Iraq Dinar-#Iraqidinar-Iraq-International Water-No Disclosure of Costs-to World-MoF-Ernst & Young

Iraq Dinar-#Iraqidinar-Iraq-International Water-No Disclosure of Costs-to World-MoF-Ernst & Young

MilitiaMan and Crew:  8-28-2024

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=GdSMEUw4bu8

Seeds of Wisdom RV and Economic Updates Wednesday Evening 8-28-24

Good Evening Dinar Recaps,

NASDAQ UNVEILS PLANS FOR SPOT BITCOIN OPTIONS

Today Nasdaq announced it has filed an application with the Securities and Exchange Commission to launch Nasdaq Bitcoin Index Options (XBTX). Its partner is CF Benchmarks, the creator of the CME CF Bitcoin Real-Time Index (BRTI). The offering is subject to SEC approval.

The index represents current trades on cryptocurrency exchanges and these will be spot options. This complements the existing CME Options which are linked to bitcoin futures.

“Spot options settling to BRRNY (CME CF Bitcoin Reference Rate – New York Variant) will build upon the hugely successful BTC futures and options contracts offered by CME,” said aid Sui Chung, CEO of CF Benchmarks.

“Together these regulated crypto derivatives will give investors the confidence to deploy more nuanced ways to gain exposure to the largest digital asset and will complement the spot ETFs that have already proved so popular with investors.”

On that point, there have been several filings for the approval of options linked to the Spot Bitcoin ETFs. This month four proposals were withdrawn by Cboe, NYSE, Nasdaq and BOX. A Bloomberg commentator expects to see re-filings and approval for ETF options in Q4.

Meanwhile, the New York Stock Exchange (NYSE) made a filing in May for spot Bitcoin options similar to the Nadaq’s, although those are based on the Coindesk index.

@Newshounds

SOURCE:  LEDGER INSIGHTS

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IOTA’s EVM, REAL WORL ASSETS, and DUBAI’s CRYPTO BOOM: Shaping the Future of DeFi

IOTA’s EVM, RWAs, and Dubai’s thriving crypto nature are poised to revolutionize decentralized finance.

Additionally, Dubai’s friendly regulatory framework and forward-thinking approach could transform Dubai into a key player in the crypto economy.

The growth of the blockchain ecosystem is fueling the development of cutting-edge technologies that have the potential to revolutionize decentralized finance.

In particular, IOTA’s Ethereum Virtual Machine (EVM), Real World Assets, and the thriving crypto environment in Dubai. By converging these three elements, the future of Decentralized Finance is poised to flourish.

The launch of IOTA’s EVM, which happened mid-May this year, was a significant milestone in bridging the gap between its unique Tangle technology ( an innovative type of distributed ledger technology) and the Ethereum ecosystem- the king of smart contracts.

 This integration means that developers can leverage Ethereum’s off-the-edge tools and Dapps, also making IOTA a force to be reckoned with in the smart contract landscape. Making this a dynamic duo, the IOTA network is acclaimed for feeless transactions and scalable network.

Going unheeded is the growing trend in the tokenizing of real-world assets such as real estate, commodities, and more. Bringing assets like this onto the Blockchain means easy trading, transparency, and security. As this real-world asset digitization, regions like Dubai, where the real estate market is blooming and has a strong appetite for innovation, could be a step in the right direction.

IOTA’s EVM and RWA lead the way in Dubai’s Blockchain Revolution

Since 2021, Dubai has emerged as a dubayy for blockchain and cryptocurrency innovation. Dubai boasts a crypto-friendly regulatory framework that has often attracted blockchains from across the globe.

Its forward-thinking approach has made the city the leader in real estate business, technology and innovation, Finance and banking, and the E-commerce sector.

Dubai’s ambition to become a leading crypto-friendly city aligns perfectly with the developments surrounding IOTA’s EVM and RWAs. The city dreads to integrate the thriving blockchain technology into various sectors from finance to real estate.

By amalgamating the finest attributes of both realms: IOTA’s secure data, feeless transactions, and minimal resource demands This, is a perfect recipe to foster innovative business models in Dubai.

Additionally, In doing so, Dubai requires a platform that will offer security, transparency, and efficiency especially when it comes to RWAs.

The synergy between these elements could unlock new opportunities for asset tokenization in Dubai. This would see real estate in the city being tokenized on IOTA, allowing fractional ownership and easier access to international investors.

This would not only boost Dubai’s real estate market but also contribute to the growth of the local crypto ecosystem.

Meanwhile, IOTA is swapping hands for $0.1353, marking a 3.70% and 20.04% decline in the last 24 hours and past month, respectively.

@Newshounds

SOURCE:  Crypto News Flash

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UPDATE💡 Due to an unexpected event the Isaac Call has been delayed and To Be Announced. 💡Stay Tuned for the SURPRISE. 💡 Isaac used the word surprise. Call will be in the Podcast Room. Replay on YouTube 💡If you have a question for Isaac, please post in the living room, 💡 Please Subscribe ~ Enjoy ~ Share. Get ready to learn and grow!

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Iraq Economic News and Points To Ponder Wednesday Evening 8-28-24

Parliamentary Finance: The Path Of Development Will Achieve A Shift In The Course Of Trade Exchange Between Iraq And The World

Chairman of the Parliamentary Finance Committee Atwan Al-Atwani Money and business  Economy News – Baghdad   The Parliamentary Finance Committee confirmed, on Wednesday, that the development path will achieve a qualitative shift in the course of trade exchange between Iraq and the world.

The media office of the head of the parliamentary finance committee stated in a statement, which was reviewed by "Al-Eqtisad News", that "the head of the parliamentary finance committee, Atwan Al-Atwani, received the Chargé d'Affaires of the German Embassy, ​​Roland Vestbe, and his accompanying delegation; to discuss ways to enhance bilateral cooperation between the two friendly countries."

He added, "The meeting discussed political and security developments in the region and their impact on the Iraqi economy," indicating that "the two sides stressed the need to enhance bilateral cooperation between Baghdad and Berlin at all levels and in various fields, especially in developing the energy sector and financial and banking systems, in a way that achieves sustainable development."

Al-Atwani said - according to the statement: "Iraq looks forward to strengthening its relations with everyone on the basis of mutual respect, common interests, and non-interference in its internal affairs," adding that "the political and security stability that Iraq is currently witnessing has made it an attractive environment for investment."

He continued, "The entry of major international companies into Iraq is a clear indicator of stability and security, and we look forward to the participation of German companies in developing the energy sector and helping Iraq invest its wealth," noting that "the development path will achieve a qualitative shift in the course of trade exchange between Iraq and the world as it shortens time and provides security."

Al-Atwani pointed out that "many European countries have expressed their desire to join the development path, and Germany must have a presence in this strategic project, and the industrial and commercial projects scheduled to be established along the development path will drive the economy and provide thousands of job opportunities." - https://economy-news.net/content.php?id=46875

96% Increase In Iraqi Currency Auction Remittance Sales

Time: 2024/08/28 16:27:04 Read: 468 times  {Economic: Al Furat News} Foreign remittance sales rose in the Central Bank auction on Wednesday by 96% over cash sales, reaching more than $268 million.

The bank sold in today’s currency auction 280 million, 775 thousand, and 565 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.

Most of the dollar sales went to boost balances abroad in the form of transfers and credits, which amounted to $268,125,565, up 96% from cash sales of $12,650,000.

The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 15 banks, and the total number of exchange companies participating in the auction was 16 companies.  LINK

OPEC Secretary General Arrives In Baghdad

Economy  - 08/28/2024  Mawazine News – Baghdad  OPEC Secretary-General Haitham Al-Ghais arrived in Baghdad on a two-day visit.

The ministry's spokesman, Mr. Asim Jihad, said: "The visit comes within the framework of bilateral communication on developments in the oil market, in addition to strengthening and expanding the horizons of cooperation in OPEC and OPEC Plus." Jihad pointed out that Al-Ghais's visit schedule includes meeting the Minister of Oil and a number of officials  https://www.mawazin.net/Details.aspx?jimare=254052

Oil Rises, Brent At $79

Economy  | 08/28/2024  Mawazine News – Baghdad  Oil prices rose on Wednesday, after a sharp drop in the previous session that snapped a three-day winning streak, as investors were left in a state of confusion amid concerns about a possible decline in output from Libya and the Middle East on the one hand, and worries about global fuel demand on the other.

Brent crude futures were up 25 cents, or 0.31 percent, at $79.80 a barrel by 0209 GMT.

U.S. West Texas Intermediate (WTI) crude futures were up 17 cents, or 0.23 percent, at $75.70, according to Reuters.

This follows a decline of more than 2 percent on Tuesday that snapped a three-day winning streak of more than 7 percent, as concerns about weaker refining profits weighed on the outlook for fuel demand amid data suggesting global consumption growth is below expectations this year. https://www.mawazin.net/Details.aspx?jimare=254050  

Dollar Exchange Rate Today

 08/28/2024  Mawazine News – Baghdad  Mawazine News publishes today, Wednesday, the exchange rates of the dollar against the Iraqi dinar in local markets. The prices are as follows: - Selling 149,750 dinars for every 100 dollars.   Buy 147750 dinars for every 100 dollars. https://www.mawazin.net/Details.aspx?jimare=254061

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

Iraq News Highlights and Points To Ponder Wednesday Morning 8-28-24

White Derivatives

 Economic  08/28/2024  Walid Khalid Al-Zaidi   Since the oil sector is the main artery of the Iraqi economy, any growth in it will cast a shadow on the development of national development plans that the government aims to implement and the people seek, especially in light of the accumulation of current global crises in several areas, including energy, food, and lack of services.

Given the deterioration and backwardness of the infrastructure of this sector in Iraq due to its neglect in the last two decades of the last century and what happened to it due to successive wars and the tendency to improvise in managing the exploitation of this wealth and not dealing positively with foreign investment in it, its efficiency has decreased and its developmental role has weakened, especially in the field of oil industries,

which necessitated the necessity of reconsidering it and including it in developing and promising plans and through multiple licensing rounds for oil and gas fields, which is what the current government, represented by the Ministry of Oil, has implemented.

The purpose that the government has currently adopted from the oil sector development projects based on investing all elements of national wealth leads to building an integrated Iraqi economy by increasing resources and building real capital,

whether human or material, to ultimately lead to creating a multi-use production such as extracting oil derivatives to develop the rest of the economic sectors and sufficient to compensate society for losses and the loss of opportunities for progress during previous periods that caused the disruption of the ability to achieve comprehensive economic and social plans in the country,

which made the ministry currently seek to reach the stage of completing promising projects after announcing the near completion of the project to produce what is called (white derivatives) by converting black oil and other waste into secondary materials refined in a technical and scientific manner with an achievement rate of (85%),

which is hoped to see the light soon and increase the production of fuel in the south refineries to one million and (300) thousand barrels per day and work to improve the quality of gasoline with high quality and efficiency,

which confirms the remarkable development of the refining field during the present time, which is positively reflected in the provision of oil derivatives for local consumption in a sustainable manner.

In light of the government’s efforts to achieve self-sufficiency in petroleum derivatives and its efforts on the basis of which it implemented multiple technical programs, the stage of achieving self-sufficiency in the national product and reducing the import of petroleum derivatives from abroad before the middle of next year (2025) has become almost certain, as a set of technical procedures have been determined,

including entering into stages of the petroleum industry and using advanced equipment and technologies by benefiting from advanced technology in this field and considering this a large part of the world of the economy and an important tributary in strengthening financial resources and developing important industries and promising means to expand the frameworks of serving citizens in the field of energy and fuel for daily uses.

The technical measures that the Ministry of Oil seeks to implement embody the optimistic view of those in charge of the national economy of what could establish major plans in this field, the purpose of which is to increase the benefits expected from investing in the oil sector and producing other highly developed and growing industries,

especially after the increase in fuel production from the southern refineries in remarkable quantities, indicating that the oil sector and refining projects are witnessing great development at the present time, which could be positively reflected in the availability of petroleum derivatives for various purposes.   https://alsabaah.iq/101790-.html

Why does Iraq import gasoline and gas despite exporting oil? An economist answers

Posted On 2024-08-27 By Sotaliraq   Economic researcher, Duraid Al-Shaker Al-Ghazi, revealed the reason behind the country’s import of petroleum derivatives such as gasoline and gas despite its export of oil outside the country, while he pointed out that there are mafias controlling this file to continue the import of these derivatives.

Al-Ghazi pointed out that “over the past 20 years, the issue of importing petroleum derivatives has lacked a political and economic decision, despite the fact that there are many countries that have become rich due to their experiences and investment in these derivatives.” He noted that “the appointees, not the concerned ones, have not reached the point of being decision makers in this important issue.”

Al-Ghazi stated that “any country in the world has several refineries, while the production of these refineries is divided between domestic consumption and export, except in Iraq.”

He pointed out that “it is funny that the state has established a refinery with a specific capacity in each governorate, and has not taken into account the oil production capacities, while they have not obtained the approvals of international organizations, as we in the country are aiming to establish a large refinery, but there is no noticeable result due to the mafias that control the import of derivatives.”

Al-Ghazi continued, “Despite the start of production at the Karbala refinery, in addition to some of the old refineries that have been restarted, they are operating poorly, which has made the government’s plans inconsistent with the expansion of domestic consumption, as there are many contradictory statements about meeting local needs and the abundance of various products that we hear from time to time.”

The economic researcher added, “The availability of derivatives can be easily achieved by renting a refinery or two with high refining capacities in any country, where the government sends crude oil to it within the limits of our agreement with OPEC Plus, where the returns will be at least five times the establishment of a refinery or by importing oil derivatives.”

 He stressed, “Thus, we will save billions of dollars that will develop the productive sectors or be used to extinguish the problems that all government policies have failed to extinguish by investing in gas and ending its burning in the atmosphere to reach the stage of self-sufficiency and export,

in addition to getting rid of the process of using water wells to extract oil, which causes thirst in agriculture and wastes water that we are in dire need of.”

According to televised statements by Oil Minister Hayan Abdul Ghani, Iraq is on track to achieve self-sufficiency in gasoline next year, with the increase in production from refineries, both existing ones and those to which new units have been added with the aim of increasing the country’s production of this widely used fuel.  LINK

A New Decline In The Dollar Exchange Rate In Iraq.. This Is The List

Economy  2024-08-28 808 views  Alsumaria News – Economy   Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the local Iraqi markets for Wednesday, August 28, 2024.

The dollar prices recorded a slight increase with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 148,850 dinars for every 100 dollars. As for the selling prices in the exchange shops in the local markets in Baghdad, the selling price reached 149,750 dinars, while the purchase price reached 147,750 dinars for every 100 dollars.

On February 7, 2022, the Council of Ministers announced its approval to amend the dollar exchange rate to 1,320 dinars per dollar.

For about a year, specifically since the Central Bank began operating the electronic platform and the international financial transfer system "SWIFT", the dollar exchange rate in Iraq has not witnessed stability despite the government and the Central Bank's attempts to control the exchange rate in parallel markets.  LINK

Plastic Bags: A Danger Threatening Life And The Environment In Iraq

Posted On 2024-08-28 By Sotaliraq   Plastic bags are one of the most prominent environmental problems facing Iraq today, as their use has become a major threat to life and the environment. Plastic bags accumulate in the streets and water, leading to pollution of natural resources and deterioration of the ecosystem.

It also causes the death of many living organisms as a result of swallowing it or stumbling into it. Environmental studies indicate that plastic materials take hundreds of years to decompose, which further exacerbates the problem and increasingly threatens public health and the environment in Iraq.

This environmental crisis requires urgent action to reduce the use of plastic bags and raise awareness of their environmental and health damage.

The head of the Strategic Center for Human Rights, Fadhel Al-Gharawi, confirmed in a statement that “the use of plastic bags has become a danger to life and the environment in Iraq, in addition to animals,” calling on the government to “ban the import or manufacture of plastic bags intended for daily use.”

He added, "More than (700) species of wild and marine animals are seriously harmed by these bags."

He explained that “using plastic bags to buy bread or wrap hot foods in Iraq leads to harmful substances seeping into the loaves of bread, where they melt and disintegrate due to the heat.”

In addition to other pollution that affects humans with chemicals added to plastic, it comes from the meat of animals such as cows and sheep, which sometimes eat plastic bags, which enter their stomachs, then those materials dissolve and concentrate in their meat, bones and milk.

When they are eaten, they penetrate the human body and those materials infiltrate the fetuses, when a pregnant woman eats those products, the pollutants reach the fetus through the placenta.

He explained that “most Iraqi homes burn plastic bags in front of their homes or random landfills, which leads to the emission of gases such as phenols, chlorine, and others, which are toxic substances that are released into the atmosphere and inhaled by humans.

One gram of phenol can kill a human being in addition to causing respiratory and digestive diseases, cancer, thyroid diseases, and birth defects in fetuses.”

Al-Gharawi confirmed that “the decomposition of a plastic bag in the soil takes 10-20 years.”

The head of the Strategic Center for Human Rights called on the government to “ban the import or manufacture of plastic bags for daily use for food and oblige all shops, bakeries and restaurants to use paper bags instead, in addition to announcing investment opportunities to establish paper bag factories according to health specifications, and launching a national campaign entitled “Your Health Matters to Us” to raise awareness of the dangers of plastic bags.”  LINK

Seeds of Wisdom RV and Economic Updates Wednesday Morning 8-28-24

Good Morning Dinar Recaps,

IS BRICS ABOUT TO ANNOUNCE A GOLD-BACKED CURRENCY?

Back in July, BRICS announced the intention to create a new payment system to rival SWIFT and further the bloc’s stated goal of de-dollarization.

While the exact details of how the system works are not yet confirmed, Former Russian Ambassador to the USA Yury Ushakov made public statements confirming it would use cutting-edge digital technology, including blockchain. He called this an “important goal for the future.”

The system is set to facilitate both cross-border payments and settlements and will not require U.S. Dollars. Further comments made by Russian central banker Elvira Nabiullina suggest that as many as 159 countries have expressed interest in using it, signaling strong international interest in ways to trade that don’t depend on the USD.

In a potentially related move, Russian President Vladimir Putin signed a bill allowing digital currencies to be used for export payments. Evidently, Putin is trying to find ways to trade internationally while under U.S. sanctions due to the war in Ukraine.

Could the BRICS payment system use a gold-backed digital currency?

Anyone familiar with the digital currency industry knows that rumors and speculation circulate widely on little more than suggestive evidence and loosely connected dots.

So, it should come as no surprise that there’s been much debate about a potential link between Putin’s bill and the BRICS payment system and whether the “chosen” blockchain’s native token stands to gain in value.

What many seem to be missing is this: if the rumors are true and BRICS released a gold-backed digital currency, what does it mean for the digital gold narrative peddled by BTC proponents?

While BTC does have a fixed supply for now and users can take custody of their own coins, there isn’t much real liquidity supporting it, and there are well-known long-term problems with the economics of the system.

Could a gold-backed BRICS currency that is actually useful for trade be more appealing to speculators and those who still believe in both hard money and electronic cash? Time will tell, but as usual, BTC maximalists are intent on asking questions to confirm their biases and only tell one side of the story.

De-dollarization won’t be so easy

Whatever form the new BRICS payment system and currency takes, de-dollarizing won’t be easy, and it won’t happen quickly. Just look at some stats showcasing how entrenched the USD is in global trade:


▪️59% of all global reserves are held in USD, according to the IMF.

▪️ 80-90% of global trade is conducted in USD, and oil is priced in it.

▪️ 85% of all FOREX trades involve the USD.

▪️ 60% of all global debt issuances are priced in U.S. dollars.

U.S. Treasuries are still the go-to safe haven asset.

On top of the immense power that USD gives Washington, there’s also the issue of sanctions. The U.S. government can also tell any party doing business with entities it has sanctioned (e.g., Russia) that they aren’t welcome in the U.S. markets, restricting access to capital and more. These secondary sanctions are a powerful weapon in Washington’s arsenal.

While some will choose BRICS over the United States for political reasons, it’s unlikely that many will choose to lock themselves out of the world’s largest economy by nominal GDP, especially if other large markets like the EU are aligned with it.

Nonetheless, the BRICS system and currency will pose a meaningful challenge to U.S. financial dominance. Brazil, Russia, India, China, South Africa, and the other members are not to be underestimated and will play an increasingly important role in the future as their economies grow.

What the BRICS system will look like in the future is anyone’s guess, but with its annual summit ahead in Kazan on October 22-24, we may get our first glimpse soon enough.

@ Newshounds News™

Source:  CoinGeek

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IOTA completes EU blockchain pre-commercial phase

Iota completes the final phase of the European Blockchain PCP, setting the stage for scalable, sustainable and secure blockchain infrastructure across the European Union.

The European Commission has been working with leading blockchain developers to set the stage for a future of scalability, sustainability and security across the European Union.

The Iota Foundation announced its successful completion of the final stage of the EU’s blockchain Pre-Commercial Procurement (PCP), along with seven other participants.

Blockchain advances in the EU

The developers have been working on “cutting-edge” prototypes using distributed ledger technology solutions that focus on specific touchpoints, such as intellectual property rights management and digital product passports.

Initiated in 2020, the European Blockchain PCP was part of a broader strategy to enhance the European Blockchain Services Infrastructure (EBSI), a network designed to support cross-border digital services.

Iota’s recent completion of the third phase puts the foundation in a position to be able to contribute to the next generation of blockchain infrastructure under the forthcoming European Digital Infrastructure Consortium for Blockchain (EUROPEUM-EDIC).

This phase included collaborations with local partners, such as Software AG and the Universidad Politécnica de Cataluña, to develop solutions on its blockchain that incorporate decentralized identities, smart contracts and advanced data sharding techniques.

The end goal is to enable scalable and energy-efficient blockchain applications running across infrastructure in the EU.

Dominik Schiener, chairman of the Iota Foundation, said:

“EBSI is a crucial step towards a cohesive digital future for Europe, providing the necessary framework for innovation and collaboration across various sectors.”

EU’s tech initiatives

As the European blockchain landscape transitions into EUROPEUM-EDIC, Iota said that it plans to solidify its partnerships with commercial entities and governmental bodies in the region to bring its prototypes to market.

Potential applications it highlighted range from automotive battery tracking to secure intellectual property management.

This development comes as the EU advances its policies and available innovations in the emerging technology sector.

In July, the EU confirmed its collaboration with ChromaWay to develop blockchain-based sustainability solutions.

The team from ChromaWay, along with other participants in the blockchain space, will join the EU at a follow-up workshop in Brussels this September to outline the next steps for Q4 2024 and into 2025.

Although Europe has taken a progressive stance in collaborating with developers and creating laws to regulate crypto and artificial intelligence, critics have become increasingly vocal that Europe’s progress may be set back by too much red tape.

@ Newshounds News™

Source:   CoinTelegraph  

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Listen and learn from this man. He has facts and shares with us as we all wait. Share with others!

August 28, 2024 12:00 Central Noon, 1 PM ET

Listen Here - Podcast Room https://t.me/+VAm-AlWWqWPzyK8G

Replays - YouTube Currency Facts - YouTube

Ask your questions in the Living Room: Link Directly from Isaac when ask for a bio

“But understand I do not have contacts. Isaac

"I have buyers the us treasury , DOD , Admiral , HSBC several big platforms that I have signed contracts with all and they paid already for the inspection several times" Isaac

Take a look at Isaac's Photos of His Currency  LINK

@ Newshounds News™

Source:  Isaac's Call

~~~~~~~~~

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“Tidbits From TNT” Wednesday Morning 8-28-2024

TNT:

Tishwash:  Iraq spends half of its budget on imports, and these countries are at the forefront of suppliers

The Ministry of Planning revealed "the volume of Iraq's annual imports."

The Ministry's spokesman, Abdul Zahra Al-Hindawi, said in a statement to the official media, that: “Iraq imports many goods and merchandise from various countries of the world, including foodstuffs of various kinds and shapes, including electrical, construction, engineering, chemical, agricultural, medical, health supplies, and cars.”

He added, "The volume of annual imports reaches no less than 50 billion dollars."

He continued, “Iraq imports from the countries: Jordan, Turkey, Iran, Saudi Arabia, the Emirates, China, India, Japan, Brazil, the United States, and a number of European countries   link

Tishwash:  Billion Dollar Ambition.. Iraq Provides Facilities to Egyptian Companies and a Delegation from Them to Visit Baghdad Next Month

Egypt aims to increase the volume of trade exchange with Iraq by about 41% to one billion dollars during the coming year, compared to 707 million dollars annually, according to an Egyptian government official, at a time when major Egyptian companies expressed interest in investing in several sectors there in a meeting with Prime Minister Mohammed Shia al-Sudani.

The official's statements came hours after Prime Minister Mohammed Shia'a's visit to Egypt, where he met with a group of businessmen representing major Egyptian companies, who expressed their readiness to work in Iraq in various fields, especially the development road project, pharmaceutical industries, hospitals, infrastructure, and construction industries, according to a statement issued by the Prime Minister's Office.

Al-Sudani pointed out during the meeting that “the doors are open to Egyptian businessmen and companies, whose presence in Iraq is important to us, due to their successful experiences, and within a political direction to lead the two countries towards more cooperation and integration,” according to the statement.

The government official added that according to the latest statistics, the value of Egyptian exports to Iraq amounts to about $700 million annually, while the value of imports from Iraq does not exceed $7 million.

In contrast, an Egyptian delegation headed by Deputy Prime Minister and Minister of Industry and Transport Kamel El-Wazir intends to visit Iraq on September 9, with the aim of completing procedures for strategic partnerships between Egyptian and Iraqi companies, and with the Iraqi government, according to what was revealed by Alaa Ezz, Secretary-General of the Federation of Egyptian Chambers of Commerce.

Ezz added that the meeting with Al-Sudani, which included representatives of several companies including Hisham Talaat Moustafa, Hassan Allam, Orascom and El-Sewedy, witnessed the presentation of “the contribution of Egyptian companies to the infrastructure in the field of housing and construction in Iraq,” adding: “We asked the Prime Minister to deal with Iraq as a partnership and not as a labor market, meaning that Egyptian factories will manufacture production requirements in Iraq, either by acquiring their troubled factories or partnering with them to operate them.”

Pharmaceutical Partnership

Ezz explained that they also asked the Iraqi Council of Ministers to establish a partnership between the two countries in the field of medicines in stages, by establishing Egyptian factories to produce medicines, adding that Iraq imports 90% of its medicine needs, worth 3 billion dollars, revealing that the Iraqi side promised to issue government guarantees to Egyptian companies that will operate in Iraq.

This is not the first time that Egyptian companies have expressed a desire to work in Iraq. Last June, two Egyptian sources said that the Iraqi Ministry of Health was holding talks with Egyptian contracting companies to participate in the implementation and rehabilitation of 12 hospitals in the country with a total investment of $480 million.

Role of contracting companies

In addition to the pharmaceutical sector, Egyptian contracting companies are moving towards expanding their business abroad and seizing business in countries that are allocating billions in investments for reconstruction and development, especially Iraq and Libya.

Iraq needs $88.2 billion to implement reconstruction projects inside the country, which witnessed great destruction during the war against ISIS, according to previous statements by the Iraqi Ministry of Planning.

Tarek Shukry, head of the Real Estate Development Chamber at the Federation of Egyptian Industries, said that the Iraqi Prime Minister addressed his country’s need to build 2.5 million housing units, and implement other projects in the fields of infrastructure, water, roads and utilities.

Shoukry added that the Egyptian Minister of Investment and Industry will be a link between Iraq and Egyptian businessmen, especially with regard to the details of the required investment projects, land locations, offering systems, methods of granting them, financial transfers, granting visas, and other important matters for investors.

Shoukry said that the Iraqi Prime Minister promised to send all the details of the projects within two weeks.  link

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

Tishwash:  OPEC Secretary General arrives in Baghdad

The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, arrived in Baghdad on Wednesday.

The official spokesman for the Iraqi Ministry of Oil said in a statement today, August 28, 2024, "The Secretary-General of the Organization of the Petroleum Exporting Countries, Haitham Al-Ghais, arrived in Baghdad on a two-day visit."

He added, "The visit comes within the framework of bilateral communication on developments in the oil market, in addition to enhancing and expanding the horizons of cooperation in the Organization of the Petroleum Exporting Countries (OPEC) and OPEC Plus."

The ministry spokesman said, "Al-Ghais's visit schedule includes meeting with the Iraqi Oil Minister and a number of Iraqi officials."

Sabah Subhi, a member of the Oil and Gas Committee in the Iraqi Parliament, had previously told Kurdistan 24, “Iraq has exceeded its share of oil exports in OPEC, and must reduce its exports next year. Therefore, Iraq is obstructing all attempts to resume the export of oil from the Kurdistan Region.”

Sabah Subhi added, "The Iraqi Ministry of Oil is obstructing all attempts to resume the export of oil from the Kurdistan Region."

He explained that "Iraq exceeded its share of oil exports in OPEC by 1.4 million barrels out of the 3.6 million barrels allocated to it," adding that "OPEC has repeatedly warned Iraq against exceeding its share of oil exports."

As of March 25, 2023, crude oil exports from Kurdistan fields and Kirkuk province to Turkey via the Turkish port of Ceyhan have been halted.

In addition to suspending all oil activities of foreign companies operating in Kurdistan fields, after the decision of the International Arbitration Court in Paris that these exports are illegal.

This decision comes as a result of a lawsuit filed by the federal government against Turkey at the International Court of Arbitration in Paris in 2014, due to its allowing the flow of Kurdistan oil into its territory and its export without Baghdad’s approval.

According to an agreement concluded between Baghdad and Ankara in 2010, the State Oil Marketing Organization (SOMO) is the only entity authorized to export, market and sell Iraqi oil in global markets.

Kurdistan used to export 450 thousand barrels daily to Turkey, to secure the salaries of its employees and its financial revenues, due to the absence of an oil and gas law regulating the management of oil wealth in Iraq.

On April 4, 2023, Erbil and Baghdad reached an interim agreement until the Iraqi parliament passes the oil and gas law.

This agreement stipulated that the Kurdistan government would hand over 400,000 barrels per day to SOMO, form a joint four-party committee to oversee the sale of oil in global markets, open an independent account at the Central Bank to deposit financial revenues, and appoint a representative from the regional government as Deputy Director General of SOMO.  link

Mot: ... It sure is 

Mot .... Just Saying !!!! 

Iraq News Highlights and Points To Ponder Tuesday Evening 8-27-24

Revealing The Main Currency Used In Iran's Trade With Iraq

Economy  2024-08-27 |1,414 views  Alsumaria News – Economy  Shaaban Forotan, a member of the Board of Directors of the Joint Iranian-Iraqi Chamber of Commerce, revealed today, Tuesday, that the largest part of trade between Iraq and Iran, at the level of traders and exporters, is carried out through the Iranian riyal.

"Most Iranian exporters now work in riyals in trade with Iraq, and financial transactions between the two countries will continue without using the Iranian riyal, i.e. also in dollars. This does not mean the complete elimination of the dollar, but a large portion of traders conduct their transactions without the dollar," Forotan said in statements to Iranian media.

He explained that "the commitment to trade in dollars does not include all product groups, but the exchange of riyals into dollars cannot be implemented due to sanctions imposed on banks, and riyal traders earn from selling goods in the Iraqi market through their contacts with the stock exchanges of Iraq and Iran or a third country such as the United Arab Emirates, and they do not have the possibility of direct settlement."

He pointed out that "the supply of Iranian goods faced a problem in the Iraqi market, which is the multiple increase in the prices of goods in Iran during the year, while prices are expected to increase only once a year."  LINK

1329 People Arrested For Manipulating Food Prices And The Dollar

Iraq  2024/08/27  The number of those arrested by the Ministry of Interior who manipulated food prices and the dollar reached 1,329 suspects during the first quarter of 2024.

This was reported by the official spokesman for the ministry, Brigadier General Muqdad Miri, explaining to “Al-Sabah” that the arrest operation was carried out by teams from the Organized Crime Directorate, which launched campaigns since the beginning of 2024 to limit the rise in food prices and those who manipulate them, due to its great impact on people with limited income, stressing the continuation of the campaigns in Baghdad and the governorates.

He explained that among the activities carried out by the Organized Crime Directorate is the detection of unlicensed medical clinics and laboratories, especially since recently, a large spread of these clinics has been observed, noting that the Directorate's teams were able to arrest 628 suspects working in unlicensed medical clinics, pharmacies and laboratories, while the number of those arrested for working illegally in beauty and tattoo centers reached 237 suspects during the first half of 2024.

Miri stressed that protecting the national product is the responsibility of the ministry, noting that the Organized Crime teams are carrying out continuous campaigns to ensure that the national product does not violate health and environmental instructions, and that the number of those arrested for violating these instructions is 505 suspects during the current year.   https://alsabaah.iq/101703-.html

1329 Price Manipulators Arrested

First  2024/08/27  The number of those arrested by the Ministry of Interior who manipulated food prices and the dollar reached 1,329 suspects during the first quarter of 2024.

This was reported by the official spokesman for the ministry, Brigadier General Muqdad Miri, explaining to “Sabah” that the arrest was carried out by teams from the Organized Crime Directorate, which launched campaigns since the beginning of 2024 to limit the rise in food prices and those who manipulate them.   https://alsabaah.iq/101722-.html

Former MP: Black Money Is The Most Important Factor In The Rise Of Real Estate In Iraq

Economy    Information / Baghdad   MP Ayoub Al-Rubaie confirmed on Tuesday that what he called “black money” is the most important factor that led to the rise in real estate prices in Iraq.

Follow "Al-Maalouma" channel on Telegram.. News that does not need verification..

Al-Rubaie told Al-Maalouma Agency, "Corruption is eating away at Iraq's institutions, and has made some influential people enjoy obscene wealth by consuming public money."

He added, "A not insignificant portion of the black money went to buy real estate in city centers, including Baghdad, which led to a crazy rise in real estate prices."

He explained that "real estate prices in some areas of Baghdad are the highest in the Middle East."

He pointed out that "the implementation of the 'Where did you get this from' law must receive attention because it is the beginning of exposing the corrupt and protecting public money." LINK

Economist: Iraq Stock Exchange Suffers From Lack Of Liquidity

Stock Exchange      Economy News – Baghdad  Economic expert, Saif Al-Halfi, confirmed that the Iraqi Stock Exchange is currently suffering from a lack of liquidity, due to the weak confidence of foreign investors in the Iraqi market.

Al-Halfi told Al-Eqtisad News that the Iraqi stock market suffers from a lack of liquidity, as trading rates are still relatively low compared to other markets in the region, noting that the daily trading volume may reach 3 billion dinars per day in the best case.

He stressed that the market value of the companies listed on the market exceeds 12 trillion dinars.

Most listed companies are seeing their shares decline as a result of lower demand and the exit of a number of foreign investors from the market.

Al-Halfi pointed out that foreign investors' confidence in the Iraqi market is still low due to unstable political and economic factors, as well as the lack of legal and procedural facilities for opening accounts for foreign investors, in addition to the weakness of the infrastructure in electronic trading.

  He pointed out that the lack of technology and modern financial infrastructure, including digital banking services and advanced electronic trading platforms, affects the efficiency of the market and its ability to attract investors, and that the development of the banking system will be positively and directly reflected in the development of the performance of market indicators.

Al-Halfi stressed the government's role in promoting the stock market through economic reforms, supporting small and medium enterprises, and encouraging foreign investments.

Al-Halfi concluded his speech by saying that the Iraqi stock market reflects a complex reality that can be described as a mixture of pain and sadness as a result of the great challenges it faces, with some opportunities for joy and profits if the economic and political conditions improve. 90 views 08/27/2024 - https://economy-news.net/content.php?id=46789

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 8-27-24 Part 2

Good Afternoon Dinar Recaps,

RIPPLE NEWS: Russia to Begin Trials of Crypto Payments and Exchanges on September 1—Will They Use XRP?

▪️Russia is set to start a trial for cross-border payments in digital tokens in September to ease the pain of crippling sanctions, sources tell Bloomberg.

▪️Only a scalable blockchain network with low fees and real-time transactions can serve the country, which has over 144 million residents, making XRP one of the best candidates for the role.

Since the conflict with Ukraine started, Russia has become the world’s most sanctioned nation. For months, the government has relied on short-term fixes, which have helped prop up the ruble and keep the financial system afloat.

However, the weight of global isolation is catching up with Russia, and sources now say that the government is exploring crypto.

According to sources who spoke to Bloomberg, Russia intends to start the trial on Sunday. It will rely on its National Payment Card System to facilitate the swap between the country’s ruble and crypto tokens.

The system was created in 2014 to provide faster and cheaper payments for Russians. Today, it underpins the country’s interbank payment systems and the Mir, the national card payment network.

According to the two sources, the government picked the system as it already contains instant payments and features like interbank clearing, making it easier to integrate with all existing financial rails. The system is also operated and regulated by the central bank, giving the government added confidence.

The move, which hasn’t been made official or public at press time, is no surprise. President Vladimir Putin’s administration has been softening its stance on crypto in recent months. 

Last month, legislators legalized crypto mining in the country, as we reported. The lawmakers also laid the groundwork for the testing of digital tokens for payments.

Two weeks ago, Finance Minister Anton Siluanov revealed that the government was working on legalizing crypto exchanges. However, he clarified that suitable regulations had yet to be formulated to make this possible.

“We haven’t found a solution yet on how to do this,” he said.

Crypto to Evade Crippling Sanctions—Does XRP Offer the Best Alternative?

Crypto might be Russia’s best to evade sanctions. While these sanctions encompass every fabric of the country’s economy, Western nations have mainly targeted Russia’s money, seeking to limit the country’s ability to send or receive money.

According to the BBC, the sanctions have frozen around $350 billion of Russia’s foreign currency (which accounts for half the country’s total reserves). 70% of the country’s banks have been frozen from the global economy, including being restricted from SWIFT.

Crypto offers a decentralized option whose access can’t be restricted by centralized entities, and sanctioned countries, including China, Russia, Iran, and Venezuela, are increasingly exploring it as an option.

Of the 10,000+ cryptos that Russia can turn to, XRP offers the best alternative. For one, XRP is already a massive player in the global movement of money, with its products and networks being integrated by some of the world’s largest financial institutions.

In some countries like Japan, over 80% of the banks are working on integrating crypto. Its low fees, instant transactions, and robust ecosystem make it superior to its peers.

XRP trades at $0.5913, losing 0.6% in the past day.

@ Newshounds News™

Source:  CRYPTO NEWS FLASH

~~~~~~~~~

China considers sanctions against its companies due to ties with Russia illegal

According to the statement, such actions by Western countries "meet their egoistic interests, though [they] are not based on facts, with the international community not to accept them at any time"

BEIJING, August 27. /TASS/. Beijing considers unilateral sanctions imposed by the US and its allies against Chinese enterprises for suggested ties with Russia illegal, special envoy of the Chinese government Li Hui told a briefing following the fourth round of shuttle diplomacy on discussion of the conflict in Ukraine with Brazil, Indonesia and South Africa.

"Some countries take advantage of the crisis, winning their allies over to their side and continuing shifting responsibility [for the crisis]. Moreover, they are trying to throw around words on China’s responsibility," he said. "Using illegal unilateral sanctions, they threaten normal trade with Russia," Li Hui added.

Such actions by Western countries "meet their egoistic interests, though [they] are not based on facts, with the international community not to accept them at any time," he stressed.

After the beginning of the special military operation in Ukraine the US and the European Union imposed a number of sanctions against Chinese enterprises for allegedly supporting Russia’s defense industry. Beijing rejects those accusations, noting that they are unfounded.

Li Hui visited Brazil, Indonesia and South Africa from July 27 to August 8 for discussing the Ukrainian crisis.

@ Newshounds News™

Source:  TASS

~~~~~~~~~

Listen and learn from this man. He has facts and shares with us as we all wait. Share with others!

August 28, 2024 12:00 Central Noon, 1 PM ET

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“But understand I do not have contacts. Isaac

"I have buyers the us treasury , DOD , Admiral , HSBC several big platforms that I have signed contracts with all and they paid already for the inspection several times" Isaac

Take a look at Isaac's Photos of His Currency  LINK

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If Telegram should suddenly close we will use the following to keep everyone informed.

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BRICS NEWS: Payments in Chinese Yuan Overtake US Dollar by 2.5%, Crypto Payments Next?

▪️ The Chinese yuan’s profile in global payments and trade is rising, overtaking the US dollar as the most used currency in cross-border payments in China.

▪️ It’s also making a mark in other countries and was the most traded currency on Russia’s Moscow Exchange last year.

The US dollar has dominated global commerce for decades, and today, it accounts for around 60% of all global currency reserves. However, the tide could be slowly turning as more countries recognize the power that a currency wields and seek to prop up their own.

One of the leading contenders is China’s yuan, officially known as the renminbi. While China is the world’s second-largest economy and the nexus of global manufacturing, its currency has failed to keep up with the country’s ascent since the turn of the millennium.

The yuan has failed to rival the USD and has even fallen behind the euro, sterling pound, and the Japanese yen.

However, global political realignments are changing the currency landscape. China is now closer than ever to Russia and has even courted other major economies as members of BRICS, including Brazil, India, the UAE, Egypt, and South Africa. 

These nations are collectively against the USD’s domination and have been working on a blockchain-based alternative, as we have reported.

This solution could take a bit longer, as some of the BRICS leaders have admitted, and in the meantime, China’s yuan looks like the de facto currency of choice.

The Yuan Gains Ground—Is Crypto Next?

Last year, the yuan overtook the USD in cross-border commerce for the first time ever in China, accounting for 48%, while the dollar hit 46.7%. This was seen as a significant event that ushered in a new era of de-dollarisation for Asia’s largest economy.

It doesn’t end there. By the end of 2023, the yuan emerged as the most traded currency on the Moscow Exchange. It accounted for 42% of the trades, edging the dollar’s 39.5%, as reported by Reuters and other local Russian outlets. Yuan volume tripled to 34.15 trillion rubles ($385 billion), while that of the USD dipped.

This trend is bound to only get stronger. For one, Russia, China, Iran and several Middle-Eastern nations that are warming to BRICS are subject to sanctions from the US and its allies in Europe and Asia. Russia, in particular, is now the most sanctioned nation in history. This has denied its banks and payment systems access to the global payments grid.

Russia has been experimenting with crypto as a go-around, as we reported. However, in cross-border trading with allies like China, the yuan and ruble are more suited.

The USD isn’t going to be threatened overnight. America is still the world’s largest economy, and the country enjoys the support of Europe and some of Asia’s largest economies, including Japan and South Korea.

However, de-dollarisation is certainly on course. And once the greenback is out of the picture, the yuan could become one of the key players. Gradually, crypto could also play a much more significant role, especially if China changes its stance against crypto, as has been reported.

@ Newshounds News™

Source:  Crypto News Flash

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Economist’s “News and Views” Tuesday 8-27-2024

BRICS Launches Intrabank System: Disruption of Western Finance System?

Fastepo:  8-27-2024

Over the past month, BRICS has seen substantial developments that underscore its growing influence on the global stage, from financial banking system to group expansion.

As of August 2024, around 40 to 47 countries from various regions, including Africa, Asia, and South America, have expressed their desire to join BRICS.

 This interest is fueled largely by the bloc's potential to challenge the current global economic order, which is heavily dominated by Western institutions like the IMF and World Bank. Many of these nations are seeking to diversify away from reliance on the U.S. dollar, as they perceive this dependency to pose significant risks to their economies, especially considering potential U.S. economic downturns.

 In parallel to its membership expansion, BRICS is advancing initiatives to create alternative financial systems.

 For example, the BRICS New Development Bank has approved 98 infrastructure projects totaling $33 billion since its inception, positioning itself as a credible alternative to Western-dominated financial institutions. Additionally, the group is working towards an intra-bank payment system, aimed at reducing reliance on the dollar in cross-border transactions, which is seen as a key step toward de-dollarization.

 In this video, we take you through the latest development of BRICS as of August 2024.

https://www.youtube.com/watch?v=OpvUi03A0q0

China & Japan Just Ditched All US Imports!

Tech Beat:  8-27-2024

In this video, we look at the dramatic shift in global trade dynamics as China and Japan make the courageous decision to severely decrease, and in some cases altogether halt, their imports from the United States.

This development marks a watershed moment in the economic connections between three major world powers, raising critical questions about the future of international commerce.

We look at the reasons behind this abrupt choice, such as continued trade disputes, geopolitical strategies, and China and Japan's growing push for economic self-reliance.

 We also look at the potential ramifications for the global economy, particularly for industries and firms that have long relied on strong trade relations between the United States and these two Asian powerhouses.

Furthermore, we will examine the ramifications for the United States and its role in the global market.

Could this signal the start of a larger move away from US economic influence? How will this affect consumers, businesses, and the entire economic landscape?

 Join us as we dissect the data, share expert perspectives, and examine the larger implications of this significant development.

https://www.youtube.com/watch?v=37MWwol1-_U

A Huge Bombshell is About to Hit U S Banks in a Massive Way

Atlantis Report:  8-27-2024

The aftermath of an aggressive tightening cycle, marked by historic interest rate hikes, is giving way to a new phase that could see the Federal Reserve resorting to rate cuts. However, conflicting signals and uncertainties surrounding the timing of these rate cuts are raising concerns among investors.

Against this backdrop, the banking sector is grappling with significant risks, and it appears that a huge bombshell is about to hit US banks.

https://www.youtube.com/watch?v=oKeQqKzd-2g

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 8-27-24

Good Afternoon Dinar Recaps,

RIPPLE Partner Nium Adopts JP. Morgan Payments: Is an XRP integration in the Works?

▪️J.P. Morgan discloses that Nium made a breakthrough in its global expansion following a strategic partnership that made its real-time solutions available for use.
▪️Nium operates in more than 220 countries, and its cards are issued to more than 30 countries globally.

Ripple’s partner, Nium, known for seamless real-time cross-border payments for financial institutions worldwide, earlier sealed a strategic partnership with J.P Morgan Payments.

According to reports, this development has enabled the Singapore-based fintech to navigate the complex regulatory structure in Asia Pacific that initially acted as a headwind against its expansion.

As multiple sources have captured, Nium leverages J.P. Morgan Payments customized solutions, including real-time and automated cross-currency solutions, to offset the foreign exchange risk associated with its cross-border and cross-currency transactions.

According to Nium, the provided solutions have helped it address the issue of exchange rate fluctuation and long-term shifts, which threatened its financial stability, customer demand, and profitability.

Nium has also been assisted in optimizing its banking set-up to experience the necessary upgrade critical for its expansion. Most importantly, this was achieved by capitalizing on JP Morgan’s global infrastructure and resorting to local best practices.

More on the Impact of J.P Morgan on Nium

Commenting on this, the Head of Compliance APAC, Nium Joey Tang, explained how J.P. Morgan’s experience has been crucial in its journey to the top.

We need a trusted bank that can help us navigate through complex currency restrictions and provide scalable solutions that can be easily extended to new markets. This gives us the flexibility to grow our business. J.P. Morgan Payments is our natural choice.

An official report was found on the JP. Morgan’s website mentions that the collaboration has enabled Nium to witness unimaginable expansion and growth, as it operates in more than 220 countries.

 Also, it has issued cards to over 30 countries so far. In the future, Nium, assisted by JP. Morgan, would solve its existing payment challenges and unlock the full potential of the global economy.

Also, the possibility of Nium going public, as we reported last year, is still high as the company records growth in several areas of its operation.

According to Anupam Pahuja, the EVP and General Manager of APAC & MEA, Nium, the company would continue to expand as long as it closely collaborates with the bank.

Nium has grown rapidly in recent years, and we’re excited to continue expanding globally with J.P. Morgan Payments as our trusted ally.

Following this publication, XRP enthusiasts have rekindled hopes that the popular bank could collaborate with Ripple to expose the asset to similar breakthroughs.

Long time #Ripple partner Nium has begun using JPMorgan Payments to better serve their customers with collections and global FX rails. This would seem to be an alternative to #Ripple products or perhaps just additional rails for Nium’s platforms.

Last year, a JP. Morgan’s report captured how banks could leverage Central Bank Digital Currencies (CBDCs) for corporate purposes. The report highlighted Ripple, SWIFT, and the CLS Group as the entities that address the issues of such payments and delays.

Specifically, the bank acknowledged the real-time nature of the cross-border payment infrastructures that use XRP as a settlement instrument. However, it highlighted the inherent volatility issue of Ripple’s system.

High volatility of XRP leading to limited willingness from banks in using it to facilitate payments.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

MOSCOW TO HOST 6TH INTERNATIONAL MUNICIPAL BRICs FORUM

MOSCOW, August 27. /TASS/. The 6th International Municipal BRICS Forum will be held in Moscow’s Expocenter on August 27-28, 2024, the press service of the Moscow Department of Foreign Economic and International Ties said.

"The forum will be the largest international floor, where representatives of government authorities and the business will share the advance experience and discuss key issues of municipal cooperation," the press service said.

Delegations from 126 countries are expected to take part in the forum along with representatives of Russian regions. More than 5,000 participants from 500 cities of the world will discuss:

▪️current economic problems
▪️digital technology spheres
▪️environment
▪️municipal infrastructure
▪️transport
▪️healthcare
▪️education
▪️culture

@ Newshounds News™

Source:  TASS

~~~~~~~~~

The Secret To America's Takedown - Economic Ninja|  Youtube

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~~~~~~~~~

Lynette Zang’s Ultimate Warning To SILVER Stackers! |  Youtube

Good video on the value of owning Gold and Silver.

@ Newshounds News™

~~~~~~~~~

Listen and learn from this man. He has facts and shares with us as we all wait. Share with others!

August 28, 2024 12:00 Central Noon, 1 PM ET

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“But understand I do not have contacts. Isaac

"I have buyers the us treasury , DOD , Admiral , HSBC several big platforms that I have signed contracts with all and they paid already for the inspection several times" Isaac

Take a look at Isaac's Photos of His Currency  LINK

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~~~~~~~~~

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Iraq Economic News and Points To Ponder Tuesday Morning 8-27-24

The Prime Minister's Advisor announces the imminent launch of new tax reform packages
  
Balsam Hameed   Today, Monday, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, announced the most prominent government steps in maximizing non-oil revenues, while indicating the imminent launch of new tax reform packages.
 
Saleh said, to the official agency followed by (Al-Oula News):
 
“One of the basic principles that came in the government’s approach to financial reform and which was approved by the House of Representatives in October 2022 is to maximize non-oil resources in the general budgets of the Republic of Iraq, for which goals were set.”

An amount in order for its contribution to the total revenues generated by non-oil economic activity to increase to 20 percent instead of its historical rates, which do not exceed 10 percent in the best cases.” 

 He added,  “Diversifying sources of non-oil revenues and maximizing them in public budgets is one of the biggest reform challenges in the financial and economic fields in the country.” 

He pointed out,  “These challenges come from two main factors:
 
The first is the degree to which diversification of budget resources is linked to the success of diversification in the country’s gross domestic product, especially the three agricultural, industrial, and service sectors.”  

He stated,   “The oil production sector still dominates a percentage of the components of that gross domestic product, which sometimes reaches 60 percent, which gives the national economy a rentier character and direct coexistence on the financial flows provided by the oil resource mostly alone.”

He added,  “The second factor among these challenges is related to non-governmental activity in generating gross domestic product, and we specifically mean market activity or the private sector.” 

He continued,  “The majority of the economic forces that generate income and wealth within market activity carry out their economic activities within the framework of the so-called (shadow economy), which are (gray) markets that are irregular and not known to the regulatory, tax and banking bodies as is known, and their percentage amounts to about 70 percent.” Of the total private sector activity in the country. 

He stressed that   “gray or shadow markets are one of the most important basic factors causing the decline in non-oil revenues in the country’s general budget.”  

He pointed out that   “the first step taken by the current government in maximizing non-oil revenues began by adopting a new approach to tax reform,” noting that
 
“the Council of Ministers approved earlier this year 8 new packages to reform the tax system in the country, led by the principle of expanding tax bases.”

He stressed by saying:  “Two tax reform packages have been launched, and the
 
rest of the packages will be launched sequentially and gradually
 
within the government’s reform policy in the financial field and maximizing the state’s resources from sources of income and wealth from outside the oil sector, as this is accompanied by
 
 administrative and legislative reform and high-precision digital governance of tax institutions in areas of appreciation and collection with high transparency and efficiency.”  https://www.awla.news/مستشار-رئيس-الوزراء-يعلن-قرب-إطلاق-حزم/   

Minister of Finance stresses the importance of completing plans to regulate the work of the government banking sector

Money and business   Economy News – Baghdad  Finance Minister Taif Sami stressed, on Tuesday, the importance of completing plans to regulate the work of the government banking sector.

A statement by the ministry, seen by Al-Eqtisad News, said that "Minister of Finance Taif Sami chaired a coordination meeting with the international auditing and oversight firm Ernst & Young to follow up on the ongoing technical plans to merge and organize the work of Rafidain and Rasheed banks and insurance companies."

It added, "During the meeting, which was attended by a number of the ministry's general managers and formations, a report was presented by the auditing firm on the final stages of its work regarding organizing the work of the government banking sector, in addition to discussing the proposed plans and final implementation stages in line with the priorities of reform and development."

The Minister of Finance stressed - according to the statement - "the importance of implementing these procedures to contribute to enhancing confidence in the banking system and providing a stable financial environment that supports economic growth, which is positively reflected on the national economy in general and achieving sustainable development and stimulating growth in various sectors."

Sami explained, "The importance of benefiting from the expertise of solid international companies such as Ernst & Young in the field of regulating and restructuring financial institutions, as the ministry aims to make Iraqi banks internationally and locally acceptable to provide better services to citizens.

The auditing company's expertise will also contribute to improving the efficiency and effectiveness of financial institutions, as it is expected that merging and regulating financial institutions will improve the quality of banking services provided and enhance investor confidence in the Iraqi economy."

The statement continued, "Iraq is witnessing transformations in the government banking sector through the adoption of ambitious work programs to restructure government banks, aiming to enhance the efficiency of these banks and improve their services provided to citizens and companies and strengthen financial suitability by increasing capital and diversifying sources of income,

 in addition to improving governance by applying high standards of transparency and accountability and adopting the latest banking technologies to provide more efficient services, as well as increasing confidence in the banking sector and thus attracting foreign investments." 32 views 08/27/2024 -    https://economy-news.net/content.php?id=46822

Dollar Prices Continue To Decline Against The Dinar In Baghdad

Stock Exchange  Economy News – Baghdad  The US dollar exchange rate fell on Tuesday morning in Baghdad markets.

The dollar prices witnessed a decline with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 149,000 Iraqi dinars for every 100 dollars, while yesterday, Monday, it recorded 149,350 dinars for every 100 dollars.

The selling prices in the exchange shops in the local markets in Baghdad recorded a decrease, as the selling price reached 150,000 dinars, while the purchase price reached 148,000 dinars for every https://economy-news.net/content.php?id=46792

Al-Araji From Brussels: NATO's Mission In Iraq Is Advisory, Not Combat

Tuesday 27 August 2024 17:51 | Politics Number of readings: 75  Baghdad / NINA / National Security Adviser Qasim Al-Araji reiterated the Iraqi government's confirmation that NATO's mission in Iraq is an advisory mission and not a combat mission.

The National Security Advisory said in a statement: "Iraq and NATO held, today, Tuesday, the first session of the High-Level Partnership Dialogue at the alliance's headquarters in the Belgian capital, Brussels."

According to the statement, a high-level official Iraqi delegation headed by National Security Adviser Qasim Al-Araji participated in the dialogue, while the side representing NATO was headed by Assistant Secretary-General for Operations and Special Coordinator for Counter-Terrorism Tom Govas, and the Secretary-General's Representative for Southern Neighborhood Affairs Javier Colomina.

The dialogue, which came at the invitation of NATO, discussed ways to enhance the partnership between Iraq and the alliance, including completing the capacity building of Iraqi security forces and other issues related to border security, combating drugs and terrorism, and the file of the Syrian Al-Hawl camp.

During the dialogue, Al-Araji reiterated the Iraqi government's emphasis that NATO's mission in Iraq is an advisory mission and not a combat mission, stressing: "The long-term partnership with NATO is to achieve Iraq's interests, fight terrorism, and develop and rehabilitate the capabilities of the Iraqi forces," stressing the importance of continuing dialogue and partnership with NATO, to achieve Iraq's interests, security and stability.

In a speech on the sidelines of the dialogue, the National Security Advisor referred to Iraq's position rejecting the killing and starvation taking place in the Gaza Strip, and that there is no security or safety except with the existence of an independent Palestinian state, stressing the importance of adopting the principle of dialogue and diplomatic channels as a way to resolve international crises and conflicts.

For their part, NATO representatives praised Iraq's pivotal role and its importance in enhancing the security and stability of the region, expressing the alliance's readiness to increase cooperation and enhance the defense capacity building package agreed upon between the two sides.

Al-Araji also extended an official invitation to NATO representatives to hold the second session of the High-Level Partnership Dialogue in the capital, Baghdad, next year. /End9 https://ninanews.com/Website/News/Details?key=1150108

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