News — Dinar Recaps Blog Page — Dinar Recaps (2024)

Iraq News Highlights and Points To Ponder Friday Am 6-21-24

Parliamentary Committee: Amending The Investment Law In The Next Legislative Term

Time: 06/21/2024 Read: 78 times {Economic: Al-Furat News} A member of the Parliamentary Investment Committee announced the committee’s intention to amend the Investment Law.

Muhammad Al-Zayadi told {Al-Furat News} agency, "There is no investment in the country due to the lack of clarity in the investment law, which constitutes a major problem, but after the end of the legislative recess, the committee will work on amending the investment law."

He added, "The political situation has nothing to do with the law because it is related to the service aspect, and the goal of amending the law is to be at the level of moral investment in the country."

It is noteworthy that the Parliamentary Investment Committee justified its effort to amend some investment laws in order to attract foreign investments and capital because some paragraphs of the laws related to investment conflict with sustainable development in Iraq, including the Investment Law, the Companies Law, and others. Ragheed LINK

With anticipation for the opening of stock exchanges, dollar prices maintain their rise

Posted On06-21-2024 By Sotaliraq The dollar exchange rates are still maintaining their rise before the advent of Eid al-Adha and its close, amid great anticipation for the opening of the stock exchanges next Sunday, to know the level of the new prices.

In Erbil, the buying price of the dollar by exchange office owners was 146,650 dinars per 100 dollars, while the selling price was 146,750 dinars per 100 dollars.

In Baghdad, the dollar exchange rates exceeded 147 thousand dinars for every 100 dollars.

These prices were higher than the prices of previous weeks, as the exchange rate was less than 145 thousand dinars per 100 dollars. LINK

Between Oil And Debt: Iraq Faces The Challenges Of The Budget Deficit

June 21, 2024 Baghdad/Al-Masala Al-Hadath: The budget deficit for 2024 in Iraq constitutes a major challenge and reflects the gap between government revenues and expenditures, which imposes pressure on the national economy and leads to an increase in public debt.

Iraq relies on oil revenues as a main source of financing the budget. As oil prices fluctuate, it becomes difficult to predict revenues accurately.

Iraq resorts to borrowing to finance the deficit, which increases the size of public debt and negatively affects the cash reserves of central banks.

Economist Nabil Al-Marsoumi revealed the risks of the budget deficit for the year 2024, amounting to more than 64 trillion dinars.

Al-Marsoumi said in a blog post followed by Al-Masala, “The budget deficit amounted to 64.025 trillion dinars, as the revolving balance in the Ministry of Finance’s account reached 1.571 trillion dinars.”

He continued, “The increase in the selling prices of exported crude oil amounts to 16.607 trillion dinars,” noting that “remittances deducted from the legal reserve of government banks are equal to 5 trillion dinars.”

He added that “loans from government banks amounted to 3 trillion dinars,” noting that “the discount on treasury transfers at the Central Bank of Iraq amounted to 20.041 trillion dinars.”

He pointed out, “National bonds are worth 5 trillion dinars, and total internal borrowing reached 33,041 trillion dinars, and external loans amounted to 12,806 trillion.”

He stated, “Many observations were made regarding the budget deficit, including a decrease in the Ministry of Finance’s revolving balance from 23 trillion dinars in the 2023 budget to 1.571 trillion dinars in the 2024 budget.”

Al-Marsoumi added, “It has been observed that there is a heavy reliance on internal and external borrowing to finance the budget deficit, which exacerbates the size of internal debt, especially which currently stands at 79 trillion dinars, in addition to its negative impact on the cash reserves of the Central Bank of Iraq and other Iraqi banks.”

He concluded that “there are three sources in financing the budget deficit, which are deficit financing, internal and external borrowing, and the revolving balance of government accounts,” noting that “using the expected increase in oil revenues amounting to 16.607 trillion dinars to finance the budget deficit is something new because this increase is supposed to be added.”

The expected oil revenues. In this case, the budget will have been built on the assumption of exporting 3.5 million barrels per day at a price of $83 per barrel instead of $70, which is a non-conservative price and full of risks for two reasons.

The first is that Iraq’s oil exports are less than 3.5 million barrels per day due to OPEC+ restrictions. The second is that The high price of oil adopted by the budget is unrealistic and very optimistic, which may expose the budget to other imbalances as a result of these two assumptions not being met.” https://almasalah.com/archives/92260

Economic Clarification: Why Do Iraq’s Reserves Not Rise Despite The Rise In Oil Prices?

Money and business Economy News – Baghdad Today, Friday, economic expert Mahmoud Dagher explained the reasons for the failure of Iraq's financial reserves to increase despite the rise in oil prices, while stressing that the country has no hope except by diversifying its output and pressuring spending, especially operational.

Dagher said in an interview with Al-Iqtisad News, “Reserves are not measured by size, but by adequacy, and there are two indicators of adequacy: the adequacy of reserves to cover imports without any exports, and I believe that it reaches Iraq with the existing reserve remaining for approximately 12 months, which is an excellent coverage of foreign reserves for exported currency.”

He added: "If we want to answer the question of why the reserves, which exceed 100 billion, do not increase despite the rise in oil prices, this is due to two reasons. The first is direct and is the result of the Central Bank’s sales rising to 300 million dollars per day to cover imports."

He pointed out, "The second reason is indirect and results from the increase in public spending, especially the salary bill, which, along with retirement, subsidies, and nationals, has reached close to 100 trillion."

The economic expert stated, "The adequacy of reserves is good; since Iraq is an oil economy, it is difficult to rely on adequacy alone due to the possibility of a decline in the price of a barrel." 06/21/2024 - https://economy-news.net/content.php?id=44468

World Bank: Spontaneous Gas Combustion Associated With Oil Production Is Rising

Arab and international Economy News - follow up A World Bank report revealed on Thursday that oil companies around the world burned the largest amount of natural gas associated with oil production last year in five years.

With only six years remaining to achieve the World Bank's goal of stopping spontaneous flaring of gas associated with oil production, companies burned an estimated 148 billion cubic meters of gas in 2023, an increase of seven percent from 2022, despite crude oil production rising only one percent during the same period. Period.

Natural gas is usually produced from oil exploration, and some companies choose to burn this gas instead of capturing and storing it because providing the necessary infrastructure to deal with it is not commercially viable.

The World Bank’s Global Monitoring Report on Spontaneous Gas Flaring stated that the growth in gas flaring has erased the effect of the reductions achieved in 2021 and 2022, and added that “global efforts to reduce spontaneous flaring of gas associated with oil production are not sustainable and there is a need to take urgent action.” ".

Eliminating this practice would reduce at least 381 million tons of carbon dioxide equivalent from harmful emissions released into the atmosphere.

Nine major oil-producing countries account for 75 percent of gas flaring and 46 percent of oil production.

These countries are Russia, Iran, Iraq, the United States, Venezuela, Algeria, Libya, Nigeria and Mexico, according to the order of the quantities of gas burned.

The report stated that Algeria and Venezuela reduced spontaneous combustion, but these gains were eroded by Iran, Russia, the United States, Libya and other countries.

The World Bank, in cooperation with the Colorado School of Mines in the United States, relied on data from satellites to calculate spontaneous combustion data. Views 102 06/20/2024 - https://economy-news.net/content.php?id=44445

Provoking Thoughts and Points To Ponder On Adversity:

Men habitually use only a small part of the powers which they possess and which they might use under appropriate circ*mstances.-William James

It is the north wind that lashes men into Vikings; it is the soft, luscious south wind which lulls them to lotus dreams.-Ouida

It is grief that develops the powers of the mind.-Marcel Proust

Unless a man has been kicked around a little, you can't really depend upon him to amount to anything.-William Feather

Troubles cured you salty as a country ham, smoky to the taste, thick-skinned and tender inside.-Marge Piercy

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

Iraq Dinar - IQD - Capital Economy - Olympics - 3 Presidencies - Activate Silk & Development Roads

MilitiaMan and Crew: 6-21-2024

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

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

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

110 million people from Asia Joining BRICS: What next?

Fastepo: 6-20-2024

Malaysia and Thailand have both shown interest in joining BRICS, a coalition currently comprising Brazil, Russia, India, China, and South Africa.

The group is expanding, with five new countries—Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE—joining the bloc since January 2024.

This expansion aims to enhance the bloc's economic and geopolitical influence, offering new opportunities for member nations to engage in trade and cooperation outside of Western-dominated frameworks.

As of June 2024, both Malaysia and Thailand exhibit significant economic advantages that enhance their positions in the global economy.

The Malaysian economy is projected to grow by 4-5% in 2024, driven by resilient domestic expenditure and a diversified economic base

. Malaysia has successfully transitioned from a commodity-based economy to one with robust manufacturing and service sectors.

The Thai government has implemented measures to boost liquidity and economic growth, including a proposed $102 billion budget to revive the economy.

These measures aim to stimulate domestic demand and support economic recovery.

Malaysia is on track to achieve high-income status between 2024 and 2028, reflecting sustained economic transformation and development. This progress is supported by a low unemployment rate and significant strides in poverty reduction.

Additionally, Malaysia’s strategic geographic location and strong geopolitical relationships enhance its trade capabilities, particularly in electronics, automotive, and palm oil production. Thailand’s robust trade relationships with major economies like China and India position it as a key player in regional and global markets.

Exports to these countries include a wide range of products such as automotive parts and chemicals, showcasing Thailand's diversified export base.

In this video, we will examine how the inclusion of Malaysia and Thailand will create mutual benefits for both these countries and the existing BRICS nations.

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

Iraq Economic News and Points To Ponder Thursday Afternoon 6-20-24

An Invitation Is Sent To The Sudanese... Parliamentary Energy Explains The Reasons For The Collapse In Electricity Supply

Energy Economy News – Baghdad Member of the Parliamentary Energy and Electricity Committee, Kamel Al-Ugaili, on Thursday, called on Prime Minister Muhammad Shiaa Al-Sudani to manage the Ministry of Electricity from a lower position, while holding production, distribution and maintenance companies responsible for the collapse in electricity supply in Baghdad and a number of provinces.

Al-Ugaili said in an interview followed by Al-Iqtisad News, “Poor planning and management and the selection of incompetent figures to manage production, distribution and maintenance companies are behind the decline in electricity processing hours.”

He added, "The electricity problem has become noticeably recurring, so we call on Prime Minister Muhammad Shiaa Al-Sudani to manage the Ministry of Electricity personally and from a lower position, while making changes for officials who are negligent in performing their work."

He pointed out that “poor planning and bad management are one of the reasons for the collapse of the electricity system in Baghdad and a number of governorates,” pointing out that the capital, Baghdad, has been witnessing for days a sharp decline in energy supply. https://economy-news.net/content.php?id=44425

Oil Prices Varied During Early Trading

Thursday 20, June 2024 11:12 | Economical Number of readings: 331 Baghdad / NINA / Oil prices rose in Brent crude futures in early trading, today, Thursday, while US crude futures fell due to the possibility of rising oil inventories in the United States.

Brent crude futures for August delivery recorded an increase of eight cents, reaching $85.15 a barrel, while US West Texas Intermediate crude for June delivery fell by 27 cents, reaching $81.30 a barrel.

Figures from the Petroleum Institute were The American newspaper showed that US crude inventories rose by 2.264 million barrels in the week ending June 14, while gasoline inventories decreased./

https://ninanews.com/Website/News/Details?key=1133253

Al-Sudani Congratulates Iraq For Ranking First In The Arab World And Seventh In The World In The Times Sustainable Development Rankings

Thursday 20, June 2024 19:23 | Political Number of readings: 244

Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani blessed Iraq’s ranking first in the Arab world and seventh in the world in the Times Sustainable Development Rankings.

Al-Sudani said in a blog post on the X website: We congratulate Iraq for ranking first in the Arab world and seventh in the world in the Times Sustainable Development Classification, in terms of the number of universities participating in the 2024 edition, which witnessed the competition of 2,152 universities from 125 countries.

He added: What has been achieved confirms the success of the government’s vision and its supportive approach to achieving comprehensive quality in higher education, openness to advanced educational systems in the world’s universities, and developing the level of performance in line with the goals of sustainable development. https://ninanews.com/Website/News/Details?Key=1133325

Economic Determination Of “Bubble” Real Estate Prices In Baghdad.. What About Selling A Square Meter For “26 Thousand Dollars”?

Money and business Economy News – Baghdad Today, Thursday, economic expert Mustafa Hantoush identified the “bubble” real estate prices in the capital, Baghdad, and while he confirmed that some real estate properties are “clear money laundering” operations, he touched on the sale of some real estate for 26 thousand dollars.

Hantoush said in an interview with Al-Iqtisad News, “Some real estate in some areas of the capital, Baghdad, are clear money laundering operations, that is, an attempt to buy real estate for any amount, after it was stolen from the state,” stressing that “The Central Bank of Iraq confirmed that 500 million dinars “It will be a real estate buying and selling event.”

He added, "The bubble prices of real estate in upscale areas, and in light of money laundering, I believe that their prices reach between 12 and 16 thousand dollars. As for the price of 26 thousand dollars, perhaps it refers to commercial real estate or those that are located in commercial streets," ruling out "the existence of real estate in The capital, Baghdad, reaches this large amount.”

Earlier, the Parliamentary Integrity Committee confirmed that the price per meter in Mansour and Karrada rose to 26 thousand dollars. 06/20/2024 - https://economy-news.net/content.php?id=44434

To read more current and reliable Iraqi news please visit :https://www.bondladyscorner.com/

Provoking Thoughts and Points To Ponder On Adversity:

The fiery trials through which we pass will light us down in honor or dishonor to the last generation. -Abraham Lincoln

Our trials are tests; our sorrows pave the way for a fuller life when we have earned it. -Jerome P. Fleishman

Times of general calamity and confusion have ever been productive of the greatest minds. The purist ore is produced from the hottest furnace, and the brightest thunderbolt is elicited from the darkest storms. -Charles Caleb Colton

The habits of a vigorous mind are formed in contending with difficulties. -Abigail Adams

A diamond is a chunk of coal that made good under pressure. -Anonymous

A clay pot sitting in the sun will always be a clay pot. It has to go through the white heat of the furnace to become porcelain. -Mildred W. Struven

It is the surmounting of difficulties that makes heroes. -Kossuth

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.htm

BRICS Announces Massive Trade Agreement to Ditch the US Dollar

GeoPolitical Analyst: 6-19-2024

The BRICS economic alliance has announced an extensive trade agreement that will effectively ditch the US dollar.

The collective settled on an agreement with a plethora of outside nations to settle trade dealings in their national currencies, circumventing the use of the greenback. The agreement includes all BRICS nations as well as Thailand, Laos, Sri Lanka, Kazakhstan, Venezuela, and Bolivia.

Moreover, it becomes one of the bloc’s most extensive de-dollarization policies in its history. Its presence should only be magnified by the impending arrival of the bloc’s independent payment system.

Over the last two years, the BRICS economic alliance has grown tremendously. The grouping has sought to increase its relevance on a global scale and introduce an increasingly multipolar world. A massive part of those efforts are connected to the introduction of landmark economic policies.

Now, the alliance has announced a monumental development that could have immense ramifications for global finance.

Specifically, BRICS announced a massive trade agreement at this week’s Foreign Ministers Meeting that would ditch the US dollar for all alliance trade settlements.

The nations included will opt to settle all trade with national currencies as opposed to Western alternatives.

https://www.youtube.com/watch?v=4xLVTTslaJU

Fixed Prices? Price Controls? Shortages? Rationing? ITS ALL COMING...

Greg Mannarino: 6-20-2024

https://www.youtube.com/watch?v=_2QvMJciA80

‘The End Of Fiat Currencies As We Know It’ | Gary Wagner

David Lin: 6-19-2024

Gary Wagner, Editor of TheGoldForecast.com, discusses his outlook for inflation, gold, monetary policy, and the impact of AI on our economy.

0:00 - Intro

0:55 – Inflation

9:44 - Consumer sentiment

12:00 - Fed monetary policy

15:32 - Stocks

20:25 - Gold and fiat

https://www.youtube.com/watch?v=85d-2YUYaxM

Goldilocks' Comments and Global Economic News Thursday Afternoon 6-20-24

Good Morning Dinar Recaps,

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ISSA survey shows rising strategic importance of DLT adoption -Ledger Insights - blockchain for enterprise

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Bank of America finds younger investors prefer crypto, alternatives to stocks -Ledger Insights - blockchain for enterprise

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Ripple CEO Predicts End of XRP Lawsuit This Summer |Crypto News Flash

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Investors around the world are dealing with new trading mechanisms that are beginning to reroute money flows through a new digital asset-based trading system.

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Nomura’s Laser Digital to Offer Crypto Trading, Asset Management in Abu Dhabi |Finance Magnates

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Goldilocks'Daily Breakdown PodcastLink

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CandyKisses: Demand to prevent the new American ambassador from entering Iraq

Information / Baghdad.

A member of the popular legal movement, Ahmed Shahid al-Shammari, called for preventing the new US ambassador Tracy Jacobson from entering Iraq because of what he described as her blatant interventions.

Al-Shammari said in an interview with the Information Agency that "the new US ambassador Tracy Jacobson is undesirable popularly, indicating that the blatant US interventions are aimed at destabilizing Iraq."

He added that "the US administration is still continuing its interference in the internal affairs of Iraq in various security, political and even economic fields, and is trying to use the file of terrorists again to provoke the Iraqi street," calling on the government to Prevent the entry of the new ambassador to Iraq and accept her as ambassador to her country in Baghdad.

Calls began to be made to the Iraqi Government and the Presidency not to accept Jacobson as the United States ambassador to Iraq because of her statements, which are blatant interference in the internal affairs of Iraq.

Tishwash: An “extraordinary” meeting of the armed factions in Iraq regarding the American presence.. What about the truce?

The "Iraqi Resistance Coordination Committee", which includes a number ofarmed factionsallied with Iran, announced the holding of a meeting, which it described as "extraordinary", to discuss the issue of the American presence in Iraq, as it confirmed its ability to end it "by all means" during the first meeting of its kind since the cessation of bombing operations and targeting of interests. The US has been in Iraq for more than five months, as the Iraqi arena is witnessing a calm state of security.

Since the beginning of last February, the "Iraqi Resistance" factions have entered into a truth with the American side following their assassination of the leader of the Iraqi Hezbollah Brigades,Abu Baqir al-Saadi, and no operation has been carried out against American interests Since that period, despite the continued activity of American aviation. Flying in Iraqi airspace, especially in Baghdad, Anbar, and the Kurdistan region of Iraq.

The Iraqi Al-Nujaba Movement, which is part of those factions, confirmed at the time that “societal, political and religious pressures” pushed for what it called “calm” with Washington, to pave the way “for the Iraqi government to take the initiative towards developing solutions to end the presence ofthe coalition.” internationalin the country. The leaders of the armed factions are awaiting the results of the work of the Iraqi-American Military Committee, which is responsible for assessing the field situation in Iraq and the threat of the terrorist organization ISIS, and setting a date for ending the presence of the international coalition.

In a statement, the first of its kind since the armistice, the coordination stated, last night, Wednesday, that it “held an extraordinary meeting to discuss events in the region in general and in Iraq in particular,” indicating that it discussed what it called “the opportunity that it gave the government - more than four months ago.” “Including scheduling the withdrawal of the American presence from Iraq.”

Criticism of the American presence in Iraq

She explained, "The attendees stressed the need to continue moving forward to achieve the country's autonomy, after the enemy's procrastination and stubbornness, so that it remains occupying our land, despising our skies, controlling the security and economic decisions, and interfering in Iraqi affairs with all reccklessness and arrogance, as if he does not know what awaits him after this opportunity," stressing that "The Iraqi people, their proud resistance, and loyal politicians, tribesmen, and people's representatives are able and determined to end this file and close it, using all available means, to restore security and stability, and achieve full autonomy.”

The “Coordination Committee” did not reveal a clear position regarding the truth or whether it was considering ending it, but a government source confirmed that “an agreement was made with the factions to stop all attacks until the file of the American presence in Iraq is resolved, which is the file that the Iraqi government and the American side are working on,” indicating. He told Al-Arabi Al-Jadeed, on the condition that his name not be mentioned, that “the facts had previously provided guarantees to the government not to violate the truth until the issue was officially resolved.”

The source confirmed that “to date, no notification has reached the government from the facts of their intention to carry out specific attacks, which means that the guarantees are still in place,” noting that “the government is following up on the file and will soon hold subsequent meetings with the American side in light of anticipated reports of the American-Iraqi Committee.” .

Iraq is an arena of conflict

The candidate to assume the position of US Ambassador to Baghdad, Tracy Ann Jacobson, said that “the militias allied with Iran are the main threat to Iraq,” as she stressed, in her opening speech before the Senate Committee on Foreign Relations, several days ago, the importance of enhancing stability, security, and independence. Iraq, considering that ISIS still poses a threat in the region, and that the US Army is still providing support to the Iraqi security forces.

Anne Jacobson also stressed the importance of Iraq strengthening its relations with its neighbors, and that “the presence of economic development, and a government capable of providing services to its people, reduces the attraction of terrorism” and also reduces the influence of militias allied with Iran, which she said “pose a great danger to the future of the country,” considering “Iran is a malicious actor inIraqand destabilizes the region,” she added, adding: “We realize that the main threat to Iraq is the militias allied with Iran.”

Talks between Baghdad and Washington began last January, less than 24 hours after threeAmerican soldierswere killed in an attack in Jordan. The United States said that it was carried out by extremist groups allied with Iran in Syria and Iraq, which prompted Washington to carry out retaliatory strikes in Iraq that resulted in the assassination of prominent leaders in the armed factions, which prompted them (the factions) and the political parties associated with them to escalate their demands to remove the coalition forces from... The country.

The first round of bilateral dialogue between Baghdad and Washington, which was held in Baghdad, on January 27, led to an agreement to form a joint military committee to review and end the coalition mission and move to bilateral security relations, in light of the widespread criticism against the American presence in Iraq. link

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Tishwash: IBBC Conference: Much To Celebrate In Iraq As Energy Takes Centre Stage

IBBC's ( Iraq Britain Business Council) 15th Anniversary Conference. Much to celebrate in Iraq asenergytakes centre stage.

IBBC is celebrating 15 years in Iraq at a time when Iraq is moving into a new prosperous and stable era. IBBC Springconferenceat the Mansion House on 2nd July will reflect our members diversity and the modernisation that Iraq is currently experiencing.

With an expanding stableEconomyand a service sector growing at 6% pa, Iraq is diversifying beyond its core energy sector and opportunities to invest have rarely been so healthy.

Of note is the presence of key delegates:H.E. Hayan Abdul Ghani Al-Sawad,Deputy Prime Minister & Minister of Oil, Ministry of Oil,H.E. Mr. Ali Mohsin Ismail Al Alaq,Governor of the Central Bank of Iraq,H.E. Mr Asaad Al Eidani,Governor of Basrah,Dr Fareed Yasseen,Iraqi Climate Envoy,Eng Adil Karim, Deputy Minister of Electricity,KRG ministersand keynote address fromThe Rt Hon Lord Howell of Guildford.

The Iraqi economy is quietly diversifying, with the evolution of services, travel, tech, and retail sectors, but the dominantenergy sectoris also evolving, with new players technologies and climate reduction activities. Oil and Gas are still at the centre of this conference and Iraq's economy, with theIBBC Energy Panel,which see the big players in energy policy and practice includingDr Luay Al Khateeb, Centre on Global Energy Policy - Columbia University, Ms Dunia Chalabi, TotalEnergies, Mr Zaid ElyaserifromBP, Mr Andrew Wiper from Basra Gas Company,Mr Hasan HashmatfromHydro-CandMr Ellis Renforthfrom Wood Plc

IBBC as champions of best practice and the private sector publish special reports and white papers for reform, and this conference 'Insights and Opportunities'will launch our latest reports fromProfessor Frank Gunter,IBBC Advisory Council, on Foreign exchange, banking reforms and de-dollarisation: 'Two Cheers for Iraq: The Dinar - Dollar Exchange Rate Challenges' and a new report on emergent agricultural initiatives through IBBC'sAgritechcommittee with the Agriculture Minister.

Ministers will also address the procurement opportunities across $400bn Government investment in key sectors, agriculture, transport, infrastructure, and you will hear about regional development at special roundtables with KRG Ministers and the Governor of Basra.

Special education and skills sessions will follow two GOI MOU's with IBBC and last year's focus on integrating and adapting education skills and curriculum to the business requirements of a modern economy.

Transport too is booming, through the ports, where electronic trade has seen a 128% increase, and the dry canal project linking Basra to Turkey and the Mediterranean, silk road and European markets. The project will have profound impact on cities along the route and for both import and export trade. IBBC members CJ-ICM and Sardar Group will inform us of activities and the evolution of electronic and port management systems already in place (see our '23 report on ports ).

Opening the conference the President of the Confederation of British Industry (CBI)Rupert Soames OBEgives a keynote speech from the British industrial perspective, and as a previous member of IBBC is well placed to comment of UK's business relationship and opportunities with Iraq.

Delegates will always find significant networking opportunities and thereceptionon1st at the Mansion Housecelebrates IBBC's 15 years with a special exhibition on Gertrude Bell and our members activities, it's also the best informal networking opportunity among delegates, speakers and founder members and the chance to forge new friendships.

Iraq now enjoys a stable and focused government intent of reconnecting with the region, fiscal surpluses that are converting into new infrastructure projects, and a growing more prosperous population, keen for modernisation and the benefits of a consumer economy.

IBBCs membership matches this diversity, and the lineup of speakers and topics reflects today's Iraq. View the agenda here , and to register to attend the conference. We are certain there will be big demand for tickets register now to avoid missing out.

Join with us and share the insights and opportunities that a modern and stable Iraq now offers. link

Iraq News Highlights and Points To Ponder Thursday AM 6-20-24

Kurdistan Federation: Legislating The Oil And Gas Law Will Resolve The Disputes Between Baghdad And Erbil

June 19 16:58 Information / private.. The spokesperson for the Patriotic Union of Kurdistan parliamentary bloc, Suzanne Mansour, said on Wednesday that legislating the oil and gas law would be sufficient to resolve the disputes and outstanding issues between Baghdad and Erbil.

Mansour said in an interview with the Maalouma Agency that the oil and gas issue has been stuck between Baghdad and Erbil for many years, noting that “recourse to the constitution lies in legislating the oil and gas law.”

She added, "The draft oil and gas law is still with the government and we are waiting for the law to be enacted in the House of Representatives," noting that "approving the law would regulate the relationship between Baghdad, Erbil, and the oil-producing provinces."

She continued, "There is a committee formed by both sides in Baghdad and Erbil to solve all problems, including the oil and gas law." LINK

An Employee At The Agricultural Bank In Maysan Was Arrested And Seized 131 Million Dinars

Posted On 06-20-2024 By Sotaliraq The Federal Integrity Commission announced the implementation of an operation during which an employee at a government bank in Maysan Governorate was arrested for seizing an amount of 131 million dinars from one of the bank’s customers.

The Authority said in a statement that “the Authority’s Maysan Investigation Office formed a working team from its staff,” explaining that “the team that moved to the Agricultural Cooperative Bank / Maysan Branch was able to execute an arrest warrant for one of the employees because he, in collaboration with other employees of the bank, seized more than From (131) million dinars from a customer’s account in the bank.”

The authority added in its statement that “the process of withdrawing the amount from the customer’s current account at the bank took place without his knowledge, after forging his signatures and seizing his funds deposited for the accused’s account, in conjunction with other employees,” noting that “the process was carried out in accordance with the provisions of Article (316).” of the Penal Code.”

She confirmed that “a formal arrest report was prepared for the operation, and it was presented with the accused to the judge of the investigative court competent to look into integrity issues in Maysan to issue the appropriate decision.” LINK

A Reality That Cannot Be Hidden Behind... Everything About The Secrets Of Electricity And Its “Chronic Disease” In Iraq

Baghdad today - Baghdad Every summer season, Iraqis get used to facing the deterioration and failure of the electrical sector in Iraq, and while the matter was often justified by the lack of fuel and the interruption of Iranian gas, the deterioration of supply this season compared to the previous season increased the “puzzle” about the secret behind the deterioration of electricity, especially since gas Iranian production continues and current production is greater than last year's production, but the level of processing has declined.

"Baghdad Today" interviewed the current Undersecretary of the Ministry of Electricity and the former Acting Minister of Electricity, Adel Karim, about the secrets behind the deterioration of electrical equipment, and his speech was not devoid of "pessimism", and the reality imposed by the language of numbers that cannot be escaped or hidden behind.

Karim said in an interview with "Baghdad Today", "There are many reasons behind the poor quality of electricity supply, the most prominent of which is our inability to keep up with the increasing demand," noting that "the improvement in the living conditions in Iraq has caused the demand to increase annually by two thousand megawatts."

He explains, "In the past, the Iraqis relied on refrigerants, which at best did not draw more than 3 to 4 amps, while currently, due to the improvement in the living condition, they rely on splitters and refrigeration devices that consume about 12 amps."

Karim adds, “Iraq’s current production amounts to more than 25,000 megawatts, while the demand this year amounts to 50,000 megawatts to provide Iraqis with electricity for 24 hours,” noting that “the shortage amounts to 25,000 megawatts, meaning that the demand is twice the production.” currently".

He talks about starting a very ambitious program represented by building thermal, combined and gas stations and repairing the stations that were damaged in the battles of the terrorist ISIS.

While all of these problems are not new, but rather old, Karim adds, regarding the direct cause behind the latest crisis during this summer, by saying: “It came because of the distribution networks, as the feeders began to operate beyond their capacity, as the feeder previously had a load of 5 megawatts. But due to urban development, expansion, and building construction, nutrients began to be unable to keep up with this expansion, and we now have major problems with these nutrients.”

In addition, he points out that “at the beginning of summer, many units and lines were disconnected due to high temperatures, and we had many of these problems.”

Regarding the impact of summer, Karim explains, “In the times of the spring and autumn equinox, our need ranges between 11 and 14 thousand megawatts only, but in the summer it jumps to 50 thousand megawatts.”

Karim does not blame the citizen alone for using “splits,” noting that “climate change plays a major role in the expansion of the use of air conditioning devices, as Iraq is the fifth country most affected by climate change around the world.”

The Undersecretary of the Ministry points out that the delay and non-approval of budgets in 2020 and 2022, and the absence of investment budgets, led to a delay in the Ministry’s plans to keep pace with demand and stopped many projects to increase production, in addition to the ISIS war, as the terrorist organization caused Iraq to lose approximately 6 thousand megabytes. Watts of production, but now work is underway in Baiji, Anbar, and the thermal stations in Mosul, Akkaz, and Kirkuk.”

Regarding the crisis of the fuel needed to operate the stations, which is gas, Karim explains that Iraq is a country rich in liquid fuel, so the trend is now towards building thermal stations, not gas, and in the coming years they will enter service, which contributes to production not being affected if the imported gas stops. LINK

Jacobson, “Professor” Romanowski... A Clear Expression Of A “New American Strategy” In Iraq - Urgent

Baghdad today – Baghdad Today, Wednesday (June 19, 2024), political affairs researcher Muhammad Ali Al-Hakim revealed the most prominent tasks of the new American ambassador to Iraq, Tracy Jacobson, during the next phase, confirming the existence of a new strategy for the American administration in the country .

Al-Hakim said in an interview with “Baghdad Today” that “the tension and attraction between the new American Ambassador Extraordinary in Iraq, Tracy Jacobson, on the one hand, and the factions, on the other hand, confirms the existence of a new strategy for the American administration in Iraq, and Jacobson is of higher rank and experience than Romanowski (the current ambassador) and will be.”

Ambassador extraordinaire, meaning she has the freedom to make decisions without referring to Washington, and she also has the right to conclude agreements in the name of the state.

Specifically, Jacobson served in the White House and also contributed to drawing important strategies related to American national security and the president’s decisions. She is considered a mentor to former American Ambassador Romanski in terms of Work, experience and powers assigned to it.”

He explained that "Washington's goal to appoint such an ambassador, in this sensitive circ*mstance, carries with it many hidden and encrypted messages and connotations that will become clear little by little in the Independent, the most prominent of which is targeting armed factions and curbing the parties that stood in opposition to the Iraqi governments and that targeted American interests and to limit their activities in the region." Specifically in Iraq."

He added, "Washington also wants to limit the activity of armed factions externally, which have become a source of nuisance to the Israeli entity, as well as target Iranian interests in Iraq, the real supporter of the factions, and completely stop Iranian activity and target Iran's allies in order to be a card for US President Biden to maneuver with during the US elections."

After the normalization card between Saudi Arabia and Israel, as well as the peace process and the two-state solution (Israel and Palestine) in the near future, have disappeared.”

The speech of US Ambassador Tracy Jacobson, who will soon be appointed to Iraq, sparked a governmental and political reaction because of its “determination” to overthrow Iranian interests in the country, starting with energy and ending with support for armed factions. LINK

Provoking Thoughts and Points To Ponder On Adversity:

I think my biggest achievement is that after going through a rather difficult time, I consider myself comparatively sane. I'm proud of that. -Jacqueline Kennedy Onassis

To be tested is good. The challenged life may be the best therapist. -Gail Sheehy

I think hearts are very much like glasses - if they do not break with the first ring, they usually last a considerable time. -L. E. Landon

Your first big trouble can be a bonanza if you live through it. Get through the first trouble, and you'll probably make it through the next one. -Ruth Gordon

Calamity is the test of integrity. -Richardson

The secret of a leader lies in the tests he has faced over the whole course of his life and the habit of action he develops in meeting those tests. -Gail Sheehy

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.htm

Iraq Economic News and Points To Ponder Wednesday Evening 6-19-24

Parliamentary Finance: Iraq Needs To Be Liberated From Oil Power In The Field Of Revenues

June 12, 2024 Baghdad/Iraq Observer Member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, confirmed that although Iraq possesses all the elements that enable it to advance its economy and liberate itself from oil power in the field of revenues, it lacks unity of decision and vision in the field of directing the economy to its correct destination.

Al-Kadhimi told Iraq Observer, “There is a major imbalance in the Iraqi economy.

If we continue to rely on oil as the country’s sole resource, as approximately 90% of the country’s revenues are derived from it, then this dependence is not guaranteed, given that the oil wealth is not stable in price in global markets, in addition to “The wise countries are moving towards non-oil revenues.” He added, “There are already steps taken by the government, but they are not at the level of ambition to increase revenues, including encouraging internal industry and agriculture.

Also, the fact that the border crossings remain without control, especially those in the Kurdistan region, is one of the most prominent reasons behind the faltering of the internal industry, as the national product remains without protection from the government.”. He continued,

"The increase in non-oil revenues, customs, border crossings, taxes, and all services provided by the Ministry of Electricity and other service ministries must be offset by these huge amounts spent on the ministries, revenues that strengthen the state's balance and treasury in light of the annual budget, in addition to initiatives to support the private sector and investment that... “It would attract and absorb large numbers of labor.” He pointed out that

“Iraq has the qualifications to start with non-oil revenues,

but the system that the economy has followed since 2003 and

what was imposed by the occupation and the

destruction of the infrastructure of most factories and the

failure to solve the problem of electrical energy until now

is considered the main obstacle to the launch of the private sector in the various fields that support The Iraqi economy is important and essential revenues.” He concluded by saying,

“An example of this is what happened currently in self-sufficiency in wheat, and

the wheat crop has now reached 6 million tons of production for this year, but

in return it cost the government approximately more than a trillion dinars, considering that the government took the initiative to buy a ton at a rate of 150 thousand dinars in support of farmers, while in If it is imported, it reaches the governorates at a price of 400 thousand dinars.

Therefore, the issue of reforming the Iraqi economy requires a

government decision,

parliamentary support, and

support from the political blocs, in addition to

understanding from the popular bases.

https://observeriraq.net/المالية-النيابية-العراق-بحاجة-الى-الت/

International Finance: Economic Reform In Iraq Is Witnessing An Increasing Pace, And We Have Invested About Two Billion Dollars

Money and business Economy News _ Baghdad The representative of the International Finance Corporation in Iraq, Bilal Zaghir, confirmed today, Tuesday, that the institution’s investment in Iraq has reached nearly two billion dollars since 2005, while indicating that economic reform is witnessing an increasing pace.

Zaghir said in an interview with the Iraqi News Agency, followed by “Al-Iqtisad News,” that “the work of the International Finance Corporation dates back to the year 2005, and over the years we have been able to invest nearly two billion dollars in a wide range of sectors,” indicating that “our work in Iraq will extend out of our belief in future prospects.”

"For Iraq, the pace of economic reform will accelerate, and this will reflect positively in creating other investment opportunities in all sectors, whether industrial, infrastructure, or in the financial and banking sector."

He added, “The International Finance Corporation is the arm of the World Bank that is concerned with developing the private sector by providing the necessary financing for private sector projects in addition to providing advisory services. Therefore, the framework of the institution’s work expands to include a wide range of financial services to all companies operating in Iraq in addition to providing consulting services".

Zaghir continued, “The IFC’s thinking relates to a group of sectors whose importance we believe and whose importance we share with the Iraqi government, whether investing in the Iraqi industrial sectors, where they are productive and an alternative to imports, and the second part relates to the financial sector, both its banking and non-banking parts, in addition to the importance of investing in infrastructure and improving the services provided.”

For Iraqis throughout the country,” pointing out that “the main point is our work and encouraging the private sector and working with it.”

240 views Added 06/18/2024 - https://economy-news.net/content.php?id=44398

Iraq Is Second In The Arab World To Produce Hydroelectric Power

Hydropower Energy Economy News – Baghdad Iraq ranked second among the largest Arab countries with the largest hydropower capacity in operation, according to recent data issued by the Global Energy Monitor platform.

The total hydropower capacity in operation in 7 Arab countries (Egypt, Iraq, Sudan, Syria, Morocco, Lebanon, and Algeria) is more than 10.2 gigawatts.

Egypt topped the list of Arab countries with the most operational hydroelectric capacity, reaching 2,778 gigawatts, and in second place on the list was Iraq, with a capacity that stabilized at 2,436 gigawatts, followed in third place by Sudan, with a hydroelectric capacity of 1.85 gigawatts.

Fourth, Syria ranked on the list of Arab countries with the most hydroelectric power capacity, with an operating capacity of 1,585 gigawatts, and Morocco came in fifth place, with a capacity of 1,395 gigawatts.

Lebanon also came on the list with an operational hydroelectric capacity of 0.108 gigawatts, and finally Algeria ranked on the list of Arab countries with the most hydroelectric capacity, with a capacity of 0.100 gigawatts. Views 95 06/19/2024 - https://economy-news.net/content.php?id=44424

Stability In Dollar Exchange Rates In Baghdad, Basra And Erbil

Wednesday 19, June 2024 12:24 | Economical Number of readings: 327 Baghdad / NINA / The exchange rates of the dollar against the Iraqi dinar witnessed stability today, Wednesday, in Baghdad, Basra, and Erbil. Below is a list of dollar selling prices:

$100 = 147,000 dinars in Baghdad

$100 = 146,800 dinars in Basra

$100 = 147,000 dinars in Erbil.

https://ninanews.com/Website/News/Details?key=1133156

To read more current and reliable Iraqi news please visit :https://www.bondladyscorner.com/

Provoking Thoughts and Points To Ponder On Adversity:

As there is no worldly gain without some loss, so there is no worldly loss without some gain.... Set the allowance against the loss, and thou shalt find no loss great. -Francis Quarles

Never complain about your troubles; they are responsible for more than half of your income. -Robert R. Updegraff

A problem is a chance for you to do your best. -Duke Ellington

Emergencies have always been necessary to progress. It was darkness which produced the lamp. It was fog that produced the compass. It was hunger that drove us to exploration. And it took a depression to teach us the real value of a job. -Victor Hugo

Many men owe the grandeur of their lives to their tremendous difficulties. -Charles Haddon Spurgeon

It is often hard to distinguish between the hard knocks in life and those of opportunity. -Frederick Phillips

Fire is the test of gold, adversity of strong men. -Marcus Annaeus Seneca

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.htm

Danielle DiMartino Booth: Fed Doesn't Have a Snowball's Chance in Hell of Achieving a Soft Landing

Palisades Gold Radio: 6-19-2024

Tom welcomes back Danielle DiMartino Booth to the show to discuss de-dollarization and its implications for the US economy.

Danielle argues that while concerns over countries moving away from the US dollar system have been ongoing for a long time, the US dollar remains dominant in global transactions due to its vast liquidity pool and lack of competition.

She advises investors to diversify during financial crises instead of doubling down on dollars. The conversation touches upon the Federal Reserve's actions, with Danielle expressing concerns about potential policy errors regarding inflation and outdated data usage.

Danielle discusses employment statistics, mentioning that hard data from the Quarterly Census of Employment and Wages (QCEW) plays a significant role in revisions to non-farm payrolls and Gross Domestic Product (GDP).

She expresses concern over the Fed's reliance on outdated data and potential late action.

The conversation also covers concerns about risks for regional banks, rising bankruptcy rates, and imminent student loan delinquencies. She also discusses signs of a potential recession, including slowdown in credit card spending, increasing charge offs, and decreasing employment levels.

Despite some optimistic predictions, she express skepticism due to the weak economic foundation and the Fed's role in combatting inflation with varying opinions on its likelihood.

Time Stamp References:

0:00 - Introduction

0:45 - Dedollarization Trends

2:47 - Global Dollar Trade

5:49 - Reserves and Data

8:57 - Fed & Global C.B. Cuts

10:49 - Fed & 2024 Elections

12:55 - Consumer 'Health'

13:58 - Fed Revisions & Data Lag

19:44 - Bankruptcies & Inflation

23:44 - Problems Not Priced-In

25:27 - Regional Banking Risk

28:47 - Bigger Banks & Losses

32:52 - Credit Card Spending

34:52 - Deep Long Recession

37:40 - Fed - Hard Landing

38:55 - Inflation Targeting

41:09 - Wrap Up

Talking Points From This Episode

- The US dollar's dominance in global transactions is due to its vast liquidity pool and lack of competition.

- Investors are advised to diversify during financial crises instead of relying on dollars. - Concerns over the Fed's policy errors, outdated data usage, and potential late action in addressing economic issues.

https://www.youtube.com/watch?v=RyDMGo3eUT8

Goldilocks' Comments and Global Economic News Wednesday Afternoon 6-19-24

Good Afternoon Dinar Recaps,

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What is a SPAC? |Barrons

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Today the Independent Evaluation Office (IEO) of the International Monetary Fund (IMF) concluded that newer IMF policy areas such as governance, social spending, digital money, climate change, and gender are leading to “serious” challenges, including overburdening staff. That’s because the expansion of activities beyond its traditional areas has happened with “limited resources and expertise”, including a more or less flat budget in real terms. However, the Board approved each of the expansion areas. Ledger Insights IEO IMF

👆Do you see an urgency here?

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Putin arrives in North Korea, vows to boost cooperation and fight sanctions —Radio Free Asia

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This direct trade in local currencies was not only aimed at expanding bilateral trade to $100 billion under their free trade pact but also meant to develop a mechanism and ecosystem of directly dealing in two currencies. It was presumed to cover around 20-25 per cent of trade in local currency initially. However, the first deal that happened in Indian rupee-UAE dirham was an oil deal. |RFA

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"Japan's Norinchukin Bank to sell US$63b of US, European govt bonds to stem losses" |The Edge Malaysia

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👆 Goldilocks pointed to this article

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BREAKING NEWS - OPEC Power Alliance in Trouble? |Youtube

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