Oil prices fell more than 1%, affected by fears of economic recession
Oil prices fell more than 1 percent today, Thursday, during a volatile week, as economic fears of recession roiled global financial markets, outweighing supply concerns and geopolitical tensions in Europe.
Brent crude futures fell $1.25, or 1.2%, to $106.26 a barrel by 04:03 GMT, and West Texas Intermediate crude futures fell $1.24, or 1.2 percent, to $104.47 a barrel.
Oil prices are under pressure this week, along with global financial markets amid fears of higher interest rates for the US dollar, which is the strongest in two decades, and concerns about inflation and a possible recession, as the prolonged shutdown of COVID-19 has affected China, the world’s largest importer of crude.
However, supply concerns stemming from the Russian invasion of Ukraine have boosted the market, with prices rising more than 35% so far this year.
The EU’s pending embargo on oil from Russia, a major supplier of crude and fuel to the bloc, could further tighten global supplies, supporting prices. link
Source: Dinar Recaps
Mahmoud Dagher explains the economic feasibility of removing zeros from the local currency
The economic expert, Mahmoud Dagher, explained the economic feasibility of the project to delete zeros from the Iraqi currency, which is frequent in political and economic circles from time to time, especially in times of inflation.
Dagher said to “Economy News”, that “removing zeros does not change the level of inflation because it does not change the money supply or securities,” adding that “the state will have to spend money to print a currency equivalent to the replaced currency.”
On ways to preserve money during inflation in the markets, Dagher advised capital owners to “invest in fixed assets that are not subject to commercial circulation, such as gold, real estate and fixed assets to keep money from eroding during price increases.”
Looks like old Iraq is postponing the vote yet again. See Tish’s article. I sure hope Tony’s sources are accurate (Tony we really appreciate your information). But for Iraq – we have seen “delays” many times. seems that is standard procedure. Clown Show continues.
Yes but till Saturday. Not long at all….I liked Tony’s comment, thinking out loud, that they may release the rate at the same time or just before the vote is announced,,,that puts in the weekend,,,,still good
Saturday into Sunday is a sweet spot
I wouldn’t be surprised to find out that the other governments around the world requested the additional 48 hours because it much easier to change a value when the markets are down,,
I think Maliki is just playing for time, trying to get out of Sadr’s trap. I do not think he is going to escape…..Maliki will lose, and the RV will go through…..The people of Iraq will win.
And since the Iranian nuclear deal is failing, the Iranians will have to kiss up to Iraq and not harbor Maliki. His goose is cooked.
Iran will be begging for relief, with no nuclear deal and auctions cut off. I think they will stop firing rockets into Iraq.
The US Senate already voted against the Iran deal !!!
This is, finally, an answer to the prayers of the many. May much good flow forth from this.
Cut off the street adjacent to the Central Bank building in central Baghdad for 6 days
The security forces intend to cut off the street adjacent to the new Central Bank building in central Baghdad for a period of 6 days, starting tomorrow, Friday.
The General Traffic Directorate said in a statement received by “Dijla”, “Tomorrow will witness cutting off the road leading from the Babylon Hotel towards the new central bank building for a period of (6) days, due to the presence of sewage connection works to the bank building.”
He added, “The alternative road will be the other side of the road from the Central Bank building towards the Babylon Hotel, used back and forth.” link
Saleh: The budget will include good spending for the social sectors
Mazhar Muhammad Salih: The budget will be expansionary and will include good spending for the social and investment sectors
In a statement to the change, Mazhar Muhammad Salih, financial advisor to the Prime Minister, said that the budget for the year 2022 will be expansionary, not contractionary, and will include good spending for the social and investment sectors. link
Iraq is between two options..Calls to resolve the political blockage or dissolve parliament
Seven months after the “early” legislative elections were held in Iraq last October, calls have increased – again – to hold another early election, and to dissolve Parliament, which is accused of “inability” to end the political impasse in the country.
Although these calls have not yet been issued by leading political figures, observers and analysts told Al-Hurra that these calls are “justified”, and that they may actually be the solution to the current situation.
The last of these calls came from the Patriotic Union of Kurdistan bloc, which participates with the “Coordination Framework of Shiite Forces” bloc in an alliance that has about 90-100 deputies, and its opponents call it the “blocking parliamentary third”, while the members of the coalition call themselves the “guarantor third.”
Union representative, Aso Afridon, said in a tweet, Wednesday, that the choice is between finding a “solution” to the political impasse or “dissolving” Parliament.
The second option, Avedon said, means that the current parliament is unable to find solutions.
The legal expert, Hussein Saadoun, says that the option to dissolve parliament now requires a vote by the parliament itself to dissolve it.
He added to Al-Hurra website, “According to Article 65 of the Iraqi constitution, the council will be dissolved by an absolute majority vote of its members.”
The vote requires a request from either a third of parliament members, or “a request from the Prime Minister and with the approval of the President of the Republic,” according to Saadoun.
This option seems extremely difficult, especially since it requires a vote of two-thirds of the parliament, that is, the agreement of a group of political blocs, including the Sadrist movement, the Kurdish blocs and the Shiite framework, to dissolve parliament.
Journalist Ahmed Hussein says that “if the meeting and agreement were possible, we would not have reached this complexity from the beginning.”
Hussein added to Al-Hurra that “the parliamentary minority, represented by the blocking third, is able to obstruct the formation of the government, but it is not able to dissolve parliament.”
According to Hussein, “the calls to dissolve parliament are in the interest of the framework blocs, as they want a second chance to compete in the elections and benefit from the lessons of the past elections, as the individual blocs achieved disappointing results.”
Hussein says that “it is almost impossible for the large blocs, such as the Sadrist Movement, the Kurdistan Alliance and the Progress bloc, to agree to dissolve parliament.”
A number of representatives of these blocs and their spokesmen did not respond to Al-Hurra website questions regarding the option to dissolve parliament.
Activist Zayed Al-Asad says, “Calls to dissolve parliament have been on the table since the first day of announcing the results, but waving them from time to time I see it as nothing but a pressure card rather than an actual call to go towards elections again.”
Al-Asad says, “This is because the cost of re-electing according to the current scene and the damage to parties at the popular level is much greater than the cost of finding a consensus formula that guarantees all parties representation that fortifies them legally, morally and financially in the political system while ensuring the largest share of the tripartite alliance.”
After the elections that were held on the tenth of last October, the Sadrist movement won the largest share of parliamentary seats (73) seats, but it did not achieve the comfortable majority that ensured the formation of the government.
The Sadrist movement allied itself with the two blocs of the Kurdistan Democratic Party (34 seats) and advanced (33 seats) and a number of deputies from other blocs.
Al-Sadr’s invitation to attend the presidential election session in parliament responded to about 200 deputies, but the boycott of the rest caused the failure of the session and the failure to achieve a quorum.
He was supposed to elect a new president of the republic in February, a month after the first session of Parliament was held, last January, but the difference of Kurdish blocs between a supporter of renewing the mandate of the current Iraqi president, Barham Salih, who are members of the Patriotic Union of Kurdistan, and opponents of the renewal of the party bloc Democrats, led to the union joining the “blocking third” as it is called.
The Iraqi parliament in March also failed to elect a new president.
Al-Sadr’s alliance managed to pass Muhammad Al-Halbousi to the presidency of the parliament, but it has so far been unable to gather enough representatives to pass a candidate for the presidency. link
Source: Dinar Recaps
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