Mon. AM-PM TNT News Articles (Iraq, Iran, Vietnam) 9-11-23

TNT

Tishwash:
Parliamentary: Article 140 caused a delay in the disbursement of allocations for this category

Mrs. Intisar Al-Maliki expressed her deep concern about the delay in disbursing allocations to affected families due to Article 140, as the number of families who received the checks reached more than 1,500 families in Al-Faw and Abu Al-Khasib districts and the entire Basra Governorate.

Al-Maliki strongly called for the need to achieve justice and equity by disbursing these allocations and compensating the affected families for the damage they suffered as a result of the events that occurred in those areas.

In addition, Representative Intisar Al-Maliki called on the government and the concerned authorities to seriously consider this issue and take the necessary measures to provide support and assistance to these needy families and disburse their overdue financial dues.

We stress the importance of responding to this call in order to achieve social justice and help the affected families in Basra Governorate.   link

CandyKissses:
Integrity: We monitored the waste of 14 billion dinars in tax, retirement and social security in Dhi Qar

Baghdad Today – Baghdad

Today, Monday (September 11, 2023), the Federal Integrity Commission announced that it had detected a waste of 14 billion dinars in tax, retirement, and social security in Dhi Qar Governorate, while indicating that 10 billion dinars from tax deposits had not been recorded as revenue for the treasury.

The Authority’s Investigation Department stated, according to a statement received by “Baghdad Today,” that “the field team in the Dhi Qar Investigation Office, which carried out investigative work in the Tax Directorate in the governorate, concluded that the General Authority for Taxes and the Dhi Qar Tax Directorate were negligent by not recording amounts.” Tax deposits for the years (2011-2017) amounting to (9,869,695,908) nine billion eight hundred and sixty-nine million dinars as final revenues to the public treasury.”

The department added, “The team, which moved to the Retirement and Social Security Department, seized the files of the companies registered with it, whose amounts had not been paid,” pointing out that the results of the report of the Office’s External Audit Division and its investigations revealed the presence of violations committed by the department, explaining that The total amounts that were not collected and wasted amounted to (4,038,436,056) four billion and thirty-eight million dinars, noting that the Authority referred the letter of the Retirement and Security Department to implementation, in accordance with the Government Debt Collection Law.

She continued, “The office monitored that Dhi Qar Oil Company contracted with a foreign company to purchase pipes used to connect oil wells, explaining that Dhi Qar Oil Company changed the origin of the pipes from European to Chinese, while keeping the contracting cost the same, which led to damage.” With public money

Tishwash:
How do we benefit from the decisions of the G20 Summit?

The G20 summit began in the Indian capital, New Delhi, and concluded its work over two days in the absence of the Russian President and the Chinese President, and with the participation of the leaders of 28 countries, including the original members of the summit, in addition to the leaders of the countries invited by India to attend the summit.

The leaders participating in the New Delhi summit focused on many plans and solutions aimed at confronting global crises, most notably climate change – which threatened to exacerbate poverty, famines and humanitarian crises, and negatively affected sustainable development plans in a large number of countries, especially developing ones.

The summit’s agenda also discussed many issues. Important ones include ways to promote green development, finance plans to confront the effects of climate change, the European Union Environment and Climate Action Programme, promote strong and sustainable economic growth, the progress that has occurred in efforts to implement the United Nations Sustainable Development Plan, technological transformation and digital infrastructure, and the efforts of international institutions to promote development and shape… The economies of the G20 countries account for about 85 percent of the global gross domestic product, 75 percent of the trade volume, and 60 percent of the world population.

Among the most prominent goals of the G20 are to strengthen and develop the global economy, in addition to reforming international financial institutions and improving the financial system, supporting global economic growth, developing mechanisms for job opportunities, and activating free trade initiatives.

What concerns us in Iraq is how our economy can benefit from the goals and decisions of the summit in particular, and the Iraqi economy is suffering from many problems that are exacerbated as it is affected by the crises and challenges of the global economy, which is also suffering from expectations of the continuation of the food, energy and climate crises, the problems of the Russian-Ukrainian war, and the currency conflict of some major economic countries. Russia and China are working with the US dollar to limit its dominance in financial transactions and exchanges between countries.

Since the successful economic reform in Iraq is not only achieved internally, but rather it is achieved to the extent that the competent economic bodies in Iraq are able to achieve by building diverse financial, commercial and economic relations with the countries of the world, especially the G20 summit countries, with a focus on bilateral relations with the seven major industrial countries and member countries with emerging economies.

At the summit, which currently constitutes an important economic pole in the areas of investment, sustainable development, and building important financial and banking relationships in a way that regulates control over the monetary and commercial market in Iraq, the Central Bank has actually begun concluding banking agreements with India and China, and is making unremitting efforts to conclude agreements with European countries.

Therefore, we believe that the decisions issued by the G20 Summit must be taken into consideration and study how to deal with them through analysis and discussion in the Ministerial Council for the Economy, preparing an analytical and evaluation report to be submitted to the Council of Ministers with recommendations, and setting a time plan for action to achieve activation and strengthening of the existing bilateral economic agreements with some G20 countries and research.

For new agreements with countries with which we do not have relations in all fields, because our adherence to the global economic system and its international standard standards is the basic solution to our complex and accumulated economic problems   link

Source: Dinar Recaps

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Harambe:
Iran Intends To Replace Dollar With Local Currencies For Travelers | IranIntl (9/10/23)

The Central Bank of Iran intends to offer regional currencies to citizens traveling to neighboring countries, instead of selling them US dollars.

Iran this year provided Iraqi dinars, instead of US dollars, to hundreds of thousands of pilgrims who visited Iraq at the end of August and early September for Shiite religious ceremonies. Now it intends to use the same tactic for providing foreign currency to travelers visiting regional countries.

The Iraqi dinars became available to the cash-strapped Iranian government when the United States in June allowed Baghdad to repay the equivalent of $2.7 billion from accrued energy import debts. It was reported at the time that part of funds will be for Iran to spend on Muslim pilgrimages to Saudi Arabia and Iraq. Apparently, a portion of the released funds were in Iraqi dinars.

Iran is critically short of hard currencies despite much higher oil exports in recent months in the face of US sanctions. 

The chairman of the central bank Mohammad-Reza Farzin told local media on Saturday that Iran intends to use the Turkish lira or the UAE dirham for regular tourism based on the model it employed with the recent pilgrimage to Iraq.

The US dollar and other top currencies are near all-time highs in Tehran’s free market, while the government could sell regional currencies to tourists, possibly at more advantageous rates, converting regional currencies it earns from trade into Iranian rials for government expenses.

Farzin added that the central bank is in the process of expert analysis and planning for the move.

https://www.iranintl.com/en/202309106271

Biden Showcases Boeing, Chip Deals as US and Vietnam Draw Closer |  Bloomberg (9/11/23)

US President Joe Biden announced a series of semiconductor, aerospace and infrastructure deals with business leaders in Vietnam, part of a push by the White House to deepen economic integration with Indo-Pacific nations that can provide a bulwark to China.

Biden touted a “new stage” in the ties between the two countries to a meeting of officials and with executives from Vietnam and top US firms including Boeing Co., Intel Corp. and Marvell Technology Inc. in Hanoi. “My message today is quite simple: Let’s keep it up,” he said.

The announcements are intended to solidify Vietnam’s decision a day earlier to upgrade its relationship with the US to a “comprehensive strategic partnership,” the same designation it uses for China and India. The hope in Washington is that by boosting ties with nations in Southeast Asia, the US can increase its influence in a region that sometimes chafes at Beijing’s assertiveness. 

Headlining the deal announcements was a memorandum of understanding between Vietnam Airlines JSC and Boeing to purchase 50 737-MAX aircraft, a tentative agreement that would be valued around $7.88 billion and allow the carrier to eventually replace aging Airbus AE-A321 planes. Any delivery could be years off, however, as Boeing has sold out most of its production slots through the end of the decade. 

Read more: Vietnam Air, Boeing Near $10 Billion Deal for 737 Max Jets

Vietnam had previously announced plans by US-based Amkor Technology Inc. to build a $1.6 billion factory in Bac Ninh province, while Synopsis Inc. and Marvell Technology are both working to establish semiconductor design centers in Vietnam. 

The Biden Administration has prioritized improving the semiconductor supply chain over concern the US has become too closely reliant on Taiwan’s semiconductor industry.

Technology firms including Microsoft Corp. and Nvidia Corp. announced new programs to make emerging artificial intelligence programs more accessible to Vietnamese businesses, while Meta Platforms Inc. unveiled a new effort to help small and medium businesses in the country use digital tools. Apple Inc. has also expanded its footprint in Vietnam as it diversifies its supply chain beyond China. 

Other announcements focused on traditional infrastructure. The US president has increasingly sought to promote US financing for projects in the developing world to counter China’s Belt and Road Initiative, including a new rail, natural gas and fiber corridor announced earlier this week at the G-20 summit in New Delhi that would link India to Europe through the Middle East.

In Vietnam, SSA Marine Inc. announced it would partner with Vietnam’s Gemadept Corp. on a proposal for a $6.7 billion port and logistics center in southern Vietnam. Massachusetts-based Australis Aquaculture LLC signed a memorandum of understanding to spend $100 million to expand its operations in Van Phong Bay.

And one announcement was focused on the future of Vietnamese money – literally.

Crane NXT Co. announced its plans to partner with Vietnam’s Hi-Tech Polymer Co. Ltd. to develop the next generation of bank notes for the State Bank of Vietnam.

Future commercial deals with Vietnam may become even more possible after the US pledged to review Vietnam’s formal request to review its market economy status. A favorable review by US authorities could decrease duties on some imports from Vietnam.

https://www.bloomberg.com/news/articles/2023-09-11/biden-showcases-boeing-chip-deals-as-us-and-vietnam-draw-closer

Tishwash:
Factbox: US, Vietnam reach deals on planes, tech and human rights as Biden visits

The United States and Vietnam announced new deals and partnerships as U.S. President Joe Biden visited Hanoi on Sunday including billions of dollars in plane orders, heightened human rights discussions, digital economy education and semiconductor design centers.

Here are the highlights:

BOEING AND VIETNAM AIR

Vietnam Airlines (HVN.HM) has agreed to buy about 50 Boeing (BA.N) 737 Max jets in a deal valued at about $7.5 billion. The deal will support “over 33,000 direct and indirect jobs” in the U.S., the White House said in a statement.

AMKOR, MARVELL, SYNOPSIS INVEST IN VIETNAM

Arizona’s Amkor Technology (AMKR.O) will start operations at a new $1.6 billion factory in Bac Ninh Province in October, the White House said. Delaware’s Marvell Technology (MRVL.O) and California’s Synopsys (SNPS.O), will invest in semiconductor design and incubation centers in Ho Chi Minh City and Saigon, respectively.

AI FOR EMERGING MARKETS

Microsoft (MSFT.O) will make a “generative AI-based solution tailored for Vietnam and emerging markets,” the White House said, while NVIDIA (NVDA.O) will partner with Vietnam’s FPT (FPT.HM), Viettel and Vingroup (VIC.HM) on AI in the country.

HUMAN RIGHTS

The two countries have an “enhanced commitment” to talking about human rights, the U.S. said, building on the decades-old U.S.-Vietnam Human Rights Dialogue, an annual meeting.

The United States and the United Nations recently criticized Vietnam’s detention of members of an environmental group as part of a wider trend of Vietnamese authorities targeting free speech.

ILLEGAL FISHING

The U.S. is helping to “build Vietnamese capacity to fight regional and international transnational crime,” the White House said, including “illegal, unreported and unregulated fishing.”

China and Vietnam have a long-simmering dispute about fishing and other rights in the South China Sea; Beijing claims the waters almost entirely, ignoring other nations’ exclusive economic zones.

US WAR LEGACY

The U.S. will expand its efforts to address lingering damage from the Vietnam war, which ended in 1975, including increasing funding from $183 million to $300 million for a dioxin remediation project in the Bien Hoa Air Base area.

Dioxin is a component of “agent orange” toxic herbicides sprayed by the U.S. during the war.

The U.S. will also provide an additional $25 million to clear unexploded ordnances in Vietnam; these efforts have totaled more than $230 million since 1993, the White House said.  link

Source: Dinar Recaps

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