!
Mot: .. Yes - Taking sum Time to Reflect
Seeds of Wisdom RV and Economics Updates Saturday Afternoon 7-13-24
Good Afternoon Dinar Recaps,
NIGERIAN MINISTER URGES SEC TO TACKLE CRYPTO REGULATION CHALLENGES
Nigeria’s cryptocurrency regulations are currently being updated.
The Nigerian Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called on the newly inaugurated Securities and Exchange Commission (SEC) board to address the complexities of cryptocurrency regulation.
According to local media, Edun emphasized the need to ensure stringent oversight, especially in fast-moving and complex areas such as cryptocurrencies, to maintain market integrity in Nigeria’s capital market during the board’s inauguration in Abuja.
Good Afternoon Dinar Recaps,
NIGERIAN MINISTER URGES SEC TO TACKLE CRYPTO REGULATION CHALLENGES
Nigeria’s cryptocurrency regulations are currently being updated.
The Nigerian Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called on the newly inaugurated Securities and Exchange Commission (SEC) board to address the complexities of cryptocurrency regulation.
According to local media, Edun emphasized the need to ensure stringent oversight, especially in fast-moving and complex areas such as cryptocurrencies, to maintain market integrity in Nigeria’s capital market during the board’s inauguration in Abuja.
Minimal registration requirements
Edun warned that companies might exploit minimal registration requirements to falsely claim they are licensed, undermining market integrity. Highlighting the potential for regulatory arbitrage, he urged the SEC to implement top-notch corporate governance practices, swiftly identify and disclose conflicts and adhere to global best practices.
The minister also encouraged the newly inaugurated SEC board members to adopt innovative strategies to regulate the country’s capital market effectively. He stressed the importance of staying informed and proactive amid rapid developments in artificial intelligence, digital currency and overall digital transitions.
“Unlike basic industries with settled technologies, the financial sector is rapidly evolving with innovations in fintech, AI and crypto. To provide necessary approvals and guidance, the SEC must stay informed and adaptable.”
SEC pledges innovation and growth
In response, the Chairman of the SEC board, Mairiga Katuka, assured the minister that the board would leverage its collective expertise, innovation and passion to drive growth.
@ Newshounds News™
Read more: CoinTelegraph
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RIPPLE's APPEAL TO CENTRAL BANKS: SPEED, SECURITY, AND DIGITAL INNOVATION
—Ripple’s appeal to central banks lies in its promise of speed, security, and digital innovation, challenging traditional banking methods with blockchain technology for instant global transfers.
—Ripple positions itself as a key player in CBDC solutions, offering infrastructure for governments to deploy their digital currencies.
For many decades, the global central banks have maintained unchallenged control of the global economy by following traditional banking methods. However, with blockchain seeing rising adoption, players like Ripple have come to the forefront offering instant settlement solutions for global transfers.
Last year, Ripple unveiled its own CBDC platform that serves as a one-stop solution allowing governments to deploy their CBDCs providing all the necessary infrastructure for deploying and maintaining the currencies.
Central banks are considering Ripple for its speed, security, and modern appeal. Traditional transfer methods, once slow and cumbersome, can now be transformed into swift, secure blockchain transactions. Moreover, Ripple enables transaction settlements in fractions of a second instead of days, with cryptographic security ensuring maximum protection. This innovation has even the most conservative bankers excited about the possibilities Ripple brings to the table.
By adopting Ripple solutions, central banks have the opportunity to transition into new-age technological platforms instead of being perceived as outdated institutions. This could bring a fundamental change in the way we conduct global transactions more efficiently and securely.
The adoption of CBDCs on Ripple’s platform has the potential to revolutionize the financial industry. Central banks now stand at a crossroads, with the opportunity to lead the digital transformation of finance.
@ Newshounds News™
Read more: Currency Insider
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HEDRA HASHGRAPH LEADS BLOCKCHAIN INNOVATION WITH NEW SCALABILITY BREAKTHROUGH
—The Hedera Foundation has launched two pilot Request for Proposals (RFPs) aimed at addressing specific ecosystem needs, inviting global developers to apply for grants.
—The initiative aims to enhance transparency and collaboration, providing up to 10 million HBAR in support, to accelerate the growth and development of the Hedera ecosystem.
On Thursday, July 11, the HBAR Foundation announced its pilot Request for Proposal (RFP) to deliver a more transparent and community-supported element to grant giving. Hedera stated that they are piloting two separate RFPs for building solutions thereby meeting specific ecosystem needs. Besides, this development comes as Hedera has been leading in crypto development activity, per the CNF update.
The Hedera Foundation is launching two pilot RFPs aimed at addressing specific needs within the ecosystem. they have also invited developers from across the globe to apply for these grants, with the selection process incorporating open and public community input.
The goal of this pilot is to gather insights from the initial RFPs to enhance and formalize the foundation’s grant program. This would ultimately accelerate the growth and development of the Hedera ecosystem.
We’re excited to announce the launch of our pilot Request For Proposal (RFP) process to to deliver a more transparent, #Hedera community-supported element to grant giving 🤝 pic.twitter.com/VNnatTK5GY
— HBAR Foundation (@HBAR_foundation) July 11, 2024
Hedera Targets Lending Markets With RFP Pilots
The pilot initiative will include two distinct RFPs designed to meet specific requirements:
Credit Market Development: This grant will follow the structure of a standard THF development grant, with funding allocated based on the completion of well-defined development milestones.
Credit Market Liquidity: This grant will be modeled after a network utilization incentive pool. The incentive pool will be evergreen and may be replenished based on ecosystem needs.
The Foundation is initially committing up to 10 million HBAR in support, available to eligible teams. Given the evergreen nature of the pool, project teams can apply multiple times depending on their liquidity needs. Each proposal must align with specific growth objectives, and applicants are required to outline milestones and goal KPIs. The Hedera Foundation also mentioned some of the benefits of conducting the pilot which include:
Increased Transparency and Clarity: By clearly outlining funding intentions, the Hedera Foundation (THF) can provide more timely updates to the community about key priorities. This approach offers further clarity to teams who may not qualify for a grant, not due to inadequacy but because their proposals might not align with the network’s most pressing needs.
Enhanced Ecosystem Collaboration and Diversification of Ideas: By inviting broader participation, THF aims to foster greater collaboration between itself, applicants, and the community, all working together to find better solutions. Additionally, creating more opportunities for builders to share their visions, ideas, and educational insights directly with the community before launching products or platforms will add significant value throughout the development cycle.
Moreover, the Hedera blockchain has been part of some key projects. As reported by Crypto News Flash, Sweden’s central bank tested its retail banking solutions on the Hedera network. Additionally, consulting giant Deloitte also joined hands with Hedera to build next-generation blockchain solutions, per the CNF update.
@ Newshounds News™
Read more: Crypto News Flash
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DWS MOVES TOWARD FIRST GERMAN-REGULATED EURO STABLECOIN
German asset management company DWS has launched a new company in a step towards creating the first German-regulated cryptocurrency.
Deutsche Bank-owned DWS announced the launch of the company as part of their wider plan to go live with the new euro stablecoin next year, marking a significant step for the European financial sector considering DWS manages assets worth €941 billion.
The cryptocurrency is set to be regulated by Germany’s Federal Financial Supervisory Authority (BaFin) as DWS looks to be the first company being granted a German e-money licence for a stablecoin.
The newly created company, AllUnity, is a collaboration between DWS, Flow Traders, and Galaxy Digital, working together to introduce the new stablecoin.
Stefan Hoops, CEO of DWS, commented that the stablecoin will gain interest from a broad range of clients, including digital asset investors and industrial applications.
“In the short term, we expect demand from investors in digital assets, but by the medium term we expect wider demand, for instance from industrial companies working with ‘internet of things’ continuous payments,” Hoops stated.
@ Newshounds News™
Read more: Currency Insider
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JAPAN'S CURRENCY HAS STEADILY LOST VALUE AGAINST THE USD OVER THE LAST 12 MONTHS
Japan likely conducted a $22 billion intervention yesterday to support its currency.
Japan spent a record $62 billion in May to prop up the yen.
@ Newshounds News™
Read more: Twitter
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Ripple’s Appeal to Central Banks: Speed, Security, and Digital Innovation
"Ripple positions itself as a key player in CBDC solutions, offering infrastructure for governments to deploy their digital currencies.
For many decades, the global central banks have maintained unchallenged control of the global economy by following traditional banking methods. However, with blockchain seeing rising adoption, players like Ripple have come to the forefront offering instant settlement solutions for global transfers."
"Last year, Ripple unveiled its own CBDC platform that serves as a one-stop solution allowing governments to deploy their CBDCs providing all the necessary infrastructure for deploying and maintaining the currencies."
@ Newshounds News™
Read more: Crypto News Flash
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CENTRAL BANKS ARE BUYING GOLD TO PREPARE FOR A NEW GOLD STANDARD
"Record buying of gold by central banks, which are matching their gold reserves relative to GDP with other countries, revived the debate about the possibility of a reboot of the current monetary system based on a new gold standard."
"Global central banks have been buying record amounts of gold since the beginning of 2022. The pace and regularity with which central banks accumulate gold is unprecedented, as they have been mostly sellers of the precious metal throughout history. This extraordinary demand for gold by central banks, the largest in 55 years, is attributed to a desire to diversify their reserves and reduce dependence on the dollar."
"But beyond the intrinsic capacity of physical gold to maintain its value in the face of economic uncertainty, some indicators suggest that this accumulation of gold by central banks is just the prelude to a restart of the international monetary system and a possible return to the gold standard."
"The bad monetary policies that caused the housing bubble and the way fiat currencies have been managed since the 2008 crisis, depreciating the dollar and exporting US domestic problems to the rest of the world, along with economic sanctions on countries not aligned with Western geopolitical and economic interests, have undermined the credibility of the international monetary system. An alternative based on a new, multipolar, more stable and less inflationary gold standard seems closer than ever, and global central banks want to be included."
@ Newshounds News™
Read more: 11onze
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JPMorgan Chase, Wells Fargo Suffer $3,500,000,000 in Losses As US Banks Report Massive Surge in Bad Debt
Two of the largest banks in the US are declaring a loss on a staggering $3.5 billion in debts that customers can’t pay back.
JPMorgan Chase says its net charge-offs, which are delinquent debts that banks do not expect to receive, hit $2.2 billion in the second quarter of the year.
That’s a $200 million increase from the previous quarter and an $800 million increase from Q2 of 2023.
Meanwhile, Wells Fargo says its net charge-offs surged from $764 billion in Q2 of 2023 to $1.3 billion last quarter – a 70% increase.
Although the pace of inflation has reduced, Wells Fargo’s chief financial officer Michael Santomassimo tells the New York Times that many customers are clearly struggling as their credit card balances rise and savings dwindle.
“[Inflation is] still cumulatively having a bit impact. The folks on the lower end of the wealth or income spectrum are struggling more than folks that are on the higher end.”
In addition to its charge-offs, JPMorgan declared an additional $500 million in losses from failing mortgage investments.
US banks have been sounding the alarm on its customers’ growing credit card balances and issues in the commercial real estate industry since last year.
In its new report, Wells Fargo says it earned a Q2 profit of $4.9 billion, although the bank’s shares tumbled 6% on Friday after net interest income fell short of estimates.
JPMorgan Chase reported a quarterly profit of $13.1 billion as its stock hovers near its all-time high.
@ Newshounds News™
Read more: DailyHodl
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Iraq Economic News and Points To Ponder Saturday Afternoon 7-13-24
Can The Iraqi Government Manage The Country’s Financial Reserves?
July 13, 2024 Opinions / Iraq Observer Financial and banking expert Mahmoud Dagher answers the question: Can the Iraqi government manage the country’s financial reserves? Look what he answered..
Can The Iraqi Government Manage The Country’s Financial Reserves?
July 13, 2024 Opinions / Iraq Observer Financial and banking expert Mahmoud Dagher answers the question: Can the Iraqi government manage the country’s financial reserves? Look what he answered..
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[ approximate, incomplete translated transcript of https://www.youtube.com/watch?v=bG8Lp8pp5RE ]
Transcript
0:00 peace
0:01 You must represent foreign reserves
0:05 The economy's total foreign assets as well
0:10 Monetary gold and special drawing rights
0:13 International Monetary Fund, also called Net
0:17 the findings
0:20 Avoid mistakes
0:22 It is common to believe that governments can
0:27 Influence or direct access to these
0:33 The reality is that reserves are the central bank
0:38 It is the only body that manages this
0:44 Reserves and these reserves themselves
0:49 It is warranty and support
0:52 And trust in the national currency
0:57 To stabilize its exchange rate
1:00 In a country like
1:03 Iraq Thank you
https://www.youtube.com/watch?v=bG8Lp8pp5RE
https://observeriraq.net/الخبير-المالي-والمصرفي-محمود-داغر-يجي/
A Financial Expert Reveals The Reasons For The Rise In The Dollar And Expects A New Rise In The Exchange Rate
Economy Rising dollar prices breaking Central Bank of Iraq Parallel market 2024-07-09 04:46 Shafaq News/ The official spokesman for the currency market in Sulaymaniyah, Jabbar Gorran, revealed today, Tuesday, the reasons for the rise in the exchange rate of the US dollar against the Iraqi dinar in the parallel market. Jabbar Gorran said in a statement to Shafaq News Agency:
"The issue of the high exchange rate of the dollar against the Iraqi dinar is related to the financial measures taken by the Central Bank of Iraq." He added, "The Central Bank of Iraq took some good measures in the past, but the increase that has occurred now is due to other measures that the Central Bank has not taken so far, including that the bank agreed that external dealing should not be limited to the US dollar only, but this measure has not been taken yet, as well as not linking...
All banks on the electronic platform have stopped working with it, with the exception of only seven banks, and they do not accommodate the foreign trade exchange process, which annually amounts to about 50 billion dollars, and I do not expect those seven banks to absorb this volume of trade exchange.”
He stated that "one of the other reasons that led to the rise in the exchange rate of the dollar against the dinar is the reduction in cash pumping by the Central Bank of Iraq, with the exception of today." He explained,
"The demand for the dollar these days is abnormal, and I do not expect that opening the dollar exchange window for travelers at airports will be a reason for the dollar exchange rate to rise, even though now is the travel season."
He explained that "the large number of banking offices and companies in Iraq and Kurdistan and the inability of the Central Bank of Iraq to meet their needs for the US dollar, as there are about 1,200 banking companies in Iraq and in Kurdistan, about 2,500 companies have not yet been merged with each other, reaching about 400 actual companies."
All these companies and offices need more than $50 million daily.” Kuran stressed that “the rise in the dollar this time is not linked to a political or economic crisis or external factors, but rather it is linked to the actions of the Central Bank of Iraq, and
it is possible for the bank to control this rise,” expecting the dollar exchange rate to rise to more than 150 thousand dinars for every 100 dollars, ruling out At the same time, it may reach high levels, as happened in previous periods.
https://shafaq.com/ar/اقتصـاد/خبير-مالي-يكشف-عن-سباب-ارتفاع-الدولار-ويتوقع-صعودا-جديدا-بسعر-الصرف
Baghdad And Washington Are Discussing The Stability Of The Dinar's Exchange Rate Against The Dollar
Economy 2024-07-12 | 15:35 3,535 views On Friday, Deputy Prime Minister and Foreign Minister Fouad Hussein discussed with the Undersecretary of the US Treasury for Terrorism and Money Laundering the issue of stabilizing the dinar’s exchange rate against the dollar.
stated A statement from the Iraqi Ministry of Foreign Affairs reported to Al-Sumaria News,
“The Deputy Prime Minister and Minister of Foreign Affairs, Chairman of the Ministerial Council for the Economy, Fuad Hussein, met on Friday, July 12, 2024, with the Under Secretary of the US Treasury for Terrorism and Money Laundering, Brian Nelson, in the presence of the two accompanying delegations at the headquarters The ministry was in Washington, D.C., and discussed the issues that the two parties are working on in accordance with their previous reform agreements.
Hussein stressed "the Iraqi government's commitment to moving forward with its reform and economic measures related to the Iraqi banking system and the energy sector."
He explained that "the government's policy seeks to
achieve Iraqi energy independence through associated gas investment projects, and to
develop the working mechanism of Iraqi banks in line with international standards to ensure transparency and provide open data, so that banks can provide the services that the Iraqi people need,"
calling on the American side to reconsider the plan. Sanctions imposed on about 32 Iraqi banks, as they engaged in the structural reform process.” Hussein pointed out that
"the stability of the exchange rate of the Iraqi dinar against the US dollar represents a fundamental pillar for achieving economic, social and political stability in Iraq, which is what the government seeks to achieve,
calling on the relevant American institutions to review it and build on it." For his part,
Nelson praised the steps taken by the Iraqi government
to support the Iraqi economy and
address the challenges facing it.
He stressed that the relevant American institutions understand the seriousness of the Iraqi government in modernizing the work mechanisms in Iraqi institutions,
expressing the readiness of the American side to help Iraq in addressing the obstacles to its reforms.
This will reflect positively on the Iraqi economy.”
To read more current and reliable Iraqi news please visit : https://www.bondladyscorner.com/
Iraq Economic News and Points To Ponder Late Friday Night 7-12-24
Foreign Minister Discusses With Washington The Issue Of Frozen Iranian Funds In Iraq
Money and business Economy News – Baghdad Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein held an important meeting with the US Under Secretary of State for Political and Administrative Affairs, John Bass, in Washington, DC, during which the issue of frozen Iranian funds in Iraq was discussed.
According to a statement by the Ministry of Foreign Affairs, Fuad Hussein stressed "the importance of strengthening US-Iraqi relations in various fields," noting "the common desire to expand political and economic cooperation between the two countries."
The Minister addressed the issue of frozen Iranian funds in Iraq, stressing the need to find a quick and fair solution that serves the interests of both parties and enhances financial stability in the region.
Foreign Minister Discusses With Washington The Issue Of Frozen Iranian Funds In Iraq
Money and business Economy News – Baghdad Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein held an important meeting with the US Under Secretary of State for Political and Administrative Affairs, John Bass, in Washington, DC, during which the issue of frozen Iranian funds in Iraq was discussed.
According to a statement by the Ministry of Foreign Affairs, Fuad Hussein stressed "the importance of strengthening US-Iraqi relations in various fields," noting "the common desire to expand political and economic cooperation between the two countries."
The Minister addressed the issue of frozen Iranian funds in Iraq, stressing the need to find a quick and fair solution that serves the interests of both parties and enhances financial stability in the region.
In the context of enhancing economic cooperation and bilateral relations, special emphasis was placed on enhancing economic cooperation between the United States and Iraq. Minister Hussein pointed out the importance of supporting the financial and banking sector in Iraq, with an emphasis on the challenges related to the use of the dollar in financial transactions.
He stressed the "need to find solutions that enhance the stability of the Iraqi economy and contribute to achieving sustainable growth." 2024/07/12 - https://economy-news.net/content.php?id=45145
Foreign Minister From Washington: The US Treasury Evaluated The Efforts Of The Central Bank Positively
Political Yesterday, 23:09 Washington – IA Deputy Prime Minister and Foreign Minister Fouad Hussein confirmed that the US Treasury Department evaluated the efforts of the Central Bank positively, while indicating that a military delegation would visit Washington to hold security discussions.
Hussein said in a press conference held in the American capital, Washington, attended by the Iraqi News Agency (INA), that “our visit to Washington was to attend the NATO summit at the invitation of the American side, and on the sidelines of the summit we held extensive meetings with leaders of several countries, and we held a meeting with the US Treasury Department to discuss issues.” Related to monetary policy and banking signals.
He added, "The US Treasury Department positively evaluated the efforts of the Central Bank," noting that "a military delegation will visit Washington to hold discussions about the security agreement concluded between Iraq and the United States." He continued: "We discussed in the NATO meetings the future of the international mission, along with cooperation with the Iraqi Ministry of Defense." https://www.ina.iq/212487--.html
ICC Opens Office In Iraq: This Is What We Are Working On
Money and business Economy News - Follow-up The Paris-based International Chamber of Commerce (ICC) has announced the expansion of its global presence through the official launch of the chamber’s new headquarters in Iraq from the French capital, thus enhancing the spread of the chamber’s network of offices worldwide.
According to the official website of the International Chamber of Commerce, which was founded in 1919 in the French capital, it has a network of offices in more than 170 countries, and represents more than 45 million business companies.
The website stated that the official launch of the International Chamber of Commerce in Iraq was celebrated at the global headquarters of the Chamber in Paris, which will work to enhance the mission of the International Chamber of Commerce in Iraq, and strengthen the voice of Iraqi businessmen and chambers all over the world.
The report indicated that the International Chamber of Commerce of Iraq will constitute an addition to the total number of international chambers of commerce, reaching 92 around the world.
He added that a delegation from the International Chamber of Commerce of Iraq joined the official celebration in Paris, which was followed by a celebration at the Iraqi embassy in the French capital.
“The context in which companies operate today is one of geo-economic and geopolitical tensions that are causing instability, uncertainty and new challenges in Iraq and beyond,” ICC Secretary General John W. H. Denton was quoted as saying in the report. “Bringing our mission to Iraq will deliver real value to Iraqi companies and the real economies in which they operate.”
According to the report, the ICC Iraq will support the ICC’s institutional goals of promoting peace, prosperity and opportunities for all through local committees on arbitration, alternative dispute resolution, digital economy, intellectual property, trade and investment.
The report pointed out that the founding members of the International Chamber of Commerce of Iraq are Abdul Razzaq Al-Zuhairi, who holds the position of honorary president of the International Chamber of Commerce of Iraq and president of the Federation of Iraqi Chambers of Commerce, in addition to the president of the International Chamber of Commerce of Iraq, Mohsen Al-Hamid, who also heads the “Asriya Group”, along with Ahmed Al-Yasiri, Secretary-General of the International Chamber of Commerce of Iraq, who is also an advisor on international organizations.
The report concluded by pointing out that the members of the International Chamber of Commerce of Iraq, through their headquarters in Iraq, help formulate the policies of the International Chamber of Commerce and alert governments to what interests international business. 106 views 2024/07/12 - https://economy-news.net/content.php?id=45146
Rafidain: The Digital Transformation Plan Is Proceeding According To The Set Schedule
Posted On2024-07-12 By Sotaliraq Rafidain Bank announced the implementation of the comprehensive banking system in the Baladruz branch in Diyala Governorate, stressing that the digital transformation plan is proceeding according to the scheduled timings.
The statement said, “In implementation of the government program to move from paper transactions to electronic transactions to provide the best services to citizens, Rafidain Bank announces the implementation of the comprehensive banking system in the Baladruz branch in Diyala.”
The statement added that the Baladruz branch “has thus joined the branches that have activated the comprehensive system in Baghdad and the governorates, in addition to the border crossing branches (Zurbatiyah - Safwan - Arar - Trebil), so that the number of branches that have implemented and completed the system has become 32 branches, in an important step to strengthen the banking system and achieve its requirements and leave paper work and move completely to electronic systems.”
He stressed that “the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the set timetables to include all bank branches in the implementation of the system, especially since the priorities and adoptions of the government program include electronic transformation in financial transactions, reducing the circles of routine for citizens, shortening time, simplifying procedures, overcoming obstacles, and intensifying efforts to improve the level of services provided to customers and completing their transactions.” LINK
The Iraqi Chambers Of Commerce Signs A Memorandum Of Understanding With Its European Counterparts
Economy European Union Federation of Iraqi Chambers of Commerce Memorandum of Understanding
2024-07-12 08:22 Shafaq News/ The European Union Ambassador to the Republic of Iraq, Thomas Seiler, announced that Iraq had signed a memorandum of understanding with the European Chambers of Commerce.
Sayler said in a statement received by Shafaq News Agency:
“On my initiative, the Federation of Iraqi Chambers of Commerce and the European Chambers (its counterpart at the European Union level) signed today in Brussels a memorandum of understanding for mutual cooperation.”
He added, "This understanding will give Iraqi companies access to better options for cooperation and trade with companies in a large market that includes more than 40 European countries, including the 27 member states of the European Union." He stressed that "supporting small and medium-sized companies and developing the private sector is a major political goal of our cooperation with Iraq." https://shafaq.com/ar/اقتصـاد/غرف-التجارة-العراقية-توق-ع-مذكرة-تفاهم-مع-نظيراتها-الاوروبية
For The First Time...Non-Oil Revenues Recorded An Increase Of 11%
July 11, 2024 Economy / Iraq Obzirfar A report of economic studies and consultations revealed today, Thursday, that
it is the first time in the Iraqi state’s revenues that non-oil revenues have recorded an increase of 11% of total revenues, while oil revenues have fallen below the 90% barrier. The report, which was followed by “Iraq Observer,” said,
“For the first time, Iraq’s non-oil revenues recorded an increase of approximately 11% of total revenues, and oil revenues fell below the 90% barrier.”
He added, "Non-oil revenues for the first five months of the year recorded an amount of 6.24 trillion Iraqi dinars, while oil revenues for the first five months of the current year recorded an amount of 48.4 trillion Iraqi dinars."
He continued, “Revenues from taxes on income and wealth rose by 118%, revenues from commodity taxes and production duties rose by 285%, revenues from duties rose by 50%, while oil revenues rose by 6.4%.”
He stated, “The increase in non-oil revenues is an achievement of economic reform policies and mechanisms for controlling taxes and customs tariffs.” He expected that “the total non-oil revenues for the year 2024 will amount to 15 trillion Iraqi dinars, but they are far from the plan in the 24 budget tables, amounting to 27 trillion dinars.” https://observeriraq.net/لأول-مره-الإيرادات-غير-النفطية-تسجل-ا/
To read more current and reliable Iraqi news please visit : https://www.bondladyscorner.com/
MilitiaMan: IQD Updates - Iraqi Dinar - Internationalism - WTO - Mechanism - Stability - Major Economic Movement
IQD Updates - Iraqi Dinar - Internationalism - WTO - Mechanism - Stability - Major Economic Movement
MilitiaMan and Crew: 7-12-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
IQD Updates - Iraqi Dinar - Internationalism - WTO - Mechanism - Stability - Major Economic Movement
MilitiaMan and Crew: 7-12-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Some “Iraq News” Posted by Clare at KTFA 7-12-2024
KTFA:
Clare: Framework MP: Efforts to nominate one name for the position of Parliament Speaker
7/12/2024
A representative of the Coordination Framework revealed efforts to nominate one name for the position of Speaker of the House of Representatives, which has been vacant for 8 months.
Baqir al-Saadi told Al Furat News Agency, "Currently, there are no developments regarding holding a session or an agreement to elect a new speaker of the House of Representatives." He added, "But there are efforts for political agreements soon to nominate one name for the position, and it will be within a month from now."
KTFA:
Clare: Framework MP: Efforts to nominate one name for the position of Parliament Speaker
7/12/2024
A representative of the Coordination Framework revealed efforts to nominate one name for the position of Speaker of the House of Representatives, which has been vacant for 8 months.
Baqir al-Saadi told Al Furat News Agency, "Currently, there are no developments regarding holding a session or an agreement to elect a new speaker of the House of Representatives."
He added, "But there are efforts for political agreements soon to nominate one name for the position, and it will be within a month from now."
It is worth noting that the House of Representatives has failed twice to elect a new speaker, as its session held on May 18 witnessed fierce competition between MPs Salem al-Issawi and Mahmoud al-Mashhadani, with the former receiving 158 votes while the latter received 137 votes.
From that session, the parliament was unable to elect a speaker, and the position remained vacant.
Raghad LINK
Clare: Marketing 600,000 FTTH fiber optic lines in Iraq
7/12/2024 Baghdad
The Ministry of Communications announced today, Friday, the development of a plan and schedule with the companies contracting with it, in coordination with the Baghdad Municipality and the governorates, to deliver and implement fiber optic lines (FTTH) in all regions and governorates, while indicating the marketing of 600,000 fiber optic lines.
The Director General of the General Company for Communications and Information Technology at the Ministry of Communications, Ali Yassin, said: “The Ministry of Communications, represented by the General Company for Communications and Information Technology, has implemented more than 3 million FTTH fiber optic lines, and 600,000 lines of them have been marketed so far,” noting that “the ministry has developed a plan for the transfer of the rest of the governorates and a schedule with the companies contracted with it for the purpose of implementing and completing the rest of the governorates of Iraq.”
Yassin added, "Coordination has been made with the Baghdad Municipality to facilitate the work of companies contracting with the General Company for Communications and Information Technology to implement and extend cables for FTTH technology, as well as coordination with the governorates to facilitate the task of companies contracting with the General Company for Communications and Information Technology and to set controls and standards for implementation."
He pointed out that "the areas where the lines have been completed, including those on the Karkh side (Al-Saydiya, Al-Jami'a neighborhood, and Al-Adl) and on the Rusafa side (Zayona, and Palestine Street), are all equipped with FTTH service, as are the governorates such as Karbala and Najaf."
He pointed out that "the advantages of the lines are improving the quality of service provided to citizens at competitive prices, especially since most citizens complain about poor Wi-Fi service."
Therefore, FTTH service on optical cable will save them from that.” LINK
************
7/11/2024 Baghdad - WAA
Minister of Transport Razzaq Muhaibis Al-Saadawi announced today, Thursday, the signing of a contract with Oliver Wyman Consulting Company to provide consulting services for the Development Road Project, noting that the completion rate of the initial designs for the railway track for the project reached 80 percent and the expressway 75 percent.
Al-Saadawi said in a statement received by the Iraqi News Agency (INA): "Under the patronage of Prime Minister Mohammed Shia al-Sudani, we supervised today the contracting with Oliver Wyman Company to provide consulting services for the Development Road Project," indicating that "signing the contract reflects the government's seriousness in proceeding with the implementation of the strategic development road project."
He added that "the consulting company will help the ministry in marketing the project and supervising investment opportunities in it," noting that "the contract signed on behalf of the ministry by the Director General of Iraqi Railways, Younis Khalid Jawad, and on behalf of the consulting company by Pedro Oliveira, General Manager of Oliver Wyman Company, is the first of its kind in Iraq, in terms of providing financial and economic consulting services for strategic government projects."
He pointed out that "this contract will give international importance to the development road, which enjoys the care and attention of the Prime Minister," noting that "the completion rate of the initial designs for the railway track has reached 80 percent, while the completion rate of the expressway designs has reached 75 percent, and 92 percent of the soil investigations for the project."
Thecontract signing ceremony was attended by the Prime Minister's Advisor for Investment Affairs, Mohamed El-Naggar, and a number of officials in the ministry, according to the statement. LINK
************
Clare: ICC Opens Office in Iraq: This is What We Are Working on
7/12/2024 Economy News - Follow-up
The Paris-based International Chamber of Commerce (ICC) has announced the expansion of its global presence through the official launch of the chamber’s new headquarters in Iraq from the French capital, thus enhancing the spread of the chamber’s network of offices worldwide.
According to the official website of the International Chamber of Commerce, which was founded in 1919 in the French capital, it has a network of offices in more than 170 countries, and represents more than 45 million business companies.
The website stated that the official launch of the International Chamber of Commerce in Iraq was celebrated at the global headquarters of the Chamber in Paris, which will work to enhance the mission of the International Chamber of Commerce in Iraq, and strengthen the voice of Iraqi businessmen and chambers all over the world.
The report indicated that the International Chamber of Commerce of Iraq will constitute an addition to the total number of international chambers of commerce, reaching 92 around the world.
He added that a delegation from the International Chamber of Commerce of Iraq joined the official celebration in Paris, which was followed by a celebration at the Iraqi embassy in the French capital.
“The context in which companies operate today is one of geo-economic and geopolitical tensions that are causing instability, uncertainty and new challenges in Iraq and beyond,” ICC Secretary General John W. H. Denton was quoted as saying in the report. “Bringing our mission to Iraq will deliver real value to Iraqi companies and the real economies in which they operate.”
According to the report, the ICC Iraq will support the ICC’s institutional goals of promoting peace, prosperity and opportunities for all through local committees on arbitration, alternative dispute resolution, digital economy, intellectual property, trade and investment.
The report pointed out that the founding members of the International Chamber of Commerce of Iraq are Abdul Razzaq Al-Zuhairi, who holds the position of honorary president of the International Chamber of Commerce of Iraq and president of the Federation of Iraqi Chambers of Commerce, in addition to the president of the International Chamber of Commerce of Iraq, Mohsen Al-Hamid, who also heads the “Asriya Group”, along with Ahmed Al-Yasiri, Secretary-General of the International Chamber of Commerce of Iraq, who is also an advisor on international organizations.
The report concluded by pointing out that the members of the International Chamber of Commerce of Iraq, through their headquarters in Iraq, help formulate the policies of the International Chamber of Commerce and alert governments to what interests international business. LINK
Clare: Baghdad to Washington: The need to find a quick and fair solution to Iranian funds frozen in Iraq
7/12/2024
Iraq called on the United States to "find a quick and fair solution to the Iranian funds frozen in Iraq."
Foreign Minister Fuad Hussein met in Washington with US Under Secretary of State for Political and Management Affairs John Bass, and during the meeting stressed "the need to find a quick and fair solution to the issue of Iranian funds frozen in Iraq."
Hussein expressed his "concern about the situation in Gaza and the spread of the conflict to southern Lebanon."
He stressed "the importance of supporting the financial and banking sector in Iraq, with a focus on the challenges related to the use of the dollar in financial transactions."
Iranian officials say Iraq owes between $9 billion and $11 billion for gas and electricity from Iran. LINK
************
Clare: New "secrets" regarding the "theft of the century".. Iraq recovers 20 wanted persons involved in it
7/12/2024 Baghdad
The Director General of the Recovery Department at the Integrity Commission, Ayman Al-Baydani, revealed the qualitative leap witnessed by the Integrity Commission in recovering and pursuing funds and wanted persons, in addition to their files that were submitted to the judiciary.
Al-Baydani said, in an interview followed by "Al-Eqtisad News", that "more than 20 wanted persons involved in the theft of the century case were arrested and their files were sent to the judicial authorities and the matter is in the process of being recovered," indicating that "the authority is in the process of coordinating with the Ministry of Justice and the Legal Department to file lawsuits to recover those funds."
He explained that "in terms of funds, the Integrity Commission was able to track funds abroad and at home, uncover them, and place a seizure notice on them," noting that "the Integrity Commission has a history of achieving recovery numbers that rise to international levels in the modern Iraqi experience, such as the year 2023, the history of the Integrity Commission in recovering nearly 18 wanted persons in various cases, most notably the theft of the century."
Al-Baydani pointed out that "the money inside is not forgotten, we have tracked it down, exposed it and it is now in the process of being recovered to the state treasury." LINK
Economist’s “News and Views” Friday 7-12-2024
HOW to NOT Lose Everything (The Shocking Truth)
Taylor Kenny: 7-11-2024
Imagine waking up to find your savings and assets are suddenly worthless due to a currency reset.
A terrifying reality for millions worldwide.
Taylor Kenney investigates hyperinflation and national debts that can lead to such resets, devastating your personal finances.
With US record breaking debt and persistent inflation, the threat is closer than you think. Act now to ensure your financial security before it’s too late.
HOW to NOT Lose Everything (The Shocking Truth)
Taylor Kenny: 7-11-2024
Imagine waking up to find your savings and assets are suddenly worthless due to a currency reset.
A terrifying reality for millions worldwide.
Taylor Kenney investigates hyperinflation and national debts that can lead to such resets, devastating your personal finances.
With US record breaking debt and persistent inflation, the threat is closer than you think. Act now to ensure your financial security before it’s too late.
CHAPTERS:
00:00 Looming Reset
01:09 Venezuela's Currency Reset
02:30 Argentina's Currency Reset
04:34 Are My Assets Diversified?
06:02 Money vs. Currency
07:48 True Diversification
Customers Panic As $100 Million In Deposits Just Disappeared From Bank Accounts
Atlantis Report: 7-11-2024
In a time when most people use digital transactions and online banking, a recent financial disaster has caused a lot of trouble for banks. Millions are missing from customers' accounts, leaving depositors very worried about their money.
This unusual event has shown that there are problems with financial technology, fintech, and industry and has made people very concerned about the safety of the banking system.
The disappearance of so much money has made people scared that the whole system is about to fail, and trust in banks is diminishing.
SILVER ALERT! Silver POPS on CPI News as the Silver Riggers are LOSING CONTROL!!
(Bix Weir) 7-12-2024
There is an all out battle in the silver price suppression scheme! On one side is a Cabal of Western Bankers & Monetary Masters that have suppressed the price of silver for the part 175 years.
On the other side is the Industrial Demand for Physical Silver that is INSATIABLE and shows NO SIGN of weakening in the foreseeable future!
The outcome of this Epic Battle will CHANGE THE WORLD!
Iraq News Highlights and Points To Ponder Friday AM 7-12-24
Why Did Iraq Stop Dealing In The Chinese Yuan?
Economy Why did Iraq stop dealing in the Chinese yuan? Doc-P-493658-638563711944282995
1,919 views Alsumaria News – Local The Parliamentary Finance Committee revealed the reasons behind Iraq’s suspension of dealing in the Chinese yuan, while indicating that many of the Central Bank’s procedures are governed by American will.
Committee member Moeen Al-Kazemi said in a statement to Al-Sumaria News, "The US Federal Bank imposed on Iraq to stop dealing in the Chinese yuan, under the pretext that there was manipulation in some transfers or certain problems occurred, indicating that "Iraq's money, as we know, is included in the US Federal Bank as a result of the sale of oil at an amount of 3.5 million barrels per day, and this money enters the Federal Bank and is not transferred to Iraq in cash.
Why Did Iraq Stop Dealing In The Chinese Yuan?
Economy Why did Iraq stop dealing in the Chinese yuan? Doc-P-493658-638563711944282995
1,919 views Alsumaria News – Local The Parliamentary Finance Committee revealed the reasons behind Iraq’s suspension of dealing in the Chinese yuan, while indicating that many of the Central Bank’s procedures are governed by American will.
Committee member Moeen Al-Kazemi said in a statement to Al-Sumaria News, "The US Federal Bank imposed on Iraq to stop dealing in the Chinese yuan, under the pretext that there was manipulation in some transfers or certain problems occurred, indicating that "Iraq's money, as we know, is included in the US Federal Bank as a result of the sale of oil at an amount of 3.5 million barrels per day, and this money enters the Federal Bank and is not transferred to Iraq in cash.
It witnessed a transfer to Iraq through corruption transfers from the Central Bank and the Federal Declaration."
Al-Kadhimi continued, "Many of the central bank's measures are taken by the government with political will, and this will may be explained by administrative and financial reasons, not financing terrorism, and others," and he announced that "the reasons are political with the aim of pressuring the Iraqi government."
Is it possible to deal in Chinese currency?
Al-Kadhimi stressed that "the merchant and the Central Bank must have multiple options and not only deal in dollars, so this suspension is temporary and not permanent," noting that "the committee will ask the Central Bank to address the issue and have a diverse price basket, so that the options are more for the Central Bank and Iraqi merchants."
Al-Kadhimi stated earlier that "China's remittances in the yuan currency have been temporarily suspended until auditing mechanisms are found." He continued, "During the past period, there has been a great deal of manipulation of China's affairs." LINK
Rafidain: The Digital Transformation Plan Is Proceeding According To The Set Schedule
Posted On2024-07-12 By Sotaliraq Rafidain Bank announced the implementation of the comprehensive banking system in the Baladruz branch in Diyala Governorate, stressing that the digital transformation plan is proceeding according to the scheduled timings.
The statement said, “In implementation of the government program to move from paper transactions to electronic transactions to provide the best services to citizens, Rafidain Bank announces the implementation of the comprehensive banking system in the Baladruz branch in Diyala.”[/size]
The statement added that the Baladruz branch “has thus joined the branches that have activated the comprehensive system in Baghdad and the governorates, in addition to the border crossing branches (Zurbatiyah - Safwan - Arar - Trebil), so that the number of branches that have implemented and completed the system has become 32 branches, in an important step to strengthen the banking system and achieve its requirements and leave paper work and move completely to electronic systems.”
He stressed that “the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the set timetables to include all bank branches in the implementation of the system, especially since the priorities and adoptions of the government program include electronic transformation in financial transactions, reducing the circles of routine for citizens, shortening time, simplifying procedures, overcoming obstacles, and intensifying efforts to improve the level of services provided to customers and completing their transactions. LINK
The Budget Returns To The Halls Of Parliament For This Reason
Alsumaria Special 2024-07-11 | 3,335 views MP Baqir Al-Saadi revealed today, Thursday, that the budget will return to the House of Representatives to make some simple amendments to it.
Al-Saadi said in a special interview with: Alsumaria News "There are some minor comments on the budget, so it was returned to Parliament," he said. He added, "After the tenth ofMuharramThe amendments to the budget will be made by a specialized committee and then submitted to Council of Ministers" LINK
Foreign Minister Stresses To US Official The Importance Of Supporting The Financial And Banking Sector In Iraq
Friday 12 July 2024 10:51 | Politics Number of readings: 140
Foreign Minister stresses to US official the importance of supporting the financial and banking sect 1140965-f2e1a470-176e-40d6-9b92-d542cad3318c
[rtl]Baghdad / NINA / Foreign Minister Fuad Hussein met with US Under Secretary of State for Political and Administrative Affairs John Bass in Washington.
The Foreign Minister stressed the importance of supporting the financial and banking sector in Iraq, with a focus on the challenges related to the use of the dollar in financial transactions.
A statement by the Ministry of Foreign Affairs stated: "The Minister stressed the importance of strengthening US-Iraqi relations in various fields and the common desire to expand political and economic cooperation between the two countries."
The discussion, according to the statement, covered several main topics, including Iranian funds in Iraq. In this context, the Foreign Minister touched on the issue of frozen Iranian funds in Iraq, and the need to find a quick and fair solution that serves the interests of both parties and enhances financial stability in the region.
Regarding the situation in Gaza, the Foreign Minister expressed his concern about the deteriorating conditions in the Strip, and also expressed his concern about the extension of the conflict to southern Lebanon. He stressed the importance of intensifying international efforts to stop the escalation and achieve peace in the region.
During the meeting, special focus was placed on strengthening economic cooperation between the United States and Iraq.
The Minister pointed out the importance of supporting the financial and banking sector in Iraq, with a focus on the challenges related to the use of the dollar in financial transactions. He stressed the need to find solutions that enhance the stability of the Iraqi economy and contribute to achieving sustainable growth. He also stressed the importance of continuous dialogue and close cooperation to achieve common goals and enhance stability and development in the region.
https://ninanews.com/Website/News/Details?Key=1140965
Secrets Of Smuggling Kurdistan Oil.. Has Iran Become The Second Largest Exporter In OPEC Using It?
Alsumaria Special 2024-07-12 | 1,414 views Alsumaria News – Special Everyone is talking about the smuggling of oil from the Kurdistan Region, and this talk is not new and has been going on for years.
However, for more than a year, specifically since the suspension of the export of Kurdistan oil through the Turkish port of Ceyhan, the map of oil smuggling from the region has changed. Instead of exiting through Turkey, the oil is now exiting through Iran.
Also, the beneficiary now is foreign oil companies and "unknown" subcontractors, not the regional government, in a process that can be described as a "mysterious maze."
Social media sites are flooded with electronic groups for tanker drivers, and there is a wide demand for tanker drivers to transport oil fromKurdistanTo the port of Bandar Abbas in southern Iran, which is a very strange path.
Another indicator is that Iranian reports came out a few days ago, specifically in the city of Bushehr, conveying citizens’ dissatisfaction with the “suffocating congestion caused by Iraqi tankers loaded with oil and fuel,” in addition to major traffic accidents.
After all that, she cameReutersIn a lengthy investigation, she talks about oil smuggling routes.KurdistanAcross Iran, andTürkiyeAlso, but inTürkiye"In much smaller quantities and forms than Iran."
According to the information, foreign companies operating in the region produceKurdistan350 thousand barrels per day, and these companies sell the produced oil to "subcontractors", who distribute this oil or sell it to local refineries in a simple manner, and the other is smuggled at a rate of 200 thousand barrels per day, in a process that information indicates is carried out between foreign companies and contractors only, and has nothing to do with the government.KurdistanOr none of these revenues will enter the regional treasury, as it confirms.Reuters, as evidenced by data from foreign companies operating in the region.
But the selling price of a barrel from foreign companies inKurdistanIt is done at low prices, the price of a barrel of oil is sold for only $35, which means that foreign companies receive less than a quarter of a billion dollars per month, as subcontractors buy oil at these cheap prices, and in turn smuggle this oil.
This activity raises a lot of questions and question marks, the first of which is who are these subcontractors? How much do they sell the smuggled oil abroad for and how much do they profit from it? How do the tankers move from the oil-producing fields to the Iranian border? How do they enter?IranOfficially?
And where does this oil go? Since Iran is basically an oil producer, questions arise about whether Iran buys this oil at lower prices so that it can sell and export it to the world at the global price as Iranian oil, especially since Iran faces difficulties in developing oil production technologies.
Perhaps this matter clearly raises an explanation for how Iran became the second largest oil exporter inOPECAfter Saudi Arabia and removedIraqWithin a short period, Iran may have benefited from Kurdish oil for export and increased its share in the export market without the need to increase its oil production.
Another detail that can be taken into consideration is thatIraqHe has previously filed a lawsuit againstTürkiyeTo allow the passage of oilKurdistanAnd export it without approvalIraqHow can he deal with it?IraqWith Iran allowing the passage of the region's oil by tankers through its territory to the port of Bandar Abbas? LINK
“Tidbits From TNT” Friday Morning 7-12-2024
TNT:
Tishwash: The Central Bank explains the reasons for the rise in dollar prices
Today, Wednesday, a member of the Board of Directors of the Central Bank of Iraq, Ahmed Barihi, explained the reasons for the rise in dollar exchange rates in the local market.
Berihi said in a statement to the Maalouma Agency, “The issue of the rise in the exchange rate of the dollar against the Iraqi dinar in the local market is not related to the measures taken by the bank, but rather due to the American restrictions imposed on the Central Bank and related to the electronic platform.”
He added, "Another reason related to the rise in the exchange rate of the dollar is the connection to the electronic platform that controls the floating of the currency in the market where it is less than the demand. Therefore, the price of the dollar will be raised and the platform is controlled by the US Federal Reserve, which will cause a difference from the official price."
TNT:
Tishwash: The Central Bank explains the reasons for the rise in dollar prices
Today, Wednesday, a member of the Board of Directors of the Central Bank of Iraq, Ahmed Barihi, explained the reasons for the rise in dollar exchange rates in the local market.
Berihi said in a statement to the Maalouma Agency, “The issue of the rise in the exchange rate of the dollar against the Iraqi dinar in the local market is not related to the measures taken by the bank, but rather due to the American restrictions imposed on the Central Bank and related to the electronic platform.”
He added, "Another reason related to the rise in the exchange rate of the dollar is the connection to the electronic platform that controls the floating of the currency in the market where it is less than the demand. Therefore, the price of the dollar will be raised and the platform is controlled by the US Federal Reserve, which will cause a difference from the official price."
During the past few days, the exchange rates of the dollar against the dinar recorded a noticeable increase in the stock market and banking shops in the capital, Baghdad, and the provinces.
During the current period, America has worked to destroy the Iraqi currency by imposing sanctions on private banks, and banning the dollar under many pretexts, which in one way or another led to a severe financial crisis in the local markets. link
Tishwash: Foreign Minister discusses with Washington the issue of frozen Iranian funds in Iraq
Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein held an important meeting with the US Under Secretary of State for Political and Administrative Affairs, John Bass, in Washington, DC, during which the issue of frozen Iranian funds in Iraq was discussed.
According to a statement by the Ministry of Foreign Affairs, Fuad Hussein stressed "the importance of strengthening US-Iraqi relations in various fields," noting "the common desire to expand political and economic cooperation between the two countries."
The Minister addressed the issue of frozen Iranian funds in Iraq, stressing the need to find a quick and fair solution that serves the interests of both parties and enhances financial stability in the region.
In the context of enhancing economic cooperation and bilateral relations, special emphasis was placed on enhancing economic cooperation between the United States and Iraq. Minister Hussein pointed out the importance of supporting the financial and banking sector in Iraq, with an emphasis on the challenges related to the use of the dollar in financial transactions.
He stressed the "need to find solutions that enhance the stability of the Iraqi economy and contribute to achieving sustainable growth." link
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Tishwash: Financial Supervision announces the preparation of a draft of the updated unified accounting system
The Financial Supervision Bureau announced, on Thursday, that it has taken measures to develop and improve the accounting and auditing professions in Iraq. While it referred to the issuance of the internal control guide binding on all government agencies, it confirmed the preparation of a draft of the updated unified accounting system in accordance with international standards.
The Deputy Chairman of the Financial Supervision Bureau, Qaisar Al-Saadi, said in a statement reported by the official news agency, and seen by "Al-Eqtisad News", that "the Federal Financial Supervision Bureau seeks to achieve its objectives specified by its founding law, including developing the accounting and auditing professions in Iraq."
He explained that "one of the most prominent steps taken by the Bureau is issuing reports evaluating the internal control systems in ministries, entities not affiliated with a ministry, and governorates," indicating that "the aim of this is to raise the level of performance of these formations, enhance efforts to combat financial and administrative corruption, improve institutional performance, and work on the principle of preventive control to reduce this phenomenon."
He pointed out that "the Bureau issued the Internal Control Guide, which was circulated to all government agencies for mandatory adoption starting from 7/1/2024," noting that "this guide aims to help these agencies accomplish their work in a way that ensures tight control and oversight over financial transactions and the preservation of public money."
He added, "The Court has completed preparing a draft of the updated unified accounting system in accordance with international standards. This draft has been circulated to government agencies, unions and universities for the purpose of expressing their opinions and making appropriate amendments in preparation for its actual implementation in the near future."
He added: "The Bureau also contributed to holding the first session of the Audit and Accounting Standards Board in the Republic of Iraq for the year 2024 after an interruption of more than four years, during which the audit and accounting issues were discussed and appropriate decisions were taken regarding them, which contributes to developing the work of the profession in Iraq."
He pointed out that "these steps come within the framework of the Bureau's commitment to developing and improving the accounting and auditing professions in Iraq in line with international standards and contributing to enhancing integrity and transparency in government institutions."
He added, "The Bureau relies in its work on the international standards issued by the International Organization of Supreme Audit Institutions (INTOSAI). The Bureau is also a prominent member of the organization and has many contributions, including participation as a member of (5) working groups, attendance at seminars between INTOSAI and the United Nations, and cooperation with the INTOSAI Development Initiative in its various programs, in addition to the Bureau assuming the chairmanship of the Strategic Planning Committee in the organization."
Al-Saadi explained that “the Court cooperates with international and local organizations and similar oversight bodies such as the Dutch Court of Audit in the field of performance evaluation and peer review, the Court of Auditors in Morocco in the field of judicial oversight, and the Polish Oversight Body in the field of risk-based auditing, as well as the German Cooperation Agency (GIZ), the Korea International Cooperation Agency (Koica), the Japan International Cooperation Agency (Jika), and the Indian Technical and Economic Cooperation Program (ITEC).”
He pointed out to the "multiple activities with oversight bodies in Arab and Islamic countries such as the General Auditing Bureau in the Kingdom of Saudi Arabia, the Audit Bureau in the State of Qatar, the Turkish Court of Accounts, the Supreme Audit Court in the Islamic Republic of Iran, the Accounting Council in the Algerian Republic, and many others," noting that "these standards and evidence contribute, along with international cooperation, to enhancing the effectiveness and efficiency of the Bureau in carrying out its oversight work in a way that ensures transparency and integrity in government institutions."
He stressed the "commitment of the Federal Audit Bureau to enhance transparency and integrity in all state institutions by working in accordance with international standards and effective cooperation with regulatory bodies and international organizations," stressing "continuing efforts to develop the accounting and auditing professions and providing technical and accounting support to ensure optimal performance and preservation of public funds, in addition to giving great importance to supporting the role of youth in building the future by enhancing their capabilities to be real partners in combating corruption and evaluating government performance in order to achieve the desired goals link
Mot .. Not Saying - I Could Use Da RV – Buuttttttt
Mot: . Gunna beeeee un of Thos Daze!!!!
