Tues. PM TNT News Articles/Thoughts 7-26-22

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TNT

Tishwash:
A missile attack targeting a gas field in Sulaymaniyah Governorate, northern Iraq

The Ministry of Natural Resources in the Kurdistan region of Iraq announced today, Monday, that a gas field was subjected to a missile attack, which is the fourth .attack in two months

The ministry said in a statement, “The (Khormor) gas field of the Sulaymaniyah Governorate “.was targeted by three missiles, without causing any casualties or material damage The ministry statement confirmed that the attack did not affect operations in the field operated .by the UAE company (Dana Gas), especially those related to production

He explained that today’s attack “is the fourth of its kind during the months of June and July, and these attacks are carried out by outlaw groups to strike the civilian infrastructure of the Kurdistan region of Iraq.”  link

JanitorJoe:
Yada, I thought if no RV this week it was reported that many contracts would be pulled, people tired of delays…??

Yada:
the FSL is giving the current PM and President the ability to leverage the money the Kurds were going to receive to the people. Their stipends would be much more. Yes, something behind the curtain is about to be released. Why do you think the French gave Kizimi an award? He assured them that Baghdad is in control of the contracts and not Kurdistan. And everything that has been done will be the cause of the release of the rate in Iraq.

CharlieOK:
The last thing to hang your hat on is an Iraqi article.

Yada:
Agreed CharlieOK,,no quorum but the present government will complete the task. Beside, regardless of a vote or not, FSL is full force and the contracts will be honored. Look at all they accomplished without the GOI. Believe there will be a dissolution of the Pariliament.

Tishwash:
Adviser to the Prime Minister determines one option to reduce the dollar exchange.. He predicts the fate of the 2023 budget

The Prime Minister’s Advisor for Economic Affairs has identified one option to reduce the dollar’s exchange rate against the Iraqi dinar, while predicting the fate of the 2023 budget.

Haitham al-Jubouri said; For the program {Alstra} broadcast by Al-Furat satellite channel tonight, that: “The financial equation in the country is the one that controls the exchange rate of the dollar, and if we want to strengthen the dinar and convince investors abroad to invest in the country gradually, the dollar begins to decline, i.e. encouraging investments and increasing non-oil revenues will raise the level of value of the dinar. 

He added, “The Iraqi people are increasing by one and a quarter million people annually, and if we do not remedy the situation and make plans, we will actually suffer in paying salaries during the coming years. The future of future generations cannot be mortgaged to fluctuating oil prices.”

Al-Jubouri explained, “In Iraq, if thinking about the economy remains in the same current mechanism, we will have mercy on the current exchange rate, and the white paper remained ink on paper without brains;

With regard to the federal budget for the fiscal year 2023, al-Jubouri said, “It can only be approved by the presence of a new government and not necessarily the same approach as the current government. It may take austerity for the sake of the article, but if the current government remains, we will proceed with setting the doors of law.” 

And he continued, “Prime Minister Mustafa Al-Kazemi is the most president who followed up on the energy file in the country, and Iraq spent nearly $6 billion on the electricity sector in 2021, and there was supposed to be a levy for electricity that covers the ministry’s costs completely, but it does not currently reach 15%.” 

Al-Jubouri went on to say, “The Federal Court’s decision that the oil and gas law in the Kurdistan region is unconstitutional is a good step to negotiate with the federal government, and the Office of Financial Supervision is responsible for following up on the revenues generated from the region’s oil, while the advances that the region currently receives are deducted from its share in the budget.”

Regarding the economic pressure paper on Turkey after the criminal attack against civilians in the Bazakho resort, al-Jubouri said, “It is possible that the government has now begun to escalate. There is a complaint submitted to the Security Council and there is an intention for the presence of Iraqi forces in the areas adjacent to the Turkish border.”

He stressed, “the need to arrange the situation before the boycott and to find an alternative to import, as the value of our imports from Turkey exceeds 20 billion dollars, which is higher than China.”

Regarding automation, Al-Jubouri commented, “Iraq needs the correct automation of the border crossings, and we need other measures to make the automation step successful,” noting “Al-Kazemi’s failure in the financial file, but in general he acted wisely and got Iraq out of major crises.”

With regard to the political file, al-Jubouri stressed, “The framework is keen on the unity of the national ranks by nominating Muhammad Shia al-Sudani for the position of prime minister, and I think that his personality is acceptable to all parties and he is known for his integrity, and so far most of the blocs are welcome. 

Al-Jubouri concluded, “The two Kurdish parties are both insisting on their candidates for the presidency, and the nomination of Al-Sudani will lead to the acceleration of deciding the position of President of the Republic.”  link

Report: 10 reasons why the dollar is the main engine of the global economy

The US dollar is everything to everyone, its fingerprints are in every corner of the global economy: it is the currency in which vital raw materials are bought and sold, and it is the safe haven of investors in times of turmoil.

According to Reuters, the greenback is now at its highest levels in 20 years against other major currencies, thanks in part to expectations that the Federal Reserve (the US central bank) will raise interest rates at a faster pace than most other currencies.

Here are 10 reasons why you should pay attention:

Americans Abroad – A strong dollar is great if you’re an American tourist. Hotels, meals and luxury bags are all cheaper by comparison, whether in London, the French Riviera or Cancun. Needless to say, the opposite is true for US-bound travelers – unless they’ve bought Disneyland tickets or flights to Las Vegas long in advance, which will cost them more.

— Delight equals value — This is an added boon for Americans heading to one of the 19 countries that use the euro and a small consolation for European tourists in the United States. No more math is needed to convert between dollars and euros – you can consider it pretty much a one-for-one thing now.

Made in America – For shoppers around the world looking for the best American brands, a strong dollar means they may end up paying a premium unless local distributors try to mitigate the impact of the currency.

Only in recent days have US companies such as Mattel – maker of Barbie dolls and Hot Wheels toy cars – said they have been hurt by the dollar’s rise, even if consumers seem willing to pay higher prices.

For consumer goods giant Procter & Gamble — maker of consumer products like diapers and Ariel laundry powder — a rising dollar always tends to have a similar effect on its sales.

An Emerging Problem – For Argentine residents, the dollar’s appreciation against the peso has doubled domestic prices in just one year and led to an escalating economic crisis.

Governments and companies in many emerging economies finance themselves by issuing bonds in US dollars. Amounts owed now have increased in value when measured in their local currency. Markets’ ways to get more credit are also becoming more expensive due to rising interest rates in the United States.

Raw materials – Countries such as Turkey and Egypt, which import much of their raw materials, have been hit by a double whammy. Most commodities, from oil to wheat, are priced in US dollars, which means they pay more in their local currencies for every barrel or bushel they buy.

This comes at a time when prices for many of these materials have already reached multi-year highs due to the crisis in Ukraine, severe changes in weather conditions and the consequences of the Covid pandemic.

Supporting families – The dollar’s rise is good news for residents of poor countries like Mexico and Guatemala who depend on money sent by relatives working in the United States. The fallout from COVID-19 dealt a heavy blow to these remittances in 2020, but they have seen a steady recovery since then.

Inflation – Even for wealthier countries like Germany, a rising dollar can cause problems because it helps fuel already high inflation through more expensive imports. Domestic central banks have generally responded by raising interest rates, which makes credit more expensive and slows economic growth.

Rise of the ruble – The Russian ruble is the only currency in the world to make an effortless profit against the dollar this year – an unexpected result for a country under international sanctions because of the Ukraine crisis.

But this power – a somewhat artificial result of foreign exchange controls – is of little use to ordinary Russians. Moscow may be making tens of billions of dollars each month from energy sales to the West, but Russian households still cannot withdraw their foreign exchange savings. Many Western brands, from Adidas to H&M and Ikea, have stopped selling their products in Russia since the crisis began.

Cryptocurrency Bitcoin is being marketed as the last shield against inflation, but the world’s largest digital currency has fallen short of its promise and has lost more than half its value this year despite runaway consumer prices in large parts of the world. The legions of retail investors who were drawn to cryptocurrency during last year’s market rally have dumped it and shifted their savings to the safer US currency they saw.

Dollar Strength – If we take the price of a burger as an example, the dollar might actually be very strong and very likely to fall.

The Economist’s Big Mac index, which compares the price of burgers around the world, shows that the US currency is overvalued against all but a handful of currencies. The dollar is the most expensive — and the Big Mac is cheaper for the American traveler — in Venezuela, Romania and Indonesia. The opposite is true in Switzerland, Norway and Uruguay. link

Source: Dinar Recaps

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