Bondlady’s Corner Iraqi News Tuesday AM

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Iraqi News Tuesday AM 7-26-22

 

TLM724 Administrator BondLady’s Corner

 

An American company wins a contract worth 127 million dollars to support the F-16 aircraft in Iraq

 

Money  and business   Economy News – translation   The US Department of Defense has announced that Reston-based Acuity International has received a $127 million Air Force contract to provide essential operational and security support for the Iraqi F-16 program .

 

Under the contract, work will be carried out at Brigadier General Ali Fleih Air Base in Iraq, and is expected to be completed by January 30, 2023. The contract was a single-source acquisition and involved foreign military sales to Iraq.  The Pentagon said a $62.2 million foreign military loan was binding under the grant . According to virginia business website.

 

The Pentagon has named Sallyport Global Holdings Inc. the award winner in its announcement. Sallyport was a subsidiary of Reston -based Caliburn International , which split in late 2021 to form two companies – Acuity International , focusing on technology services, and Valiance Humanitarian LLC , which had acquired immigration detention contracts for the previous company .

 

Views 217   Added 07/26/2022 – 12:59 PM   Update 07/26/2022 – 5:54 PM

 

https://economy-news.net/content.php?id=29019

 

The assets of the International Development Bank rise to 1.5 trillion dinars

 

Money  and business   Economy News-Baghdad   The International Development Bank revealed that the value of its deposits amounted to about one trillion dinars in 2021.

 

An annual report of the bank, which was reviewed by “Al-Iqtisad News” , stated that the assets grew by 41% and reached 1.5 trillion dinars during the year 2021.

 

As for deposits, they also grew by 39%, reaching 914 billion dinars during the year 2021.

 

The net operating revenues amounted to 78 billion dinars during the past year , while the bank achieved a profit before tax of 20.4 billion dinars during the year 2021.  It is noteworthy that the bank’s branches reached 21 branches.   40 . views   Added 07/26/2022 – 10:55 AM  Update 07/26/2022 – 5:08 PM

 

https://economy-news.net/content.php?id=29014

 

The Dollar Depreciates Against The Iraqi Dinar

 

Economie| 10:04 – 26/07/2022   Baghdad – Mawazine News, the dollar exchange rates fell, today, Tuesday, on the Iraqi Stock Exchange.   And the selling prices of the dollar were recorded at 148,500 dinars per 100 dollars, while the purchase prices of the dollar were recorded at 148,400 dinars per 100 dollars.

 

https://www.mawazin.net/Details.aspx?jimare=200498

 

Oil Price Hike

 

Economie| 08:52 – 07/26/2022   Follow-up – Mawazine News: Oil prices rose on Tuesday, for the second day in a row, amid growing concerns about shrinking European supplies after Russia, the main supplier of oil and natural gas to the region, cut gas supplies through a major pipeline.

 

Brent crude futures for September settlement rose $1.30, or 1.24 percent, to $106.45 a barrel by 05:06 GMT, extending their 1.9 percent gain the previous day.

 

US West Texas Intermediate crude futures for September delivery rose $1.24, or 1.28 percent, to $97.94 a barrel, after rising 2.1 percent on Monday.

 

Russia tightened its pressure on gas in Europe on Monday as Gazprom (GAZP.MM) said supplies through its Nord Stream 1 pipeline to Germany would drop to just 20% of capacity.

 

Russia’s cutting off of supplies will leave countries unable to meet their goals of refilling their natural gas stocks before the winter demand period, as Germany, Europe’s largest economy, faces the possibility of rationing gas in industry to keep its citizens warm during the winter months.

 

This may prompt end-users to swap their gas for oil products, especially diesel, but this also carries risks as Russia supplies the region with most of the diesel and prices are expected to rise for fuel-dependent drivers.

 

Crude, oil and gas supplies in Europe have been disrupted by a host of Western sanctions and payment disputes with Russia since its invasion of Ukraine on February 24, which Moscow describes as a “special military operation”.

 

However, lower demand due to the recent rise in crude oil and fuel prices and the expectation of an increase in interest rates in the US has put pressure on prices.

 

Analysts from Haitong Futures said that the market sentiment oscillates between concerns about instability on the supply side and expectations of weak demand for fuel under the downward pressure of the global economy.    https://www.mawazin.net/Details.aspx?jimare=200486

 

The IMF Cuts Its Forecast For The Performance Of Global Economies

 

political| 05:23 – 07/26/2022   Baghdad – Mawazine News, in a report, the International Monetary Fund reduced its forecast for global economic growth for 2022 and 2023 to 3.2% and 2.9%, respectively, and also reduced its expectations for the performance of global economies.

 

In the report, the Fund said: “The global economy weakened by the epidemic faced several shocks: higher-than-expected inflation around the world, especially in the United States and major European countries, as a result of which financial conditions have tightened, along with a sharper-than-expected slowdown in the economy. In light of the outbreak of COVID-19 and the accompanying closures, more negative consequences of the war in Ukraine are expected.

 

The following are the main points included in the International Monetary Fund report:

 

– The fund reduced the eurozone’s GDP growth forecast for 2022 from 2.8% to 2.6%, and for 2023 from 2.3% to 1.2%.

 

The fund reduced the US GDP growth forecast for 2022 from 3.7% to 2.3%, and for 2023 from 2.3% to 1%.

 

– The Fund improved its expectations for the performance of the Russian economy in 2022, as it expects a decline of 6% after previous expectations of 8.5%, and for the year 2023, the economy is expected to decline by 3.5% instead of 2.3%.

 

The fund reduced the GDP growth forecast for the Chinese economy for 2022 from 4.4% to 3.3%, and for 2023 from 5.1% to 4.6%.

 

– The Fund reduced the global economic growth forecast from 3.6% to 3.2% in 2022, and from 3.6% to 2.9% in 2023.

 

– The Fund increased its expectations by 0.9% for inflation to 8.3% in 2022, and to 5.7% in 2023. End 29/h

 

https://www.mawazin.net/Details.aspx?jimare=200550

 

The Council Of Ministers Issues Several Decisions, Including Those Regarding The Low-Cost Role

 

Political | 04:25 – 07/26/2022  Baghdad – Mawazine News, the spokesman for the Council of Ministers, Minister of Culture, Hassan Nazim, announced today, Tuesday, the most prominent decisions of the Council during today’s session.

 

Nazim said during a press conference that followed the cabinet session, which was attended by / Mawazine News / that “the council decided to appoint graduates of oil training institutes and also directed the completion of work on the Internal Security Forces hospital project.”

 

He added that “the Council of Ministers decided to exclude the sale of low-cost homes for poor families in Maysan from public auction procedures and also decided to finance Wasit Governorate with two billion dinars to establish low-cost homes.”

 

And he continued, “The Council of Ministers also referred the housing project for the Iraqi Media Network’s employees to the Investment Authority to enable them to live, and in a second decision, the Iraqi Oil Company was excluded from taking out the containers piled up at the border crossings.” Ended 29 / h   https://www.mawazin.net/Details.aspx?jimare=200541

 

In Detail.. The Council Of Ministers Takes A Package Of Decisions

 

Reconstruction and building   Economy News – Baghdad  The Council of Ministers issued several decisions in its twenty-seventh regular session, which was held today, Tuesday, headed by Prime Minister Mustafa Al-Kazemi.

 

The Prime Minister’s Media Office said in a statement, “Prime Minister Mustafa Al-Kazemi chaired, today, Tuesday, the twenty-seventh regular session of the Council of Ministers, in which the overall general situation in the country was discussed, and a number of issues and ministerial files were discussed, and recommendations and decisions were issued on them.”

 

Al-Kazemi reviewed, according to the statement, “the developments of the global economic crisis, and the government’s continued follow-up to confront its effects.”

 

The Council of Ministers discussed, “the procedures and steps for contracting and working at Mosul International Airport, and the Prime Minister directed the Ministry of Construction, Housing, Municipalities and Public Works, Nineveh Governorate and other relevant ministries, to expedite the completion of the requirements related to the airport, so that it can begin to be completed given its great importance to the people of Nineveh Governorate.”

 

The Cabinet discussed “the electricity file, and discussed the procedures and mechanisms adopted to equip citizens with electrical energy, and the continuous follow-up throughout the day for any defect in the electrical system, as well as discussing the ministry’s initiation to work on the plans in place.”

 

The cabinet session witnessed “discussing the implementation of the Internal Security Forces hospital project, which was delayed by the implementing company, and the need for rapid treatment, and that it be referred as an investment opportunity.”

 

The statement continued, “After discussing the issues on the agenda, the Council of Ministers issued the following decisions:

 

First / Approval of the following: Excluding the Iraqi National Oil Company from Paragraph (1) of Cabinet Resolution (65 of 2022); To ensure the smooth entry of materials into the oil fields and the sustainability of crude oil production in light of the current critical situation.

 

Second / Based on the provisions of Article (40) of the amended Law of Sale and Lease of State Funds (21 of 2013), the Council of Ministers decided:

 

– Approval of the sale of low-cost homes allocated to poor and needy families in Maysan governorate, as an exception to the public auction procedures, and that the sale be at the real price, taking into account the provisions of the legislative resolution (120 of 1980).

 

Third/  1- Approval of the appointment of graduates of oil training institutes in batch (2019-2020), and subsequent payments on the owners of profitable companies affiliated to the Ministry of Oil and the National Oil Company, provided that the appointee submits a written pledge not to apply for a bachelor’s study until after completing (10) years of actual service In the productive fields without any funds from the Ministry of Finance.

 

2- The Minister of Finance shall create the grades and job titles necessary for the appointment of those covered by the aforementioned description. The Minister of Oil shall appoint those mentioned in Paragraph (1) above of this resolution, after the Federal Public Service Council takes the necessary procedures for their appointment in accordance with the needs of the Ministry of Oil, and in a manner that does not conflict with Paragraph (1) of this resolution.

 

Fourth / Approval of referring the project for housing the employees of the Iraqi Media Network to the Baghdad Investment Commission, and excluding it from the second axis / 3 of the Council of Ministers decision (245 of 2019).

 

Fifth / The Ministry of Finance financed an amount of (2000,000,000) dinars, only two billion dinars to Wasit Governorate, according to the mechanism established in the Council of Ministers Resolution (15 of 2022), to establish a low-cost role, and it is considered a special program in the operational budget.

 

16 . views  Added 07/26/2022 – 5:28 PM   Update 07/26/2022 – 5:58 PM

 

https://economy-news.net/content.php?id=29025

 

 

 

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