TNT
Tishwash:
Disclosure of the date of the vote on the oil and gas law and the general amnesty
The Parliamentary Legal Committee in the House of Representatives revealed the date for voting in Parliament on the “oil and gas” and “general amnesty” laws.
Representative Ahmed Fawaz Al-Latifi, a member of the Parliamentary Legal Committee, said in press statements:
“One of the most important laws that we are working on approving is the oil and gas law and the general amnesty law that was agreed upon within the State Administration Coalition, and this is what has been agreed upon, and I believe that there are final political touches to agree on it, and therefore include them in the agenda and vote on them within the House of Representatives
And they were sent from the Council of Ministers as draft laws, not proposals to the House of Representatives, and therefore we wait in the House as soon as the book or draft laws reach the Parliament, to be referred to the Committee Legal, which is concerned with studying and discussing the paragraphs and rationale of this topic and thus putting it on the agenda soon for a vote on it. link
Establishment of the first joint free trade zone between Iran and Iraq
Adviser to the President of the Republic and Secretary of the Supreme Council for Free Zones in the Islamic Republic of Iran, Hojjatullah Abd al-Malik, announced the provision of the ground for the establishment of the first joint free trade zone between Iran and Iraq at a point on the other side of the Mahran border.
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On the sidelines of the visit of the Iraqi Minister of Labor to the second exhibition to introduce the investment packages and export capabilities of Iranian free and special economic zones, which is held at the permanent headquarters of international exhibitions in the city of Mashhad, northeastern Iran, Abdulmalik said: “Recently, the Iraqi Prime Minister took into consideration a point on the other side of the Mehran border in Wasit Governorate to establish a joint free zone between the two countries, where studies are being conducted on it at the present time.”
He expressed hope that the first joint free trade area between Iran and Iraq will enter the operational phase and be established by the end of the year.
He added, Abd al-Malik, that Iraqi investors are also interested in exporting their goods to other places to meet their needs and develop their country’s trade by passing through Iran and accessing the Indian Ocean and open waters through Iran’s free economic zones. link
CandyKisses:
U.S. sends thousands of Marines to Middle East
Baghdad – NAS
The Pentagon announced the deployment of additional troops to the Middle East, including thousands of Marines and warships, in response to recent Iranian attempts to seize commercial cargo ships.
The US decision came after the department said earlier this week that it would send F-35 and F-16 fighter jets to the Middle East, as well as the destroyer USS Thomas Hudner.
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Gen. Michael Corella, commander of U.S. Central Command (CENTCOM), said the Forces nouvelles would add unique capabilities to the region in order to further protect the free flow of international trade and support rules based on the international order.
The readiness group consists of three ships, including the Bataan, an amphibious assault ship, where the expeditionary unit usually consists of about 2500,<> Marines.
The U.S. announcement did not name the ships, but U.S. officials provided details of the units involved in the deployment on condition of anonymity to discuss troop movements.
Besides Bataan, the group includes two other warships, the USS Mesa Verde and USS Thomas Hodner, and the group left Norfolk, Virginia earlier this month. It was not clear on Friday whether the three ships would continue their incursion into the Gulf region.
Earlier in July, the US intervened to prevent Iran from seizing two tankers in the Gulf of Oman, including a case in which an Iranian ship fired on an oil tanker.
In both cases, a U.S. Navy destroyer arrived at the scene, forcing Iranian ships to sail away from the area.
Meanwhile, US Undersecretary of Defense for Political Affairs Colin Kahl said that “these incidents have received the most attention from the Department of Defense.”
According to a senior U.S. defense official, after the seizure attempt, the United States began flying A-10 aircraft over the Strait of Hormuz, and the planes were equipped with weapons capable of targeting Iranian fast-attack boats and other naval targets.
The planes were deployed to the area in late March after a series of attacks on US positions by Iran-affiliated militias.
Central Bank: Banks deprived of dealing in dollars enjoy full freedom to deal in Iraqi dinars in various services
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Baghdad / Nina / The Central Bank of Iraq affirmed: “Banks deprived of dealing in US dollars enjoy full freedom to deal in Iraqi dinars in various services within the Iraqi banking system, as well as their right to deal internationally in currencies other than the US dollar.”
The bank said in a statement: “The ban on Iraqi banks from dealing in dollars came against the background of auditing bank transfers for the past year (2022) and before the application of the electronic platform and before the formation of the current government as well.”
He added: “The application of the electronic platform ensures the safety and accuracy of transfer transactions in all aspects, and that transfers are available and secured thanks to the expansion of transfer channels and approved correspondent banks.”
He explained: “The banks prohibited from the dollar do not constitute their requests only 8% of the total foreign transfers,” noting: “The announced exchange rate in the market is based on the cash dollar granted by the Central Bank of Iraq to cover the requests of citizens for travel and others.”
The Central Bank called on the government to develop a mechanism to link imports and proof of the existence of an original financial transfer corresponding to their value to prevent the use of i-----l means in the payment of their values that constitute unjustified pressure on the monetary dollar, and on the other hand help control the m----------n and smuggling of imports.
Source: Dinar Recaps
Harambe:
Vietnamese banks prove attractive to foreign investors | Vietnam+ (7/21/23)
A number of Vietnamese banks are grabbing interest of foreign investors who are major banks or financial groups.
The Southeast Asia Commercial Joint Stock Bank (SeABank, coded SSB) has revealed a plan on the private placement of nearly 95 million shares, equivalent to 4.63% of its current shares and over 3.7% when the placement is completed, to a professional stock investor expected to be the Norwegian Investment Fund for Developing Countries (Norfund).
SeABank said the offering price will be not lower than 12,861 VND (over 0.5 USD) per share, which was stated in the audited 2022 separate financial statement, and the highest price is expected at 37,032 VND per share. The bank is set to collect a minimum of more than 1.2 trillion VND and a maximum of over 3.5 trillion VND from this deal.
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Saigon – Hanoi Commercial Joint Stock Bank (SHB, coded SHB) is also attracting foreign investors. Reuters recently cited its private source as saying that SHB is preparing to offer 20% of its shares’ value to a strategic partner. The names of the parties concerned have not been disclosed, but some information sources said several potential investors from the Republic of Korea and Japan have had meetings with SHB.
The value of this deal is hope to stand at 2 – 2.3 billion USD, and the transaction will be completed in 2023 or early 2024 after getting approval from the State Bank of Vietnam (SBV).
Foreign investors’ ownership of SHB is just around 7% at present, much below the ceiling limit of 30% set by the SBV. This is considered a promising opportunity for foreign investors.
Earlier, SHB finished the transfer of 50% of the charter capital of its SHB Finance Co. Ltd to Thailand’s Bank of Ayudhya Public Co. Ltd (Krungsri), a strategic member of the MUFG group of Japan, after over one year since SHB and Krungsri signed a capital transfer contract. The two sides will continue transferring the remaining 50% after three years as stated in the contract.
Krungsri once said that it would spend 5.1 billion THB (156 million USD) on this transaction.
The stocks of SSB and SHB have also been listed in the basket of VN30 Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on the Ho Chi Minh Stock Exchange (HoSE). Insiders said the presence in the VN30 basket will enhance these stocks’ attractiveness and values even further.
Meanwhile, more than 1.19 billion shares of Vietnam Prosperity Joint Stock Commercial Bank (VPBank, coded VPB) will be offered through a private placement to Sumitomo Mitsui Banking Corporation (SMBC) of Japan’s Sumitomo Mitsui Financial Group, Inc (SMFG). They equal over 17.73% of VPBank’s current shares and 15% when the placement is completed.
The transaction will be made in the third or fourth quarter of 2023 after the SBV approves and the State Securities Commission confirms its reception of all necessary papers.
With a planned offering price of 30,159 VND per share, VPBank hopes to gain more than 35.9 trillion VND (1.5 billion USD) and raise its charter capital by over 11.9 trillion VND. This deal will set a new record in transaction value in the banking sector.
Likewise, leaders of Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Lien Viet Post Joint Stock Commercial Bank (LPBank), and Nam A Commercial Joint Stock Bank (Nam A Bank) said their banks are planning to increase charter capital by selling shares to foreign investors.
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Nguyen Quoc Hung, Secretary General of the Vietnam Banks Association, said with rich experience, foreign banks and financial groups will make consideration before pouring money so as to ensure profitability and improve the governance capacity of domestic credit institutions.
Many banks have reached or almost reached the ceiling limits of foreign ownership. However, others still have low foreign ownership rates such as SeABank, Nam A Bank, Bac A Bank, BVBank, and KienLongBank. This is one of the factors making Vietnamese banks more attractive to foreign investors, he opined.
https://en.vietnamplus.vn/vietnamese-banks-prove-attractive-to-foreign-investors/259757.vnp
Source: Dinar Recaps
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