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

Global Economic News from the Seeds of Wisdom Team Newshounds Wednesday AM 6-26-24

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Ex-Millionaires Are Revealing How They Lost All Their Money, And I'm Actually Speechless

BuzzFeed Tue, June 25, 2024

Reaching millionaire status is a feat people dream of achieving. But unfortunately, having millions of dollars doesn't mean you're invincible, as evidenced by redditor u/HypnoticMushrooms, who asked people to share how they or someone they knew became an "ex-millionaire." I'm genuinely surprised at how some of these people weren't responsible with their money. Here are some of the most insightful stories:

1."COVID-19. I built a business that was given a valuation of a few million back in January, but the industry went down, and I'm doing all I can now to avoid bankruptcy."

2."I dated a guy who unexpectedly inherited $6 million. His parents had been killed in a drunk driving accident when he was a baby, and so their life insurance and money from a legal settlement sat in an account collecting interest for 18 years. He got a call from a lawyer on his 18th birthday, and that's how he found out about it. He went nuts. Every time I saw him, he had a new car.

He bought an extravagant house and insisted on taking these big vacations. He would go to our local comic shop and buy EVERYTHING. His spending was a major factor in why we broke up. It was all too much, watching him blow through money like that. He didn't invest any of it. He blew through all his money in five years. Last I saw him on Facebook, he was destitute."

3."I built a business worth around $3 million, had a house worth $1.4 million, investments worth more than $2 million, and had four nice cars. Divorce laid me low. An ex-wife, a lawyer, and a judge stripped me of at least 75% of that. I was left with a Miata race car, a bit of money, and 51% of my company.

And I still had to pay alimony. I gave up. I negotiated my way out of alimony by giving up more of the company and liquidating everything else.

I bought a boat and f*cked off. 26 months later, I sailed back into my life and started over. I've earned enough to live a modest retirement, and that's where I am today. Don't get married, boys. I've done it twice. The first time was a disaster, and the second time was an annoyance. Just my opinion and experience."

4."A family member of mine did very well in tech. He was an incredibly smart physicist but a horrible businessman. He retired, having made his millions, then bought a beautiful antique yacht. 10 years later, he's in debt and has struggled to sell the boat for years. His family is so pissed at him. TL;DR: don't buy a boat.

5."I was close to being a millionaire after selling my company to a bigger competitor. I reinvested most of it since I didn't have much use for the money, but then I got scammed for about half a million on buying some real estate.

I basically bought a fantastic holiday destination facility from someone who did not own said fantastic holiday destination facility. And by 'bought,' I mean that I'd put a substantial down payment to keep other interested parties at bay. Classic."

6."My grandfather died and left everything to my mom. Then, my father died and left everything to my mom. Mom always thought she was a smart gambler that would win. As proof, she won maybe $25k from the lottery once and went out and bought a car. After that, she was hooked. When Dad was alive, he didn't let her gamble; he kept it under control. After he died, my mom found a boyfriend — a former bookie who was a 'professional' gambler.

They used to like going to casinos, squandering every penny and more. Then, my mom sold the big house for another $500k and bought a small condo. She took out a home improvement loan for it for $50k, but no improvements were ever made. Casinos and lottery tickets. A cool million or two gone."

To Read More

https://www.yahoo.com/finance/news/ex-millionaires-revealing-lost-money-025602453.html

IQD Update-Iraqi Dinar-2024 Budget Deficit is Hypothetical-A surplus is why-Sovereign Funds fill it

MilitiaMan and Crew:

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=bQBDbjG5uBg

KTFA:

BuckeyeTree: IMO, not only Iraq and Iraqis need their new exchange rate, but the world needs for Iraq to activate the new exchange rate with not only the amount of business currently contracted but additional business yet to contract. Business will benefit Iraq and those companies, and the countries connected with them will benefit. There are many inter-connections.

Sudani was talking about Iraq and sports interests which will bring more tourism and internationalism because Iraq has security and stability. It is an exciting time for renewal and becoming part of the First World for Iraq and Iraqis.

Therefore, IMO, the phrase at any moment fits even if it may be days away, but difficult to imagine the wait being weeks or months, not with new ATMs out in place and many of them. If the educational videos were made end of April just after US trip, the near proximal future seems to be not too far off, IMO, and July is almost here.

We have the Liberty Bell in Philadelphia engraved with words from the Bible which include "Proclaim liberty throughout the Land and to all the inhabitants thereof." The upcoming period IMO will be a time of great prosperity and freedom from terror for Iraqi people. We wait to hear what is next on Iraq TV from Eddie plus bank friend. We will celebrate when the mission is accomplished. Can you imagine the celebration that will be in Iraq. IMO……Praise God.

Clare: Basra Council: We are serious about activating the law on Basra, the economic capital of Iraq

6/24/2024

The Basra Governorate Council confirmed its intention "to activate the law on Basra, the economic capital of Iraq, pointing to discussing the issue with the Prime Minister in order to activate this law."

The head of the Council’s Finance and Administrative Committee, Shukr Al-Amiri, said, “This is an attractive factor for foreign investment companies, given that Basra will be a corridor for international trade,” indicating that all of this encourages the economy, develops trade, and also provides job opportunities for many unemployed youth. .

Al-Amiri explained that the seventh economic conference in Basra Governorate comes in order to focus on economic activity in the governorate.LINK

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Clare: Prime Minister: Establishing the values ​​of truth, social justice, and equality of Imam Ali (peace be upon him) will be the approach of our government

Baghdad -

Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Tuesday, that the values ​​of truth, social justice and equality of Imam Ali (peace be upon him) will be the approach of our government.

The Prime Minister said in a tweet followed by the Iraqi News Agency (INA): “I extend my sincere congratulations to our people and the Islamic nation, on the occasion of the blessed Eid Al-Ghadir, asking God Almighty to grant our country goodness, love, tolerance, and more progress and prosperity.”

He added: "By making Eid al-Ghadir an official holiday and a national occasion for all Iraqis, we are all recalling the lessons contained in the fragrant biography of Imam Ali bin Abi Talib (peace be upon him) in establishing the values ​​of truth, social justice and equality, to be an approach for our government and a path to achieve the interests of our people." . LINK

Clare: A new Iraqi plan to return the green bird to the skies of Europe again

6/25/2024

The Iraqi Airways Company talked about a new plan to return the green bird to the skies of Europe again.

The Director General of Iraqi Airways, Manaf Abdel Moneim, said in a statement followed by Mawazine News, “The company resorted to a system called (wet leasing) to operate flights and transport Iraqis to Europe in light of the imposed embargo, and we relied on a plane leased from another country that is not subject to the embargo. For a period of 6 months, then the contract was terminated.”

He added, "During that period, we prepared an alternative plan to operate Iraqi aircraft to Europe through the 83 BIS Protocol, which means operating our aircraft under the umbrella of the aviation authority of another country that is not prohibited, and we contracted with Turkey, but we were surprised by Turkey's withdrawal and the refusal of the Turkish Civil Aviation Authority, as a result of the lack of interaction."

The Iraqi Aviation Authority corresponded with its Turkish counterpart, and the latter submitted a low evaluation report to the Iraqi Aviation Authority, and said, “We will not operate aircraft with this system.”

The director of the airlines continued, “After the Turkish Aviation Authority’s refusal, we resorted to the third alternative, which is registering the Iraqi aircraft with a state.” Others are not banned, just registration and not sale, and thus we can use its license to fly and operate our planes to Europe, but during that we received offers and emails from European countries that are not banned, to operate our planes under their umbrella,” pointing out that “the Iraqi Airways Company is continuing with this.” direction". LINK

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Clare: Parliamentary Finance for / Nina /: There is no real deficit in the general budget and its schedules

6/25/2024

The Parliamentary Finance Committee confirmed that there is no real deficit in the tables of the general budget law approved by the House of Representatives.

The Vice-Chairman of the Committee, Ikhlas Al-Dulaimi, said in a statement to the National Iraqi News Agency (NINA), that “the existence of a deficit in the budgets is within the usual ceiling, and this is called a planned deficit, not a real deficit that is not being implemented. Therefore, in this 2024 budget, the value of the deficit was 64 trillion dinars.” .

She added, "The House of Representatives approved the 2023 budget worth 199 trillion dinars, in which the actual expenditure to date amounted to approximately 150 trillion dinars, and therefore 49 trillion dinars is a planned deficit."

The Vice-Chairman of the Finance Committee confirmed, “The government and the Ministry of Finance addressed that deficit through the difference in the price of a barrel of oil, which the budget estimated at $70 and is currently sold for about $80, meaning a total of 16 trillion dinars, in addition to treasury bonds worth 20 trillion dinars and loans worth 5 trillion dinars.”

And a set of measures will cover the value of the deficit, and this was attached to the budget tables sent by the government and approved by the House of Representatives,” indicating that “there was no real deficit in the general budget and its tables, but it was only a planned deficit.” LINK

Iraq Economic News and Points To Ponder Tuesday Evening 6-25-24

Professional Ethics: Theoretical And Methodological Imperatives And Economic Transformation

Economy News – Baghdad Researcher in finance and development affairs and academic Aqeel Jabr Ali Al-Muhammadawi

It considers modern ideas about the concept, essence and structure of professional ethics, examines its main categories and problems, and determines its relationship to the general theory of ethics.

It is worth noting that there are common phrases on the subject of professional ethics: professional ethics, professional ethics, professionalism, moral values, and professional behavior.

Ethics emerged as a philosophical science in the middle of the first millennium BC. Because of the need to formalize ethical standards which was the result of the separation of theoretical spiritual activities from practical material activities.

One of the types of material and practical human activity was professional activity. Therefore, even in ancient times, professional ethics arose as an integral part of general ethical theory. Its emergence was due to the emergence of professional ethics and values.

The existence of a special professional ethics in society is a direct result of the historically established professional division and development of labor: professional specialists who know how to do what others cannot do are given certain responsibilities in relation to those who use their services, and this requires the development of special rules, charters and values, Able to support the moral position of professional groups in society, inspire confidence in them and provide moral preconditions for their development.

A good example of this topic is the famous Hippocratic Oath, the prototype of which was the Oath of the ancient Greek doctors Asclepiade.

In addition to the norms that regulate the relationship of the profession with society, the demands directed to each other within professional groups were also formed.

As an example, we can cite the laws that determined the life of workshops in the cities of Western Europe in the thirteenth and fourteenth centuries. It included a number of rules that put community members on an equal footing in terms of purchasing and processing raw materials, training and developing the capabilities of trainees and trainers, distributing orders, etc.

As well as the fundamental economic content of regulation within shops and industrial economic units, which sought to prevent the accumulation of capital and the development of free competition, it also contained a moral aspect to some extent.

With the development and complexity of social relations, with the identification of an increasing number of individual specialties and professions, the need for professional ethics has grown as a special area of ​​moral knowledge designed to regulate relations between people in any particular profession.

The need for specific ethical requirements and, hence, special professional ethics, is manifested primarily in social-humanitarian professions, in professions of the “person-to-person” type, the main content of which is education and satisfaction of the needs of the individual.

Professional and ethical norms are also being developed in those types of activities associated with the performance of socially important and necessary functions - in the organization of the civil service, in the service sector, commercial, industrial, agricultural, etc.

Professional ethics are also shaped in other professions; It also develops ethical relationships between professionals, society, managers, subordinates and other employees. These relationships are subject to professional ethics. With the development of modern administrative structure and work organization, increasing importance is given to the development of rules of administrative ethics and management ethics.

The emergence and development of such standards and corresponding motives of behavior and professional assessments is one of the directions of the moral development of humanity.

Despite the universal nature of ethical requirements and the existence of uniform business ethics, specific behavioral and value codes have been identified for an increasing number of types of professional activity.

Especially in the reality of economic and professional transformations in Iraq, and the importance of preparing, organizing and approving a guide to professional ethics and conduct procedures and its pioneering role in development and economic renaissance. Views 141 06/25/2024 https://economy-news.net/content.php?id=44601

A Parliamentary Committee Recommends That The Ministries Of Finance And Planning Issue Instructions For Implementing The 2024 Budget Schedules

Money and business Economy News _ Baghdad Today, Tuesday, the Parliamentary Finance Committee recommended the Ministries of Finance and Planning to release instructions for implementing the 2024 budget schedules, while indicating that all appeals are normal and did not rise to the rejection of some paragraphs.

Committee member Nazem Al-Shibli said in an interview with the Iraqi News Agency, followed by Al-Iqtisad News, that “the budget is considered effective after its publication in Al-Waqa’i newspaper, but it needs instructions issued by the Ministries of Finance and Planning in order for it to be clearly implemented in the ministries, agencies, and governorates,” explaining that “the budget does not There are no complaints and appeals every year, but the court is the one that decides the validity of implementation or legislation.”

He added that "the court will hear all appeals," pointing out that "the budget is subject to appeal in the event of any party objecting to a part of it," noting that "all appeals are normal and do not rise to the rejection of some paragraphs."

It is noteworthy that the House of Representatives voted earlier on the amended schedules of the Federal Budget Law No. (13) for the year 2024 and its annexed schedules (A/B/C/D/E/F).06/25/2024 - https://economy-news.net/content.php?id=44597

A Slight Increase In Global Oil Prices

Tuesday 25, June 2024 | Economical Number of readings: 289 Baghdad / NINA / Oil prices recorded a slight increase. Brent crude futures for August delivery rose seven cents, or 0.08%, to $86.06 per barrel by 00:15 GMT, before the contract expires later this week. The most actively traded September contract rose 8 cents, or 0.09%, to $85.23.

US crude futures rose 11 cents, or 0.13%, to $81.74 a barrel, and both benchmarks rose about 3% last week, achieving gains for two consecutive weeks.

US crude oil inventories are expected to decline by three million barrels in the week ending June 21. Gasoline stocks are also expected to decline, while distillate stocks are likely to rise. According to Reuters. https://ninanews.com/Website/News/Details?key=1133975

Decrease In Dollar Exchange Rates In Local Markets In Baghdad

Economy | 06/25/2024 Baghdad - Mawazine News Dollar prices fell in Baghdad markets, today, Tuesday, with the closure of the two main stock exchanges in the country.

Dollar prices fell with the closure of the Al-Kifah and Al-Harithiya stock exchanges, recording 147,750 dinars against 100 dollars, while this morning it recorded 147,900 dinars against 100 dollars.

Selling prices in the field of banking in the local markets in Baghdad were stable, as the selling price reached 148,750 Iraqi dinars for 100 dollars, while the purchase price reached 146,750 dinars for 100 dollars. https://www.mawazin.net/Details.aspx?jimare=250231

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

Provoking Thoughts and Points To Ponder On Character:

A person's reputation is a mixture of what his friends, enemies, and relatives say behind his back. -Anonymous

Always do right. This will gratify some people, and astonish the rest.-Mark Twain

He's an honest man - you could shoot craps with him over the telephone.-Earl Wilson

The man whose conscience never troubles him must have it pretty well trained.-Anonymous

Conscience is a treacherous thing, and mine behaves badly whenever there is a serious danger of being found out.-Margaret Lane

Too often when conscience tries to speak, the line seems to be busy.-Anonymous

He liked to like people, therefore people liked him.-Mark Twain

Generous people are rarely mentally ill people.-Karl Menninger

When wealth is lost, nothing is lost; When health is lost, something is lost; When character is lost, all is lost!-Anonymous

The great hope of society is individual character.-William Ellery Channing

You must look into people as well as at them.-Lord Chesterfield

Human improvement is from within outward.-James Froude

Talent is nurtured in solitude; character is formed in the stormy billows of the world.-Goethe

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

Iraq Economic News and Points To Ponder Tuesday Afternoon 6-25-24

What Do Investments In Iraq Mean Politically And Economically?

June 24, 2024 Baghdad/Iraq Observer Thehigh level of Arab and international investment optimism constitutes a new support factor for the economic renaissance in Iraq, while observers praised the government measures taken to support investment and economic reform together, which is witnessing significant growth after overcoming many obstacles.

Arab and foreign demand for investment in Iraq has shown an acceleration in growth since 2024, with significant Iraqi support being provided in light of political stability in the country.

They stated:

“Any trend towards locally made materials, such as construction industries such as rebar, cement, sand, wood, etc., which led to their local rise, and so on, are requirements that go towards keeping exchange rates within their rates and not decreasing them.”

Today, selling prices in money exchange shops in local markets in Baghdad were 148,000 dinars for 100 dollars, while purchasing prices reached 146,000 dinars for 100 dollars. https://observeriraq.net/ماذا-تعني-الاستثمارات-في-العراق-سياسي/

Laundering Corruption Money Raises Baghdad Real Estate... Questions About The Source Of Purchasing Power

Baghdad today – Baghdad Economic affairs researcher Mustafa Akram Hantoush confirmed today, Sunday (June 23, 2024), that

the rise in real estate prices in some areas of the capital, Baghdad, is due to money laundering, considering that the Baghdad Municipality’s approval of the area to be 200 meters or less is considered a violation, and also caused an increase in prices. Real estate. Hantoush told “Baghdad Today” that

“thereal estate file in Iraq has become a very complex file and contains clear errors, and

there are also government decisions that have contributed to the rise in real estate prices, including the Baghdad Municipality approving an area of ​​200 square meters for the house as a basic design and there is a separate bond, especially

This square has become unavailable in most areas of Baghdad, except in some upscale areas.” He stated,

"TheCentral Bank of Iraq recently took a correct decision, that any house valued at more than 250 million before the tax must deposit the amounts in a bank until it is known where the source of that money comes from.

This is one of the ways to combat and limit money laundering through purchasing real estate.". He added,

"In areas that are witnessing a crazy rise in real estate prices, with the square meter reaching approximately 12 million or more, real estate there must be monitored, as

this rise may be caused by money laundering, especially since there is no such purchasing power in areas that are originally residential and not commercial." The researcher in the economic affairs continued,

“Working to register one or two houses in the name of one person is considered a reactionary law.

There is no harm in anyone owning dozens of houses if the source of his money is known.

We do not expect that such decisions, if there is a trend towards them, will not limit the rise in Prices at all, but may even have negative consequences.”

https://baghdadtoday.news/252066-غسيل-أموال-الفساد-يرفع-عقارات-بغداد.-تساؤلات-عن-مصدر-القوة-الشرائية.html

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

Provoking Thoughts and Points to Ponder on Wealth

It is wealth to be content.-Lao-Tzu

Who is rich? He that rejoices in his portion.-Benjamin Franklin

If you're happy, you're wealthy! Happiness doesn't need a bank account.-Sr. Mary Christelle Macaluso

Wealth ... is a relative thing since he that has little and wants less is richer than he that has much but wants more.-Charles Caleb Colton

Sometimes when you have everything, you can't really tell what matters.-Christina Onassis

The only question with wealth is what you do with it.-John D. Rockefeller

The rich man is not one who is in possession of much, but one who gives much. -Saint John Chrysostom

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

http://famousquotesandauthors.com/quotes_by_topic.html

30 Countries ditch US dollar: What Next?

Fastepo: 6-25-2024

Nations and regional alliances are increasingly moving away from the US dollar for their trade transactions, a process termed de-dollarization.

This trend seeks to decrease dependence on a single currency, thereby enhancing economic stability by employing a variety of local currencies.

By prioritizing their own currencies, countries aim to mitigate geopolitical risks and bolster their domestic economies.

This ongoing shift is transforming global trade and financial systems, potentially reducing the global dominance of the US dollar.

In this video, we examine the recent trend among various nations to decrease their dependency on the US dollar for international transactions.

We investigate the reasons driving these decisions and offer insights into their economic strategies.

Additionally, we focus on de-dollarization efforts within the BRICS+ bloc, highlighting significant steps these countries have taken to diversify the currencies used in global trade.

https://www.youtube.com/watch?v=C_cl2D8qg5c

LIVE! The U.S. e-CON-omic CON-JOB Is Worsening FASTER! EXPECT A HIGHER STOCK MARKET.

Greg Mannarino: 6-25-2024

https://www.youtube.com/watch?v=T_kPH_iMZ64

ALERT: FDIC Slams Big Banks for MASSIVE Risks

Taylor Kenny: 6-25-2024

The FDIC has raised alarms over major banks' emergency plans, concerns mount over the scale of derivative exposure in the financial sector, and questions emerge about the adequacy of deposit insurance amid banking uncertainties.

With whispers of a potential global financial shake-up, what do the experts know that we don't?

https://www.youtube.com/watch?v=1lP9qfWgRws

TNT:

Tishwash: Parliamentary recommendation for Finance and Planning to launch instructions for implementing budget schedules

CandyKisses: The Central Bank of Iraq revealed the mechanism of imposing fines on private banks

According to a document issued by the bank on the third of this month, "we would like to inform you that the imposition of fines on banks and non-bank financial institutions is done through a competent committee in this bank based on the Central Bank Law No. (56) of (2004) and the Banking Law No. (94) of (2004) and the instructions and controls that regulate banking operations."

He added that due to the violation of these laws, instructions and controls by the bank or non-banking financial institution, the purpose of imposing fines on banks and non-bank financial institutions is to prevent them from committing violations of the laws mentioned above and the instructions issued under them to protect them and ensure their safety and the safety of the financial sector in general.

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Tishwash: Finally, “Carrefour” will open in Baghdad.. The international chain has ended its hesitation

It may not be a passing commercial event in Baghdad.. The international shopping chain “Carrefour” - which has been reluctant for years to enter the Iraqi market - has made up its mind and is actually preparing to open two branches in the capital.

The first will be in the Jadriya area within the “Jadriya Mall,” and the second within the Bismayah Mall complex. According to information obtained bythe 964 networkfrom various sources, the opening of the chain of markets in Al-Harithiya Mall has been withdrawn, because “Carrefour” needs a very large space that “Al-Harithiya” did not provide.

He already got what he wanted, as he acquired the largest part of the area of ​​Al-Jadriya Mall, which will also include a group of branches of international agencies, while the chain’s branch in Bismaya will also obtain a large area within the mall of the residential complex, and Al-Jadriya Mall was scheduled to open.

It was strange that the local authorities in Baghdad agreed to open “Carrefour” in Jadriya...the most crowded area of ​​Baghdad. Usually, the authorities oblige the “Carrefour” chain to open its branches in areas far from city centers, to contribute to the revitalization of remote areas and eliminate traffic congestion, especially since the crowding “Carrefour” is a certainty due to the easy and unique shopping experience it provides, the competitive offers and prices, the way products are presented, and the quality standards supervised by teams of international experts.

Carrefour is a French international supermarket chain with five branches in the Kurdistan region of Iraq (5 branches in Erbil, a branch in Sulaymaniyah, and another in Dohuk), and provides a wide range of home, food and other shopping options to the consumer.

Carrefour was scheduled to open a branch in Baghdad Mall in the Al-Harithiya area in the center of the capital, but the lack of suitable spaces prevented this, which prompted those responsible for the chain’s affairs in Iraq to search for alternative locations, indicating the possibility that the chain may have a third branch and perhaps A fourth in Baghdad soon. ink

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Tishwash: Canadian oil replaces Iraqi crude on the American West Coast

Refineries on the West Coast of the United States intend to replace their imports of heavy Iraqi oil with cheaper crude from Canada, at a time when the newly expanded “Trans Mountain” line is re-arranging trade flows across the Pacific Ocean, according to what Bloomberg reported.

California and Washington are scheduled to import about 150,000 barrels per day of Canadian crude via tankers in June, representing a seven-fold increase in average volumes, according to preliminary data from Vortexa. At the same time, their imports of Iraqi “Basra Heavy” crude are expected to decrease to 3,587 barrels per day, from 76,000 barrels last May.

The Trans Mountain expansion, which began in May, transports 590,000 barrels per day of crude from the Canadian oil sands to Vancouver for export. This is likely to be an advantage for refiners on the US West Coast, which would otherwise pay several dollars more per barrel to buy Iraqi crude.

As Canadian imports to the US West Coast rise, shipments of Brazilian medium-sulfur TUPI oil, as well as Basra Heavy crude, decline.

Alberta's heavy West Canadian Standard crude is trading about $13 cheaper than U.S. West Texas Intermediate crude, or about $67 a barrel, according to Bloomberg's general index pricing. Basra Heavy crude is trading about $5.55 cheaper than benchmark Brent crude, or more than $80 per barrel. link

Iraq News Highlights Tuesday AM 6-25-24

An Expert Expects Economic Growth In Iraq To Decline During 2024

Economy |Baghdad today - BaghdadToday, Tuesday (June 25, 2024), the economic expert, Nabil Al-Marsoumi, revealed the rate of economic growth in Iraq during 2024.

Al-Marsoumi said in a post on the Facebook platform, followed by “Baghdad Today,” that “the World Bank confirmed in its report that Iraq’s economic growth reached 7.6% in 2022 and 7.6% in 2022, while it reached 2.9% in 2023,” expecting “Iraq’s economic growth will decrease in the year 2024 to reach - 0.3%, and it will achieve growth in the year 2025 reaching 3.8% and 5.3% in the year 2026.”

He added, "Economic growth in Iraq is not self-growth or planned, but rather a transitory growth linked to external variables, the most important of which is the rise in global demand for oil and the rise in its prices, and therefore it cannot be relied upon to create positive effects among the various economic sectors," pointing out that "it should have been The World Bank should pay attention to the growth rate of non-oil gross product and not to general economic growth, which is greatly affected by oil.”

Al-Marsoumi continued, “The significant economic growth achieved in Iraq in 2022 resulted from the increase in oil production quantities and the rise in oil prices, while the negative economic growth in 2023 and 2024 is linked to the decline in oil production quantities due to OPEC Plus restrictions and the decline in oil prices, as well as the expected positive economic growth.” “The years 2025 and 2026 are linked to a reduction in OPEC restrictions and the possibility of a rise in global oil prices.” LINK

Parliamentary Recommendation For Finance And Planning To Launch Instructions For Implementing Budget Schedules

Political | 06/25/2024 Baghdad - Mawazine NewsToday, Tuesday, the Parliamentary Finance Committee recommended the Ministries of Finance and Planning to release instructions for implementing the 2024 budget schedules, while indicating that all appeals are normal and did not rise to the rejection of some paragraphs.

Committee member Nazem Al-Shibli said, “The budget is effective after its publication in Al-Waqa’i newspaper, but it needs instructions issued by the Ministries of Finance and Planning in order for it to be clearly implemented in the ministries, agencies, and governorates,” explaining that “the budget is not devoid of complaints and appeals every year, but the court It is the one who decides the authority to implement or legislate.”

Al-Shibli added, “The court will hear all appeals,” pointing out that “the budget is subject to appeal if any party objects to a part of it,” noting that “all appeals are normal and do not rise to the rejection of some paragraphs.” https://www.mawazin.net/Details.aspx?jimare=250213

The Dollar Continues To Rise.. Learn About The Exchange Rates In Iraqi Markets[/Size]

Economy 2024-06-25 Alsumaria News – Economy Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in Iraqi local markets for Tuesday, June 25, 2024.

Dollar prices rose slightly with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 147,900 Iraqi dinars for every 100 dollars, while selling prices in exchange shops in the local markets in Baghdad rose, as the selling price reached 148,750 dinars, while the purchase price reached 146,750 dinars for every 100 dollars.

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

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

Canadian Oil Replaces Iraqi Crude On The American West Coast

Money and business Economy News - follow up Refiners on the West Coast of the United States intend to replace their imports of Iraqi heavy oil with cheaper crude from Canada, at a time when the newly expanded “Trans Mountain” line rearranges trade flows across the Pacific Ocean.

California and Washington are scheduled to import about 150,000 barrels per day of Canadian crude via tankers in June, representing a seven-fold increase in average volumes, according to preliminary data from Vortexa. At the same time, their imports of Iraqi “Basra Heavy” crude are expected to decrease to 3,587 barrels per day, from 76,000 barrels last May.

The Trans Mountain expansion, which began in May, transports 590,000 barrels per day of crude from the Canadian oil sands to Vancouver for export. This is likely to be an advantage for refiners on the US West Coast, which would otherwise pay several dollars more per barrel to buy Iraqi crude.

Trade flows also suggest that the United States will for now remain a dominant buyer of Canadian oil, even as the pipeline gives producers access to coveted Asian markets.

European competition for Iraqi Basra crude in light of the shortage of supplies

While the Trans Mountain line is still not operating at full capacity, the company expects 22 tankers to ship crude oil from Vancouver this month. More than 81 thousand barrels per day are heading to China. Another 50,000 barrels per day are headed to India, the first movement of its kind off the Canadian Pacific coast.

As Canadian imports to the US West Coast rise, shipments of Brazilian medium-sulphur, Tupi, as well as Basra Heavy crude oil are declining.

Alberta heavy West Canadian Standard crude is trading about $13 cheaper than U.S. West Texas Intermediate crude, or about $67 a barrel, according to Bloomberg's general index pricing. Basra Heavy crude is trading about $5.55 cheaper than benchmark Brent crude, or more than $80 per barrel. Views 69 06/25/2024 https://economy-news.net/content.php?id=44588

Basra Council: We Are Serious About Activating The Law On Basra, The Economic Capital Of Iraq

Monday 24, June 2024 | Economical Number of readings: 515

Basra / NINA / The Basra Governorate Council confirmed its intention "to activate the law on Basra, the economic capital of Iraq, pointing to discussing the issue with the Prime Minister in order to activate this law."

The head of the Council’s Finance and Administrative Committee, Shukr Al-Amiri, said, “This is an attractive factor for foreign investment companies, given that Basra will be a corridor for international trade,” indicating that all of this encourages the economy, develops trade, and also provides job opportunities for many unemployed youth. .

Al-Amiri explained that the seventh economic conference in Basra Governorate comes in order to focus on economic activity in the governorate. https://ninanews.com/Website/News/Details?key=1133954

Provoking Thoughts and Points to Ponder on Wealth

I have enough money to get by. I'm not independently wealthy, just independently lazy, I suppose. -Montgomery Clift

I have no complex about wealth. I have worked hard for my money, producing things people need. I believe that the able industrial leader who creates wealth and employment is more worthy of historical notice than politicians or soldiers.-Paul Getty

I was born into it and there was nothing I could do about it. It was there, like air or food, or any other element. The only question with wealth is what you do with it.-John D. Rockefeller

I wish to become rich, so that I can instruct the people and glorify honest poverty a little, like those kind-hearted, fat, benevolent people do.-Mark Twain

In big houses in which things are done properly, there is always the religious element. The diurnal cycle is observed with more feeling when there are servants to do the work.-Elizabeth Bowen

True abundance is not about gathering more things, it's about touching the place in us that is connected to the divine source of abundance, so that we know what we need in the moment will be provided.-Mary Manin Morrissey

It's time we put thoughts of lack behind us. It's time for us to discover the secrets of the stars, to sail to an uncharted land, to open up a new heaven where our spirits can soar.-Sarah Ban Breathnach

It is good to have things that money can buy, but it is also good to check up once in awhile and be sure we have the things money can't buy.-George Horace Lorimer

Ordinary riches can be stolen, real riches cannot. In your soul are infinitely precious things that cannot be taken from you.-Oscar Wilde

'Let us not get so busy or live so fast that we can't listen to the music of the meadow or the symphony that glorifies the forest. Some things in the world are far more important than wealth; one of them is the ability to enjoy simple things.-Dale Carnegie

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Iraq Dinar - Iraq to Rejoin WTO - Cetral Bank Pressing Banks & Money Exhangers - AI Emperative Use

MilitiaMan and Crew: 6-24-2024

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=xzFRnPNg-6Y

Iraq Economic News and Points To Ponder Monday Afternoon 6-24-24

Iraq Transfers $254 Million Abroad Within One Day

Economy | 06/24/2024 Baghdad - Mawazine News Foreign remittance sales at the Central Bank of Iraq auction, today, Monday, increased by 92% over cash sales, reaching more than 254 million dollars.

Today, during its auction for buying and selling the US dollar, the Central Bank sold 274 million, 246 thousand and 415 dollars, covering it at a base exchange rate of 1,310 dinars per dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,305 dinars per dollar in cash. .

Most of the dollar sales went to strengthen balances abroad in the form of transfers and credits, which amounted to 254 million 66 thousand and 415 dollars, an increase of 92% over cash sales amounting to 20 million 180 thousand dollars.

The number of banks that purchased cash dollars reached 3 banks, while the number of banks that responded to requests to enhance balances abroad reached 16 banks, and the total number of exchange and brokerage companies participating in the auction was 40 companies.

https://www.mawazin.net/Details.aspx?jimare=250168

The Central Bank Publishes The Mechanism For Imposing Fines On Private Banks

Economy | 06/24/2024 Baghdad - Mawazine News The Central Bank of Iraq revealed the mechanism for imposing fines on private banks and money changers.

According to a document issued by the bank on the third of this month, “We would like to inform you that imposing fines on banks and non-banking financial institutions is carried out through a specialized committee in this bank whose work is based on Central Bank Law No. (56) of (2004) and Banking Law No. (94) of (2004) and the instructions and controls that regulate banking operations.”

He added, “In view of the bank or non-banking financial institution’s violation of these laws, instructions and controls, noting that the purpose of imposing fines on banks and non-banking financial institutions is to prevent them from committing violations of the laws mentioned above and the instructions issued pursuant to them to protect them and ensure their safety and the safety of the financial sector in general.” . https://www.mawazin.net/Details.aspx?jimare=250153

The President Of The Republic Calls For Amending Laws Related To Investment

Political | 02:19 - 06/24/2024 Baghdad - Mawazine News On Monday, President Abdel Latif Gamal Rachid called for amending laws related to investment.

A statement from the Presidency of the Republic stated, “The President of the Republic, Abdul Latif Jamal Rashid, received today at Al-Salam Palace in Baghdad, the Chairman of the National Investment Authority, Haider Muhammad Makkiya,” indicating that “during the meeting, the National Authority’s work plans and its investment policy were reviewed.”

The President of the Republic pointed out "the necessity of overcoming obstacles facing investors, as well as supporting Iraqi businessmen and involving them in the investment process."

He explained that "activating investment requires making amendments to some of the applicable laws," stressing his support for "everything that would facilitate and revitalize this vital sector in a way that strengthens the national economy and provides job opportunities."

He stressed "developing communication mechanisms, exchanging experiences and information, and enhancing the process of trade partnerships between Iraq and countries with expertise in this field."

For his part, Makiya affirmed the Authority's "keenness to develop the work," reviewing "the investment plans and projects currently in the works, in addition to the future plans drawn up to develop all cities in Iraq and serve their residents." https://www.mawazin.net/Details.aspx?jimare=250163

Iraq.. Oil Will Continue To Rise Until 2025

Economy | 06/24/2024 Baghdad - Mawazine News The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, today, Monday, identified the most important economic gains achieved due to the rise in oil prices, pointing out that global energy market sources indicate that the current rise in oil prices will continue until the end of the year 2025.

Saleh said, “There are There is a clear link between the rise in revenues from Iraqi sourced oil due to the rise in energy prices in global markets on the one hand, and the sustainability of financing investment projects whose allocations are estimated in Federal General Budget Law No. 13 of 2023 (the tripartite budget), which exceeds 55 trillion dinars annually.”

He explained, “The rise in oil prices above their estimated rates leads to reducing the hypothetical deficit gap in the annual general budget, which is estimated at approximately 64 trillion dinars, and provides sustainability of spending on development projects,” stressing that “the hypothetical deficit is no longer a reason for faltering or delaying reconstruction projects and expenditures.” Related investment.

Saleh added, "The government program has prioritized, in its philosophy and general directions, the policy of diversifying sources of income in the national economy."

He stated, “For the first time, sovereign guarantees are granted to market activities and the private sector as a partner in development, with priority to major economic diversification activities, by providing appropriate financing to the private sector from global financial sources in order to finance the transfer of modern technology, especially the manufacturing and petrochemical industries, as well as industries related to the provision of high-quality products.” “A link to reconstruction, to ensure stable and high growth rates and provide the requirements for sustainable development and operation.”

He pointed out, “Global energy market sources indicate that the current oil prices will continue to rise until the end of the year 2025, with an average price of one barrel of crude oil at no less than $82, which is an average that exceeds the conservative price mentioned in the general budget law above, which was estimated at about $70 per barrel.” https://www.mawazin.net/Details.aspx?jimare=250173

Iraq Approves The Lending Strategy

06/24/2024 Baghdad - Mawazine News , today, Monday, the Ministerial Council for the Economy approved the national lending strategy, while deciding to hold a special session of the Council, in the Kurdistan region, to resolve all outstanding economic problems.

This came during a meeting held under the chairmanship of Foreign Minister Fouad Hussein, the 18th session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Finance, Trade, Agriculture, Industry, Labor and Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank of Iraq, and the Prime Minister’s advisors for economic and legal affairs. Chairman of the Securities Commission, and Undersecretary of the Ministry of Oil.

According to a statement received by Mawazine News Agency, the Council discussed the items on its agenda and took the necessary decisions regarding them, and approved the Ministry of Transport’s request to refer a project to extend a railway between the city of Basra and the Shalamcheh port, as far as financial powers are concerned.

The Council approved the national lending strategy after the Governor of the Central Bank presented a brief on the strategy and what the bank implemented during previous lending initiatives. It also decided to hold a special session in order to discuss all opinions, ideas and proposals related to maximizing the state’s non-oil revenues.

The Council agreed, according to the statement, for the General Company (UR) affiliated with the Ministry of Industry to purchase the damaged and damaged cables and wires from the Ministry of Electricity and all their assortments for a price to be agreed upon between the two parties.

The Council reviewed the technical report prepared by the Ministry of Commerce on the reality and work of private mills, and decided to support the Ministry’s measures to improve the quality of flour production provided to citizens, as well as to approve the transfer of ownership of the mills.

The Council also agreed to cancel the withdrawal of work from the company executing the contract to prepare (16) spherical tanks so that the completion rates reach the final stages. The Council also decided, upon the request of the Ministry of Agriculture, to open the import of winter crops (lahana, cauliflower, lettuce, turnips, and beets). https://www.mawazin.net/Details.aspx?jimare=250167

How Much Were The Dollar Exchange Rates In The Markets Today?

Economy | 06/24/2024 Baghdad - Mawazine News The exchange rates of the dollar against the dinar rose today, Monday, in the markets of the capital, Baghdad.

Dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 147,150 dinars for every 100 dollars, while yesterday, Sunday, they recorded 146,800 dinars for every 100 dollars.

Selling prices also rose in the local markets in Baghdad, as the selling price reached 148,000 dinars, while the purchasing price reached 146,000 dinars for every 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=250162

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Provoking Points To Ponder On Chance and Fortune

I make the most of all that comes, And the least of all that goes. -Sara Teasdale

If you do not expect it, you will not find the unexpected, for it is hard to find and difficult. -Heracl*tus

Two roads diverged in a wood and I - I took the one less travelled by, And that has made all the difference.-Robert Frost

Unless a man has trained himself for his chance, the chance will only make him ridiculous.-W. Matthews

Chance is always powerful. Let your hook be always cast. In the pool where you least expect it, will be a fish.-Ovid

Chance is the pseudonym of God when he did not want to sign.-Anatole France

The harder you work, the luckier you get.-Gary Player

I think we consider too much the good luck of the early bird and not enough the bad luck of the early worm.-Franklin D. Roosevelt

Fortune favours the bold.-Terence

The luck of having talent is not enough; one must also have a talent for luck.-Hector Berlioz

In the field of observation, chance favours the prepared mind.-Louis Pasteur

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