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UncleVersie » December 2nd, 2022
Member of the Parliamentary Finance: The budget will exceed the barrier of 210 trillion dinars, and these are its priorities
09:18 – 01/12/2022
Baghdad – Mawazine News
Revealed a member of the Parliamentary Finance Committee Mohammed Nouri Aziz, today Thursday, the federal budget for 2023 will amount to more than 210 trillion dinars.
Aziz said in an interview with the official newspaper “Al-Sabah” Mawazine News continued, “One of the priorities of next year’s budget is the launch of appointments Degrees of deletion and development, as well as infrastructure, for which very large sums of money will be allocated in the regional development program and may reach more than 8 trillion dinars for the first time in The history of the country’s budgets after 2003.”
“The allocated funds will flow into projects. Ministries of Construction, Housing, Municipalities and Public Works, Electricity, Planning, Labor Social affairs, especially pro-poor and the social welfare programme”, He pointed out that “the amounts allocated to these sectors will be very high because there is a financial abundance. And the priority of the current government, which has been described as a “service government” within the Prime Minister’s curriculum Mohammed al-Sudani.”
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Aziz pointed out that “good funding will provide for the budget next year due to financial glut and high oil prices due to the Russian war U-------n, which gives the parliament comfort in increasing allocations to another set of categories”.
He continued, “Next year’s budget will exceed the barrier The 210 trillion dinars based on the actual need of the country, especially since the year 2022 did not Witnessing the vote on the budget, which led to the rotation of the degrees of deletion and creation, as well as “There are a good allocation of the security services and their needs.” Finished 29/N33 link
Toyvp » December 2nd, 2022
Asian investors eye more M&A opportunities in Việt Nam
December, 02/2022 – 10:36
Việt Nam is Japan firms’ most preferred destination thanks to its economic resilience with high growth potential on the basis of the diplomatic relations between the two countries
HÀ NỘI — Investors from Japan, the Republic of Korea (RoK), and Singapore are looking for more potential merger and acquisition (M&A) opportunities in Việt Nam, pinning high hopes on the long-term growth prospects of the market.
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According to Masataka “Sam” Yoshida, head of the Cross-border M&A Division of RECOF Corporation of Japan, Japanese companies are striving to sign strategic agreements with Vietnamese partners.
Yoshida said Việt Nam is Japanese firms’ most preferred destination thanks to its economic resilience with high growth potential on the basis of the diplomatic relations between the two countries.
The Southeast Asian nation is also transitioning from production to a consumer market, he noted, adding that these favourable factors will attract more Japanese companies to the country.
In November, Việt Nam continuously recorded M&A deals from Japanese investors. Most recently, the Cool Japan Fund announced that it will pour about US$10 million into 4P Holdings – the firm that owns and operates the 4P pizza restaurant chain. This is part of the fund’s strategy to exploit opportunities in the Vietnamese food and beverage market.
Meanwhile, Japanese gas supplier Toho Gas has signed a strategic investment cooperation agreement with Phuc Sang Minh Engineering Services Trade Co., Ltd to buy 40 per cent of shares of the Vietnamese gas supplier.
Similarly, Sumitomo Mitsui Banking Corporation will invest VNĐ240 billion (over $9.7 million) in Smart Net Trading Service JSC (SmartNet).
Pharmacity, one of the largest drugstore chains in Việt Nam, has joined SK Group, with the aim of entering Southeast Asia’s rapidly expanding retail and healthcare markets. The deal is believed to be one of the landmark deals of the year.
Meanwhile, SK E&S, the largest private renewable energy operator of the RoK, signed an agreement worth $37.5 million to buy a 99.99 per cent stake in New Renewable Energy JSC No.1, which is a subsidiary of Gia Lai Power Electricity JSC to set a foot in the renewable energy sector in Việt Nam.
The signing of billion-dollar deals between Vietnamese and RoK firms has shown the confidence of Korean investors in their Vietnamese partners.
Hana Financial Group has established a strategic partnership with the Bank for Investment and Development of Vietnam (BIDV). Việt Nam also witnessed the strategic investment of Shinhan Financial Group of the RoK in Tiki – Việt Nam’s leading e-commerce company in May this year.
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Nguyễn Hạnh, a lawyer of Bae, Kim & Lee Vietnam, said in the first ten months of this year, $370 million was poured into Việt Nam through M&A deals by Korean investors.
It is forecast that more and more Korean corporations will join and increase their presence in Việt Nam through M&A deals.
This year, a member investment fund of Temasek Holdings of Singapore also inked a $50 million deal with Vietnamese e-commerce solution provider OnPoint.
In addition, Singaporean venture capital funds have increased their presence in the Vietnamese market through investments in local start-ups.
Recently, Dat Bike, an electric motorbike start-up of Việt Nam, has announced that it has successfully raised an additional $8 million in a funding round led by Singapore-based Jungle Ventures Fund. GSR Ventures and Delivery Hero Ventures also participated in the round, along with Wavemaker Partners and Innoven Capital.
In August, Jungle Ventures also poured $8.5 million into local insurance and healthcare platform Medici.
Meanwhile, Golden Gate Ventures, a Singapore-based venture capital fund, has set up two offices in Việt Nam to invest in the technology industry. Another venture fund, Quest Ventures, is also partnering with Enterprise Singapore to implement the GIA Acceleration Programme to assist Singaporean tech start-ups and small- and medium-sized enterprises (SMEs) to enter the Vietnamese market. — VNS
https://vietnamnews.vn/economy/1400572/asian-investors-eye-more-m-a-opportunities-in-viet-nam.html
Clare » December 2nd, 2022
In pictures, the UAE introduces a new banknote made of polymer
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12/02/2022
The Central Bank of the United Arab Emirates announced the issuance of a new banknote in the category of 1,000 dirhams, made of polymer material, with innovative designs and modern and advanced security features, coinciding with the celebrations of the 51st Union Day.
The issuance of the new banknote in the category of 1,000 dirhams, which is the fourth in the series of the project for the third issuance of the national currency, comes within the framework of the Central Bank’s approach to developing the financial sector in the country.
In its design of the new banknote, the Central Bank was keen to embody the spirit of the union and the success story of the UAE, with cultural and developmental images and symbols that reflect the pioneering global achievements of the country, which strengthened its position to be among the developed countries within a record period of time.
The bank continues its policies and approach towards sustainability by issuing the new banknote in the category of 1000 dirhams made of polymer material, which is one of the modern materials in the manufacture of banknotes, as it is more durable and sustainable than traditional banknotes, by two or more times. It is also fully recyclable, thus reducing its environmental impact. LINK
Toyvp » December 2nd, 2022
ISX trades +4 billion dinars worth of equities in a week
2022-12-01 04:11
Shafaq News/ The Iraq Stock Exchange (ISX) traded more than three equities valued at more than four billion dinars last week.
With more than 3,100 deals closed this week, ISX index closed on Thursday’s sesion at 590.01, 0.78% below Sunday’s session.
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It is noteworthy that Iraq Stock Exchange installed Central Depository and Electronic Trading Systems in 2009. It organizes five weekly sessions and lists 103 public companies from different economic sectors.
https://www.shafaq.com/en/Economy/ISX-trades-4-billion-dinars-worth-of-equities-in-a-week
Henig » December 2nd, 2022
The d---h sentence for the most dangerous d--g dealer who was arrested by the crowd security earlier
Baghdad / The Iraqi judiciary issued a d---h sentence for the most dangerous d--g dealer who was arrested by the Hashd Security earlier.
A statement by the Popular Mobilization Authority stated that after his arrest by the Investigation Authority in the security of the crowd, the Iraqi judiciary sentenced one of the largest d--g dealers in Iraq to d---h by hanging.
He added that the merchant was smuggling d---s in large quantities from neighboring countries to Iraq and storing them in remote villages, after which they would be sold in batches and quantities, and tens of thousands of narcotic substances and pills were also found in his possession. LINK
UncleVersie » December 2nd, 2022
Next Sunday. Oil experts say OPEC and its allies are likely to resort to “new” production cuts
2022-12-02 09:16
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Energy analysts said that oil producers from OPEC and non-OPEC from the OPEC+ group may decide to reduce oil production next Sunday, as the alliance tries to limit the potential effects of the European Union’s decision to impose sanctions on Russian crude exports and the possibility of imposing a certain ceiling on Russian oil prices.
OPEC+, a group of 23 oil producers led by Saudi Arabia and Russia, will meet on Sunday to decide on the next phase of production policy.
The meeting comes ahead of the imposition of “devastating” sanctions on Russian crude and the possibility of a decline in Chinese demand for crude, raising fears of a recession that could eventually lead to lower prices.
Claudio Galimberti, an analyst at energy consultancy Rystad, told CNBC from OPEC’s headquarters in Vienna that the group would do well to change its current output policy.
Reports that OPEC+ is considering production cuts based on falling demand, especially in China, over the past few days.
Players in the global energy market remain concerned about EU sanctions on Russia’s exports of seaborne crude, which will take effect on the fifth of this month.
In addition, the prospect of a cap on Russian oil prices by the Group of Seven increases uncertainty in the oil market.
The 27-nation European Union agreed in June to ban the purchase of Russian seaborne crude from Dec. 5 as part of a concerted effort to curtail Moscow’s imports following its invasion of U-----e.
However, concern that a total ban on imports of Russian crude could lead to higher oil prices, has prompted the Group of Seven major industrialized nations to consider capping the price of Russian crude.
No formal agreement has been reached so far, although Reuters reported on Thursday that EU governments had agreed in principle to a cap on the price of Russian seaborne oil at $60 a barrel.
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“The other factor OPEC has to consider is the price cap, and this increases the uncertainty” in the oil market, Galimberti said.
The OPEC+ alliance recently hinted it could impose deeper production cuts to stimulate prices, which have fallen over the past three weeks but have risen slightly on Friday, two days before the expected meeting.
Reuters says the OPEC+ group is widely expected to stick to its latest target of cutting oil output by two million barrels per day when it meets on Sunday, but some analysts believe crude prices could fall if the group does not decide on further cuts.
OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies led by Russia, turned Sunday’s meeting, which was due to be live in Vienna, into a virtual online meeting, which sources in the group say suggests policy may remain unchanged.
The group agreed in early October to cut its oil production target of 2 million barrels per day from November until the end of 2023.
Given the production constraints imposed on some members of the group, the expected actual cut by OPEC+ is close to 1 million to 1.1 million barrels per day.
Sources told Reuters that OPEC+ now wants to assess the impact of the looming price cap on the market and get a clearer picture of the outlook for oil demand in China, the world’s biggest crude importer, which is expected to ease strict c---------s restrictions after unprecedented protests.
However, some analysts do not rule out a surprise, warning that with supply currently in the market, OPEC+ risks a downturn in the price of oil if it does not cut production targets further at the meeting.
BVM Oil analyst Stephen Brennock said: “Further production cuts cannot be ruled out… Failure to do so risks triggering another sell-off,” he said, without elaborating on the low level he believes prices could reach.
Brent crude prices, which hit a 14-year high above $139 a barrel after Russia’s invasion of U-----e, fell to around $88 a barrel in trading on Thursday, recovering somewhat from a one-year low near $80 a barrel hit earlier this week.
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China’s economic C---D-19 restrictions and a delayed EU agreement on a ceiling on Russian oil prices have put pressure on the market, with analysts at ING pointing to recent weakness as one reason “it is not possible” to rule out” further supply cuts.
The co-founder of Jefferies Bank consulting firm Energy Aspects, Amrita Sen, said it did not expect OPEC+ to change course now.
Energy Aspects expects OPEC+ to bring some of the discounted volumes back to the market after the second quarter of next year in order to balance supply and demand.
UBS analyst Giovanni Staunovo said that while a lack of clarity on Russian supply could prompt OPEC+ to change its current quotas, weak Chinese demand and the prospect of releasing new volumes of U.S. strategic oil reserves could prompt the group to further cut. link
Source: Dinar Recaps
Clare » December 2nd, 2022
The Central Reserve exceeded $90 billion, and revealed the date for offering the 20,000 class
The Central Bank of Iraq announced, today, Friday, that the cash reserve has increased, exceeding $90 billion.
The Central Bank’s advisor, Ihsan Al-Yasiri, said in a press statement that: “The cash reserve exceeded 160% of the value of the Iraqi dinar,” noting that “the value of the Iraqi currency or the balance exceeded 160%, as the value of the Iraqi dinar amounted to more than one and a half dinars.”
He explained, “This number is very large and indicates a barrier to the recovery of the economy and a great support for the value of the Iraqi currency.”
He expected, “The 20,000 dinars coin will be offered at the end of next year 2023.”
Al-Yasiri pointed out that “15 trillion dinars were granted as loans for industrial, agricultural, housing and trade projects.” LINK
The Central Bank announces that its cash reserves have exceeded the $90 billion mark
Today, 18:53
The Central Bank of Iraq confirmed, today, Friday, that the cash reserve exceeded 160% of the value of the Iraqi dinar, and while confirming the increase in the cash reserve exceeding $ 90 billion, it expected the introduction of the 20 thousand currency at the end of next year, confirming at the same time that granting 15 trillion dinars as loans for projects in four areas.
The Central Bank’s advisor, Ihsan Al-Yasiri, said in a statement to the Iraqi News Agency (INA): “For the first time, the central bank’s reserves exceeded the threshold of 90 billion dollars, as this number is very large and indicates a bulwark for the recovery of the economy and a great support for the value of the Iraqi currency,” pointing out that “The value of the Iraqi currency or the balance exceeded 160%, as the value of the Iraqi dinar amounted to more than one and a half dinars.”
He added, “The Iraqi currency is now witnessing a significant rise and recovery, as it is considered one of the strong international currencies, although it is not an international currency for circulation,” noting that “the government and the Ministry of Finance have an opportunity to assign fragile and poor groups and retirees with low salaries and those covered by social protection and retirees through this Funds by allocating part of it within the 2023 budget.
Regarding banking control procedures, Al-Yasiri said: “The government program is concerned with controlling government banks, and private banks, since the latter are part of the banking sector and are covered by government control measures.”
He pointed out that “the Central Bank has shifted from its traditional policy, which is represented by pursuing stability and issuing cash and others, to a large development institution, as it launched a development fund whose funds exceeded 18 trillion dinars,” noting that “this fund contributed to bridging the government financing gap as a result of security and economic challenges and price drops.” successive oil since 2014 until now.
He continued, “The bank launched initiatives and projects through loans that exceeded 15 trillion dinars for industry, agriculture, housing and trade projects,” noting that “the initiatives also included empowering women and unemployed youth,” in addition to allocating billions of dinars from bank funds to support cultural institutions, including rehabilitation. Al-Mutanabbi Street, churches, mosques and theatres.
Regarding the new 20,000 dinars category, Al-Yasiri stressed that “the 20,000 dinars category is an intermediate currency between 25,000 and 10,000, as it will have a role in redrawing the structure of banknotes,” noting that “this category will be acceptable and with high security specifications.”
And he continued, “The issuance of this category is not related to the budget, since the Central Bank has an independent budget, but rather it is related to printing procedures, choosing colors and security marks,” suggesting, “This currency is issued at the end of 2023.” LINK
Source: Dinar Recaps
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