“Tidbits From TNT” Sunday Morning 10-6-2024

TNT:

Tishwash: Al-Sudani discusses with the British Ambassador setting a new date for his visit to the United Kingdom

Prime Minister Mohammed Shia Al-Sudani discussed, today, Sunday, with the British Ambassador to Iraq, Stephen Hitchcock, setting a new date for the former's visit to the United Kingdom.

During the meeting, the Prime Minister stressed the need for the international community and the UN Security Council to play their essential role in maintaining security and stability, especially with what is happening in the region, from the continuation of the Zionist aggression on Gaza and Lebanon, and the persistence and exaggeration in targeting civilians in a war of genocide that requires condemnation and denunciation from the entire world, and requires respect for international laws and not violating them by any party.

During the meeting, they discussed the progress of relations between the two countries and ways to enhance them, as well as setting a new date for the Prime Minister's visit to the United Kingdom, which had previously been postponed due to developments in the region.  link

Tishwash:  Planning: The annual inflation rate in Iraq is slight and does not exceed 3%

The Ministry of Planning confirmed, today, Saturday, that the annual inflation rate in Iraq does not exceed 3%, noting that the procedures for providing the food basket and its materials in the markets have maintained prices and prevented inflation rates from rising.

Ministry spokesman Abdul Zahra Al-Hindawi told the Iraqi News Agency (INA): "One of the reasons for the rise in the inflation rate at times is the presence of a large cash mass in circulation in market and commercial transactions," noting that "the annual inflation rate in Iraq is slight, not exceeding 3%."
He added that "if we want to compare this rate with what exists in some countries, it is incomparable, as there are wild increases in them," noting that "a rate of 3% is normal and logical in light of the Iraqi reality."

He continued, "The measures taken by the government regarding supporting the food basket have clearly maintained prices in local markets and prevented their inflation," noting that "the increase in any country increases inflation rates, but in Iraq the situation is under control thanks to government measures."  link

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Tishwash:  Al-Sudani asked the ruling coalition to “move quickly before war”

 Government official: Tehran stalls when asked to curb factions

A senior government official confirmed that Iraqi Prime Minister Mohammed Shia al-Sudani informed the leaders of the “Coordination Framework” with comprehensive details about the “expected risks to Iraq” resulting from the escalation between Israel and Iran, while stressing that Tehran is practicing “deception” when asked to keep factions away from the ongoing war.

Concern increased among political and governmental circles that Iraq would be exposed to a strike after two Israeli soldiers were killed in a drone attack on the Golan base, early Friday morning.

The official spoke to Asharq Al-Awsat, on condition of anonymity, about a set of measures that Al-Sudani is taking to avoid war, including “increasing the momentum of political mediation” to convince the factions not to involve Iraq in the war, and that he “informed the leaders of the Coordination Framework of everything about the risks, and called on them to move quickly.”

The official acknowledges the possibility of “the strike occurring,” even though “the information available to the Iraqi authorities indicates that the attack by the Iraqi factions was carried out from outside Iraqi territory with weapons that arrived from Iraq,” he said.

Sudanese mediations

The source revealed that the mediators chosen by Al-Sudani to pressure the factions have approval from Iran to talk about the war file and the conditions for calm with its agents in Iraq.

The source said, "The three figures had previously been asked to mediate in certain events over the past few years."

Last week, Asharq Al-Awsat revealed that Prime Minister Mohammed Shia Al-Sudani had asked three Shiite figures to mediate to rein in the factions and prevent them from getting involved in the war between the Lebanese Hezbollah and Israel, after information was circulated within the ruling coalition that Israel had identified 35 Iraqi targets.

Sources said at the time that Ammar al-Hakim was among these figures, along with two influential figures in the Shiite space who have not yet been revealed.

In contrast, there are reports that two Iraqi factions, likely the Al-Nujaba Movement led by Akram al-Kaabi, and the Hezbollah Brigades led by Abu Hussein al-Hamidawi, are refusing to respond to mediators and insisting on continuing to launch missile attacks on Israel.

The Iraqi official acknowledged the existence of “intransigence among some factions,” but the Prime Minister realizes that his country is in the “eye of the storm,” and has informed most of the leaders of the “Coordination Framework” of this.

The official reported that "Al-Sudani literally said: Iraq is unable to avoid a military strike if it occurs, and we must remove the danger from the country by not getting involved in the war."

Iranian Supreme Leader Ali Khamenei said during his Friday sermon that “the Islamic Republic’s allies in the region will not back down,” reinforcing fears that Iraqi factions linked to Iran will not back down from their decision to attack Israel.

Iraqi sources reported that the "Coordination Framework" coalition discussed what was said to be a "security report on dozens of targets to be struck and assassinated by Israel in Iraq."

Government efforts to prevent escalation

The official stated that "Al-Sudani, unlike some previous prime ministers, did not allow the exit of Iraqi funds to feed the conflict axes, through his high coordination with the American side and the American Treasury to monitor the exit of Iraqi funds in a strict manner, and he often demands that the Iranians enter through the official gates to obtain their financial dues owed by Iraq."

The official added, "Today, international auditing companies are working alongside the Central Bank to monitor the exit and smuggling of money, and what is happening today is that all the money gates that were open are now completely closed."

The official revealed that "the United States of America informed Iraq since the outbreak of the war in Gaza on October 7, 2023 that it had put pressure on Israel to prevent it from launching strikes on Iraq, in exchange for Iraq's commitment not to engage in the war."

The official added, "Washington does not oppose the positions of the Iraqi government, which is within the green line of issuing statements against Israel and supporting the Lebanese and Palestinian peoples, as well as sending aid," but "it will not accept Iraq providing any material or military support to factional groups or others."

Regarding the possibility of the Iraqi authorities asking the Iranian side to rein in the factions affiliated with it, the official confirmed that “Tehran is practicing a kind of trickery in this direction, as its response often hints that the factions have their own decision and the understanding with them is like the government.”  link

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*Iraq news Highlights and Points To Ponder Sunday AM 10-6-24

*Iraq news Highlights and Points To Ponder Sunday AM 10-6-24

The Dinar Collapses Against The Dollar.. Is The Specter Of 1600 Looming On The Horizon?[/Size]

October 3, 2024  Baghdad/Al-Masala: The dollar price witnessed a noticeable increase against the Iraqi dinar during the past few days, as the exchange rate reached 1,550 dinars per US dollar.

This increase has raised great concern among economic and popular circles due to its direct impact on the local market and on the standard of living of citizens.

Economic analyst Munar Al-Abidi explained that there are a number of reasons behind this rise in the US currency against the dinar.

One of the most prominent reasons is the decline in transfers of other foreign currencies, such as the UAE dirham and the Chinese yuan, as a result of the significant restrictions imposed by correspondent banks that are in the process of strengthening the balances of these currencies.

These restrictions directly affected the fluidity of transfers and weakened the possibility of obtaining other foreign currencies on which the Iraqi economy depends.

In addition, the Citi-Pilot project faces clear challenges, as the banks participating in it are reluctant to open new accounts for operating companies, as their dealings are limited only to companies with which they have previously dealt.

This limited approach reduces the ability to use these banks as channels for external remittances, increasing pressure on the US dollar and limiting the availability of alternatives.

The current currency exchange mechanisms were unable to cover the increasing demand for foreign currency, especially for the purpose of importing some of the most valuable goods, such as mobile phones and gold, which prompted importers to resort to the parallel market, and contributed significantly to increasing pressure on the dollar and raising its price in the local market.

Expectations indicate that the decline of the dinar against the dollar may continue during the coming period.

If practical measures are not taken to address these issues, the exchange rate could reach 1,600 dinars per dollar in the coming months. In order to address this challenge, there are several solutions that can help calm the situation. One of these solutions is to increase the network of correspondent banks around the world, especially in the UAE and China, which could help facilitate remittances and increase the flow of foreign currency into the country.

The solutions also include controlling financial policy by limiting the import of some goods that contribute to increasing demand for the dollar, in order to reduce pressure on foreign currency.

Pressuring banks under the Citi-Pilot project to be more open could help accept a wider range of customers, which would help ease pressure on the dollar and diversify the channels available for remittances.

In addition, it may be necessary to temporarily ban the import of some goods to reduce the demand for foreign currency until more organized and smooth solutions for the foreign transfer process are found.

The rise in the dollar exchange rate against the dinar is the result of a combination of economic and financial factors, including weak banking infrastructure, difficulty in accessing remittances, and increased demand for foreign currency for import purposes.

The current situation reflects major challenges that require rapid and effective action from the Iraqi government and the Central Bank to restore stability to the financial market.

https://almasalah.com/archives/102326

Hidden Costs”: How do 140 days of holidays affect the economy and daily life?

Posted On 2024-10-05 By Sotaliraq  Reports indicate that the financial costs associated with development projects increase significantly as a result of official and unofficial holidays that affect the workflow.

According to recent data, the number of annual holidays reaches 140 days, causing delays in project schedules and increasing operational costs.

This large number of holidays requires a re-evaluation of the work schedule to ensure that economic goals are achieved within the specified dates and budgets.

Today, Thursday, economic expert Nabil Al-Marsoumi revealed the financial costs of holidays in Iraq, while confirming that their total is 140 days.

Al-Marsoumi said in a post on Facebook, “The total annual salaries of employees and others amount to 90 trillion dinars,” indicating that “the total number of Fridays and Saturdays is 104 days per year.”

He added, "The total number of official holidays in Iraq, excluding special holidays, is 16 days, while the total number of unofficial holidays is approximately 20 days, while the total number of official and unofficial holidays is 140 days."

The expert continued, "The number of actual working days per year is 225 days, while the daily cost of official and unofficial holidays, including Fridays and Saturdays, is 246 billion dinars," stressing that "the annual cost of official and unofficial holidays is 34 trillion dinars."

He pointed out that "the annual cost of official and unofficial holidays, except for Friday and Saturday, amounts to approximately 9 trillion dinars, while the annual cost of unofficial holidays amounts to approximately 5 trillion dinars."

He pointed out that "Iraq is the first country in the world in terms of official and unofficial holidays, and it is the highest in the world in this, while there are 8 official holidays in England and Wales."

HEDERA HBAR HOLDERS AN ETF MAY BE CLOSE - HUGE MOVES ARE HAPPENING  |  Youtube

He believed that “both types of holidays cause huge financial losses to Iraq, especially unofficial holidays that are granted for various reasons, including rain, high temperatures, and visits. This loss in unofficial holidays is equivalent to the annual budget of Syria,” recommending “restricting the authority to grant official and unofficial holidays to the Presidency of the Council of Ministers.”

Every year, on October 3, Iraqis celebrate the Iraqi National Day, which marks the declaration of Iraq's independence from the British mandate and its accession to the League of Nations in 1932.  LINK

Economist: Oil Prices Could Rise To $200 If War Expands

Economy  |  04/10/2024  Mawazine News - Economy   Economist Nabil Al-Marsoumi predicted on Friday that oil prices will reach nearly $200 per barrel if the war in the region expands to include the Gulf states, especially if Iran closes the Strait of Hormuz, which will lead to the interruption of the flow of about 20 million barrels of oil per day to global markets.

In an analysis published by Al-Marsoumi, he spoke about two possible scenarios for the upcoming oil war:

1. The first possibility: Israel targets Iranian oil export outlets, especially Kharg Island, through which 90% of Iranian oil exports pass, which means removing 1.5 million barrels of Iranian oil per day from the market, which will raise prices by about $5 per barrel to reach $82. But this scenario will cut off the most important sources of funding for Iran.

   - In this case, **OPEC Plus** is likely to intervene and cancel voluntary and mandatory production restrictions to compensate for the loss of Iranian oil, which may lead to a decrease in prices and their return to the $70 per barrel range.

2. The second possibility: The war expands to include oil pumping and export stations in the Gulf, which will affect Gulf oil exports, especially Saudi Arabia. In this scenario, oil prices may rise to levels exceeding $100 per barrel.

Al-Marsoumi also pointed out that Iran had previously confirmed that it would prevent oil exports from the Strait of Hormuz if it was prevented from exporting its oil, indicating that closing the strait would mean the interruption of about 20 million barrels per day of global supplies, which could push oil prices to levels of up to $200 per barrel, and the export of Gulf gas shipments passing through the strait would also be affected.

Al-Marsoumi concluded his analysis by pointing out that any Israeli strike might focus on targeting Iranian oil facilities, especially refineries, which could lead to the withdrawal of between 300 and 400 thousand barrels per day of Iranian exports.

However, he stressed that this loss may not have a significant impact on global oil prices, especially after Libyan oil production levels return to normal. https://www.mawazin.net/Details.aspx?jimare=255616

Customs: Our Revenues During 7 Months Of The Current Year Exceeded One Trillion Dinars

Money and business  Economy News – Baghdad  The General Authority of Customs announced, on Thursday, that customs revenues exceeded one trillion dinars during 7 months of the current year 2024, indicating that it is about to implement real reform measures that will positively affect the level of revenues.

The head of the authority, Hassan Al-Akeili, said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "customs revenues during the year 2022 were 807 billion dinars, and in the year 2023, revenues rose to one trillion and 33 billion, an increase of 28%, while the current year 2024 and until last July, revenues reached one trillion and 145 billion dinars."

He pointed out that "the Authority hopes that revenues will reach 2 trillion dinars by the end of this year, although the current rate is still below the level of ambition," stressing that "the Authority is about to implement real customs reform measures that will positively affect the level of revenues."

Al-Akeili added, "The estimated amount of the authority's revenues in the budget is 2 trillion dinars, and we are on track to reach it by the end of the year."- https://economy-news.net/content.php?id=48308

Parliamentary Finance Clarifies To "Alsumaria News" The Legality Of Imposing Taxes On Citizens And Sends A Message

Economy 2024-10-04 | 7,741 views   Sumerian News – Economy  A member of the Finance Committee revealedMustafaAl-Karawi, on Friday, discussed the legality of the taxes imposed by the government on citizens and employees, while pointing out that the government should start with goods taxes on merchants and companies.

Al-Karawi said in an interview with Sumaria News, "The tax section is considered one of the sections supporting non-oil revenues."Mission“The government must work on it,” he said, indicating that “the government must start with goods taxes on merchants and companies, not with the poor citizen and employee who is demanding an adjustment to the salary scale and an increase in his specializations in light of the rising price of the dollar.”

He considered "taxes a good step", pointing out "the need for direct support and interest in taxes, but the categories covered by taxation must be specified to avoid public discontent and greater burden on the citizen".

He added: "We hope that there will be a clear plan from the government and a program to increase taxes through sectors that are considered to have high capital to avoid affecting the common citizen".

Regarding the legality of taxes, Al-Karaawi explained that "the tax law exists, but many of its provisions are not implemented, and there are texts in the budget that indicate the possibility of collecting taxes from employees, citizens or companies", stressing: "There must be priorities in collecting these taxes, and the most important thing is that there be real support for the tax sector, so that the citizen is not harmed by them".  LINK

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 10-5-24

Good Afternoon Dinar Recaps,

RIPPLE VS SEC NEWS: WHAT EXACTLY IS GARY GENSLER APPEALING?

The SEC has filed an appeal against a previous ruling that deemed programmatic sales of XRP as not constituting investment contracts, a decision that significantly reduced the penalties Ripple faced.

However, there has been a lot of confusion regarding this appeal and XRP enthusiasts took to social media to express their frustration.

Additionally, discussions centered around the complexities surrounding secondary sales of XRP, clarifying that the court did not specifically rule on transactions involving retail investors trading on exchanges.

A user asked whether the SEC’s recent appeal letter only referenced the penalties judgment, not the broader ruling from last year, and if this limits the SEC to appealing just the penalties aspect. Marc explained that the appeal references the final judgment, which triggers both parties’ rights to appeal.

This judgment also finalizes the previous year’s summary ruling, which is the main focus of the SEC’s appeal, though penalties and disgorgement will likely be included as well.

In response to another question about whether the SEC will appeal everything or just the fine and Ripple’s sales of XRP, Marc indicated that the SEC is likely to challenge the court’s decision that Ripple’s programmatic and non-cash XRP sales were not securities transactions. 

This had already been hinted at a year ago, with the inclusion of disgorgement and penalties, though the latter isn’t the central objective of the appeal.

Another user said that the SEC originally requested much larger penalties than what was ultimately ruled by Judge Torres, suggesting the SEC was primarily focused on monetary penalties. Marc clarified that the SEC’s main objective is not the money itself, as it doesn’t go to them, though they will likely raise arguments regarding the penalty and the absence of disgorgement while pursuing the appeal.

@ Newshounds News™

Source:  Coinpedia

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EL SALVADOR’S BUKELE TEACHES BITCOIN TO ARGENTINA’S VICE-PRESIDENT, SPARKING INTEREST IN BTC AND ADA-LEGAL CURRENCIES

El Salvador’s President Nayib Bukele met with Argentina’s Vice President Victoria Villaruel to discuss bitcoin-focused policies during an official visit.

Argentine President Javier Milei is set to meet Cardano founder Charles Hoskinson to discuss blockchain and crypto-currencies in the region.

During a recent official visit to Argentina, El Salvador’s president, Nayib Bukele, discussed the country’s bitcoin-centric policy with Argentina’s vice-president, Victoria Villaruel. Villaruel mentioned the meeting on her X account, which focused on the implementation and regulation of Bitcoin in El Salvador.

Ms. Villaruel showed interest in El Salvador’s bitcoin bond project, which received a great deal of international attention after Mr. Bukele’s administration adopted bitcoin as legal tender. She said, “I’d like to take this brief opportunity to ask you some questions about bitcoin.”

Ms Villaruel then asked about the digital asset and sought Mr Bukele’s views on its effect on the country’s economy. In response, Mr. Bukele stated that he was ready to share the measures taken by his administration regarding the integration of bitcoin into the country’s economic system.

El Salvador became the first country in the world to recognize bitcoin as legal tender in 2021. The administration has since launched several projects, such as bitcoin bonds. Bukele’s administration aims to use bitcoin bonds to raise funds for infrastructure and technology projects. Villaruel expressed her interest in learning more about bitcoin bonds and their implications for the economy.

In addition to the bond, the two leaders also discussed the creation of the National Digital Assets Commission, a regulatory authority set up for El Salvador’s digital assets market. This body has played a role in drawing up the guidelines governing the use of bitcoin.

Crypto-currency discussions extend beyond El Salvador’s borders
The meeting between Bukele and Villaruel is part of a wider dialogue on crypto-currencies in Latin America. Argentina has witnessed a growing interest in digital assets, making the conversation between the two leaders particularly relevant.

The dialogue is set to continue as Argentine President Javier Milei is due to meet Cardano founder Charles Hoskinson later this month. Hoskinson has expressed interest in supporting the development of blockchain in South America, with a focus on advancing general crypto-currency needs.

As recently highlighted by Crypto News Flash, Hoskinson is expected to discuss with Milei the future of Cardano and its opportunity to advance Argentina’s digital economy.

IMF reiterates cautious stance on bitcoin adoption
IMF spokeswoman Julie Kozack reiterated the organization’s position at Thursday’s press conference. She stressed the need to minimize public sector exposure to bitcoin.

“What we have recommended is to reduce the scope of bitcoin law, strengthen the regulatory framework and oversight of the bitcoin ecosystem,” said Ms. Kozack, stressing the need for prudent management of the crypto-currency.

Since its adoption, the IMF has criticized El Salvador’s bitcoin law and expressed the need for the government to reduce the risks associated with integrating Bitcoin into the country’s financial system. In response to the concerns of the IMF and other international organizations, President Bukele revealed that El Salvador had acquired nearly $400 million worth of Bitcoins.

@ Newshounds News™

Source:  Crypto News Flash

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98% OF RIPPLE XRP HOLDERS WON'T GET RICH BECAUSE OF THIS MISTAKE

This video is about XRP. This video is about XRP and Ripple and the SEC APPEAL.  XRP update.

@ Newshounds News™

Source:   YOUTUBE  

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“Tidbits From TNT” Saturday 10-5-2024

TNT:

Tishwash:  Iraqi Prime Minister receives first Swiss ambassador after 33 years

Iraqi Prime Minister Mohammed Shia al-Sudani received today, Saturday, the Swiss Ambassador to Iraq, Daniel Hon, who is the first ambassador of his country after the reopening of the Swiss embassy in Baghdad.

The Prime Minister welcomed the reopening of the Swiss embassy after about 33 years of closure, and considered it an important step and a new stage in relations between the two countries. He stressed the importance of activating joint working committees, which would contribute to more fruitful bilateral cooperation, according to a statement issued by his office and received by Shafaq News Agency.

The meeting witnessed an emphasis on the mutual desire to strengthen Iraqi-European relations, especially in light of the stable security situation in Iraq, the development renaissance that included all vital economic sectors, the government’s support for the work and investment environment, and the creation of constructive economic partnerships.

For his part, Ambassador Hon stressed that reopening his country's embassy in Baghdad would contribute to strengthening mutual relations, and help Swiss companies to operate in Iraq and benefit from available investment opportunities. 

The meeting touched on the ongoing Zionist aggression on Gaza and Lebanon, its targeting of defenceless civilians, the role of the European Union in stopping this massacre, and the position of the international community required to limit the expansion of the conflict in the region, and the dangers and threats it poses to regional and international security.  link

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Tishwash:  Government Advisor: Development Fund Provides Great Support to Private Sector

Advisor to the Prime Minister, Hussein Flamers, confirmed today, Saturday, that the Development Fund provided the private sector with unprecedented great support, while setting two conditions for developing the private sector. 

Flamers said in a statement to the Iraqi News Agency (INA): "Prime Minister Mohammed Shia Al-Sudani blessed the first national forum for the private sector, which is held by the Private Sector Development Department at the Ministry of Trade, in cooperation with Bayt Al-Hikma for Training and Consulting," indicating that "such meetings put us in the forefront and we are on the right path in developing the private sector."

Flamers explained that "we must benefit from the versions that preceded us in other countries and developed the private sector and work to have a single window that enables those working in the private sector to be a source of glory for it and for the process to run smoothly," noting that "the government program presented by Prime Minister Mohammed Shia Al-Sudani supports the private sector."

He explained that "the Iraqi Development Fund provided the private sector with unprecedented support, but we need legislation, and intensifying laws and legislation is a very important step in developing the private sector," noting that "financial and banking services, facilitating and simplifying procedures, and providing services are all part of supporting the private sector, which depends on achieving two conditions: the first is simplifying procedures, and the second is reducing the efforts expended."   link

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Tishwash:  Iraqi forces decide to keep out of Israel’s battles with Hezbollah and Iran

Officials and paramilitary commanders say Israeli attacks could be ruinous for Iraq and even topple its government

The Iraqi political and armed forces affiliated to Tehran have decided to distance themselves from Israel’s battles with Hezbollah and Iran, fearing that expanding the growing Middle Eastern wars could ruin Iraq and their own positions.

Iraqi officials and leaders of Iranian-backed armed factions told Middle East Eye that the focus instead will be on providing humanitarian aid and financial support to civilians affected by Israel’s war on Lebanon.

No US interests or military bases in Iraq or Syria will be targeted by Iraqi armed factions until further notice, commanders said.

Over the past year, Israel’s onslaught on Gaza has drawn reprisals from Hezbollah in Lebanon, Yemen’s Ansar Allah (commonly known as the Houthi movement), and Iraqi paramilitary groups.

Meanwhile, Israel has begun waging war on Lebanon. It has also killed Hezbollah’s leader, Hassan Nasrallah, and assassinated Ismail Haniyeh, Hamas’ political leader, in Tehran.

In response, Iran rained ballistic missiles on Israel on Tuesday, causing significant damage to Israeli military bases.

The escalation has raised the prospect of further Iraqi participation, whether through Iraq’s regular military or its multitude of paramilitary groups.

However, Iraqi officials say there is a belief that this would lead to the collapse of Iraq’s political, economic and military system and the fall of its government.

Sudani seeks calm

Over recent days, Iraqi Prime Minister Mohammed Shia al-Sudani has held dozens of meetings with political leaders, commanders of armed factions allied with Iran and the top brass of Iraq’s security services.

According to one of Sudani’s advisers, the prime minister sought to “explain the reality of the situation facing Iraq and the consequences of any Iraqi party getting involved in the ongoing conflict”.

He also met with various Arab and western diplomats, and spoke to several neighbouring leaders, including the Egyptian president, Qatar’s emir and the king of Jordan.

Sudani pressed them to help “stop the ongoing Zionist aggression on Lebanon and Gaza, which threatens to expand the conflict throughout the region", his adviser said.

Iraqi officials and commanders of armed factions told MEE they believe Iraq will be one of four countries that Israel will strike soon, in response to the Iranian missile attack.

'Sudani has been striving to deprive the Israelis of any pretext that could be used to strike Iraq'

- Adviser to the prime minister

A succession of dramatic and ruthless Israeli attacks on Lebanon and Hezbollah over the past two weeks have been met joyously by Israel’s leadership and public.

Yet, Sudani’s adviser noted, “the Iranian missiles have dispelled their euphoria”. 

“This means that it will definitely respond to this attack. Israel will inevitably attack Iraq, as it will attack Syria and Yemen, in addition to some oil facilities in Iran,” he said.

"Sudani has been striving to deprive the Israelis of any pretext that could be used to strike Iraq,” the adviser added.

"Iraq's political, security and economic situation is fragile and will not endure any party's adventure. Any ill-considered action in the coming days will have a high price and could burn everything."

Potential targets

Sources in the armed factions and security services predict Israel could hit several targets, including the headquarters of the Popular Mobilisation Forces (PMF), a governmental umbrella organisation that oversees various paramilitaries, including those close to Iran.

Last week, rumours were rife in political and media circles that Israel had drawn up a list of 35 targets in Iraq, including the locations and names of political leaders and the heads of armed factions. 

Yet paramilitary commanders and security officials insisted to MEE there is no indication that such a list exists.

“Its targets in Iraq are known and clear. It will attack the camps of some armed factions, as well as the camps and headquarters of the Popular Mobilisation Forces, and may target some commanders of the armed factions,” a senior PMF official told MEE.

“The only two figures who are actually targeted are Akram al-Kaabi, the commander of Harakat Hezbollah al-Nujaba, and Abu Hussein al-Muhammadawi, the commander of Kataeb Hezbollah,” the official said.

The official noted that the leaders of other Iranian-linked armed factions have traded their military roles for more political and economic ones, and no longer have any real influence on the armed resistance to Israel.

“The Israelis and Americans know this and are well aware of it, and have no interest in targeting them,” he said.

On Tuesday evening, immediately after the Iranian missile attack ended, the anti-Israel Iraqi paramilitaries that make up the “Islamic Resistance” issued a joint statement. They said they would not target US interests and military bases in Iraq unless Washington helps Israel attack Iran, or if Iraq’s airspace is used for Israeli bombing raids.

“Then all American bases and interests in Iraq and the region will be our target,” the statement said.

“All parties agreed to stop any military operations at this stage, but if Israel strikes any of them, everyone will respond at once,” a Harakat Hezbollah al-Nujaba commander told MEE.

"American and Israeli interests in Iraq and the region will all be targeted."

Precautionary measures

Sudani has put all Iraqi military forces on high alert since Tuesday evening. Most armed faction commanders have not appeared in public since then.

Meanwhile, a meeting was convened by the Popular Mobilisation Forces' leadership on Monday to discuss the latest developments and ways to secure its offices and forces, commanders told MEE.

According to one person present at the meeting, they all agreed to avoid engaging in the escalating regional conflict, including attacking US forces in Iraq, which they had done repeatedly before the beginning of this war.

They also decided to reduce the number of paramilitary troops at their headquarters and inform commanders to avoid being there, too.

The PMF leadership agreed to send all commanders strict instructions that all the fighters registered with the organisation should not be involved in the regional conflict in any way.

“If they decide to engage in the battle, they should not use their fighters registered on the Popular Mobilisation’s payroll, or its vehicles or equipment,” said the source at the meeting.

One senior commander, who was also at the meeting, described the situation as “very critical” and said “any mistake, we will all pay the price for”.

“We are targeted. Our troops’ locations, headquarters and weapons warehouses are exposed and known, so there is no room for any uncounted action,” he said.

“It is easy. We are regular troops, so our choice is the government’s choice. It is that simple.”  link

Mot: . Ahah!!! -- it's a Trick!! -- but I Fooled um!!  

Mot:  .. Fall is Here -- or is it -----

MilitiaMan: Iraqi Dinar Update - Iraq Dinar News -World Bank - Report - Central Bank Governor: Mechanism in Euro

Iraqi Dinar Update - Iraq Dinar News -World Bank - Report - Central Bank Governor: Mechanism in Euro

MilitiaMan and Crew:  10-4-2024

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

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Seeds of Wisdom RV and Economic Updates Saturday Morning 10-5-24

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XRP CASE NEWS : SEC APPEAL AGAINST RIPPLE DOCKETED

The battle between the SEC and Ripple does not seem to end in the near future as the appeal by the commission against court order dated August 7 has been docketed. This move has started another round in this conflict. Though sec has submitted the appeal notice, it still has time to submit the complete appeal briefing. But Ripple’s leaders are not backing down. They remain confident that they are on the winning side of the law.

SEC Appeals Ripple Case Decision
The SEC has officially filed its appeal in the Ripple case, registering it with the United States Court of Appeals for the Second Circuit.This comes after Judge Analisa Torres, ruled out that not all sales of XRP are securities and she put a civil fine of $125 million on Ripple for institutional sale of XRP tokens.

Attorney James K. Filan confirmed the filing and shared screenshots of the appeal that is now docketed under case number 24-2648. The appeal brings the legal clash between Ripple and the SEC back into the spotlight.

Ripple’s Legal Team Responds
Stuart Alderoty, Ripple’s Chief Legal Officer, didn’t seem too surprised by the SEC’s move. In fact, he called it disappointing but not unexpected. According to him, the court had already dismissed the SEC’s accusations that Ripple acted recklessly.

There were no fraud allegations, and no one suffered any losses. He hinted that Ripple might even file a cross-appeal, but either way, the company is ready for whatever comes next.

Ripple’s CEO Speaks Out
Ripple CEO Brad Garlinghouse wasn’t shy about sharing his frustration. Posting on X (formerly known as Twitter), he slammed the SEC for continuing the case. According to Garlinghouse, the SEC’s actions haven’t helped protect investors. Instead, they’ve damaged the credibility of the agency itself.

He pointed out that Ripple, the crypto industry, and even the rule of law have already won in court. Garlinghouse is clear—XRP’s status as a non-security won’t change, no matter what the SEC tries next.

Internal Shake-ups in Commission
A spokesperson for the SEC explained the agency’s reason for appealing. They believe the district court’s ruling contradicts decades of legal precedent set by the Supreme Court. The SEC is eager to argue their case in front of the appellate court.

At the same time, the SEC’s Enforcement Director, Surbir S. Grewal, has announced his resignation. He’s stepping down from his role on October 11, sparking questions about internal disagreements over the Ripple case.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

COINBASE TO DELIST USDT AND UNAUTHORIZED STABLECOINS IN EU BY YEAR-END UNDER MICA REGULATIONS

Coinbase, a leading cryptocurrency exchange, has announced plans to delist all unauthorized stablecoins, including Tether's USDT, from its platform in the European Economic Area by December 30, 2024

Coinbase has announced plans to delist all unauthorized stablecoins, including Tether's USDT, from its platform in the European Economic Area by December 30, 2024.

This move is in response to the European Union's new Markets in Crypto Assets (MiCA) regulations, which require stablecoin issuers to secure e-money authorization in a member state.

The MiCA regulations, which became effective in June 2024, aim to ensure regulatory compliance and consumer protection within the EU's cryptocurrency market.

Coinbase's decision to delist non-compliant stablecoins underscores its commitment to adhering to these new regulatory standards and addressing non-compliance issues.

@ Newshounds News™

Source:  The Defiant

~~~~~~~~~

HK’S BANK OF EAST ASIA TESTS STABLECOIN ISSUANCE USING UDPN

Hong Kong’s Bank of East Asia (BEA) recently conducted a proof of concept (PoC) involving issuing stablecoins using the Universal Digital Payments Network (UDPN). It tested both the issuance and redemption of stablecoins (minting and burning) and trialed a mobile application for clients.

Today most stablecoin usage happens in the cryptocurrency world or jurisdictions where consumers are keen to access dollars. One reason stablecoins haven’t gone mainstream is because of missing pieces of infrastructure. However, that is changing, meaning stablecoins will become increasingly competitive with bank payments, especially cross border. Banks are not standing by. They’re engaging in multi-bank tokenized deposit trials and issuing their own tokenized deposits or stablecoins.

The UDPN is a multi-faceted project supporting the issuance of stablecoins and tokenized deposits, as well as providing an interoperability layer between different digital currencies, including central bank digital currencies (CBDCs).

“Through our PoC with UDPN, we gained insights into global practices on Central Bank Digital Currencies (CBDCs) and the mechanism of stablecoins,” said the BEA’s Stephen Leung, Group CIO, General Manager and Head of Technology and Productivity Division.

“Experiments were conducted on the issuance of stablecoins, as well as the transfer and swapping between CBDCs and stablecoins. Cross-chain interoperability was also examined between stablecoins and digital currencies on different blockchains. This has laid (an) important foundation for any partnership opportunities that may arise in the future.”

Earlier this year the bank took part in a DLT repo transaction with HSBC involving digital green bonds issued by Hong Kong.

The UDPN was founded by Red Date Technology, the co-founder of China’s Blockchain-based Service Network (BSN) and the international BSN Spartan Network. Its development partner is the GFT consultancy. Earlier this year it launched a sandbox for banks.

Hong Kong’s digital currency activities
Meanwhile, the Hong Kong Monetary Authority (HKMA) is running at least three digital currency sandboxes, although this PoC was not part of them. The HKMA recently announced the expansion of its retail CBDC sandbox to include tokenized deposits. Plus, it has a sandbox for stablecoins and another for the institutional use of wholesale CBDC, which is part of Project Ensemble.

@ Newshounds News™

Source:   Ledger Insights  

~~~~~~~~~

STABLECOIN ISSUER TETHER TO DEVELOP NEW SOLUTION FOR EUROPEAN MARKET

Tether is preparing to launch a new technology specifically for the European market. This strategic move comes in response to changing regulatory frameworks in the region, especially as MiCA (Markets in Crypto Assets) regulations come into full effect.

As part of the adjustment, Coinbase has announced plans to delist non-compliant stablecoins, including Tether’s USDT, from the European Economic Area (EEA) by December 30, 2024. This shift could reshape the landscape for European crypto users.

Stablecoin Market and MiCA
The new crypto regulation of the EU, MiCA, is designed to bring more safety and control to the cryptocurrency sector. However, these new sets of rules also pose risks for certain stable coins like USDt. The regulation requires at least 60% of the stablecoin reserve to be held in EU based banks however many banks in Europe can only insure deposits up to $100,000.

This poses high risk for stablecoins like USDt. Paolo Ardoino expressed his concerns about the risk this regulation can pose for stablecoins as well as banking systems.

Although some aspects of MiCA create obstacles, Tether praised the EU for building a well-structured regulatory environment. This framework, they say, is essential for the long-term growth of the industry.

Coinbase’s Deadline for Delisting Stablecoins
Coinbase has set December 30, 2024, as the deadline. By this date, all non-compliant stablecoins will be delisted in the European Economic Area. It’s a significant move for Europe however stablecoin services for other regions will remain unharmed. Several other exchanges like OKX and Bitstamp have already taken similar steps, preparing for MiCA’s full implementation.

Circle’s USDC, a stablecoin that meets MiCA’s requirements, is expected to remain available for European users. Coinbase users in European financial zones holding USDt or other non-compliant stablecoins must convert them. They will need to switch to compliant ones like USDC before the deadline.

Tether’s Response to MiCA
Tether is addressing the regulatory changes by creating a technology solution designed specifically for Europe. Although they haven’t shared the full details yet, the company indicated that the solution will focus on meeting the needs of Europe’s stable and structured economy.

This new initiative is part of Tether’s larger plan to keep a strong presence in the European crypto market, even with the regulatory challenges.

What This Means for Crypto Users?
Despite these hurdles, Tether is positive about its future in Europe and is working directly with regulators to develop workable solutions. For European users, Coinbase’s delisting and MiCA’s new rules mean that you may need to reconsider which digital assets to hold. Switching to MiCA-compliant stablecoins like USDC is one option to ensure your portfolio stays secure under the new laws.

Tether’s upcoming product could also provide new opportunities for users who prefer USDT, but it’s important to stay informed and prepared for the coming changes.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

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Iraq Economic News and Points To Ponder Saturday AM 10-5-24

Large And Dangerous" Economic Risks Await Iraq If It Becomes Involved In The Iran-Israel Conflict
 
Economy ​ 10-2-2024, 15:43 |Baghdad today - Baghdad   Economic expert Ahmed Al-Tamimi warned today, Wednesday (October 2, 2024), of the economic danger of dragging Iraq into conflict with the United States of America. Al-Tamimi said in an interview with “Baghdad Today” that   “trying to drag Iraq into conflict with the United States of America has great and dangerous economic risks for the internal Iraqi situation, especially since the economic situation is still completely controlled by the American dollar, and any conflict with Washington will prompt a dollar crisis.”
 
This could paralyze the Iraqi economy.”

He stated that  "Iraq depends for everything regarding its various imports on the dollar, through legal frameworks through the platform or through the parallel market, and  any American step  towards Iraq regarding the dollar will have serious effects on all Iraqi markets, and  for this reason one must be careful not to drag Iraq into conflict with America."
 
Therefore, Iraq would like to maintain good financial, economic and other relations with the American side to ensure the stability of its economic conditions.
 
Professor of International Economics, Nawar Al-Saadi, revealed on Sunday (September 29, 2024) how Lebanon’s developments will affect the Iraqi economy and the oil market during the next stage. Al-Saadi said in an interview with "Baghdad Today",
 
"With regard to the impact of the recent events in Lebanon on the Iraqi economy and the oil market,
 
we can say that the repercussions will be different based on several factors, the
 
     first of which is that the Iraqi economy depends heavily on oil exports, and
 
     any major escalation in the region." It may lead to a rise in oil prices in the short term due to fears of supply disruption or increased geopolitical risks in the Middle East region.
 
This rise may be positive for Iraq in terms of oil revenues, but it may impose new challenges related to revenue management and the stability of financial markets.”  

He stated,  “On the other hand, supply chains may be affected if the situation deteriorates further, especially if navigation or air transport lines in the region are disrupted under these circumstances, and
 
Iraq may face challenges in importing basic materials or equipment necessary for industrial projects, which "It may put pressure on development plans."  

Al-Saadi added,  “With regard to the influence of the Iraqi armed factions, any direct or indirect interference in the conflict may expose Iraq to American pressure, including imposing restrictions on dealing in the dollar, and
 
the United States previously used the card of banning the dollar to pressure governments, especially those that...  “It contributes to regional destabilization, which may deepen the financial crises in Iraq and increase the cost of foreign trade transactions.” 
 
https://baghdadtoday.news/259111-مخاطر-اقتصادية-كبيرة-وخطيرة-تنتظر-العراق-في-حال-انخرط-بصراع-ايران-وإسرائيل.html   

Parliament Is Preparing To Approve The “Most Important” Law To Recover State Funds From The Corrupt
 
Money and business  Economy News  Member of the Parliamentary Integrity Committee, Yousef Al-Kalabi, announced today, Thursday, the completion of the second workshop to mature the law for recovering state funds from the corrupt,
 
stressing that the law will be voted on before the end of the current legislative term. Al-Kalabi said in a press interview,
 
 “The committee has completed the second workshop on the Corruption Assets Recovery Law, which is considered one of the most important laws in the House of Representatives.”

 He added,  "This law completes the legislative deficiency in the process of recovering, seizing, and accessing funds.
 
The committee hosted representatives of many departments and state institutions, including the
 
     Financial Supervision Bureau, the
     Supreme Judicial Council, the
     Integrity Commission, the

Bar Association, and   others." Al-Kalabi pointed out that  “the Parliamentary Integrity Committee is seeking broadly and carefully to legislate the law on importing money from corrupt people because of its importance, especially since
 
some of the corrupt people’s money has turned into assets, real estate, and trade, and when an order is issued to recover the money, we find that the corrupt money has multiplied several times.”

 He stressed that  "the House of Representatives has completed the first reading of the law on importing corruption funds, and  a report will be submitted to complete the second reading of the law, provided that it will be voted on before the end of the current legislative term." Observations 155     10/03/2024 - https://economy-news.net/content.php?id=48301   

Supporting The Iraqi Economy.. The Government Takes A Series Of Decisions And Measures To Activate The Role Of The Private Sector
 
Economy / investigations and reports    Yesterday, 21:31  Baghdad - IA
 
Supporting the private sector and creating job opportunities, priorities emphasized by the government program of Prime Minister Muhammad Shiaa Al-Sudani, were supported by plans to invest in the role of this sector in diversifying the economy, reducing dependence on oil, and contributing to creating sustainable development.
 

Activating the private sector
 
This trend was supported by unprecedented government decisions, including a decision issued by the Council of Ministers on January 31, 2023, amending the prices of petroleum products for private and mixed sector projects, so that the price of black oil supplied to oxidized asphalt plants would be at a price of 35% of the international bulletin price, provided that it does not exceed The price of one ton is 250 thousand dinars, with a quantity of about 70-100% of the design capacity, and the situation is kept as it is for the factories that receive black oil at a price of 100 thousand dinars per ton, and for the rest of the factories at a price of 150 thousand dinars per ton.
 
As well as introducing the private sector into the implementation of new residential city projects by a decision of the Council of Ministers dated March 7, 2023.
 
The Council of Ministers took a set of decisions on March 28, 2023, which included writing off the amounts of professional fees and construction permit fees owed by industrial projects, the amounts of fines owed by commercial companies, and the amounts of fines owed by taxpayers resulting from the application of Article (30) of the Real Estate Tax Law No. (126) of 1959..
 
Government decisions also included granting sovereign guarantees to the private sector in the tripartite budget to support the establishment of laboratories and factories and establishing agricultural projects, proposing a new vision for grants to the private sector to achieve reform efforts, activating the laws in force that care for workers in the private sector, ensuring their retirement, and proposing a retirement and social security law in order to reform the legal environment. To operate the private sector and create jobs in it, which the House of Representatives actually voted on on May 17, 2023.
 
On April 7, the Council of Ministers voted to approve the issuance of investment and partnership instructions between the public sector and the private sector for the year 2024, based on the provisions of the Constitution and the Federal General Budget Law of the Republic of Iraq for the three fiscal years.
 
On June 4, the Council of Ministers issued several decisions to support the private industrial sector, which included obliging the Ministry of Oil not to cut the monthly fuel quota for all industrial projects, for any reason, as well as not to impose a month of maintenance on industrial projects and not to withhold the monthly fuel quota for this reason, and also a decision Providing all industrial projects with their actual shares of petroleum derivatives confirmed according to the need assessment list.

On July 23, and within the framework of developing and supporting the national industry, the Council approved the recommendations of the minutes of the meeting of the Dry Gas Committee for Investment Projects and the commitment of the Ministry of Oil to allocate and equip new industrial projects planned to be established in partnership with the private sector, by public companies in the Ministry of Industry and Minerals, in quantities of dry gas,

According to the quantities needed by these projects, according to a timetable for preparation, and at prices that achieve the economic feasibility of establishing these projects.

Quantities and prices are regulated through an agreement between the Ministries of Oil and Industry and with the approval of the Ministerial Council for the Economy.

Within the framework of the government's vision for economic reform and revitalizing the investment and development movement in the country, the Council of Ministers approved on August 18 the national strategy for bank lending prepared by the Central Bank of Iraq, including the recommendations and programs established in it.
 
The strategy aims to stimulate the growth of the Iraqi private sector by improving the business environment, attracting local and foreign investors, and increasing the credit granted to it from the non-oil GDP by 2029, as well as increasing credit to small projects from the non-oil GDP and financing nearly 100,000 projects.
 
Government procedures and openings
 
Within the framework of the measures adopted by the government to advance the private sector and make it a partner in the construction and reconstruction process, the government worked to end the wrong practices that hinder the work of the private sector and raise its contribution to the national economy by approving the recommendations of the Ministerial Council for the Economy and subjecting projects to fair competition on the basis of efficiency and confronting any extortion process.
 
The implementing companies may be exposed to it, in addition to facilitating the granting of entry visas to businessmen to Iraq, forming a follow-up cell to follow up on the implementation of projects, and firmly confronting any blackmail that the implementing companies may be exposed to, from any party.
 
In this regard, the Prime Minister also held a number of meetings, including a meeting with a number of businessmen, investors and project owners in the private sector, and a meeting with representatives of private sector companies specialized in implementing sewer network projects in Baghdad, during which he called on all private sector investors to seize the available opportunities. In Iraq.
 
On July 17, 2023, the Prime Minister chaired a meeting devoted to discussing the reality of the industrial sector in Iraq and the process of launching a new industrial initiative to advance this sector, in the presence of a number of advisors and representatives of the private sector.
 
On December 2, 2023, the Prime Minister announced the offering of 90 investment opportunities in partnership with the private sector in various industrial sectors throughout Iraq.
 
On December 6, 2023, the Prime Minister sponsored the signing of the partnership contract between the Iraqi Diyar Company (private sector) and the Saudi Northern Cement Company, in the first partnerships between the Iraqi and Saudi private sectors in the field of cement.
 
On March 9, the Prime Minister opened in Basra last March 9 factories and production lines for fertilizers, both types of fertilizers and urea, in partnership with the private sector.
 
He stressed that this partnership adds modern technology to the state and covers part of the budget requirements.
 
During his visit to the United States, which began on April 14, 2024, the Prime Minister decided to include a delegation from the private sector and Iraqi businessmen and women in the visiting delegation.
 
During the visit, the Prime Minister also sponsored the signing of similar memorandums of understanding between the Iraqi private sector and American companies in the fields of energy and pharmaceutical industry. On April 18, 2024.
 
On May 1, the Prime Minister inaugurated the continuous casting factory/first phase, at the General Company for Steel Industries, in the Taji area, north of the capital, Baghdad, after rehabilitating, modernizing and operating it, with a production capacity of up to 600 thousand tons annually.

He welcomed investors from the private sector in Iraq and greeted them.
 
Their step is to invest with companies of the Ministry of Industry and Minerals.
 
On May 9, the Prime Minister launched work on the Al-Ittihad Mills Project, in the city of Al-Madhatiya in Babil Governorate, and inaugurated the Al-Ittihad Company’s sugar factory expansion project, after adding new production lines for sugar production, raising the factory’s production capacity from (4,200) tons per day to (4,200) tons per day. 6000 tons per day, and a vegetable oil extraction plant, a plant feed production plant, and a premix plant were also opened in the company.
 
On July 5, the Prime Minister opened the second specialized workshop to support the private industrial construction sector, during which a cooperation agreement was signed between the Trade Bank of Iraq (TBI) and the German Export Credit Corporation, to finance private sector development projects.
 
Last July 20, the Prime Minister opened (4) factories for the Military Industrialization Authority, including the electric car production factory at the General Military Industries Company, implemented in partnership with the private sector.
 
Directions
 
On May 17, 2023, the Prime Minister issued a number of directives aimed at strengthening the partnership with the private sector and giving it more space in development fields.
 
Among these directives is the emphasis on partnership with the private sector, disbursing dues to private sector companies implementing projects, and providing job opportunities for young people by encouraging... Investment, attracting investors, and reviewing investment licenses granted in the governorates, in addition to giving priority to supporting the private sector and continuing to hold meetings with it.
 
The Prime Minister also confirmed on July 22, 2023, that the government has launched major projects with the participation of the private sector, such as manufacturing, petrochemical, and fertilizer industries projects, and
 
there are serious requests from local and regional companies to invest in gas, phosphate, and sulfur, in addition to integrated residential city projects, which include all economic activities.
 
Five cities were announced, and we are in the process of preparing the second phase in order to prepare them for investment.
 
He stressed that the private sector is a partner in the correct implementation of projects that address pressing service crises in all sectors.
 
While the government took steps, within its ministerial platform, to encourage the private sector, the government also worked in cooperation with the House of Representatives to legislate laws that would advance the private sector, such as the National Product Protection Law No. 11, the Consumer Protection Law No. 1, and the Competition and Antitrust Law No. 14.
 
Also, on August 1, the Prime Minister directed the formation of a committee from the departments of the Ministry of Construction, Housing, Municipalities and Public Works, which will undertake the process of opening and analyzing the offers submitted by private sector companies to build schools within the projects of the Iraq Fund for Development, as well as reviewing the contracts concluded with investors in building projects. school, auditing it, and indicating its conformity with the approved specifications and conditions.
 
Events and partnerships
 
Government support for the private sector included the participation of businessmen and women in the Iraqi-Egyptian Business Forum, which was held on June 13, 2023 during the Prime Minister’s visit to Egypt.
 
As part of government efforts to revitalize the private sector, the final statement of the joint Iraqi-Jordanian committee meeting on July 24, 2023 included support for the role of the private sector in increasing the volume of trade exchange between the two countries in the fields of industry, energy, investment, transportation, agriculture, environment, health and education, for the benefit of both countries. And the two brotherly peoples.
 
On September 3, 2023, the Ministry of Transport also signed an agreement with the International Finance Corporation (IFC) to rehabilitate and develop Baghdad International Airport.
 
It included the IFC providing consultations on the path to developing the role of the private sector and enhancing its entry into the arena of public services in partnership with the public sector and sectors facing challenges. Futurism.     https://www.ina.iq/218436--.html   

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

BRICS Intra-bank System Shook The World Bank and IMF: Is Dollar Finished?

BRICS Intra-bank System Shook The World Bank and IMF: Is Dollar Finished?

Fastepo:  10-4-2024

Another significant development is the launch of an intrabank system that demonstrates BRICS’ commitment to creating practical solutions for its members.

Russia and Iran have deepened their economic ties by connecting their national payment systems—Russia’s SPFS (System for Transfer of Financial Messages) and Iran’s SEPAM (System for Electronic Payment Messaging).

This integration allows both countries to conduct financial transactions in their own currencies, the ruble and the rial, bypassing the U.S. dollar and the SWIFT network.

The initiative is part of a larger effort to enhance economic sovereignty and circumvent Western sanctions that have limited both nations’ access to international financial systems.

Now, let’s discuss the dedollarization efforts by BRICS. The movement to reduce reliance on the U.S. dollar across the Global South is gaining momentum, particularly through initiatives led by major emerging economies like the BRICS bloc.

This surge in dedollarization is driven by the desire for financial independence and the need to mitigate risks associated with external sanctions.

https://www.youtube.com/watch?v=i2tGwtn_nwE

Seeds of Wisdom RV and Economic Updates Friday Afternoon 10-4-24

Good afternoon Dinar Recaps,

XRP ADOPTION BY BRICS AND JAPAN CONTINUES, SEC APPEAL FAILS TO DETER

▪️PDespite the SEC lawsuit, the BRICS nations and Japan have continued to show interest in XRP.

▪️PThe coin has recovered from the losses triggered by the Appeal filed earlier this week.

Despite the uncertainty in the Ripple ecosystem, the XRP coin is gaining traction from prominent stakeholders and organizations. Earlier this week, the US Securities and Exchange Commission (SEC) filed an appeal in its Ripple lawsuit, potentially extending the legal battle it initiated in 2020.

As CNF mentioned earlier, the regulator’s move quickly reverberated across the community, resulting in price drops for XRP. Despite this shift, XRP is still attractive to users.

BRICS and Japan Pushes for XRP Adoption
Amid these challenges, the BRICS Alliance, an intergovernmental organization, and Japan continue to push for XRP adoption. In an X post, renowned analyst Crypto Tank said the SEC’s appeal filing had not deterred the BRICS and Japan from embracing XRP.

“SEC appeal won’t matter. BRICS and Japan are still adopting XRP, and they don’t care about the lawsuit one bit,” says Crypto Tank. The analyst’s comments reinforced opinions that XRP is crucial to the emerging financial system.

SEC appeal won’t matter. BRICS and Japan are still adopting XRP and they don’t care about the lawsuit one bit. Brad has even stated this before. XRP is the Heart of the New Financial System no matter what. Don’t get FUDded out…

— CryptoTank (@Tank2033js) October 2, 2024

He further highlighted a previous statement from Ripple’s CEO Brad Garlinghouse, describing XRP as the heart of the new financial system. Indeed, XRP’s characteristics as a bridge asset make it a popular choice amongst businesses and financial institutions.

Unlike other traditional payment networks, XRP is easily accessible, cheap, and has low to zero friction. These characteristics make the coin a more viable option for the BRICS alliance, which was created by countries seeking freedom from the US Dollar.

The BRICS nations initially comprise Brazil, Russia, India, China, and South Africa. In 2024, five new nations, including Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates, joined the alliance. The alliance has promoted the use of local currency, thus reducing reliance on the US dollar.

Developing countries view this initiative as beneficial to their financial systems. Recently, the BRICS announced the development of its blockchain-based payment system. In a previous CNF article, Russian President Vladimir Putin says the system will enable BRICS nations to conduct international trade without interference from the Western financial systems.

Intriguingly, XRP adoption is also spreading across Japan. As revealed in a previous report by CNF, 80% of Japanese banks use Ripple for blockchain payments. This highlights the growing prominence of Ripple and XRP in the traditional financial sector.

Legal Battle Surrounding XRP
The SEC recently filed a notice of appeal against Judge Analisa Torres’s July 2023 ruling in the Ripple lawsuit. The ruling stated at the time that XRP sales to retail investors do not constitute securities transactions, giving Ripple a partial victory.

However, the court ruled recently that Ripple should pay a $125 million fine for violating securities laws through institutional sales. This amount is far less than the $2 billion the SEC had initially requested from Ripple.

With the appeal, most experts and community members expect the SEC to challenge XRP’s security classification when traded on exchanges. Notably, the regulator once filed an interlocutory appeal, which the court denied. Many community members hope the regulator will encounter a similar outcome this time.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

WILL SWIFT NETWORK’S UPCOMING TRIALS BOOST CRYPTO ADOPTION?

Here’s a look at banking network SWIFT’s upcoming trials for digital asset and currency transactions.

▪️SWIFT will conduct live trials for digital asset transactions in 2025, enhancing global finance.
The initiative aims to integrate various currency platforms for seamless cross-border transactions.

▪️The year 2024 has witnessed a surge in cryptocurrency adoption, largely driven by the launch and expansion of the ETF market.

In light of this trend, SWIFT, the global bank messaging network based in Belgium, is set to launch live trials of digital asset and currency transactions.

What benefits will SWIFT’s live trails offer?
This initiative will involve banks in North America, Europe, and Asia, connecting over 11,500 financial institutions worldwide.

Although SWIFT itself does not manage funds, its network facilitates secure communications and transactions among banks. This allows for the exchange of various financial messages.

Scheduled for 2025, these trials will mark a significant step in demonstrating how SWIFT can support the transfer of both digital and traditional assets across over four billion accounts globally.

This would showcase an advanced version of its infrastructure designed for real-world applications.

Remarking on the same, Swift Chief Innovation Officer Tom Zschach said,

“As new forms of value emerge, our intention is to continue offering our community the ability to seamlessly make and track transactions of all kinds of assets — using the same secure and resilient infrastructure that is integral to their operations today.”

For those unaware, the upcoming live trials will utilize SWIFT’s extensive global network to integrate various digital and traditional currency platforms seamlessly.

What’s more to it?
The trials will showcase how financial institutions can interchangeably transact across existing and emerging asset types.

This demonstration highlights the potential for banks to leverage their current SWIFT connections, thereby enhancing efficiency and accessibility in global finance.

Providing further insights on the matter, the firm added,

“Global financial institutions will have the ability to use Swift’s global platform to conduct pilot transactions for the settlement of digital assets and currencies.”

Additionally, SWIFT will transition from experimental trials to real-world applications of digital asset and currency transactions, beginning in 2025.

This initiative allows global financial institutions to utilize SWIFT’s infrastructure for seamless transactions across traditional and digital assets.

By enabling interoperability among currencies and networks, SWIFT seeks to simplify and secure cross-border financial exchanges.

This advancement reinforces SWIFT’s commitment to evolving in digital finance and positions it as a key facilitator of modern transactions.

Will CBDCs play a role?
That being said, SWIFT, which plays a crucial role in global banking, has been engaged in trials of both CBDCs and tokenized assets.

In March, the firm said that it would launch a new platform to connect CBDCs currently in development to the existing financial system.

As of the latest update, the SWIFT initiative involves different types of digital assets in combination across different platforms.

Therefore, Nick Kerigan, SWIFT’s head of innovation, put it best when he said,

“To successfully trade and settle a tokenised bond transaction, you need the cash and that’s where a tokenised deposit or wholesale CBDC comes in. It’s not good enough if you just have delivery or just payment, you need both.”

@ Newshounds News™

Source:  AMB Crypto

~~~~~~~~~

US CONGRESS WILL BE KEY IN DEFINING CRYPTO REGULATIONS POST-2024 ELECTION, EXPERT SAYS

With the 2024 presidential election just around the corner, crypto has gained significant momentum as a key issue in the race to the White House, especially with candidates Vice President Kamala Harris and former President Donald Trump expressing support for the digital asset industry.

However, law experts assert that it is not the US President who will ultimately determine the future of digital assets in the United States, but Congress.

Focus On Congressional Action As The Key
A recent report by Dr Tonya Evans, a professor at Penn State Dickinson Law, highlights that Vice President Harris has moved away from President Biden’s previously antagonistic approach to cryptocurrencies, largely driven by the Securities and Exchange Commission (SEC) and other regulators.

As reported by Bitcoinist, Harris now emphasizes a pro-innovation narrative, suggesting that blockchain and digital assets are crucial components of her vision for an “Opportunity Economy” to empower middle-class families and small businesses.

On the other hand, Trump has made headlines by promising to transform the US into the “crypto capital of the planet” and pledging to remove SEC Chair Gary Gensler from his position on his first day in office.

Despite these eye-catching promises, Evans believes that the President’s ability to enact meaningful change in the crypto landscape is limited.

Evans notes that the Congress, as the legislative branch of government, wields the real power to shape the regulatory framework governing digital assets. Under Article II of the Constitution, the President cannot unilaterally create laws or alter regulations.

Instead, the President’s role is primarily to enforce the laws that Congress passes and oversee regulatory agencies like the SEC and the Commodity Futures Trading Commission (CFTC).

Evans further explains that Congress must take decisive legislative action for sustainable progress in the digital asset industry. Yet, she has noted that many observers and advocates for cryptocurrency often focus their attention on presidential races, neglecting Congress’s vital role in regulation.

Bipartisan Support For Crypto Grows In Congress
Despite what has been seen as a lack of congressional action in recent years, Evans is championing a notable advancement in the legislative landscape with the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21), which incorporates Rep. Tom Emmer’s Securities Clarity Act.

This law aims to provide much-needed clarity in the digital asset space by distinguishing between an asset and the securities contract to which it may be linked, which would be key in potential future cases such as one of the most notorious between blockchain payments company Ripple and the SEC.

In addition, support for crypto innovation is gaining traction in Congress. Figures like Rep. Maxine Waters (D-CA), once a critic of cryptocurrencies, now recognize the importance of engaging with emerging technologies.

At a recent town hall event, pro-crypto lawmakers urged Harris to adopt a more favorable stance toward digital assets. At the same time, Senate Majority Leader Chuck Schumer (D-NY) expressed optimism about passing bipartisan legislation.

Moreover, the StandWithCrypto.com database indicates that over 50 Democratic lawmakers, including prominent figures like Rep. Ro Khanna (D-CA), is now supportive of pro-crypto legislation.

Unlike the executive branch, the law professor said, Congress has the power to create tailored laws to meet the needs of the crypto industry. Evans concluded, “Now is the time to focus where the real power lies – on Congress.

@ Newshounds News™

Source:   Bitcoinist

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Economist’s “News and Views” 10-4-2024

BRICS Dump Dollars for Gold - LFTV Ep 193

Kinesis Money:  10-4-2024

In this week’s episode of Live from the Vault, Andrew Maguire delivers a chart-driven analysis of the gold and silver price action for the first week of this year’s fourth quarter, before answering pressing community questions.

The London precious metals expert then turns his attention to the remainder of the year 2024, highlighting Indian and Chinese central bank buying, and providing an overview of the latest BRICS activity.

Timestamps

 00:00 Start

01:45 The first week of Q4

17:30 What to expect in the rest of 2024

20:45 The upcoming BRICS meeting

25:30 The gold revaluation timeline

31:00 Dedollarisation

https://www.youtube.com/watch?v=edab3Njpyog

Major Report PROVES That An Economic Crisis Is Coming!

Atlantis Report:  10-3-2024

The rising number of layoffs across various industries is a worrying trend. Despite the supposed economic growth, many people are losing their jobs.

Even industries that were believed to be safe are not immune. This is causing concern as it hasn't been seen in recent years.

Moreover, the level of consumer debt is another alarming issue. The fact that around one-third of Americans are struggling to pay their bills indicates that not everyone is benefiting from the so-called economic boom.

With the possibility of inflation and interest rate hikes, people already burdened by debt face an uncertain future.

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

George Gammon: What if the US Debt Hits $50 TRILLION Tomorrow?

Daniela Cambone:  10-3-2024

The real issue with U.S. debt isn't paying it off—it's the economic distortions fueled by government spending, says George Gammon, real estate investor and host of The Rebel Capitalist Show.

 In this insightful interview with Daniela Cambone, Gammon explains how the global monetary system allows the U.S. to pile on debt without immediate repercussions, driving a dangerous cycle of overspending.

He dives into the role of the Eurodollar system in propping up demand for U.S. Treasuries, which keeps interest rates lower than expected, even as debt levels soar.

CHAPTERS:

0:00 Economic Distortion

3:15 U.S. Debt Crisis

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

Iraq Economic News and Points To Ponder Friday AM 10-4-24

Economists Determine The Reasons For The Rise In The Dollar In Iraq And Expect It To Exceed 160,000

Economy     Iraq     Dollar prices     Dinar to rise    2024-10-03 01:23  Shafaq News/ The “Future Iraq” Foundation for Economic Studies and Consultations, on Thursday, attributed the reasons for the rise in the price of the dollar against the dinar in Iraq to the  decline in transfers of other currencies and the  inability to cover the demand for foreign currency for the purpose of import,  expecting the rise to continue, bringing the price of one dollar to 1,600. dinar in the coming period.
 
The head of the institution, Manar Al-Obaidi, said in a statement received by Shafaq News Agency, that the prices of the dollar against the dinar during the past days reached the range of 1,550 dinars per US dollar.

Al-Obaidi attributed  the reason for the rise to the decline in transfers of other currencies, specifically the UAE dirham and the Chinese yuan, as a result of the large restrictions set by correspondent banks that are in the process of enhancing the balances of these currencies,  
in addition to the reservation of the banks under the Citi-Pilot project in opening accounts for operating companies and limiting them to working with companies. She had previously been treated differently than others.

Among the reasons that the head of the institution spoke about is “the inability of all transfer mechanisms to cover the demand for external currency for the purpose of importing some goods, specifically mobile phones and gold, which are considered the highest value goods for import, which prompts importers to resort to the parallel market for the purpose of importing.”.

He added,  "It is expected that the dinar will continue to decline against the dollar, and it may reach rates of 1,600 dinars per dollar in the coming months if the problems are not addressed through practical solutions."
 
1- Increasing the network of correspondent banks around the world, especially in the UAE and China.
 
2- Controlling financial policy by limiting the entry of some types of goods in order to reduce demand for them versus supply.
 
3- Pressure on the banks under the Citi-Pilot project to be more open to accepting a wide range of clients.
 
4- It may be necessary to temporarily prevent the import of some goods to reduce the demand for foreign currencies until more organized and smooth solutions are found for the external transfer process. Al-Obaidi said,
 
 “Without adopting these solutions, the dinar will continue to decline against the dollar and may exceed the 1,600 barrier soon.”
 In turn, economic and financial expert Abdul Rahman Al-Mashhadani attributed the rise in the dollar exchange rates in Iraq to political rather than economic reasons..

Al-Mashhadani said in a statement to Shafaq News Agency,   “The dollar has stabilized for a long period in the past few days at 149 to 150 thousand Iraqi dinars for a $100 bill, especially after transferring the dollars of real travelers to the airport, organizing the sales process in a smooth manner, and resolving the crisis of bottlenecks on exchange companies and payment companies available inside.”

"Airport." He added,  "There are no economic reasons or justifications behind the rise because the central bank is still financing large amounts of foreign trade, and this is the important element that covers the volume of orders for merchants."

The expert expected that  "the rise in exchange rates is due to the  
     unrest witnessed in the region and the
     fear that Iraq is one of the stations that could be targeted,
 
which prompted merchants to liquidate the accounts of debtors and creditors, especially those who have obligations to merchants abroad.
 
Fear of instability may cause a rise and thus will be affected."
 
The merchant must pay what he owes. He noted that the second matter “is the fear and panic that afflicts people in such crises.
 
They turn to converting dollars for fear that things will get worse and they will be forced to travel or emigrate, even if they are inside Iraq,” adding that “the dollar is the safest means at hand because it is needed in "Markets."
 
The price of the dollar rose in local markets to reach approximately 155 thousand dinars compared to 100 dollars after the events that the region witnessed, including military operations in Lebanon and Iran on the one hand and Israel on the other hand.   
 https://shafaq.com/ar/اقتصـاد/م-سسة-اقتصادية-تحدد-اسباب-ارتفاع-اسعار-الدولار-بالعراق-وتتوقع-وصوله-لـ1600-دينار   

Government Advisor: There Is No Concern About Iraq’s Financial Situation And Our Foreign Reserves Are Diverse
 
Time: 10/02/2024 14:02:16 Read: 2,834 times  {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, reassured about the country’s financial and economic situation.

Saleh told {Al-Furat News} agency:  “We should not worry about the ongoing fluctuations, whether in monetary gold or the various foreign currencies that make up the country’s foreign reserve portfolio, which varies from major foreign currencies and monetary gold and in accordance with the international standard investment guides that it adopts.”

The monetary authority has high-level technical cooperation with multilateral international financial organizations, specifically the International Monetary Fund and the World Bank.”’

 He stated,  “Usually, the Central Bank of Iraq hedges in managing its sovereign investment portfolio with a well-studied and highly sensitive diversification, with standard ratios and precise weights for each foreign currency, in addition to the cash gold from which the foreign reserves are composed.
 
This is within the scope of what is called hedging against the risks of fluctuations in currency and gold exchange rates, which is a policy that expresses efficiency.” Managing the country's investment portfolio according to diversification in various foreign currencies and gold. Saleh explained,
 
“A fall in the market value of gold, for example, must be offset by a rise in the value of the dollar or other foreign currencies through managing the components of the foreign reserves portfolio itself, as
 
diversification is an important pillar of the hedging policy in managing investments in foreign assets from currency exchange rate fluctuations.” foreign currencies and gold by diversifying the country’s sovereign investment portfolio.” ‘

He pointed out that  "the sovereign investment portfolio avoids what is called in the literature of the accounting policy of central banks (unrealized losses), by immediately realizing (unrealized profits), 

which are the same unrealized profits that correspond to the unrealized losses resulting from the fluctuation of gold or foreign exchange prices at the time." same". 

 He pointed out that  "a good diversification policy, in the assets or holdings of the investment portfolio,
provides sufficient neutrality in      preserving the total market value of the country's foreign asset reserves and     always stabilizing their value."    https://alforatnews.iq/news/مستشار-حكومي-لا-قلق-في-الوضع-المالي-للعراق-واحتياطنا-الأجنبي-متنوع   

Banking Advisor: The Government Is Committed To Opening New Horizons For Partnership With Investors
 
Economy     1-10-2024, 17:39  Baghdad - IA - Wissam Al-Mulla  Today, Tuesday, the representative of the Prime Minister and his advisor for banking affairs, Saleh Mahood, affirmed the government’s commitment to supporting the Securities Commission and opening new horizons for partnership with investors,
 
calling on the legislative authority to accelerate the issuance of the necessary legislation to meet the requirements of the modern market and enhance the investment environment in Iraq.

Mahood said at the World Investor Day Conference - attended by the Iraqi News Agency (INA) correspondent:
 
“It is a great honor to represent Prime Minister Muhammad Shiaa Al-Sudani in this event organized by the Securities Commission,” indicating that
 
“this conference represents a vital platform for strengthening ties.” between the government and investors and highlights the investment opportunities available in Iraq.” 

He added,  "The world lives today in an era characterized by rapid economic changes, which requires activating the role of the securities sector as a main tool for stimulating economic growth," adding,
 
"The Iraqi government headed by Muhammad Shiaa Al-Sudani is fully aware of the importance of this sector as a lever for growth and attracting local and international investments."". 

 He pointed out that “global experiences have proven that investments are not only an engine for growth, but rather a
 
 means of developing infrastructure,
 creating job opportunities, and
 enhancing transparency and
 efficiency in resource management,” considering that
 
“the Securities Commission is a vital partner in achieving these goals, as it works to regulate markets and enhancing their protection. 

Mahood emphasized "the importance of cooperation between the public and private sectors," stressing that  "the success of investments depends on investment partnerships that contribute to mitigating risks and increasing confidence." 

 He explained, "There is an urgent need to accelerate the issuance of the necessary legislation to modernize the legal system to suit the requirements of the modern market, as
 
there must be clear mechanisms to protect investors and facilitate investment procedures, which contributes to improving the business climate in the country." 

He pointed out, "The importance of strengthening corporate governance, as building a strong governance system is vital to ensuring transparency," stressing: "Investors must feel that their money is protected and that there are effective mechanisms to monitor performance." 

 Mahood called for "focusing on education and awareness, as building human capabilities and developing skills in the financial sector contribute to creating an attractive investment environment," stressing "the importance of establishing training programs and workshops targeting investors, bankers, and government agencies." 

He stressed, "The commitment of the Iraqi government and Prime Minister Muhammad Shiaa Al-Sudani to provide support to the Securities Commission and open new horizons for cooperation and partnership with investors," considering, "This conference is an important step towards building a prosperous and sustainable Iraqi economy."    https://www.ina.iq/218206--.html   

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