Iraq Economic News and Points to Ponder Tuesday Evening 2-11-25
"Al-Eqtisad News" Publishes The Full Decisions Of The Cabinet Session
Money and business Economy News – Baghdad Al-Eqtisad News publishes the full decisions of the sixth Cabinet session, which was held on Tuesday, headed by Prime Minister Mohammed Shia Al-Sudani.
The Prime Minister's Media Office said in a statement, seen by "Al-Eqtisad News", that "Al-Sudani chaired, today, Tuesday, the sixth regular session of the Council of Ministers, during which general issues in the country were discussed, and the most important economic and service files were reviewed, in addition to discussing the priorities for implementing the government program, and discussing the topics included on the agenda and making decisions regarding them.
"Al-Eqtisad News" Publishes The Full Decisions Of The Cabinet Session
Money and business Economy News – Baghdad Al-Eqtisad News publishes the full decisions of the sixth Cabinet session, which was held on Tuesday, headed by Prime Minister Mohammed Shia Al-Sudani.
The Prime Minister's Media Office said in a statement, seen by "Al-Eqtisad News", that "Al-Sudani chaired, today, Tuesday, the sixth regular session of the Council of Ministers, during which general issues in the country were discussed, and the most important economic and service files were reviewed, in addition to discussing the priorities for implementing the government program, and discussing the topics included on the agenda and making decisions regarding them."
The statement added, "Within the government's ongoing approach to complete stalled and suspended projects, the following was approved:
1. Increase the reserve amount for the component (the residential complex in Diwaniyah Governorate/Sunniyyah) and increase the total cost and supervision amount for the project.
2. Increase the reserve amount for the project (the residential complex in Nineveh Governorate/Tal Afar District).
3. Increasing the reserve amount for the Al-Hamdaniya Sewerage Contracting Company with a capacity of (14,000 m3/day) turnkey, and increasing the total cost of the project.
He explained that "in order to complete the infrastructure projects for Samarra district, the Council of Ministers approved the following:
1. Forming a committee to implement the infrastructure project for the city of Samarra, headed by the Minister of Construction and Housing, and including the Governor of Salah al-Din, the Director General of Sewerage, the Director General of Planning, the Director of the Contracts Department at the Ministry of Construction and Housing, the Mayor of Samarra District, the Directors of the District’s Service Departments, and the Preparatory Committee.
2. The Committee shall undertake the following tasks:
A. The work of the review and approval committee stipulated in the instructions for implementing government contracts (2 of 2014), and supervising the project in all its stages until its completion.
B. The powers granted by the approval of the Prime Minister in accordance with the letter of the Prime Minister’s Office, dated December 22, 2024.
C. Inviting a reputable consulting firm, preferably a foreign one, to review the designs and supervise implementation, with an independent component being included in the project.
D. Identifying the specialized companies to which invitations are directed, and preparing a referral report, in a design and implementation manner, and subject to the approval of the Prime Minister.
The statement added: “In support of the private industrial sector, Cabinet Resolution (24413 of 2024) was approved to amend, with the exception of industrial investment projects that have obtained an investment license in accordance with the Investment Law (13 of 2006) amended from its provisions, and to suffice with the texts contained in the aforementioned Investment Law, the System for the Sale and Lease of State and Public Sector Real Estate and Lands for Investment and Leasehold Purposes (6 of 2017), and Cabinet Resolution (234 of 2019), with its amendment, which stipulates that the transfer of ownership of the industrial project must have been in commercial operation for a period of no less than (3) years as a minimum; to ensure the implementation of the project and verify the seriousness of the investor.”
He pointed out that "in the process of developing work in the banking sector, it was approved to increase the capital of Rashid Bank from (2) billion dinars to (50) billion dinars, from the bank's expansion reserve account, based on the provisions of the Public Companies Law (22 of 1997) as amended, and the Ministry of Finance is taking the necessary measures to implement the above."
He pointed out that "the Council of Ministers approved the authorization of the Minister of Finance to sign an addendum to the contract with the legal advisor to the Ministry of Finance (Clearly Cuttlefish Foundation), based on the text of paragraph (15) of the original contract for the Foundation to work as a legal advisor, regarding the subject of sovereign guarantees, as an exception to the instructions for implementing government contracts (2 of 2014).
The statement continued, "In the food file, it was agreed to sell local wheat at a price of (410) thousand dinars per ton to private mills, from the surplus stock of the General Company for Grain Trade.
Within the framework of efforts to protect local products, the following was approved:
1. Imposing an additional customs duty of (40%) of the unit of measurement of the product (PET roll) made of polyethylene granules, used in the production of healthy water cups, containers and transparent utensils for storing food (for one-time use) imported from all countries and origins, for a period of 4 years without reduction, and monitoring the local market during the period of application of the additional customs duties.
2. The General Authority of Customs shall apply the additional customs duty on the aforementioned product, and shall notify the Department of Industrial Development and Regulation periodically of the quantity of imports of the aforementioned products, the value of the additional customs duties collected on the importer of the foreign product, the value of the importer, the exporting countries, and the importing entities.
3. The Ministry of Industry and Minerals shall take into account the following:
A. The amount of increase in imports compared to the previous three years to determine the extent of an unjustified increase.
B. A statement of the complaining company’s ability to meet market needs in a way that ensures that prices do not inflate.
C. Determine the importance of the protection required for the national economy.
4. Auditing by regulatory authorities of the effects resulting from imposing additional customs protection on the imported product.
5. This decision shall be implemented after (120) days from the date of its issuance.
He explained that "in the energy file, it was agreed to send an official invitation to the company (B1) to submit its offer and enter into negotiations with it to accelerate the implementation of the FSRU floating platform project to import liquefied gas, and to exempt the project from the instructions for implementing government contracts (2 of 2014) and the controls attached to it, and to grant the project management the authority to purchase directly, provided that the results of the negotiations are presented to the Ministerial Council for Energy to submit a specific recommendation to the Council of Ministers."
The statement added, "The Council of Ministers approved the recommendation to the House of Representatives to approve the addition of the National Advisor for Mental Health at the Ministry of Health to the members of the Supreme National Authority for Narcotics and Psychotropic Substances, mentioned in the draft law amending the first law of Narcotics and Psychotropic Substances Law No. (50) of 2017, which was approved by virtue of Cabinet Resolution (24761 of 2024), and sent to the House of Representatives."
He pointed out that "in order to organize and facilitate the performance of the final exams, the Council authorized the General Directorate of Evaluation and Examinations to print exam booklets for the sixth grade of middle school (exclusively), and to prepare them from outside Iraq, based on the justifications stated by the Ministry of Education, in accordance with the contracting methods stipulated in the instructions for implementing government contracts (2 of 2014), for a period of one year only."
He added, "In the field of regulating foreign relations, the Council of Ministers approved the following:
1. Excluding the Czech Republic from Cabinet Resolution No. (24933 of 2024), which includes the cancellation of the draft agreement to avoid double taxation and prevent evasion of taxes imposed on income and capital between the governments of Iraq and the Czech Republic.
2. Authorizing the Iraqi Ambassador to the Czech Republic to negotiate and sign a draft agreement to avoid double taxation and prevent evasion of taxes imposed on income and capital, between the governments of Iraq and the Czech Republic, based on the provisions of the Constitution.
3. The Ministry of Foreign Affairs shall prepare the necessary authorization document in the name of the Government of the Republic of Iraq for the Iraqi Ambassador to the Czech Republic, in accordance with the approved procedures, and submit it to the General Secretariat of the Council of Ministers to obtain the signature of the Prime Minister.
The statement concluded, "The Council approved the controls and conditions for admission to the Iraqi Police College submitted by the Ministry of Interior, taking into consideration the following:
1. Determining the fees for study expenses at the Police College for those covered by Cabinet Resolution No. (24594 of 2024).
2. The controls shall include a clause on reciprocity for other countries for students covered by the aforementioned Cabinet decision, taking into account what is stated in Police College Law No. (37) of 2000 (amended). https://economy-news.net/content.php?id=52699
Gold Prices Hit Record High
11/02/2025 Mawazine News – Economy Gold prices hit a record high on Tuesday after US President Donald Trump announced 25% tariffs on steel and aluminium imports.
Spot gold rose 1.1% to $2,939.80 an ounce, after hitting a record high of $2,942.70 earlier in the session.
US gold futures also rose 1.1% to $2,966 an ounce.
US President Trump announced on Monday that he would raise tariffs on steel and aluminium imports by 25%, without any exemptions or waivers. https://www.mawazin.net/Details.aspx?jimare=259514
Mansour Bank Holds Its Annual Meeting On February 26 To Discuss Final Accounts And Capital Increase
Banks Mansour Investment Bank announced that the annual general assembly meeting will be held on February 26, 2025, to discuss the final accounts for the year 2024 and approve the dividend for shareholders, in addition to voting on increasing the bank’s capital.
The meeting is scheduled to discuss the bank's performance during the past year, review its financial results, and approve increasing the capital by 49 billion Iraqi dinars, bringing the total to 400 billion dinars, compared to 351 billion dinars currently. This step comes within the bank's plans to strengthen its financial position and expand banking and investment services.
The capital increase, based on the decision of the Central Bank of Iraq, aims to enhance the bank's competitiveness and achieve sustainable growth, in line with the requirements of the Iraqi banking market. The meeting will also discuss the business strategy for 2025 and future directions for developing banking products and services. https://economy-news.net/content.php?id=52689
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/
Seeds of Wisdom RV and Economic Updates Tuesday Evening 2-11-25
Good Evening Dinar Recaps,
AFTER PAUSING BRICS, SAUDI ARABIA INVESTS $600 BILLION IN THE US
Saudi Arabia was invited to join BRICS in 2023 but the Kingdom is yet to provide a decision on accepting the invitation. It has kept the decision to join the alliance on hold as it’s conducting business deals with the US.
The Kingdom of Saudi Arabia is reluctant to join BRICS as it needs the support of the US and other Western countries to fulfill its Vision 2030 mission. Ending reliance on the US will only hamper its financial prospects and lead to economic stagnation.
Good Evening Dinar Recaps,
AFTER PAUSING BRICS, SAUDI ARABIA INVESTS $600 BILLION IN THE US
Saudi Arabia was invited to join BRICS in 2023 but the Kingdom is yet to provide a decision on accepting the invitation. It has kept the decision to join the alliance on hold as it’s conducting business deals with the US.
The Kingdom of Saudi Arabia is reluctant to join BRICS as it needs the support of the US and other Western countries to fulfill its Vision 2030 mission. Ending reliance on the US will only hamper its financial prospects and lead to economic stagnation.
Therefore, after pausing BRICS, Saudi Arabia plans to invest $600 billion in the US over the next four years. Crown Prince Mohammed bin Salman told US President Donald Trump that the Kingdom wants to invest the amount and expand trade. MBS said that the investments would create “unprecedented economic prosperity” for Saudi Arabia and the US.
However, the Kingdom did not detail in which sector the $600 billion will be invested. They did not make it clear if it would be invested in the private or public sector and provided little to no information on how the money would be deployed. The US investments are closely watched by BRICS as the alliance wants Saudi Arabia to join the grouping.
BRICS: Saudi Arabia To Invest $600 Billion in the US
The Crown Prince of Saudi Arabia revealed that the investment could rise if more opportunities arise. This shows that the Kingdom is open to more investments and aims to diversify the money across many sectors.
The investment “could increase further if additional opportunities arise,” said MBS. More than extending close ties with BRICS, Saudi Arabia is extending its arms to the US instead.
Trump seems happy with the deal considering it a trade and commerce victory for the US. “I did it with Saudi Arabia last time because they agreed to buy $450 billion worth of our product.
I said I’ll do it but you have to buy American product, and they agreed to do that,” he said, referring to his 2017 visit to the Gulf kingdom. Considering all these factors, Saudi Arabia might not accept the BRICS invitation as it’s building close relations with the US.
@ Newshounds News™
Source: Watcher Guru
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EU VOWS COUNTERMEASURES TO US TARIFFS. BOURBON, JEANS, PEANUT BUTTER, MOTORCYCLES ARE EASY TARGETS
BRUSSELS (AP) — U.S. tariffs on steel and aluminum “will not go unanswered,” European Union chief Ursula von der Leyen vowed on Tuesday, adding that they will trigger tough countermeasures from the 27-nation bloc. It means iconic U.S. industries like bourbon, jeans and motorcycles should beware.
“The EU will act to safeguard its economic interests,” von der Leyen said in a statement in reaction to U.S. President Donald Trump’s imposition of tariffs on steel and aluminum on Monday.
“Tariffs are taxes — bad for business, worse for consumers,”von der Leyen said. “Unjustified tariffs on the EU will not go unanswered — they will trigger firm and proportionate countermeasures.”
The EU trade minister scheduled a first emergency video meeting on the bloc’s response on Tuesday.
“It is also important that everyone sticks together. Difficult times require such full solidarity,” said Prime Minister Donald Tusk of Poland, which holds the EU presidency.
EU could target a range of US exports from motorcycles to whiskey
Just as Trump imposed similar tariffs during his first presidency, the EU countermeasures could easily amount to those that were used to retaliate then if the measures come into force March 12.
Bernd Lange, the chair of the European Parliament’s trade committee, warned that previous trade measures were only suspended and could legally be easily revived.
“When he starts again now, then we will, of course, immediately reinstate our countermeasures,” Lange told rbb24 German radio. ”Motorcycles, jeans, peanut butter, bourbon, whiskey and a whole range of products that of course also affect American exporters” would be targeted, he added.
The EU Commission, which negotiates trade relations on behalf of the bloc, said it is not clear what countermeasures would apply, but officials and observers have said they would target Republican states and traditionally strong U.S. exports.
In Germany, the EU’s largest economy, Chancellor Olaf Scholz told parliament that “if the U.S. leaves us no other choice, then the European Union will react united,” adding: “Ultimately, trade wars always cost both sides prosperity.”
European steel will be hard hit in trade war
European steel companies are bracing for losses.
“It will further worsen the situation of the European steel industry, exacerbating an already dire market environment,” said Henrik Adam, president of the Eurofer European steel association.
He said the EU could lose up to 3.7 million tons of steel exports. The United States is the second biggest export market for EU steel producers, representing 16% of the total EU steel exports. “Losing a significant part of these exports cannot be compensated by EU exports to other markets.”
Trump is hitting foreign steel and aluminum with a 25% tax in the hope that they will give local producers relief from intense global competition, allowing them to charge higher prices.
EU Commission Vice President Maroš Šefčovič said that the tariffs are “economically counterproductive, especially given the deeply integrated production chains established through our extensive transatlantic trade and investment ties.”
“We will protect our workers, businesses and consumers,” Šefčovič said, but added that “it is not our preferred scenario. We remain committed to constructive dialog. We stand ready for negotiations and to find mutually beneficial solutions where possible.”
The EU estimates that the trade volume between both sides stands at about $1.5 trillion, representing some 30% of global trade. “There is a lot at stake for both sides,” he told the EU legislature.
While the bloc has a substantial export surplus in goods, it says that is partly offset by the U.S. surplus in the trade of services.
The EU says that trade in goods reached 851 billion euros ($878 billion) in 2023, with a trade surplus of 156 billion euros ($161 billion) for the EU. Trade in services was worth 688 billion euros ($710 billion) with a trade deficit of 104 billion euros ($107 billion) for the EU.
@ Newshounds News™
Source: AP News
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REDOTPAY PARTNERS STRAITSX, VISA TO LAUNCH CRYPTO CREDIT CARD
RedotPay teams up with Visa and StraitsX to launch a crypto credit card in Singapore, bridging digital assets with traditional finance
RedotPay has formed a strategic collaboration with Visa and StraitsX to launch a crypto credit card in Singapore.
By leveraging RedotPay’s advanced technology and Visa’s extensive global payment network, the partnership aims to bridge the gap between digital assets and traditional financial systems.
@ Newshounds News™
Read more: BlockHead
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LIVE: PRES. TRUMP, ELON MUSK SPEAK AFTER EXECUTIVE ORDER SIGNING
President Trump and Elon Musk answer reporter's questions. Elon explains transparency.
@ Newshounds News™
Source: Youtube
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Some “Iraq News” Posted by Clare at KTFA 2-11-2025
KTFA:
Clare: Federal Court Decides to Cancel State Order to Stop 'Controversial' Laws
2/11/2025
Federal Court: The Constitution defines the system of government and guarantees freedoms and rights in Iraq
Chief Justice of the Federal Supreme Court: No law may be enacted that conflicts with the Constitution
Federal Supreme Court rejects appeal against general amnesty, personal status and property return laws
The Federal Supreme Court decides to cancel the state order to suspend the implementation of the general amnesty, personal status and real estate return laws
KTFA:
Clare: Federal Court Decides to Cancel State Order to Stop 'Controversial' Laws
2/11/2025
Federal Court: The Constitution defines the system of government and guarantees freedoms and rights in Iraq
Chief Justice of the Federal Supreme Court: No law may be enacted that conflicts with the Constitution
Federal Supreme Court rejects appeal against general amnesty, personal status and property return laws
The Federal Supreme Court decides to cancel the state order to suspend the implementation of the general amnesty, personal status and real estate return laws LINK
Clare: MP calls for enacting oil and gas law to solve salary crisis
2/11/2025
Information / Baghdad ..
Member of the Oil, Gas and Wealth Committee in Parliament, Nazim Al-Shabli, called on the federal government today, Tuesday, to expedite sending the draft oil and gas law.
Al-Shabli told / Al-Maalouma / agency, “The legislation of the oil and gas law is sufficient to solve the crisis of salaries of the region’s employees, indicating that the law contributes greatly to stopping oil smuggling in addition to addressing the salary crisis.”
He added that "the salary crisis is ongoing until now and there is hope and a beginning to solve it after the legislation of the oil and gas law in the Council of Representatives," noting that "the region continues to smuggle oil."
He stressed "the need to expedite sending the oil and gas law to solve the giant problems between Baghdad and Erbil." LINK
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Clare: Iraq and Kuwait announce the imminent start of the meetings of the joint technical committees
2/11/2025
Prime Minister Mohammed Shia Al-Sudani received today, Tuesday, the envoy of the Emir of the State of Kuwait, Mohammed Abdullah Abu Al-Hassan, in the presence of the Kuwaiti ambassador to Iraq.
A statement from the Prime Minister's Office, a copy of which was received by {Al Furat News}, stated that "during the meeting, bilateral relations between the two countries were discussed, and ways to enhance and develop them, as the Kuwaiti envoy conveyed the greetings of the Emir of the State of Kuwait, Mishal Al-Ahmad Al-Jaber Al-Sabah, to the Prime Minister, and his country's satisfaction with the approach taken by the Iraqi government to resolve the common issues with his country."
The statement added that "the meeting witnessed an emphasis on the continuation of dialogue between the two brotherly countries, as it is the best way to settle the remaining files, as they will be discussed during the meetings of the joint technical committees that will start soon, and that the next stage will witness more bilateral dialogues and discussions." LINK
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Clare: Finance Minister stresses importance of regional and international cooperation to address growing economic challenges
2/11/2025 Baghdad
Finance Minister Taif Sami stressed, on Tuesday, the importance of regional and international cooperation to confront the growing economic challenges.
During her participation in the 9th Arab Public Finance Forum, organized by the UAE Ministry of Finance in cooperation with the Arab Monetary Fund and the International Monetary Fund, as part of the preliminary day of the World Government Summit 2025, with the participation of Arab finance ministers, economic experts and officials from international and regional financial institutions, according to a statement received by "Al-Eqtisad News",
The Minister of Finance stated, "The importance of adopting flexible financial policies to confront the growing economic challenges and achieve a balance between the requirements of development, financial sustainability and climate action has become an urgent necessity in light of the uncertainty witnessed by the global economy."
She touched on "the importance of structural reforms in enhancing financial stability and achieving sustainability of public spending," stressing "the need to develop financial policy tools to improve spending efficiency and enhance financial transparency."
She stressed "the importance of regional and international cooperation to support the efforts of Arab countries to confront economic challenges and achieve sustainable development."
The statement added that "the forum, held under the title (Public Finance Resilience in an Uncertain World), discussed ways to achieve this balance, through four sessions that discuss the most prominent economic challenges, including the effects of the macroeconomy on public finance, debt pressures, financial policies to adapt to climate change, and developing tax systems to keep pace with economic transformations."
Participants in the forum discussed mechanisms for financing sustainable development, the role of regional and international financial institutions in supporting Arab countries to achieve their economic goals, in addition to discussing the opportunities and challenges associated with adopting modern financial technologies to enhance digital transformation in the financial sector.
The forum concludes with a ministerial roundtable that brings together Arab finance ministers and officials from the International Monetary Fund and the Arab Monetary Fund to discuss mechanisms for regional financial cooperation and priorities for the next stage in economic and financial policies.LINK
Clare: 15 years of false promises... “Our money was lost between the Central Bank and Warka Bank”
2/11/2025 News - Local
Dozens of citizens demonstrated today, Tuesday, in front of the Central Bank in the center of Baghdad To claim their money deposited in Warka Bank for 15 years.
The correspondent said Sumerian News: “Dozens of citizens demonstrated this morning in front of the Central Bank gate.Iraqi in street Al-Rasheed, central Baghdad, to demand the bank's intervention to put an end to their ongoing suffering, as Al-Warka Bank, despite promises, refuses to pay depositors' money, the value of which has fallen by more than half in more than 15 years.
The reporter added, "The demonstrators appealed to all...Governments The previous and current Parliament to no avail, after their failure to appeal to the Central Bank and make false promises to pay their money,” noting that they “described what is happening as a stain on the brow of the banking system.”Iraqi In general and the Central Bank in particular.
He said, "The demonstrators confirmed that their last resort is to appeal to the religious authority to intervene to put an end to their suffering."
It is noteworthy that the Central Bank Iraqi He took previous measures against Al-Warka Bank, but to no avail, after his failure to provide solutions to the depositors. LINK
Economist’s “News and Views” 2-11-2025
Vince Lanci: "Basel III, Tariffs, & Demand Are Setting Stage For Gold Market Reset"
Arcadia Economics: 2-11-2025
Amidst tariff confusion, strong institutional gold demand, and the implementation of Basel III in the US, Vince Lanci reports that we're seeing conditions fall in place that could facilitate a gold market reset.
To find out more about what he's seeing, and why he feels that way, you'll want to see today's show!
Vince Lanci: "Basel III, Tariffs, & Demand Are Setting Stage For Gold Market Reset"
Arcadia Economics: 2-11-2025
Amidst tariff confusion, strong institutional gold demand, and the implementation of Basel III in the US, Vince Lanci reports that we're seeing conditions fall in place that could facilitate a gold market reset.
To find out more about what he's seeing, and why he feels that way, you'll want to see today's show!
Why Sound Money Matters: Daniel Diaz on Gold, Silver, and Financial Freedom
The Morgan Report: 2-11-2025
In this discussion, David Morgan interviews Daniel Diaz, Executive Director of Citizens for Sound Money, about the growing movement to make gold and silver legal tender in the U.S.
Diaz shares his personal story, legislative successes in states like Louisiana and New Jersey, and ongoing efforts in Florida, Missouri, and South Carolina.
With education initiatives, lobbying efforts, and a new Super PAC, the movement aims to restore financial freedom and push back against government overreach.
GOLD RUSH TO NYC: Is something BIG About to Happen?
Taylor Kenny: 2-11-2025
A major gold shortage is unfolding at the Bank of England, gold delivery wait times have jumped from days to months, and a mystery buyer is quietly accumulating massive amounts of gold on Wall Street.
At the same time, the gap between spot and futures prices is widening, something we haven’t seen since 2020, when the financial system almost collapsed
CHAPTERS:
00:00 Wall Street’s Gold Hoarding Begins
01:07 Gold Shortage at the Bank of England
02:13 Why Spot and Futures Prices Are Diverging
03:58 Is a Mystery Buyer About to Break COMEX?
05:37 Could Gold Be Revalued Soon?
07:13 Paper Gold Won’t Save You—Get the Real Thing
08:50 How to Protect Yourself Before It’s Too Late
Iraq Economic News and Points to Ponder Tuesday Afternoon 2-11-25
Oil Steady As Investors Digest New US Tariffs
Energy Economy News – Baghdad Oil prices steadied on Tuesday as traders digested another round of trade tariffs, this time a 25 percent duty on all U.S. steel and aluminum imports, which could hurt global economic and energy demand in the world's biggest oil consumer.
Brent crude futures rose 11 cents, or 0.14 percent, to $75.98 a barrel by 01:28 GMT, while U.S. West Texas Intermediate crude rose 5 cents, or 0.07 percent, to $72.37.
Oil Steady As Investors Digest New US Tariffs
Energy Economy News – Baghdad Oil prices steadied on Tuesday as traders digested another round of trade tariffs, this time a 25 percent duty on all U.S. steel and aluminum imports, which could hurt global economic and energy demand in the world's biggest oil consumer.
Brent crude futures rose 11 cents, or 0.14 percent, to $75.98 a barrel by 01:28 GMT, while U.S. West Texas Intermediate crude rose 5 cents, or 0.07 percent, to $72.37.
US President Donald Trump decided on Tuesday to increase customs duties on steel and aluminum imports to the United States by 25% "without exceptions or exemptions" to help struggling industries that could increase the risk of a trade war on multiple fronts.
Investors had hoped that a Trump presidency would boost the energy sector, and the tariffs would affect millions of tons of steel and aluminum imports from Canada, Brazil, Mexico, South Korea and other countries.
Tariffs could weaken global economic growth and energy demand, leading to weaker oil prices.
Trump last week postponed imposing 25% tariffs on imports from Mexico and Canada, and 10% on Canadian crude oil, until March 1, pending negotiations with those countries.
The president also imposed an additional 10% tariff on China, to which Beijing responded by imposing its own tariffs on some US imports, including a 10% tariff on crude oil.
The Fed faces the risk of higher inflation. Keeping interest rates at higher levels could limit economic growth, which could impact oil demand growth. https://economy-news.net/content.php?id=52683
Foreign Remittances Account For More Than 96% Of The Central Bank Of Iraq’s Sales
Buratha News Agency 14120 25-02-11 Foreign remittances, today, Tuesday, recorded a percentage exceeding 96% of the total sales of the Central Bank of Iraq in the hard currency auction, in an indication of the dollar’s continued trend towards strengthening foreign balances.
Its sales in today’s auction amounted to 292 million, 823 thousand, and 314 dollars, at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, and foreign remittances, while the cash exchange rate amounted to 1305 dinars per dollar.
While most of the dollar sales were focused on strengthening external balances in the form of transfers and credits, amounting to 283 million, 373 thousand and 314 dollars, equivalent to 96.86% of total sales, compared to cash withdrawals that did not exceed 9 million and 450 thousand dollars.
The bank explained that only one bank bought the dollar in cash, while six banks met requests to enhance foreign balances, with 14 exchange companies participating in the auction. https://burathanews.com/arabic/economic/456295
Advisor To The Prime Minister: Iraqi-American Relations Are Very Good And The Speculations About Them Are Baseless
Time: 2025/02/11 Reading: 630 times {Politics: Al Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that relations between Iraq and the United States of America are very good and distinguished, and operate within a high-level diplomatic and economic framework.
Saleh told Al Furat News Agency that "the interests of the two friendly countries are moving in positive directions, especially in the field of economic, investment and trade cooperation."
He explained that "what is being raised by some parties regarding this relationship falls within the framework of political fears, concerns and baseless speculations, and is connected to the changes in the new administration in the United States and its connections with vast political geographies," stressing that Iraq is not a party to it. LINK
Minister Of Finance Stresses Importance Of Regional And International Cooperation To Address Growing Economic Challenges
Tuesday 11 February 2025 | EconomicNumber of readings: 256 Baghdad / NINA / Minister of Finance Taif Sami stressed today, Tuesday, the importance of regional and international cooperation to confront the growing economic challenges.
Sami stressed, during her participation in the activities of the Ninth Public Finance Forum in Arab Countries, organized by the UAE Ministry of Finance in cooperation with the Arab Monetary Fund and the International Monetary Fund, within the preliminary day of the World Government Summit 2025, with the participation of Arab finance ministers, economic experts and officials from international and regional financial institutions, according to a statement by the Ministry of Finance,
"the importance of adopting flexible financial policies to confront the growing economic challenges and achieving a balance between the requirements of development, financial sustainability and climate action has become an urgent necessity in light of the state of uncertainty witnessed by the global economy."
She pointed out "the importance of structural reforms in enhancing financial stability and achieving sustainability of public spending," stressing "the need to develop financial policy tools to improve spending efficiency and enhance financial transparency.
" She stressed "the importance of regional and international cooperation to support the efforts of Arab countries to confront economic challenges and achieve sustainable development."
The statement continued, "The forum, which is held under the title (Public Finance Resilience in an Uncertain World), discussed ways to achieve this balance, through four sessions that discuss the most prominent economic challenges, including the effects of the macroeconomy on public finance, debt pressures, financial policies to adapt to climate change, and developing tax systems to keep pace with economic transformations."
The participants in the forum discussed mechanisms for financing sustainable development, the role of regional and international financial institutions in supporting Arab countries to achieve their economic goals, in addition to discussing the opportunities and challenges associated with adopting modern financial technologies to enhance digital transformation in the financial sector.
The forum concludes with a ministerial roundtable that brings together Arab finance ministers and officials from the International Monetary Fund and the Arab Monetary Fund to discuss mechanisms for regional financial cooperation and priorities for the next stage in economic and financial policies. / End https://ninanews.com/Website/News/Details?key=1184958
Syria Asks Iraq To Open Its Borders To Export Goods
Reports
Syria is seeking to strengthen economic relations and resume trade with Iraq, but the emergence of complex obstacles threatens these efforts, starting with Baghdad’s refusal to register new Syrian companies, to the absence of official bank transfers between the two countries, according to Ibrahim Shalash, a member of the Syrian-Iraqi board of directors.
Shalash points out that despite Syria completing the requirements for operating the Albukamal crossing, the Baghdad government is still hesitant to open the border with Damascus, which increases the challenges facing Syrian exporters.
Waiting For The Iraqi Decision
He confirms that "the Syrian side in Albukamal has been ready for 15 days to receive Iraqi cars and trucks wishing to enter Syria, from all security and administrative aspects, including customs and passports," indicating that "the Iraqi side has not opened the borders yet."
“Syrian exporters are suffering from economic sanctions that are gradually being lifted, such as the Caesar Act and US and European sanctions. However, the biggest problem facing trade with Iraq remains the lack of banking cooperation between the two countries, as there are no official bank transfers, forcing traders to use the black market, where money is transferred at a rate of 1,500 Iraqi dinars per dollar, instead of the Central Bank of Iraq’s rate of 1,320 dinars per dollar,” he added.
Shalash pointed out that "this leads to an increase in the costs of Syrian products, in addition to the high cost of shipping between the two countries, which makes Syrian products reach Iraq at high prices compared to Iranian, Jordanian, Turkish, Emirati and Chinese products."
Industry And Market Competition
Shalash continued, saying, "The Syrian industry is one of the strongest industries in the region, whether in the pharmaceutical, textile, clothing or food sectors, as it is distinguished by a quality that surpasses many competing products."
He explained that "the Syrian industry has contributed significantly to reviving the Turkish economy, as between 2 and 3 million Syrians work in it," noting that "most of the Turkish clothes that reach Iraq are in fact manufactured in Syrian factories inside Turkey."
Regarding the export of Syrian medicines to Iraq, Shalash added that “Syrian medicine is widely accepted in Iraq due to its therapeutic effectiveness,” noting that “before the Syrian crisis in 2011, the Iraqi market relied heavily on Syrian products, which constituted about 70 to 80% of the total imported goods.”
He added, "There are more than 50 Syrian factories registered in Iraq and have local agents, but in recent years 15 to 30 new factories have been established, and they need to register with the Iraqi Ministry of Health to be able to export their products to Iraq."
Iraq Hinders Registration Of Syrian Companies
Shalash revealed that, “On January 13, 2025, the Iraqi Ministry of Health issued a decision to prevent Iraqi scientific offices from registering new Syrian companies, even though these factories were primarily targeting the Iraqi market.”
Shalash pointed out that "a meeting was held with the Iraqi Deputy Minister of Health, Hani Al-Aqabi, to discuss the repercussions of the decision and its impact on the Syrian economy, where Al-Aqabi requested a one-month grace period to reconsider the issue after the situation in Syria stabilizes."
He pointed out that "Al-Aqabi expressed his fear of sending a committee from the Iraqi Ministry of Health to Syria for security reasons, despite the assurance to him that the situation in Syria is stable, with guarantees provided to protect the committee by the Syrian security authorities, the Ministry of Health, and the Syrian ambassador in Baghdad, Sattam Al-Dandah."
Shalash stressed that "the security incidents in Syria are limited to specific areas, while Damascus, Aleppo, the Damascus countryside, and the industrial areas are completely safe, and life there is normal."
Iraq Ready to Resume Trade Exchange
For his part, the head of the Iraqi-Syrian Business Council, Hassan Al-Sheikh, said, "The Iraqi side has completed preparations to resume trade exchange with Syria, and has stipulated that the Syrian side establish an integrated outlet at the border, in order to ensure that smuggled goods do not enter."
The sheikh added, "The Syrian side has fulfilled all the requirements of the port, including securing guards, customs, passports and seals, and is now waiting for the Iraqi security leaders to sign an agreement regulating the work of the port, specifying the materials allowed to be exported and the required documents, such as certificates of origin, customs declarations and inspections."
The Sheikh pointed out that "the outlet will be ready during the current week, according to what the Iraqi side was informed of."
As for the materials that will be exchanged between the two countries, the Sheikh explained that “Iraq will export dates and some food and industrial products to Syria, while it will import from Syria sweets, pastries, fruits and vegetables, in addition to cosmetics, perfumes, medicines, medical supplies and others.”
Iraqi Trade Decides The Matter
In turn, the Iraqi Ministry of Trade responded to the issue of trade exchange with Syria.
Mohammed Hanoun, the spokesman for the Iraqi Trade Ministry, said, “There is no governmental cooperation between Syria and Iraq until the situation in Syria stabilizes so that the Iraqi-Syrian committee can complete its meetings and issue a report according to the data of the political system in Syria.”
Hanoun continued, "As for the Iraqi and Syrian private sectors, there is only trade exchange related to vegetables and simple things at the present time."
It is noteworthy that the Syrian Ministry of Economy revealed, in a special statement to (January 25, 2025), its plan to strengthen the local economy, which includes supporting exports, opening new markets for Syrian products, and enhancing trade exchange with friendly countries, including Iraq, in addition to developing the logistical infrastructure to facilitate export operations.
On January 6, 2025, the Syrian Minister of Economy in the interim government, Basil Abdul Hannan, revealed that there are government plans to develop economic relations with Iraq.
Abdul Hanan stressed that "developing economic relations between the two countries includes industrial integration, enhancing trade exchange, as well as providing facilities to facilitate the movement of goods and services, encouraging the establishment of joint investment projects, and simplifying customs procedures." https://economy-news.net/content.php?id=52690
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/
Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 2-11-25
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JUST IN: JEROME POWELL AGREES TO WORK WITH LAWMAKERS TO ADDRESS CRYPTO DEBANKING
In a bold move, Federal Reserve Chair Jerome Powell has called for a “fresh look” at debanking, following criticism that the crypto industry is being denied access to banking services.
Powell Agrees to Help End Crypto Debanking
Good Afternoon Dinar Recaps,
JUST IN: JEROME POWELL AGREES TO WORK WITH LAWMAKERS TO ADDRESS CRYPTO DEBANKING
In a bold move, Federal Reserve Chair Jerome Powell has called for a “fresh look” at debanking, following criticism that the crypto industry is being denied access to banking services.
Powell Agrees to Help End Crypto Debanking
During a Senate Banking Committee hearing on Tuesday, Tim Scott, the committee’s Chair, asked Jerome Powell if he would work together to ensure that financial regulations are fair and don’t impose unnecessary burdens, to which Powell agreed to collaborate with Tim Scott, stating that the Federal Reserve aims to avoid unnecessary burdens. Powell said that he is “struck” by the increasing number of Bitcoin and crypto firms being debanked.
He also emhasized that it’s important to re-evaluate the issue of debanking. “We don’t intentionally do these things, but sometimes regulation leads things to happen and we need to be working on that,” Powell added. Scott also asked Powell if he would commit to collaborating with lawmakers to end debanking, to which Powell agreed, saying “yes.”
Crypto debanking is once again a hot topic in Washington, with lawmakers holding hearings and launching investigations into the issue. Last week, both the House and Senate held two hearings to address the concern.
Fed Not In A Hurry To Cut Rates
Furthermore, Powell has emphasized that the US central bank is “in no hurry” to reduce interest rates, despite pressure from Donald Trump to lower borrowing costs in the world’s largest economy.
“With our policy stance now significantly less restrictive than it had been and the economy remaining strong, we do not need to be in a hurry to adjust our policy stance.” he noted.
This statement follows the Fed’s decision last month to keep the federal funds target range at 4.25-4.5%, after three consecutive rate cuts that lowered it by 1 percentage point. Most investors expect US rates to stay steady until around May or June this year.
Furthermore, Powell also confirmed that the Fed will not create a Central Bank Digital Currency (CBDC) under his leadership.
@ Newshounds News™
Source: Coinpedia
~~~~~~~~~
BANKS EXPAND CRYPTO TIES TO CAPTURE IPO DEALS UNDER TRUMP: REPORT
Wall Street banks are pushing to land crypto IPO deals as Trump works to make the U.S. a crypto hub.
Big banks are looking to make more money more with crypto firms as initial public offering opportunities loom, Bloomberg reports, citing people familiar with the matter.
According to a Feb. 10 report, Morgan Stanley is now actively seeking crypto clients, while Bank of America is considering more deals, and Royal Bank of Canada wants to expand its crypto portfolio.
The spark of interest comes as exchanges like Gemini and Bullish consider going public. Kraken and stablecoin issuer Circle have also explored public listings before.
Banks are eager to grab these deals as the Donald Trump administration hints at loosening regulations to make the U.S. a crypto leader. At the Bitcoin 2024 Conference, Trump promised that, if elected, he would make the United States the “crypto capital of the planet.”
Bullish once planned to go public in a $9 billion SPAC deal with Far Peak Acquisition. However, in 2022 the exchange dropped the idea.
Former CEO Brendan Blumer said the deal was called off because the process was taking “longer than expected.” Bank of America is also preparing for more crypto deals, though specifics remain unclear.
Meanwhile, Swedish fintech giant Klarna is making a big push into crypto ahead of its April IPO. As crypto.news reported earlier, Klarna CEO Sebastian Siemiatkowski shared plans on X to add crypto to the platform. With a potential $15 billion valuation, Klarna’s IPO could be one of the biggest this year.
@ Newshounds News™
Source: CryptoNews
~~~~~~~~~
SWEDISH FINTECH GIANT KLARNA WILL ‘EMBRACE CRYPTO,’ CEO SAYS
Klarna, a Swedish payments firm with 85 million users, is reportedly eyeing a US initial public offering — and its CEO is looking for ideas on how it can integrate digital assets.
This comes as Klarna is preparing for an initial public offering in the US, the Financial Times reported.
@ Newshounds News™
Read more: CoinTelegraph
~~~~~~~~~
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Seeds of Wisdom RV and Economic Updates Tuesday Morning 2-11-25
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GRAYSCALE FILES FOR CARDANO ($ADA) SPOT ETF WITH NYSE ARCA
The Feb. 10 SEC filing proposes listing and trading shares of the Grayscale Cardano Trust, making it the first standalone ADA investment product in the U.S.
Grayscale Investments has officially filed for a Cardano ($ADA) exchange-traded fund (ETF) with NYSE Arca, marking a significant step toward institutional adoption of the blockchain’s native asset.
The filing, submitted as a proposed rule change (Form 19b-4) to the U.S. Securities and Exchange Commission (SEC) on February 10, seeks approval to list and trade shares of the Grayscale Cardano Trust as a spot ETF.
Good Morning Dinar Recaps,
GRAYSCALE FILES FOR CARDANO ($ADA) SPOT ETF WITH NYSE ARCA
The Feb. 10 SEC filing proposes listing and trading shares of the Grayscale Cardano Trust, making it the first standalone ADA investment product in the U.S.
Grayscale Investments has officially filed for a Cardano ($ADA) exchange-traded fund (ETF) with NYSE Arca, marking a significant step toward institutional adoption of the blockchain’s native asset.
The filing, submitted as a proposed rule change (Form 19b-4) to the U.S. Securities and Exchange Commission (SEC) on February 10, seeks approval to list and trade shares of the Grayscale Cardano Trust as a spot ETF.
If approved, this would be Grayscale’s first standalone Cardano investment product and the first spot ADA ETF in the U.S. market.
Institutional Partners and Market Reaction
According to the filing, the Coinbase Custody Trust Company would serve as the custodian for the ETF’s assets, while BNY Mellon Asset Servicing would act as its administrator. The Delaware Trust Company has been named as the trustee.
A Cardano ETF would allow institutional and retail investors to gain regulated exposure to ADA without directly purchasing or storing the cryptocurrency. It would also add credibility to Cardano as an investment asset and open the door for broader adoption in traditional finance.
Grayscale is already a major player in the crypto ETF market, managing products like the Grayscale Bitcoin Trust ETF and Grayscale Ethereum Trust ETF. Adding Cardano to its lineup would further diversify its offerings and provide investors with more blockchain-based investment options.
Regulatory Hurdles and Market Landscape
So far, the SEC has only approved spot ETFs for Bitcoin and Ethereum. Other cryptocurrencies, including Solana (SOL) and XRP, have faced delays due to regulatory uncertainty. The SEC previously classified ADA as a security in its 2023 lawsuits against Binance and Coinbase, which could pose additional challenges for approval.
Despite these hurdles, interest in crypto ETFs continues to grow. Recent filings for XRP, Solana, Dogecoin, and Litecoin ETFs suggest that more assets could soon enter the regulated investment space.
Cardano Joins the Growing ETF Race
Grayscale’s move follows a wave of crypto ETF applications in recent months:
XRP Spot ETFs:
WisdomTree, Bitwise, 21Shares, and Canary Capital submitted four 19b-4 applications to the SEC.
Bitwise filed an initial spot XRP ETF application in October 2024.
WisdomTree launched the Physical XRP ETP (XRPW) in Europe.
Cardano Exchange-Traded Products (ETPs):
Virtune AB launched a Cardano ETP on Nasdaq Helsinki in February 2025.
Tuttle Capital filed for a 2x leveraged ADA ETF in January 2025.
Worth noting, Grayscale is also working to convert its XRP Trust into an ETF.
@ Newshounds News™
Source: BSC News
~~~~~~~~~
BRICS: RUSSIA AND INDIA CUT DOLLAR USE: 90% OF DIRECT TRANSACTIONS IN NATIONAL CURRENCIES
Russia and India now conduct nearly 90% of direct transactions in their national currencies, deepening financial ties and accelerating the global shift away from the U.S. dollar.
Moscow and New Delhi Tighten Financial Ties—Is the Dollar Era Ending?
Countries worldwide are increasingly shifting away from reliance on the U.S. dollar in international trade, a process known as dedollarization. Russia and India have strengthened their financial cooperation, with nearly 90% of direct transactions now conducted in their respective national currencies.
Russian Ambassador to India Denis Alipov stated in an interview with Tass:
Mutual payments in national currencies are stable. As of today, national currencies account for around 90% of direct payments between Russia and India.
He also noted that discussions are ongoing about the mutual recognition of Russia’s Mir and India’s RuPay payment systems, a step that could further enhance financial integration between the two countries.
Trade between Russia and India has continued to expand, with Indian statistics showing an 8.6% increase in the first 11 months of 2024. “According to Indian statistics, bilateral trade added 8.6% in 11M 2024 and amounted to $64.5 bln,” Alipov said.
He further detailed the contributions from each country, emphasizing: “Russian exports reached $60 bln (up by 7.7%), while supplies of Indian goods rose to $4.5 bln (up by 23.3%).
Russia is one of India’s four biggest trade partners, while in terms of the volume of products supplied it is the second-largest after China.” These figures highlight Russia’s growing importance as a key trading partner for India.
The increasing use of national currencies in trade between Russia and India reflects a broader global shift toward reducing dependence on the dollar amid evolving geopolitical and economic conditions.
As both countries work to integrate their financial systems, the potential recognition of the Mir and Rupay payment networks could simplify trade settlements and further strengthen economic ties between Moscow and New Delhi. With Russia securing its position as India’s second-largest supplier after China, these developments signal deeper financial and trade cooperation between the two nations.
@ Newshound News™
Source: Bitcoin News
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“Tidbits From TNT” Tuesday Morning 2-11-2025
TNT:
Tishwash: MP calls for enacting oil and gas law to solve salary crisis
Member of the Parliamentary Oil, Gas and Wealth Committee Nazim Al-Shabli called on the federal government today, Tuesday, to expedite sending the draft oil and gas law.
Al-Shabli told / Al-Maalouma / agency, “The legislation of the oil and gas law is sufficient to solve the crisis of salaries of the region’s employees, indicating that the law contributes greatly to stopping oil smuggling as well as addressing the salary crisis.”
He added that "the salary crisis is ongoing until now and there is hope and a beginning to solve it after the legislation of the oil and gas law within the Council of Representatives," noting that "the region continues to smuggle oil."
TNT:
Tishwash: MP calls for enacting oil and gas law to solve salary crisis
Member of the Parliamentary Oil, Gas and Wealth Committee Nazim Al-Shabli called on the federal government today, Tuesday, to expedite sending the draft oil and gas law.
Al-Shabli told / Al-Maalouma / agency, “The legislation of the oil and gas law is sufficient to solve the crisis of salaries of the region’s employees, indicating that the law contributes greatly to stopping oil smuggling as well as addressing the salary crisis.”
He added that "the salary crisis is ongoing until now and there is hope and a beginning to solve it after the legislation of the oil and gas law within the Council of Representatives," noting that "the region continues to smuggle oil."
He stressed "the need to expedite sending the oil and gas law to solve the giant problems between Baghdad and Erbil." link
Tishwash: Government advisor: Financial concerns unfounded
The Prime Minister's advisor for financial affairs, Mazhar Muhammad Salih, confirmed that the financial concerns raised from time to time about the economic situation in Iraq are "baseless."
Saleh told {Al-Furat News} that "Iraqi diplomacy is one of the most successful in protecting the country's supreme interests, according to the government program's adoptions and national constants, whether with the United States or others."
He added, "There is a high degree of consistency in managing the country's financial affairs in a stable manner within the framework of the general economic policy, which is a positive thing that is always indicated by the ability and flexibility to confront economic challenges with high rationality during the past years."
Saleh pointed out that "the country enjoys good financial flows from oil revenues and others, supported by efficient foreign reserves and promising economic activity in the real sector and partnership with the private sector witnessed by the country, especially in the sectors of renewable energy construction, fossil oil, electricity, gas, infrastructure, reconstruction and housing in an unprecedented manner."
Despite the statements of government officials reassuring the financial situation in Iraq, there are some concerns that are raised from time to time due to fluctuations in oil prices.
The Iraqi economy depends heavily on oil exports, which makes it vulnerable to fluctuations in global oil prices. Any drop in oil prices could significantly impact government revenues and lead to a budget deficit.
While there are some financial concerns, the economic situation in Iraq appears stable at the moment, thanks to good oil revenues and foreign reserves at the Central Bank of Iraq. link
************
Tishwash: PM's Advisor: Government has taken steps to revive manufacturing industry
The financial advisor to the Prime Minister, Mazhar Mohammed Salih, confirmed that the government has taken steps to revive the manufacturing industry.
Salih told the official agency: "The revival of the manufacturing industry in Iraq is a strategic issue with multiple dimensions, the first of which is that the industrial operator, whether small, medium or large, is one of the most important activities responsible for employing 60% of the workforce."
He pointed out that "eliminating sustainable unemployment requires economic diversification, and the basics of diversification start with the industrial construction of Iraq. Secondly, the partnership with the private sector is an ideal solution for reviving the industrial sector itself, whether this partnership is in providing financing and government support or a partnership in ownership or capital.
This requires a balance between the public interest and private interests, while ensuring the existence of a transparent regulatory environment with high governance that encourages effective cooperation in an integrated social market between the two parties," noting that "the partnership in management and ownership between the public and private sectors leads to stimulating innovation and technological development and encouraging research and development, in addition to investing in advanced manufacturing technology such as automation, artificial intelligence and 3D printing."
He stressed that "the financing partnership represents the provision of financial support to small and medium enterprises operating in the field of manufacturing to create an optimal operating lever," explaining that "the national development plan indicates efforts to rebuild the foundations of the manufacturing industry through real partnerships with the private sector, where the state contributes to guaranteeing sovereign financing for manufacturing industries by 85%, while the private industrial project bears 15% of the financing."
He continued that "this financing strategy is devoted to financing industrial projects at five levels, foremost of which are projects whose products are related to construction and housing or contribute to development road works, then pharmaceutical industries, petrochemical industries, and others," noting that "the government's economic philosophy, in accordance with the government program, is based on the partnership between the state and the market with broad social security, and this is what makes it work according to the social market theory, which is a departure from economic liberalism and its risks."
He explained that “Riyada Bank was established with the support of the state to provide small and medium-sized loans to young people, and this was preceded by the Prime Minister’s Riyada Initiative, which paved the way for this by providing thousands of loans to youth sectors and stimulating their innovations,” explaining that “this will lead to encouraging the country’s regulatory and investment environment and adopting policies that encourage competition, improve the business environment, and reduce bureaucratic regulations that may hinder the industrialization process and its rapid advancement.” link
************
Tishwash: Regional demonstrations: The political class lives in isolation from the suffering of the street
The wave of anger escalated in the Kurdistan Region of Iraq with the continuation of the crisis of delayed payment of salaries, which pushed thousands of employees and teachers into the streets, in protests that did not subside despite the cold weather and snowfall.
In Sulaymaniyah, where the sit-ins are concentrated, a number of protesters decided to go on a hunger strike, stressing that they will not back down until their demands are met.
A political source from Erbil said that the current crisis is not a recent one, but rather the result of political and financial accumulations between Baghdad and Erbil, as these scenes are repeated every few months without radical solutions.
He added that the partial solutions proposed after each crisis do not guarantee the stability of the financial situation of the region's employees, which increases the state of frustration and popular resentment.
While the regional government is trying to reassure employees, security forces in Erbil continue to prevent the protests from spreading to it, as they refused to receive demonstrators coming from Sulaymaniyah. Local sources said that dozens of those who tried to organize gatherings in Erbil were subjected to security harassment, which increased tensions between the two cities.
“We don’t want slogans, we want our salaries,” tweeted a Kurdish activist on the X platform. “We don’t care about the conflict between Erbil and Baghdad, we want our children’s livelihood, which has become hostage to political differences.” In another Facebook post, a citizen from Sulaymaniyah wrote: “If we were demonstrators in any other country, we would be a global trend, but we are Kurds, so no one cares.”
Economic sources reported that the financial crisis in the region is not only a result of the delay in transferring funds from Baghdad, but also due to the lack of transparency regarding local revenues, especially from border crossings and oil revenues, the numbers of which remain vague despite the demands of the federal parliament to disclose them.
A social researcher believes that the current crisis goes beyond the economic dimension, as it represents a crisis of confidence between the Kurdish citizen and his government, as many feel that the political class lives in isolation from the suffering of the street. He added that the continued security suppression of the demonstrations may lead to a greater escalation, and perhaps to the emergence of new protest movements that are not subject to traditional political leadership.
“Every month we live with the same anxiety: When will we get our salaries? Will the high prices be enough? We don’t even have the luxury of planning for the future,” said Farid Othman, a government employee from Sulaymaniyah. “The regional government justifies, Baghdad evades, and we pay the price. How long will the citizen remain the victim?” said Shireen Abdullah, a resident.
Analysis of the situation indicates that the crisis is likely to worsen, especially if a clear mechanism is not found to ensure salary stability away from political conflicts. link
Mot: . the 7 dwarves of Valentines!!!
Mot: Yeppers -- A ""Love Poem"" frum ole ""Earl""
Iraq Economic News and Points to Ponder Monday Evening 2-10-25
Iraq Is Ranked One In Global Gold Reserves
Economics Breaking 2025-02-08 Shafaq News/ The World Gold Council announced, on Sunday, that Iraq is providing one rank in the ranking of the countries most retaining gold in the world.
According to the last schedule published by the Council in the month of February, and it was seen by the Shafaq News Agency, Iraq ranked 28 out of 100 countries listed in the table, after it was ranked 31 globally, to be ranked fourth in the Arab world after Saudi Arabia, Lebanon and Algeria.
Iraq Is Ranked One In Global Gold Reserves
Economics Breaking 2025-02-08 Shafaq News/ The World Gold Council announced, on Sunday, that Iraq is providing one rank in the ranking of the countries most retaining gold in the world.
According to the last schedule published by the Council in the month of February, and it was seen by the Shafaq News Agency, Iraq ranked 28 out of 100 countries listed in the table, after it was ranked 31 globally, to be ranked fourth in the Arab world after Saudi Arabia, Lebanon and Algeria.
According to the table, Iraq raised its possession of gold to 162.7 tons, representing 12.7% of its total reserves.
The council pointed out that "the United States of America tops the list of the largest gold-holder in the world, with 8.133 thousand tons, followed by Germany with 3.351 thousand tons, then Italy with 2.452 thousand tons, while Trinidad and Tobago, the list with 1.9 thousand tons."
It is noteworthy that the World Gold Council, which is based in the United Kingdom, has extensive experience and deep knowledge of the factors affecting market changes, and its members include the largest and most advanced gold mining companies in the world. https://shafaq.com/ar/اقتصـاد/العراق-يتقدم-مرتبة-واحدة-في-احتياطي-الذهب-العالمي
The Ministerial Council For Economy Discusses Maximizing Revenues And Confronting Economic And Financial Crises
Economy | 10/02/2025 Mawazine News – Economy The Ministerial Council for the Economy discussed, on Monday, ways to maximize revenues and confront economic and financial crises, and took a set of important decisions regarding the import of cars and agricultural projects.
The Council stated in a statement received by "Mawazine News" that Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein chaired the fourth session of the Ministerial Council for the Economy, which was held in the presence of a number of ministers and advisors.
The statement indicated that the Council discussed maximizing revenues to confront the economic challenges resulting from political and economic changes in the region and the world, with a focus on estimates of state real estate for the purposes of sale or rent, and following up on the collection of revenues for various state departments, in addition to emphasizing the Cabinet's decision to use electronic collection.
The Council also decided to authorize Salah al-Din Governorate to directly implement projects that were previously studied, in a manner that does not conflict with the budget law and applicable instructions.
A decision was also taken to complete the work of the committee specializing in studying the import of cars, with the addition of representatives from the General Traffic Directorate, the Ministry of Trade, the Ministry of Construction and Housing, and the Ministry of Environment.
Regarding the agricultural sector, the Council affirmed the commitment of all parties to the approved agricultural plan, and recommended mobilizing all ministries to allocate the available warehouses of the General Company for Grain Trade to store wheat received from farmers. It was also decided to allocate lands in the governorates to establish silos to store marketed wheat.
In the field of industry, the Council decided to include chicken, cuts and processed products in the agricultural calendar, while requesting the Ministry of Agriculture to provide accurate data on the cut chicken industry and the extent to which it covers the needs of the local market. https://www.mawazin.net/Details.aspx?jimare=259488
British Ambassador To Nina: Baghdad And London Will Implement Major Projects And Our Companies Are Ready To Invest In Iraq
Monday 10 February 2025 | Economic Number of readings: 70 Baghdad / NINA / The British Ambassador to Iraq, Stephen Hitchcock, confirmed that British companies are very willing to invest in the Iraqi market.
Hitchcock said in a statement to the National Iraqi News Agency ( NINA ) that "diversifying the Iraqi economy and sources of national income has become necessary to face the challenges of the decline in global oil and gas prices, and to enhance the revenue cycle that Iraq relies on within the year 2040."
“During Prime Minister Mohammed Shia al-Sudani’s recent visit to London, agreements were signed for major projects worth £12 billion, which do not include BP investments,” he added.
“This is a major advance in the readiness and willingness of British companies to work in Iraq, and the Gulf states are also well prepared to invest in Iraq,” he said, noting that “one of the agreements signed by the governments of Iraq and Britain relates to a British energy technology company linking the Iraqi national grid with the Saudi electricity grid.”
He explained that “BP, a private company not affiliated with the government, has decided to invest again and expand its operations in Iraq, and this is evidence that British companies in general are more willing to invest in the Iraqi market, which reflects investors’ confidence in the country’s future.”/End 5 https://ninanews.com/Website/News/Details?Key=1184876
Ministry Of Finance: Federal Budget Revenues Exceed 135 Trillion Dinars In 11 Months
The Ministry of Finance announced today, Monday, that the volume of revenues in the federal budget for the fiscal year 2024 exceeded 135 trillion dinars during the period from January to November.
Data issued by the ministry showed that total revenues amounted to 135 trillion, 322 billion, 716 million, 694 thousand, and 603 dinars, while the value of advances amounted to 17 trillion, 352 billion, 387 million, 556 thousand, and 226 dinars.
The tables showed that oil revenues accounted for 88% of total revenues, amounting to 119 trillion, 33 billion, 253 million, and 845 thousand dinars, which confirms the continued reliance of the general budget on the rentier economy, while non-oil revenues amounted to 16 trillion, 289 billion, 462 million, and 848 thousand dinars, representing 12% of the general budget.
https://www.radionawa.com/all-detail.aspx?jimare=41164
Government Advisor: Financial Concerns Unfounded
Time: 2025/02/10 17:46:39 Reading: 645 times {Local: Al Furat News} The Prime Minister's advisor for financial affairs, Mazhar Muhammad Salih, confirmed that the financial concerns raised from time to time about the economic situation in Iraq are "baseless."
Saleh told {Al-Furat News} that "Iraqi diplomacy is one of the most successful in protecting the country's supreme interests, according to the government program's adoptions and national constants, whether with the United States or others."
He added, "There is a high degree of consistency in managing the country's financial affairs in a stable manner within the framework of the general economic policy, which is a positive thing that is always indicated by the ability and flexibility to confront economic challenges with high rationality during the past years."
Saleh pointed out that "the country enjoys good financial flows from oil revenues and others, supported by efficient foreign reserves and promising economic activity in the real sector and partnership with the private sector witnessed by the country, especially in the sectors of renewable energy construction, fossil oil, electricity, gas, infrastructure, reconstruction and housing in an unprecedented manner."
Despite the statements of government officials reassuring the financial situation in Iraq, there are some concerns that are raised from time to time due to fluctuations in oil prices.
The Iraqi economy depends heavily on oil exports, which makes it vulnerable to fluctuations in global oil prices. Any drop in oil prices could significantly impact government revenues and lead to a budget deficit.
While there are some financial concerns, the economic situation in Iraq appears stable at the moment, thanks to good oil revenues and foreign reserves at the Central Bank of Iraq. LINK
Dollar Prices Fall In Baghdad And Erbil With Closing
10/02/2025 Mawazine News – Economy The US dollar fell against the Iraqi dinar on Monday in the markets of Baghdad and Erbil, the capital of the Kurdistan Region, with the closing of the stock exchange.
The dollar fell with the closing of the two main stock exchanges in Baghdad, Al-Kifah and Al-Harithiya, to record 150.200 dinars per 100 dollars, while the prices were 150.250 dinars per 100 dollars this morning.
The selling prices in exchange shops in the local markets in Baghdad were also stable, where the selling price reached 151.250 dinars per 100 dollars, while the purchase price reached 149.250 dinars per 100 dollars.
In Erbil, the dollar also fell, where the selling price reached 1,500.00 dinars per 100 dollars, and the purchase price was 149.900 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=259483
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/
Seeds of Wisdom RV and Economic Updates Monday Evening 2-10-25
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REP. WATERS PROPOSES STABLECOIN RULES, FEDERAL OVERSIGHT
Both House Republicans and Democrats have introduced proposals to regulate U.S. stablecoins, signaling that the sector is a legislative priority under President Donald Trump.
Maxine Waters, the ranking Democrat on the House Financial Services Committee, published a proposal for stablecoin oversight through federal watchdogs such as the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve, according to Punchbowl News.
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REP. WATERS PROPOSES STABLECOIN RULES, FEDERAL OVERSIGHT
Both House Republicans and Democrats have introduced proposals to regulate U.S. stablecoins, signaling that the sector is a legislative priority under President Donald Trump.
Maxine Waters, the ranking Democrat on the House Financial Services Committee, published a proposal for stablecoin oversight through federal watchdogs such as the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve, according to Punchbowl News.
Waters’ discussion draft also outlines regulatory frameworks for state regulators. Back in 2022, Rep. Waters criticized a Republican-led House Committee bill, calling it “deeply problematic” due to concerns over allowing state regulators to approve stablecoins without Federal Reserve oversight.
At the time, she argued before former Committee Chair Patrick McHenry that this approach could introduce unforeseen risks.
Rep. Waters’ proposal means that both Republican and Democratic lawmakers have now introduced stablecoin regulations since President Trump took office.
Last week, Rep. French Hill, the new Republican Chair of the House Financial Services Committee, submitted a draft bill for stablecoin regulation, co-sponsored by Rep. Bryan Steil. The bill would grant the OCC authority to approve and supervise payment stablecoin issuers.
Specifically, the OCC can license and oversee nonbank stablecoin operators with federal permits. The rules could allow firms like Ripple to enter the $220 billion market.
Rep. Hill’s bill contrasts with Rep. Waters’ proposal, as it assigns stablecoin oversight to the OCC rather than the Federal Reserve, which Waters had advocated. Waters previously stated that House lawmakers needed a “grand bargain on stablecoins” to move forward with regulation.
In the Senate, GOP Senator Bill Hagerty also introduced the “Guiding and Establishing National Innovation for U.S. Stablecoins” Act. Policymakers also unveiled a bi-cameral working group focused on passing crypto regulation at a press conference hosted by White House AI and crypto czar David Sacks.
@ Newshounds News™
Source: CryptoNews
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BRICS: NEW NATION REJECTS DE-DOLLARIZATION AMID TRUMP TARIFFS
The last several weeks have seen geopolitical tensions growing. With both sides reaching a fever pitch, the BRICS has seen yet another nation reject de-dollarization amid the implementation of US President Donald Trump’s new tariffs. Indeed, the president is set to introduce new 25% import taxes Monday as his aggressive economic policy continues.
The move has propelled the US dollar upward, as it seems to reinforce faith in the greenback. However, its potential impact on the United States and the world economy remains to be seen.
All that is certain is that the country is setting the planet on course for a trade war that is wide in its scope and impact.
BRICS Sees Yet Another Country Reject De-Dollarization as Trump Tariffs Take Effect
En route to his campaign victory in November, Trump had championed the importance of the US dollar. Indeed, he noted that the greenback losing its status as the world’s currency would be akin to the nation losing a war.
This has driven his economic policy, as he looks to defend the nation’s currency against lessened international usage and thwart potential expansion of the idea.
To this point, it appears the aggressive stance is working. Indeed, a new BRICS nation has spoken out rejecting de-dollarization as Trump’s tariff plan begins to take effect. It joins nations like India in reassuring that the bloc’s operations are not directly tied to harming the US dollar.
Specifically, Indonesia’s chief economist, Josua Parde, recently confirmed it has no interest in targeting the greenback. Alternatively, its BRICS participation is merely tied to its own economic growth. Indeed, Pardede notes that the distinction between the two is of the utmost importance to the nation.
“We are entering BRICS not to support the de-dollarization of China and Russia but rather to expand trading partners,” Pardede said. “This de-dollarization that we are encouraging is to provide an option for the business world not to always depend on the dollar,” they added.
It will be interesting to observe how Trump responds. With his targeting of Mexico and Canada, things may have changed. Indeed, it appears that his economic policy may be less tied to the US dollar’s status than originally perceived. However, he could redirect his approach to BRICS. Instead, targeting nations actively seeking to decrease the value of the dollar in the coming weeks.
@ Newshounds News™
Source: Watcher Guru
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PRO: NORTH CAROLINA’S STRATEGIC BITCOIN RESERVE BILL A ‘BIG DEAL’
Introduced by Rep. Destin Hall, Speaker of the NC House of Representatives, the bill would allow state lawmakers to invest up to 10% of the state’s funds into exchange-traded products tied to digital assets with a market capitalization exceeding $750 billion.
It also authorizes Bitcoin investments for state-managed funds, including teachers’ and state employees’ pensions, insurance funds, and veterans’ home trust funds.
@ Newshounds News™
Read more: Crypto News
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Economist’s “News and Views” Monday 2-10-2025
Is GOLD The ONLY Thing That Will SURVIVE The Global Debt CRISIS? - Matthew Piepenburg
In this latest interview, Matthew Piepenburg discusses how the global debt crisis, particularly U.S. sovereign debt, is driving both inflation and gold prices higher, while explaining how BRICS nations are gradually moving away from dollar dependence.
He argues that while the U.S. won't lose its reserve currency status immediately, the combination of debt, currency debasement, and BRICS nations' increasing oil trades outside the dollar system will continue to strengthen gold's position as a long-term store of value.
Is GOLD The ONLY Thing That Will SURVIVE The Global Debt CRISIS? - Matthew Piepenburg
In this latest interview, Matthew Piepenburg discusses how the global debt crisis, particularly U.S. sovereign debt, is driving both inflation and gold prices higher, while explaining how BRICS nations are gradually moving away from dollar dependence.
He argues that while the U.S. won't lose its reserve currency status immediately, the combination of debt, currency debasement, and BRICS nations' increasing oil trades outside the dollar system will continue to strengthen gold's position as a long-term store of value.
0:00 Introduction
0:28 Risk that trade wars become military wars
2:06 How will gold respond in this environment?
5:26 BRICs and de-dollarization
8:53 Outlook for gold in 2025
Is Bitcoin REALLY The NEW GOLD?
Lynette Zang: 2-9-2025
In this video Lynette breaks down the key differences and similarities between the two so you can make educated decisions, that benefit you!
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TIMECODES
00:00 Surging Gold & Market Stress
00:24 Bank of England Bullion Discount
00:50 Spot Price Gap & Delivery Delays
01:12 $5 Discount & Bank Run Concerns
01:33 Confiscation History & Gold Repatriation
01:57 Poland’s Example: Moving Gold Home
02:18 Delays & Fractional Reserve Suspicions
02:42 Storing Gold Privately
03:00 BofE Issues vs. Wider Market
03:19 Global Demand & Lease Rate Jumps
03:43 Gold’s 40% Price Surge
04:12 Parallels to 2020’s Rapid Run
04:33 Gold as Stability & Inflation Hedge
05:00 Big Money Positioning for Uncertainty
05:39 Silver Markets & SLV Borrowing Fees
06:01 Shorting Difficulty & Physical Metal
06:22 Tariff Premium & BofE Explanation
06:50 Fractional Reserve Gold Exposures
07:15 Gold’s Purchasing Power Over Time
07:38 Outpacing Tech-Driven Deflation
07:54 Gold as Savings & Asset Reserve
08:22 Get It Before You Need It
08:39 Affiliate Links & Closing Remarks