Oil drilling platforms drop by two thirds in Iraq during 2020

[Mary B]

Oil drilling platforms drop by two thirds in Iraq during 2020

27/05/2020

 

  

Information / translation ...

A report by the SB Global Economic website revealed on Wednesday that the number of oil drilling rigs in Iraq has fallen by about two thirds this year after it ordered the international oil companies to cut spending due to the oil collapse and the approval of the countries that are considered the second largest producer in OPEC to the new strict cuts.

The report, which was translated by the Information Agency, quoted Iraqi sources in the oil industry as saying that “the current total of drilling rigs is only 32 and managed by international oil companies, as it decreased from 88 platforms, which were operating until December of 2019, while the number of platforms in the region Kurdistan is only one platform in the current month of May, compared to 12 platforms in December of last year.

He added that "the Basra State Oil Company called since last March, the international oil companies to reduce budgets by 30 percent and postpone payments to subcontractors due to the collapse of oil prices, as prices received by Iraq decreased to about 14 dollars per barrel last April after it was 60 dollars per barrel In the month of December, which reduced Iraqi oil revenues to 1.4 billion dollars from 6.6 billion dollars, at a time when oil revenues represent more than 90 percent of the Iraqi state’s budget.

He added that "drilling for oil represents more than the investment spending of international oil companies, so reducing drilling programs will allow Iraq to reduce costs by 30%, and that Iraq is currently in the midst of cutting production in line with the new OPEC agreement where the country must reduce its production by one million Barrels per day until it adheres to its share in OPEC.

The report pointed out that "the politically divided country is lagging behind in compliance, which has angered other members, and the government is facing difficult negotiations with international oil companies and the Kurdish region to fulfill its commitment to reduce." Ended / 25 z

 

https://www.almaalomah.com/2020/05/27/476363/

[Mary B]

Al-Rafidain: Submission of advances to employees is through the online platform

 05/28/2020

 

  

 

The information / Baghdad ..

Al-Rafidain Bank announced, on Thursday, that applying for the salaries of employees of the endemic state departments, their salaries on the bank will be through the newly launched online platform.

The media office of the bank said in a statement received / information /, a copy of it, that “the electronic platform has many advantages related to providing products and services to employees and retirees where the employee or retired person can inquire about the platform through the mobile and through the following link  https://qi.iq / loans ”.

The employee added that "the employee can apply for the advance through the electronic link and the date for receiving it will not be late for short periods," stressing that "the bank used advanced modern technology for this platform and employees or retirees should take advantage of this electronic technology to obtain the service that meets its requirements." Ended / 25

 

https://www.almaalomah.com/2020/05/28/476449/

[Mary B]

Parliamentary State of Law: Reducing salaries without adjusting their ladder in contravention of the constitution

 05/27/2020

 

 

 

 

Baghdad - Mawazine News.
The parliamentary state bloc affirmed, on Wednesday, that the government should refrain from prejudice to the salaries of employees, while indicating that reducing the salary without modifying its hand was contrary to the constitution
. The most important and most influential systems for the stability of the individual, where the salary is the only income for some groups of the people, especially the small and middle class.
She added, "It is the duty of the Iraqi government to work hard to provide the salaries of its employees completely and not go in its direction to reduce or reduce salaries or allocations, which will be the only victim of which is the small employee who arranged his financial life in light of what he receives from the monthly salary so we see that the government will move away About prejudice to employee salaries. "
She noted, "The Iraqi Civil Service Law protects employees from any tampering with their salaries, and consequently, reducing salaries without modifying their salaries is against the constitution." End 29 / h

 

https://www.mawazin.net/Details.aspx?jimare=102365

[Mary B]

 

The Appearance of Mohamed Saleh: A Marxist Approach to The Problems of Value Transfer in Crude Oil
Thursday

28 May 2020 - 08:58

The Appearance of Mohamed Saleh: A Marxist Approach to The Problems of Value Transfer in Crude Oil
Follow-up- Conscious

Who looks to the oil markets in their current form and how oil prices have competed around the break-even point, which is the point at which prices are equal to production costs only or slightly higher to represent balanced profit, we will find a strange way of transferring value or moving it with a clear effect and as indicated by the Marxist economic controversies of the century 20 about the so-called transformation of value. Since the ratio of work to capital varies from the production of one commodity or commodity to another, how can this issue be settled to achieve an average profit on the capital invested as a whole? As long as the density of capital to work in the oil industry, for example, is very high, there is a problem raised by the Marxist school for such situations. The beginnings of the theory were based on the classical school of economics, namely the economist David Ricardo 1832 on the absolute value and the reciprocal value in writing works and correspondence/chapter IV, explaining that the share of profit will remain low due to the density of capital compared to the work. Here, the contrast between the analysis of value creation and value-achieving will be generated when moving to competitive prices in the oil market, for example.

Economist David Ricardo did not assume that action alone set the price, but also showed that the issue of profits in all industries should be equal. But if only the source of profit comes from the work, the labor-intensive industry will have higher profits, which is also at odds with Ricardo himself.

Since the beginning of the nineteenth century, it has been noted that there have been serious shortcomings in Ricardo's earlier theory, which led to its exclusion.

Through the theoretical dialectic debates in Karl Marx's Book of Capital,[3] and the results of the 20th-century economists, including the New Ricardian School, the likes of Leontiv[2] and Sarafa[3] in his famous book Production of Goods, With goods 1960) and simplifythe issue of profit by being close to the surplus of Marxist value through a simple linear equation, but strangely enough, the rate of profit downwards as presented by Marxist theory varies from market to market to consumer sector.

The current global oil crisis has gradually shown that the competitive or fair price of a barrel of crude oil does not lead to a lower average potential profit that the main producer, who is forcibly exposed to the issue of low average profit, is under going. The price of a barrel of crude oil fell in the past 25 months from $72 per barrel down to a parity point (i.e. the price of a barrel in the competitive market equals the cost of production) to the price of a barrel of oil from Brent crude, for example, to less than $15 in April 2020 before the market returns to a half-healthy height today and oil prices are approaching $35 per barrel.

The current oil crisis has revealed that a fair competitive price does not result in actual average actual profit falling from the perspective of the transformation of value. In other words, the deterioration of the profit rate has been limited to the value chain at the expense of the main producer with a production interest. The oil markets have shown that it is their forces that are looking to collect the average potential profit through the process (transfer of value) and to demonstrate the role of an opencompetitive market so that the underlying average profit corresponds to the actual average profit. Who are the actors in moving the value transfer wheels from the product to the competitive market prices of crude oil (in oil markets suffering from the price war)?

The answer is the inventory market, primarily oil tanker stores, which have been used as a tool to match the average actual profit with the underlying profit of the oil product. Here, the tankers are reservoirs that hold more than 50 million barrels of current oil surpluses that have become a force for correction and devalue through the value of storage or time investment of the treasury. Thus, these (storage) tankers are retaining about half of the world's need for daily consumption, making the stock tankers powerful that control the underlying profit and convergence of the competitive market price by regulating and marketing the offer from the high seas. Despite the losses suffered by shipping, these (stock ships) caused an average daily profit of about $200,000 per ship instead of $40,000 in 2019 and are in line because the oil prices that were bought on their backs were probably below or close to the breakpoint, which required oil owners to wait at high seas and convert the actual profit rate to equal the underlying profit rate through the inter-temporal transition process. Of value transformation, waiting for ships on the currently safe coasts for less than a month, for example, has increased the price of a competitive barrel of oil by 100%.

Here, the first transfers of value to competitive price, i.e. achieving the value to achieve the fair price of a barrel of oil after creating value in the production phase of efficient producers, achieving actual profit and transferring the underlying profit to appear as a surplus of value in the offshore markets. If we add taxes on the oil supplied to the main consumer markets, then the Marxist value transfer theory will be realized or the theory of value transfer is completed and the real profit limit is equal to the potential profit in the fragmentation and takeover of oil rents. That is, it is a transition, but it is embodied in a value surplus or rents that are optimally achieved when producing for the value of an oil product that was generated or created in an actual profit but carries the seeds of underlying profit or as a "latent" surplus of value and is transferred to the realities of the fair price of the competitive oil markets. It is a process of (latent) transition of value left by the price war.

Finally, we can conclude that a system of inter temporal succession to achieve balanced profit resulting from the transfer of the underlying value between markets, primarily the oil stock market in all its forms, is a living example that embodies the theory of the transfer of underlying value to actual value through multiple marketing and oil supply chains to ultimately match the value of the underlying product at the fair competitive price of oil.

In conclusion, we conclude that if surplus value is at the core of the socially generated work in generating value, the theory of the transformation theory of oil is the essence of exploiting and sharing surplus value in a time-series of markets to reach the fair competitive price in the last trading series. The transition theory shows how the economic surplus of peoples is plundered by turning the underlying surplus of product value into an actual surplus, including new inventory forces, until the competitive energy markets are reached, where the actual value of the product corresponds to the fair competitive price and the real price of the barrel of oil is shown.

 

https://www.ina.iq/107322/مظهر_محمد_صالح:_مقاربة_ماركسية_لمشكلات_انتقال_القيمة_في_النفط_الخام

[Mary B]

US decision to end punitive exemptions that allow European, Chinese and Russian companies to continue work at specific Iranian nuclear facilities

Wed 27, May 2020 

Baghdad ( NINA ) - The United States of America decided on Wednesday to end sanctions exemptions that allow European, Chinese and Russian companies to continue works in specific Iranian nuclear facilities.

The Washington Post quoted two informed sources as saying that the decision applies to exemptions related to the Arak heavy water reactor and the supply of enriched uranium to the Tehran Research Reactor and the transportation of spent fuel outside Iran.

The two sources said that the United States will extend a separate exemption that allows work at the Bushehr nuclear reactor 90 days. / End 3

 

https://ninanews.com/Website/News/Details?key=834237

[Mary B]

An Iraqi official warns of a difficult economic crisis and provides solutions

 Thursday, May 28, 2020 

The financial advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, warned that Iraq is going through a "very difficult" economic crisis that could extend to the first quarter of next year.

 

The World - Iraq

He pointed out that the government should undertake urgent and structural measures and reforms to confront the economic crisis, pointing out that the long reform should include moving the private sector by attracting investments.

Saleh added that "without real investments, there is no ability for the country to rise and develop," and that "most of the existing investments are in the oil sector in order to achieve a financial increase for Iraq."

He stressed that the country suffers from the absence of non-oil revenues, so that they only represent 6% in the general budget, calling for "the necessity of creating a large structure in the energy and electricity sectors in order to convert the country into a product." Saleh stressed the need for Iraq to attract investments to solve the problem of its dependence on oil Raw.

On the electricity sector, where many Iraqi regions usually suffer from a blackout, especially in the summer, Saleh said that the electricity sector spends 14 trillion dinars (11.76 billion dollars), while revenue does not reach one trillion dinars.

One of the mistakes he focused on was burning the associated gas when extracting oil, while Iraq imported the gas it needed to generate electricity.

He pointed out that Iraq was previously exporting oil derivatives but now it imports them, and that the value of what was imported from oil products during the past ten years amounts to about $ 50 billion, an amount that could have been invested in building ten major oil refineries.

Saleh added that Iraq should establish properly for oil investments and the management of the electricity sector, in addition to managing industrial investments, restarting factories and ending the wrong investment policy that led to massive damage.

Iraq is currently suffering from great financial hardship due to the low oil prices in the world market and the outbreak of the Corona virus, which reflected negatively on the lack of a draft budget law for the federal budget for the current year.

The annual Iraqi financial budget since 2003 until now depends on 95% of the financial revenues generated from crude oil sales.

 

https://www.alalamtv.net/news/4956181/مسؤول-عراقي-يحذر-من-أزمة-اقتصادية-صعبة-ويقدم-الحلول

[Mary B]

An American report monitors the recovery of Iraqi national products and low exports

 05/28/2020

 

  

Information / translation ...

A report of the American magazine "Digital Journal" said on Thursday that the process of closing Iraq to stop the Corona virus pandemic and stopping imports to the country has created a state of encouragement for business and local industries that no longer have to compete with imported foreign goods.

The report, compiled by the Information Agency, stated that “countries like Saudi Arabia, Jordan and Kuwait usually flooded Iraqi markets with cheap products at prices that local producers could not compete with. This includes everything from cars and computers to frozen chicken to Iraqi national fruit known as dates, which have become imported. In recent years, Gulf states often instead of harvesting them from local palm trees.

He added that "the Iraqi producers have been covered by oblivion as they struggle to compete because of their expensive raw materials and their low products compared to the huge quantities that are imported, but this moment has changed at the present time as a result of the pandemic," said Amin Qassem, who still works in an ice cream factory in Basra Governorate. Oil rich since 2006 “The Corona virus has allowed us to establish ourselves in the Iraqi market.”

He continued that "Amin Qasim's 3,000 employees work in six factories to fill 144,000 pieces of ice cream and wafer cones every hour trying to increase and improve production, taking advantage of the conditions of the closure and stopping the import."

Qasim said that "cheap ice cream imported from abroad was forcing me to reduce prices when selling so as not to destroy the goods as a result of storage, but now I can sell at higher prices, as we were able to restore the same markets after imports crushed us significantly."

The report continued, “Experts have long warned that oil-rich Iraq should diversify its economy to isolate it from the vagaries of the energy market, as the second largest oil producer in OPEC depends on 90 percent of the country's expenditures on its oil exports, while the International Monetary Fund expected that Imports of goods and services from Iraq drop from $ 92 billion in 2019 to $ 84 billion this year and to $ 81 billion in 2021 ″.

And the report stated that “diversification of the economy in Iraq is very difficult for a country with a recent private sector, a backward banking system and a weak customs system that makes importing cheaper than production, but the Corona Virus restrictions have changed that and as part of the closure measures imposed by Iraq last March, they closed The country officially has its federal border points with Iran , Turkey, and Kuwait for both people and goods, and imports have decreased via Umm Qasr, the southern port through which Iraq brings essential food and medicine, and as a result, Iraq imports less according to data from its trading partners.

The report pointed out that “ Iraq bought Chinese goods worth 973 million dollars last December but decreased to 775 million dollars by last April, according to the General Administration of Chinese Customs. The volume of imports from Iran decreased from 450 million dollars per month before the outbreak of the Corona virus, to 300 One million dollars today, according to Hamid al-Husseini, a member of the Iran-Iraq Chamber of Commerce, while Iraq imposes strict measures on imports.

The report pointed out that "high fees have been imposed on Iraqi retailers, which leads to higher prices for imported goods, so that local companies can compete better in the markets." Ended / 25 z

 

https://www.almaalomah.com/2020/05/28/476503/

[Mary B]

Al-Baiji: The government should use the economy to pressure Turkey over water

 05/28/2020

 

  

The information / Baghdad ..

On Thursday, Deputy Chairman of the Parliamentary Committee on Agriculture and Water Mansour Al-Baiji called on the government to use the economic file to press the countries of water sources to increase Iraq’s water share .

"The prime minister must use all means, including the economic file, to pressure the countries of the sources of water entering Iraq in order to increase our water share," Al-Baiji said in a statement.

He called on the government to "intervene quickly to pressure Turkey to increase our water share, especially since Turkey has a large economic file in Iraq and the government must use it as a means of pressure and not to take a bystander position as a result of what is happening from a water war we are exposed to for a long time by the source countries."

Al-Baiji added, “There must be an increase in the share of Iraq by the upstream countries because the water war is no less dangerous than the war against ISIS terrorist gangs because it will destroy agriculture in our country,” calling on the government to “move quickly on Turkey to ensure that Iraq’s share of water is increased .” Ended / 25

 

https://www.almaalomah.com/2020/05/28/476486/

[Mary B]

Deputy: Many statements regarding salaries confused public opinion and no worries about spending it 

 05/28/2020

 

  

The information / Baghdad ..

On Thursday, a member of the government program monitoring committee, MP Mohamed Al-Baldawi, considered the many statements regarding salaries that confused public opinion and created employees' concerns, stressing that the government has not reached the stage of borrowing from the central reserve or the International Monetary Fund.

Al-Baldawi said in a statement to the "information", that " Iraq is not a bankrupt country as some portrayed, and the large number of statements about salaries by responsible and irresponsible personalities and specialists and non-specialists in the government financial side are those that confused public opinion and created an atmosphere marred by fears by employees even The trade movement has been weakened, "he said, calling on the government to" act silently on this issue without allowing interference in its work. "

He added that "the government is able to pay salaries for every month and there are no fears of delaying or deduction from them, and that what the government does with the Ministry of Finance is to deduct special grade allocations, senior officials and senior employees without access to deduction from small employees with low salaries", stressing that " The Ministry of Finance has come a long way in this field. ”

Al-Baldawi indicated that "the government position so far does not portend a danger and the government has not reached the stage of borrowing from the central reserve and even from the International Monetary Fund." Ended in / 25 pm

 

https://www.almaalomah.com/2020/05/28/476504/

[Mary B]

  The Kremlin refuses to make additional comments on the OPEC + agreement

 

Kremlin spokesman Dmitry Peskov

Economy News - Baghdad On Thursday, the Kremlin declined to comment further on Russia’s thinking ahead of a meeting between OPEC + group of major oil producers next month. Russian President Vladimir Putin and Saudi Crown Prince Muhammad bin Salman agreed in a telephone conversation to strengthen "close coordination" on oil production restrictions, the Kremlin said on Wednesday.

Number of views 22   Add Date 05/28/2020   http://economy-news.net/content.php?id=20456

[Mary B]

After a campaign to topple him .. Halbusi, using his economic arms to silence the Sadrist movement

 

Thursday, May 28, 2020

 

Great concern to haunt Halbusi of the campaign led by the Sadrist movement to oust him , especially after he realized that this campaign is not because of the dropping candidate Sadrists to the Ministry of Agriculture, but because of complaints came to Muqtada al - Sadr for corruption Halbusi and his approach to the destruction of the state and spoiling the members of the House of Representatives and buy off some of them to protect it .

This is called Halbusi according to observers to move the economic Pls which, the expert, and talk here is about the economic personality and the owner of a bank called enabled, and this person is the arm of economic Sadrist movement has entered with him Halbusi in partnership Tkhadem through the control and partnership contracts in Anbar province and ministries subsidiary Al Halbousi.

The Halbusi underscores completely all contracts in Anbar province , the sister of MP Smiep through Gulab iron company runs its business where the engineer Sinan al - Jumaili pair.

Senan Al-Jumaili is the real partner of Muhammad Al-Rikan and his black box. Al-Jumaili controls the contracts of Al-Anbar Governorate. The contracts that Al-Jumaili acquired in Anbar province are estimated at more than one hundred billion dinars during 2019 and 2020, and he is a partner of Muhammad Al-Rikan with a contract in the Ministry of Industry, the General Company for Designs in the name of the Iron Wall Company, and he Sinan Al-Jumaili transferring funds to Oman, Jordan Kuwait Bank, to the accounts of Soor Al-Hadid and its manager Ahmed Al-Rikan in Amman.

As for the second black box of Muhammad Rikan, he is his cousin, Ahmed Mezher Hadid, who owns money exchanges in Baghdad. The truth is that these exchange belong to Muhammad Al-Rikan used to launder money and transfer it to Amman. You drop Ibn Rikan's opponents, and the money that Ahmed Mezher receives from the real partner, Sinan al-Jumaili and Saddam al- Halbousi from Anbar Governorate contracts, the Ministry of Industry (Designs Company) and the Ministry of Agriculture, these funds are deposited into these exchange and part of them are transferred to Oman (the bank Jordanian Kuwaiti).

The money is managed outside Iraq by Jassim al -Khairi in Amman and Saddam Al- Halbousi in London.

These arms are except for the large arm that runs the financial mafia in Baghdad (Abu Arab), which has won one contract from the governor of Basra at a value of 400 thousand billion dinars in favor of businessman Ahmed Al-Sarraf, who has distinguished relations with the Sadrist movement in exchange for a large commission for Halbousi.

Al- Halbousi will use businessmen and through Tamkeen to influence the circle surrounding Mr. Muqtada to bypass the decision to remove him from the presidency of Parliament, while businessman Tariq Al-Hassan, who recently donated 170 cars to organizations of the Al- Halbousi Party , who has financial ties with Hadi Al-Amiri, will gain his position alongside Al-Halbousi.

 

https://www.thebaghdadpost.com/ar/Story/195843/بعد-حملة-للإطاحة-به-الحلبوسي-يستعين-باذرعه-الاقتصادية-لاسكات-التيار-الصدري

[Mary B]

 

One of them is related to multiple salaries .. Member of Parliamentary Finance puts forward 7 proposals to cover the deficit

2020-05-28 

 

On Thursday, a member of the Parliamentary Finance Committee presented seven proposals to address the "big" deficit in the financial budget, including legislation to end the issue of multiple salaries, in addition to borrowing, in addition to reviewing the file of real estate occupied by politicians or parties, calling on the government to be " Bold "in making decisions.

Cougar said in an interview with Alsumaria News, "There are many steps that the Prime Minister must address in case he wants to address the large budget deficit and provide the necessary funds to cover expenses in it," noting that "the first thing is to resort to loans because there are very few resources, including Internal loans, and in the event that the required ones are not fulfilled, the external loans are going, and the other matter is related to the legislation of a law that ends the issue of multiple salaries, because it costs the treasury huge sums.

 

He explained, "The third issue is related to controlling the border outlets because there are at least six border outlets that are outside the control of the government, in addition to that there are outlets with large customs exemptions like Anbar outlets," noting that "licensing rounds that cost very large amounts of up to 12 -15 billion dollars, and in light of the global drop in oil prices and the forced production volume, it should be reconsidered and reviewed.

He added, "The other issue is related to the issue of paying external debts, and here the government should send negotiating delegations to countries that have debts payable in order to postpone it to other years. The other issue is related to the many real estate that are mostly occupied by politicians or parties and the government does not get from them On the money of very little, this also needs to be reviewed in detail, in addition to the issue of government factories and factories that have become a burden on the state and we do not get anything from it, so its matter should be resolved through the law of the partnership between the public and private sectors and put it for external or internal investment.

 

"The government must be bold in making decisions, because unfortunately, the governments that have been in the last period, especially the government of Adel Abdul Mahdi, were clinically dead, and they were the reason for strengthening the parties at the expense of the government, and therefore the new prime minister should extract power from the parties," he added. To the government and to be in control of the parties, not the other way around. "

 

https://www.alsumaria.tv/news/سياسة/346497/أحدها-يتعلق-بتعدد-الرواتب-عضو-بالمالية-النيابية-يط

[Mary B]

An expert reveals in detail the reasons for not investing in the central markets and makes a proposal on them

2020-05-28

 

On Thursday, economist Manar Al-Ubaidi revealed the reasons behind the failure to invest in the central markets in Iraq, while he presented a proposal on them to benefit from them.

Al-Obaidi said in an interview with Alsumaria News, a copy of it, that "the central markets are considered one of the thorny and complex files, as they represent the most important nerve of the market in Iraq and the first experience of its kind in the region at the level of commercial centers and owns many sites in various parts of Iraq." Noting that "these markets have been neglected for many years, some of which have turned into military barracks, while others have become neglected warehouses or buildings."

 

 

He added that "the procedures for pushing and pulling the ownership of these properties between the various government agencies and the inability to invest them were the main reason for not investing these important commercial centers for a long time." To invest five sites on the basis of completely demolishing those centers and building other commercial centers instead. "

 

 

Al-Obeidi was surprised "about the real reasons that led to an agreement to destroy these centers despite the fact that the centers are modern and built with good methods and need to re-qualify only," explaining that "the company lagged behind in completing the investment due to reasons that were due to the poor response from the Baghdad Municipality."

 

However, Al-Ubaidi questioned the possibility of the company's ability to invest because the company is in a difficult financial situation according to the latest financial reports and faces great financial difficulties according to its financial reports and that it is unable to fulfill the requirements of the investment, pointing out that "the company announced losses in the first quarter of The current year amounted to more than 25 million dollars, and the company's management is in the process of reviewing many projects, and it also settled its transactions last year in Egypt according to economic reports issued from there. "

 

Al-Obaidi added that "other directorates of the Ministry of Commerce, such as the General Company for Grain Trade, the General Company for Car Trade and the General Company for Exhibitions are profitable companies with strong imports and have the ability to rehabilitate the central markets by establishing a fund to support the central markets and without foreign investment," in advance a proposal to "transform the company Central Markets Authority to a mixed sector company and include it in the Iraq Stock Exchange in order to attract the funds necessary for its rehabilitation and work in a way that ensures the rental of internal stores in these centers to Iraqi entrepreneurs, which contributes to finding job opportunities and re-operating with one of the oldest commercial centers experiences in Iraq It also contributes to encouraging the national product by relying on local products in these centers.

 

https://www.alsumaria.tv/news/اقتصاد/346471/خبير-يكشف-بالتفاصيل-اسباب-عدم-استثمار-الاسواق-المر

[Mary B]

Parliamentary Finance: Any salary cut will include these

 Time: 05/28 2020 

 

 

  

{Baghdad: Al Furat News} Member of the Parliamentary Finance Committee MP Sherwan Mirza confirmed today, Thursday, that the news that talks about reducing employees ’salaries is just proposals.

Mirza said in a press statement that "the news that talks about reducing employee salaries is just suggestions," explaining that "any change in salaries will include the higher grades of employees."
He added, "The House of Representatives did not receive any proposal from the Council of Ministers regarding employee salaries."
The head of the parliamentary Finance Committee Haitham al - Jubouri announced today that preparations are under way for the disbursement of the sixth month salaries, and the state is able to initialize tax and activated and customs, and in addition to the internal and external borrowing. "
He stressed that" any deduction for the salaries of the month of June did not happen , "he said, adding that “Reducing salaries and compulsory savings is false talk.”
Ammar Al-Masoudi finished

 

https://alforatnews.com/news/المالية-النيابية-أي-تخفيض-للرواتب-سيشمل-هؤلاء

[Mary B]

Corona's pandemic changes the economic equation in Iraq and revives its local industry

05/28/2020

 

 

 

 

BAGHDAD - Mawazine News
Buying Turkish, Iranian or Jordanian products is normal in Iraq, the country of palm trees that imports even dates from the Gulf. But the global ban imposed by the Covid-19 epidemic began to slowly change the equation.
Iraqi merchants recently traded the term "Corona Blessing", a pandemic that killed 170 people in the country.
Previously, in front of foreign products, "Made in Iraq" had no opportunity, because of its high price, small quantities, and long-time production. Consequently, the domestic product did not have all the attractions against the imported product chain.
But by closing those borders with the global ban, Iraqi factories, whose numbers have declined dramatically during a decade of international blockades and years of repeated violence and wars, have managed to enter the game again.
One of the owners of the ice cream factories in Basra, Amin Qasim, who runs three thousand employees in his factories for ice cream and foodstuffs that he exports from Basra to the other provinces of Iraq, said, "We were able to restore markets in which exports were crushed."
He added: "We no longer need to lower prices in the face of cheap Iranian ice cream to avoid loss."
The numbers in Iraq are misleading, and if the trade balance remains largely a surplus, it is because it is artificially inflated by oil.
In 2018, according to the World Trade Organization, Iraq exported $ 97.2 billion worth of goods and services, but it was 98 percent of oil and gas.
Meanwhile, he imported $ 70 billion worth of goods and services such as electricity, tomatoes, cars, and frozen chicken.
But today, with oil prices almost three times lower, Iraq stands on the brink of a financial abyss.
Import taxes have already been claimed by affected local producers for years, so new income has increased from $ 2.5 million in the first half of April to $ 7.3 million in May.
And to reduce its purchases abroad, Iraqi imports will drop from $ 92 billion in 2019 to $ 81 billion in 2021, according to the International Monetary Fund.
Indeed, in April, Chinese imports fell from nearly $ 1 billion four months ago, barely reaching $ 775 million, according to official figures from Beijing.
On the Iranian side, imports decreased from 450 million dollars a month to 300 million dollars, but only with the re-opening of the border points from the Kurdistan region of Iraq recently.
In this context, the diversification of the economy and the resumption of industrial jewels that were looted and stolen during wars are now necessary. The state, which can no longer employ, has become dependent on the private sector to create wealth and jobs. M hn
ended

 

https://www.mawazin.net/Details.aspx?jimare=102426

[Mary B]

Learn the prices of foreign currencies, gold and oil globally

05/28/2020

 

 

 

 

 

Baghdad - Mawazine News 

The Iraqi Economic and Political Center announced today, Thursday, the prices of foreign currencies, gold and oil worldwide.

Where the record price of selling the dollar in Baghdad: 123,500 dinars per 100 dollars,
the purchase price of the dollar: 122,500 dinars, the

international price of the euro: 100 euros = 110.13 dollars

sterling: 100 pounds = 122.72 dollars,

the Turkish lira: 100 dollars = 678,98 Turkish pounds

an ounce price Gold globally = $ 1720.30 a

barrel price of Brent crude oil = $ 33.94 a barrel of
US crude oil price = $ 31.65.

is over

M hn

 

 

 

 

https://www.mawazin.net/Details.aspx?jimare=102420

[Mary B]

  Industry Minister: We will rebuild Iraq’s factories within months

 

Minister of Industry and Minerals Manhal Aziz

Economy News - Baghdad During his visit, Thursday, the Minister of Industry and Minerals pledged to the city of Mosul to rebuild and rehabilitate all of Iraq’s factories in the coming months. Minister Manhal Aziz said in a press conference after his visit to Mosul, in the presence of a number of governorate officials, and followed by "Al-Iqtisad News", that "the new ministry is cooperative and unified in order to rebuild Iraq as a whole", stressing that "Mosul with the purity of our eyes and Iraq in our hearts" as he put it. Aziz added, "We will work to rebuild Iraq as it was and was better," stressing the need for "solidarity in the next stage," which he described as "very dangerous." The Minister of Industry stated that "the coming months will be for the reconstruction and rehabilitation of all factories," noting that "Iraq’s factories had a role for long periods of time, and they also had a role in Iraqi national income." He continued, "Our work is the one who will speak, so we do not want to make many promises." He added, "Make sure that the industry will be in a bright field very soon."

Date added 05/28/2020   http://economy-news.net/content.php?id=20459

[Mary B]

Report: Russia lies in the oil heart of Iraq for political ends

 Time: 05/28 2020 

 

 

  

{International: Al Furat News} A report of the Oil Price website on energy affairs revealed that Russia is seeking to enhance its oil influence in southern Iraq, in line with the control it has in the Kurdistan region and with the level of influence China has built in the south of the country.

With the Rosneft company, headed by Igor Sechin, very close to Russian President Vladimir Putin, effectively controlling the oil and gas sector in the Kurdistan region of northern Iraq through the deal concluded in November 2017, Russia is looking to capitalize on this presence, the report said. In a similar strong position in the south of the country.
He adds that these ambitions have been suspended during the past months because Russia was trying to avoid the tension that occurred after the killing of the Iranian General Qassem Soleimani and the anti-American sentiments that followed in southern Iraq.
The report indicates that Russia has returned to its intentions in southern Iraq after the Russian ambassador in Baghdad, Maxim Maximov, announced last week that Russian companies are ready to invest huge amounts of money in the energy field in Iraq.
"As in the Russian way, this simple statement contrasts with other intentions of Moscow," which he likened to "the wasp's nest," and all aim to increase its presence significantly in southern Baghdad.
Reuters reported in April 2018 that the actions of "Rosneft" in the Kurdistan region illustrate how the Kremlin is taking advantage of Rosneft and its chief executive, as a tool of foreign policy around the world, from Erbil to Caracas and New Delhi.
The report stated that the Russian company was able to purchase oil export pipelines to Turkey from the Kurdistan government for $ 1.8 billion.
She added that the goal of the deal was not only commercial but also to enhance Russia's political influence in Iraq and the Middle East, according to sources in Rosneft, the oil industry, and the Kurdish and Iraqi governments.
The sources indicated, according to Reuters, that control of the pipelines gave Rosneft a pivotal role in the ongoing talks between the Kurdistan government and Baghdad aimed at resuming oil exports in full, which were disrupted by the referendum and Iraq's control of the fields.
And manages the company "Lukoil" Russia 's huge West Qurna -2 field, which produces about 400 thousand barrels Aumia.anthy
Ammar al - Masoudi

 

https://alforatnews.com/news/تقرير-روسيا-تتمدد-في-قلب-العراق-النفطي-لمآرب-سياسية

[Mary B]

Deputy: Trade deprived citizens of the ration items and turned into a section for party financing

 05/28/2020

 

  

Information / Baghdad ...

Member of the Parliamentary Investment and Economy Committee, Hamid Al-Moussawi, warned, on Thursday, that the corruption operations in the Ministry of Commerce have reached dangerous stages and depriving citizens of the ration card items, accusing the ministry of being a "door to fund parties".

Moussawi told / Information / It is that “through our address to the Prime Minister, we have noticed that there is procrastination not only with regard to the ration card, but all the work of the Ministry of Commerce is marred by procrastination, corruption, and the process of evading responsibility”, considering that “bad management and rampant corruption in the ministry prevent the access of card items Supply to poor citizens. ”

He added, "The Ministry of Trade is not one of its priorities to provide what serves the citizen, but rather is the door to financing partisan parties behind which a well-known political party stands," calling for "a real pause from the oversight and parliamentary bodies to hold the relevant authorities inside the Ministry of Trade accountable for corruption operations."

He pointed out that "despite the presence of a legal violation on Vietnamese rice, we, as a representative investment and economic committee, have agreed to distribute rice in the ration so that the Ministry of Trade is not allowed to disrupt the items."

It is noteworthy that the Ministry of Trade has not given citizens some of the ration card items for nearly four months despite the measures to ban roaming and disrupting the interests of the middle and vulnerable classes in society. 25 h finished

 

https://www.almaalomah.com/2020/05/28/476553/

[Mary B]

Parliamentary Finance warns of economic disasters in the event of deduction of employees salaries

 05/28/2020

 

  

Information / Baghdad

Member of the Parliamentary Finance Committee, Thamer Theban Al-Hamdani, called on the cabinet not to deduct the salaries of state employees and resort to other revenues, stressing that this measure causes major economic disasters affecting the lives of a large segment of society and their families.

In a statement received by Al-Maalouma, MP Al-Hamdani said, "The employees depend mainly on their salaries for their sole source of living, in addition to deductions for loans, advances and rent that will be repaid in case of deductions."

Al-Hamdani pointed out that "the Iraqi government has significant financial revenues other than oil from border outlets, customs, taxes and wages of the departments affiliated to the Ministry of Oil from filling stations for gasoline, water, electricity and imports that are sold by the Kurdistan region."

He pointed out that "the salaries of the employees were approved by a law, and this is a violation of the constitution and the law." 25 h finished

 

https://www.almaalomah.com/2020/05/28/476581/

[Mary B]

At the invitation of Guterres .. Saleh takes part in the international summit meeting on Corona

 05/28/2020

 

 

 

 

 Baghdad - Mawazine News
President of the Republic Barham Saleh participated, Thursday, in the summit meeting on financing sustainable development to face the repercussions of the Covid-19 virus, at the invitation of the United Nations Secretary-General Antonio Coutures and the Prime Ministers of Canada Justin Trudeau and Jamaica Andrew Hollins.
"Exchanging ideas and finding solutions for sustainable development in the era of the Corona Virus is a matter of great importance to the world as it confronts this pandemic and the economic and social devastation that it left behind," the president said, in a speech on the television channel, according to a presidential statement. "
The President of the Republic stressed during the meeting, in which French President Emmanuel Macron, German Chancellor Angela Merkel, Italian Prime Minister Giuseppe Conte, President of the World Bank David Malpas and a number of other world leaders participated, that "the challenges we face as an international community are huge and urgent challenges that can be overcome if we make efforts Unified and concerted, indicating that some tend to look internally, and let every country solve the problem alone. Although the impact of the virus is local, the crisis is a global crisis and therefore it needs an international response.
"We are fully aware that the road ahead will be long and arduous, but we have no choice but perseverance and victory, and we must act with a high sense of embarrassment of the situation, with compassion and determination to achieve positive results, otherwise we will fail our people, especially our youth," the president added.
"We are still a country in a recovery phase. We have gone beyond a civil war and the violence and terrorism practiced by the so-called Islamic State, but our efforts to rebuild are still fragile. Popular demonstrations in the past autumn and winter, and the tragic victims, are considered As a stark reminder that the patience of the Iraqi people has limits. "
The President stressed that "people are ready to sacrifice their lives for a better and more prosperous future; our mission, as leaders, is to fulfill those aspirations", explaining that "achieving a more prosperous future and addressing the weaknesses of the Iraqi economy are promises made by the new government to Prime Minister Mustafa Al-Kazemi in its program Whereas, it is committed to starting the structural reform process in Iraq.
The President of the Republic stressed that "we need transitional mechanisms to bridge the gap so that we can immediately implement fiscal stimulus policies that take us out of closed circles in order to enable the stability of our financial affairs and our economy so that we can counter the effects of Covid-19." End 29

 

https://www.mawazin.net/Details.aspx?jimare=102450

[Mary B]

Al-Kazemi and Merkel agree to develop economic and financial cooperation between Iraq and Germany

 05/28/2020

 

 

 

 

Baghdad_Mawazine News
, Prime Minister Mustafa Al-Kazemi received, Thursday, a phone call from German Chancellor Angela Merkel.
She congratulated German Chancellor Al-Kazemi, on the occasion of his assumption of the post of Prime Minister, indicating that she appreciates the difficulties and challenges facing the new work team. 
During the call, an agreement was reached to develop economic and financial cooperation between the two countries, and the German Chancellor expressed her willingness to provide possible support in these areas, as well as help in assigning Iraq to face the effects of the Corona epidemic, and Germany's continued training of Iraqi forces within the framework of the international coalition.
Merkel described Al-Kazemi’s government program as outstanding, inviting him to visit Germany as soon as possible. 
For his part, the Prime Minister expressed Iraq’s keenness to maintain the best regional and international relations, including Germany, stressing the government's keenness to enhance partnership with the European Union and Germany, and to activate the joint ministerial committee between the two countries.
Al-Kazemi praised the efforts made by Germany in the field of military cooperation with Iraq, and to stand with it in combating terrorism.   

 

https://www.mawazin.net/Details.aspx?jimare=102439

[Mary B]

Al-Kazemi and Merkel agree to develop economic and financial cooperation between the two countries

 

Economy News _ Baghdad Iraqi Prime Minister Mustafa Al-Kazemi and German Chancellor Angela Merkel discussed Thursday the development of economic and financial cooperation between Iraq and Germany. Merkel also invited Al-Kazemi to visit Germany at the earliest opportunity. The media office of the Prime Minister said in a statement received by "Economy News", "Al-Kazemi received a phone call from German Chancellor Angela Merkel, and congratulated him, on the occasion of his assumption of the duties of the position of Prime Minister." He added that "during the contact, it was agreed to develop economic and financial cooperation between the two countries, and the German Chancellor expressed her willingness to provide possible support in these areas, as well as help in assigning Iraq to face the effects of the Corona epidemic, and Germany's continued training of Iraqi forces within the framework of the international coalition." Merkel described, according to the statement, "Al-Kazemi's government program as outstanding, inviting him to visit Germany as soon as possible." For his part, the Prime Minister expressed, "Iraq’s eagerness to maintain the best regional and international relations, including Germany," stressing "the government's eagerness to strengthen partnership with the European Union and Germany, and to activate the joint ministerial committee between the two countries." Al-Kazemi praised, according to the statement, "Germany's efforts in the field of military cooperation with Iraq, and stand with it in combating terrorism."

Add Date 05/28/2020   http://economy-news.net/content.php?id=20464

 

[Mary B]

Economist: We are facing a fatal crisis and reveals 54 trillion dinars in banks and individuals

 Time: 05/28 2020 

 

 

  

{Baghdad: Al Furat News} The economic expert, Alaa Al-Fahd, described the current economic crisis in the country as a “lethal”, while revealing that there were 54 trillion dinars in banks and individuals.

"The government is currently studying several tools for the state's financial policy, including internal tools by trying to diversify revenues for other sectors and revitalize them, such as the industrial and agricultural sectors, and the participation of the private sector, which can contribute to providing the state and operating many stalled projects," Al-Fahd said. 
He added, "There are several tools on the table of the government and parliament, including the direction of revitalizing the private sector and supporting it to be a partner of the state," noting that "the economic crisis due to the reduction of oil prices in Iraq is not a result of today, and in every drop we notice the government resorting to reducing expenditures."
Al-Fahd pointed out that "this crisis is the most deadly in the Iraqi economy, especially its entry with the Corona pandemic crisis, which are multiple challenges that may portend two financial and health catastrophes, so there should be revenue diversification and rationalization in spending, and this is what the International Fund report confirmed by having multiple jobs with more than 250 thousand jobs and horizons can be pressured according to productivity, "stressing," The government seeks to work on this by adopting the 2020 budget law. "
He continued, "All the solutions currently presented are immediate solutions, either resorting to internal or external loans by selling bonds or resorting to funds funds in addition to the trust accounts with the ministries, which have not been disposed of until now."
Al-Fahd noted that "Finance Minister Ali Abdul Amir Allawi has experience in managing the financial file during previous years through which tools and alternatives can be found that contribute to supplying the budget," asking, "Are these solutions close to reality, especially since banks are mostly idle and the cash block is mostly at homes?" ? "
He revealed, "The presence of 54 trillion Iraqi dinars, 4 of which are in banks and 50 among individuals in homes, how can the government withdraw this large cash block? What are the encouraging means to buy government bonds and lending? This is what the state's financial policy is currently looking at." 
Al-Fahd added, "The government is currently working to close simple computers {trust accounts}; but our problem in Iraq is most of our operating expenses, not investment, and our dependence on oil mainly."
He added, "There are job slack and double wages. Radical solutions must be put in place. Most countries in the world, especially oil, have suffered from the crisis, but they have sovereign funds through which the deficit can be bridged," usually resorting to withdrawing cash reserves from the central bank that "will weaken the Iraqi currency." 
He concluded Fahd his speech by saying , "There are things that many are on the table , including savings mandatory for employees , " pointing out that " the withdrawal of funds frozen and smuggled out of the country file legal needs to raise claims and evidence and the timing of the long and the government is currently looking for quick solutions to get out of this crisis , " .anthy 
Wafa Al-Fatlawi

 

https://alforatnews.com/news/خبير-اقتصادي-نواجه-أزمة-فتاكة-ويكشف-عن-54-تريليون-دينار-لدى-مصارف-وأفراد

[chess]

50 TRILLION DINAR IN OUR HOMES. I ONLY GOT A LITTLE BIT IN MINE. ANYBODY ELSE GOT SOME?? FESS UP NOW.....50 TRIL IS A BUNCH!