Fri. PM KTFA News Articles 8-12-22



Samson » August 12th, 2022

Five major Chinese groups announce their withdrawal from the New York Stock Exchange

12th August, 2022

Five Chinese companies, including two of the country’s largest oil groups, announced their withdrawal from the New York Stock Exchange on Friday  

Sinopec and PetroChina – one of the world’s largest energy groups – said in separate statements that they would apply for a “voluntary withdrawal” from the US stock market

Similar announcements were made by the Chinese aluminum company “Chalco”, “China Life” and a branch of Sinopec based in Shanghai  LINK

“Buna” Platform For Arab Payments Holds An Interactive Workshop To Share The Main Developments And Practical Experiences In Several Areas Related To The Functions Of The System

11th August, 2022

Shedding light on the main capabilities and priority practical experiences of the banking sector

The workshop will host more than 200 participants from representatives of central banks, regional and global financial and banking institutions

The Buna platform for Arab payments, which is affiliated with the Regional Institution for Arab Payments Clearing and Settlement owned by the Arab Monetary Fund, will hold today, Thursday, August 11, 2022, a “remotely” workshop to shed light on a number of main capabilities and practical experiences related to the functions of the “Buna” system.

Of interest to the banking sector, as the topics of the workshop include presentations on the technical capabilities related to application programming interfaces (APIs), and future plans to extend the working times of the system, in addition to sharing some practical experiences in the field of compliance systems.

The workshop will host more than 200 participants representing central banks, financial and banking institutions, payment service providers and financial services from the Arab region and abroad, to learn about these important and vital topics and to follow up on the development of the Buna platform and its future plans.

During the workshop, the technical mechanisms for the work of the application programming interfaces ( APIs ) of the Buna system, and the advantages they provide for participants to take full advantage of the system’s multiple functions, will be presented. 

Benna’s team will also give a presentation on the platform’s plans to gradually extend the operating window times of the system, towards a complete transition to providing services around the clock and during all days of the week, thus enhancing the benefit of the banks participating in the platform. 

In the workshop, a special presentation on compliance will be presented, sharing some practical experiences and important practices with the participating banks from the reality of the work of the payment control systems in the platform, highlighting the importance of the quality of data contained in payment transactions and the advantages of the global messaging standard ISO20022  to achieve effective compliance.

On this occasion, Mr. Mahdi Manea, CEO of the Regional Institution for Arab Payments Clearing and Settlement (Bunyi Platform for Arab Payments) , spoke : “We are working to keep the participants in the Bani platform informed of all practical experiences and developments, as this is in line with the platform’s role in enhancing the status of Banks in the field of cross-border payments. These capabilities will provide them with the ability to maximize the desired value of the platform to support their plans to improve cross-border payments services for their customers.”

Mr. Manea added : “This edition of the Buna interactive monthly workshops will provide the opportunity for participants to learn and exchange practical experiences and concrete plans, whether the participating bank seeks to benefit from the full technical capabilities of the Buna system and achieve maximum efficiency, or to benefit from extending operating windows times. The platform to provide a rich experience to their customers, or receive insights into the practical experiences of compliance systems in the platform to further improve risk management controls.”

It should be noted that the “Bunny” platform constitutes an integrated system specialized in providing clearing and settlement services for payments in Arab and international currencies.

It aims to enable financial and banking institutions in the Arab region and beyond, including central and commercial banks, to send and receive inter-payments throughout the Arab region and abroad in a safe and reliable manner, at an appropriate cost and with high efficiency. Buna offers participants state-of-the-art payment solutions that comply with international standards and principles and international compliance requirements. “

Buna” contributes to enhancing opportunities for economic and financial integration in the Arab region and supporting investment links with trading partners in various continents. It is noteworthy that participation in the platform is available to all banks and financial institutions that meet the criteria and conditions for participation in it, foremost of which are the standards and procedures for compliance aspects.   LINK

Economist: The Price Of A Barrel Of Oil May Reach 130 Dollars Next Winter

12th August, 2022

The economic expert, Dr. Safwan Qusay, suggested that the price of a barrel of oil would reach 130 dollars during the coming winter, pointing to the possibility of investing the increase in revenues and converting them into internal investments and activating the private sector to absorb unemployment and introduce new revenues to the country.

Qusay told Al-Maalouma, “The price of oil will depend on the amount of releases from strategic storage for China, Japan, America and the European Union, who own strategic reserves, as consumption is scheduled to be at a rate of 60 million barrels per month.”

He added that “the mentioned countries and if they raise the percentage of consumption from the strategic storage, it is possible to control the price, and in the end, the prices will remain at their position during the current period, but it may reach in the winter to 130 dollars per barrel.”

And he indicated that “Iraq can invest the surplus of oil prices in absorbing unemployment and poverty, developing infrastructure, and resorting to investment to employ the unemployed and activate the private sector to bring in new revenues.”   LINK

Iraq completes a project to link airports with neighboring countries

12th August, 2022

Today, Friday, the General Company for Air Navigation Services announced the completion and activation of the modern AMHS system for exchanging telegrams between Iraqi airports and airports of neighboring countries, after great efforts.

In a statement received by Mawazine News, the company’s general manager, Nizar Ibrahim Al-Ziyadi, said, “In line with the aspirations of the Minister of Transport, Captain Nasser Hussein Al-Shibli, to develop the infrastructure of the aviation communications system, the staff of the Aviation Communications Department, AFTN Division, has completed the activation of the modern AMHS system for the air telegram processing system.

After the efforts of eight consecutive years by the committee supervising the project, “noting that “the completion of the project began in 2014 and in several stages, and today the fruit of the efforts is reaping its completion in cooperation with the Canadian IDS company.”

Al-Ziyadi praised the efforts of the members of the Supervision and Follow-up Committee, including engineers in the Communications Department. 

In turn, the Director of the Aviation Communications Department explained that “the system is considered one of the important, necessary and vital projects to link all Iraqi airports with international airports to exchange telegrams with a modern system within the requirements of the International Civil Aviation Organization (ICAO),”

Noting that “the trial operation was conducted for the past three days, and the staff of the AFTN Division began yesterday At ten in the morning, the official activation of the system, and the international aviation organizations were notified of Iraq’s adoption of the AMHS system for exchanging telegrams.

For his part, the Director of the AFTN Division confirmed that “Iraq today entered the international encyclopedia in adopting the AMHS project, which is one of the aviation communications systems that work on sending telegrams,”

Noting that “the system deals with all types of civil and military aircraft and sends air telegrams between Iraq’s airports and international airports without Any identification and includes information related to the weather, the state of civil and military aviation, air telegrams, and sending many photos in addition to information about flights in the event of delays, advances of their times, or airports stopping for emergency reasons.  LINK

Supporters of the coordination framework demonstrate in Baghdad and Mosul “in defense of the state and its legitimacy”

12th August, 2022

Two demonstrations were launched in the capital, Baghdad, and the city of Mosul, the center of Nineveh Governorate, on Friday, for supporters of the comprehensive coordination framework of Shiite forces, with the exception of the Sadrist movement.

Shafaq News Agency correspondent said that hundreds of Al-Attar supporters gathered in the two-storey square in Al-Jadriya area, heading towards the Green Zone from the side of the suspension bridge gate.

The demonstrators raised banners calling for “the formation of a national service government to combat high prices, unemployment and the lack of electricity.” As well as the demonstrators raised slogans “No to chaos and sabotage institutions and reduce the price of the dollar.”

In Mosul, a demonstration of supporters of the coordination framework took place in Dora Al-Hamam near the Al-Nabi market area on the left side of the city. The demonstrators told Shafak News Agency’s reporter, “The goal of their demonstrations is to protect the state and defend legitimacy.”

The demonstrators are from outside the city of Mosul, who come by bus to demonstrate in Mosul, and the majority of them are from the Shabak Nineveh Plain.  LINK

Source: Dinar Recaps


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