Iraq Economic News and Points to Ponder Saturday Afternoon 11-25-23
Tlm724 Administrator Bondlady’s Corner
Interior Ministry: More Than 25 Dollar Traders Were Arrested
a wish | 11/25/2023 Baghdad – Mawazine News The Ministry of Interior counted, today, Saturday, the dollar speculators and beggars who were arrested during the month of last October.
The Director of Organized Crime Operations at the Ministry of Interior, Brigadier General Hussein Al-Tamimi, told the official agency, followed by Mawazine News, that “based on the directives of the Minister of Interior, the Directorate of Combating Organized Crime began operations on the Rusafa and Karkh sides of the capital, Baghdad, in addition to the directorates located within the governorates.” “, with a wide campaign to eliminate the phenomenon of begging.”
He added, “There is a vigorous field follow-up by the Undersecretary for Intelligence and Federal Investigations on the phenomenon of begging, which has become an uncivilized and widespread phenomenon in Baghdad and the provinces, and the arrest of beggars.”
He pointed out that “during the past month, more than 115 beggars of various Arab and Asian nationalities and age groups were arrested. They were detained and prosecuted by the judiciary,” stressing that “they were arrested and sent to the competent authority (Directorate of Residency Affairs).”
He continued, “There are also ongoing campaigns regarding the follow-up of unlicensed brokerage offices, in addition to human trafficking, and some of the duties assigned to the work of the Directorate for Combating Organized Crime.”
He stressed that “there are other campaigns continuing to pursue manipulators and speculators with the exchange rate of the dollar. During the past month, more than 25 defendants were arrested.”https://www.mawazin.net/Details.aspx?jimare=238501
Member Of The Democratic Party: Postponing The Oil And Gas Law Until After The Kurdistan Parliament Elections
Time: 11/24/2023 Read: 3,120 times {Politics: Al-Furat News} A member of the Kurdistan Democratic Party expected that the draft oil and gas law would be postponed to next year due to continuing disagreements over it.
Wafa Muhammad Karim told Al-Furat News Agency, “The oil and gas law has reached the stage of final touches before being sent to the House of Representatives, but the entry into the oil-producing governorates required more time to write the draft, in addition to the presence of political parties that want to obstruct the law.”
He added, “So far, the law has not been sent to Parliament and will be postponed until next year, because it is one of the most complex laws passed in Iraq.”
Karim expected that “the draft law will be implemented after the Kurdistan Regional Parliament elections {scheduled for the beginning of next year} due to its legislative difficulty.”
Prime Minister Muhammad Shiaa Al-Sudani confirmed on the second of last August that the draft oil and gas law is part of the commitment to the ministerial approach, which the House of Representatives voted on, and will take into account constitutional principles, in a way that guarantees the fair distribution of oil wealth and improves the reality of the economy in its various aspects, and contributes to the economic reform that The government has made it a priority.
Al-Sudani directed the formation of a ministerial committee to supervise the technical dialogues between the Federal Ministry of Oil and the Ministry of Natural Resources in the region, in addition to inviting the governors of the oil-producing governorates, Basra, Maysan, Kirkuk, and Dhi Qar, and the general directors of government oil companies to the ongoing technical dialogues regarding the law, provided that it is followed by These dialogues complete the political dialogue to agree on submitting the draft law. LINK
Oil Prices Achieve Weekly Gains For The First Time In More Than A Month
Economy Saturday, November 25, 2023 Follow-up/National News Center Oil prices achieved weekly gains for the first time in more than a month, ahead of the OPEC+ meeting next week to decide on production cuts in 2024. The rise comes despite the decline in oil prices on Friday, with the decline in the premium associated with geopolitical risks due to the truce in Gaza.
Price movements during the past week: US West Texas Intermediate crude rose by 3.35 percent, while Brent crude declined slightly by 0.04 percent.
On Friday, the settlement price for futures contracts for Brent crude fell by 84 cents, equivalent to one percent, to $80.58 per barrel, while US West Texas Intermediate crude fell by $1.56, or two percent, from Wednesday’s close at $75.54.
There was no settlement for West Texas Intermediate crude yesterday, Thursday, due to the Thanksgiving holiday in the United States. The escalation operations in Gaza witnessed a truce that included the exchange of a group of hostages and detainees.
“It was important for them to go ahead with it so the risk premium would go down,” said John Kilduff, a partner at Again Capital in New York.
The weekly rise in oil comes at a time when OPEC+ is preparing for a meeting in which production cuts are at the top of its agenda after the recent declines in oil prices due to concerns about demand and supply growth, especially from non-OPEC producers. OPEC+, which includes the Organization of the Exporting Countries, surprised Petroleum and allies, including Russia, asked the market on Wednesday to postpone its meeting from November 26 to the 30th after producers faced difficulty in reaching a consensus on production levels.
Three OPEC+ sources told Reuters that the group is close to reaching a compromise with African oil producers on production levels in 2024. https://nnciraq.com/238336/
Iraq’s Credit Rating And Its Relationship To The Conflict In The Occupied Territories
money and business Economy News Moody’s credit rating agency maintained Iraq’s CAA1 rating, warning that the escalation of the conflict between Israel and Hamas and the intervention of Iran and the United States may have fundamental repercussions on Iraq, if the war expands.
The agency said that the ongoing conflict between Israel and Hamas remains primarily focused in Gaza. But its regional escalation, which is a “scenario with little possibility of being achieved,” will have economic repercussions for Iraq.
The agency notes that any escalation in tensions in the Gulf would threaten to disrupt maritime transport routes through the Strait of Hormuz, which Iraq depends on for most of its oil exports.
It maintained Iraq’s rating at “CAA1” with a stable outlook, and said that the rating reflects Iraq’s financial and external dependence on hydrocarbons, which leads to its significant exposure to oil price fluctuations and the risks of transitioning away from carbon.
However, the agency says that Iraq’s low reliance on external financing and the buffer provided by the recovery in foreign exchange reserves underscore a range of mitigating factors even if this scenario plays out.
Iraq, which is rich in oil, suffers from deterioration in its infrastructure and roads as a result of decades of wars and the spread of corruption.
Iraqi Prime Minister Muhammad Shiaa Al-Sudani confirms that one of his government’s priorities is to rehabilitate the transportation and road infrastructure, as well as the dilapidated electricity sector.
Views 57 11/25/2023 – https://economy-news.net/content.php?id=37804
Al-Rafidain Launches A Campaign To Rely On Electronic Payment And Open Bank Accounts For Citizens
Economy NewsToday, Saturday, Rafidain Bank announced the launch of a campaign to rely on electronic payment and open bank accounts for citizens.
The bank’s media office stated, in a statement received by Al-Iqtisadnews, that “the mobile field teams of the Rafidain Bank branches are conducting extensive visits to shop owners, commercial centers, universities and other sectors.”
He added, “This comes to review the banking services and facilities provided to customers, the procedures for opening bank accounts, and the move to adopt electronic payment in daily financial transactions.” Views 52 11/25/2023 – https://economy-news.net/content.php?id=37805
The Minister Of Commerce Announces Major Joint Investments Between Iraq And China
Money and business Economy News – Baghdad Today, Saturday, Trade Minister Atheer Al-Ghurairi announced major joint investments between Iraq and China, while stressing that Iraq is looking forward to benefiting from China’s political and economic capabilities.
Al-Ghurairi said, to the Iraqi News Agency (INA), followed by “Al-Eqtisad News”, during the establishment ceremony of the Iraqi-Chinese Business Council, under the auspices of Prime Minister Muhammad Shia’ al-Sudani: “On behalf of the Prime Minister, we extend to the government and the friendly Chinese people our congratulations on the 65th anniversary of the establishment of relations.”
Diplomacy between Iraq and China, as well as the establishment of the Iraqi-Chinese Business Council, and we wish them further progress and prosperity,” noting that “the historical friendship relations between Iraq and China are deep-rooted, and both civilizations have made prominent contributions to all of human history.”
He added, “Iraq is linked to China through economic and trade relations that resulted in the signing of the trade, economic, and technical cooperation agreement in 1997, from which a joint committee emerged that held 13 sessions, the last of which was in 2016, and discussed a number of areas of cooperation, including political, economic, cultural, education, and health.” “.
He continued, “The People’s Republic of China is Iraq’s largest trading partner, as the volume of trade exchange between the two countries in 2022 reached approximately 53 billion US dollars,” stressing that “Prime Minister Muhammad Shiaa Al-Sudani paid attention to bilateral relations with the People’s Republic of China, through… The Iraqi Development Road Project, which will move the region economically and transport goods from Europe to the Gulf and vice versa through Iraq.
He continued, “Iraq looks forward to more cooperation with the Republic of China and more cooperation achievements, as well as benefiting from its political and economic capabilities in order to confront economic and development challenges and change the reforms, programmes, plans and projects that the Iraqi government desires.”
He pointed out that “Iraq is witnessing a new phase through the government program currently in effect and monitored and followed by Prime Minister Muhammad Shia al-Sudani, which stipulates openness and establishing the best relations with all countries, especially China, as it is the largest trading partner.”
He stressed that “China is an important and essential partner and the second largest economy in the world, so it was very important for the Business Council to have a presence in this period through its decreed agenda,” pointing out that “there will be more Chinese investments inside Iraq, as well as investments by businessmen and merchants.” Iraqis inside China.
Views 54 11/25/2023 – https://economy-news.net/content.php?id=37813
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Provoking Points to Ponder on Feelings – Sincerity – Slander
Diogenes being asked “What is that beast, the bite of which is the most dangerous?” replied “Of wild beasts, the bite of a slanderer; and of tame beasts, that of the flatterer” — Diogenes
No one is safe from slander — The best way is to pay no attention to it – but live in innocence and let the world talk — Moliere
The slanderer inflicts wrong by calumniating the absent; and he who gives credit to the calumny before he knows its truth, is equally guilty — Herodotus
Oh! Many a shaft, at random sent, finds mark the archer little meant; and many a word, at random spoken, may soothe or wound a heart that’s broken — Walter Scott
It is commonly unnecessary to refute slander and calumny, except by perseverance in well doing; they are sparks, which, if you do not fan them, will soon go out —
If evil be said of thee,m and it is true, correct it; if it be a lie, laugh at it –
Have patience awhile; slanders are not long lived — Truth is the child of time; ere long she shall appear to vindicate thee — Kant
Slander cannot make the subject of it either better or worse — it may represent us in a false light, or place a likeness of us in a bad one, but we are always the same — Not so the slanderer, for calumny always makes the calumniator worse, but the culmniated never — Colton