Don961: Report: Trump looking for a way to devalue the dollar

10 July 2019 02:16 PM

Mubasher : Press reports said the US president asked his aides to look for ways to weaken the dollar, with fears that a strong dollar could threaten its economic agenda

Donald Trump asked about the dollar in a job interview last week with Judy Shelton and Christopher Woller, both of whom he chose for the Fed board seats, Bloomberg quoted sources familiar with the matter as saying on Wednesday

The sources confirmed that Trump expressed regret that the strength of the currency may ease the economic boom, which is expected to be the reason for his support for the transition to a second term

At the same time, the sources stressed that Larry Kennedy, Trump’s economic adviser and Treasury Secretary Stephen Menuchin, objected to any US intervention to weaken the currency

According to the sources, Waller, who is the Federal Reserve’s vice president in the state of St. Louis, told Trump that the Fed does not take into account the value of the dollar when it makes its decision on the interest rate

Last week, Trump wrote in a tweet on the social networking site Twitter that the United States had to tell China and Europe “the game of currency manipulation, we have to compete with them in that, or continue to be dolls that sit and watch politely while other countries continue Her games, as they did for many years. ”   link


Don961:  Countries boost gold purchases for first five months of the year

10 July 2019 04:47 PM

From: Sally Ismail

The demand for gold by central banks continues to maintain their positive momentum during the first five months of this year, as the pace of purchase continues in May

The world’s gold reserves stood at 34.21,000 tons of gold by the end of May, according to the World Gold Council’s July report

The total net purchases of gold  reported by a ton or more about 35.8 tons during the month of May / May last , which is less by about 27 percent from the previous month

While the central bank’s gold sales during the month of May last only 6.2 tons, which confirms the continuation of the positive mentality of the community to gold

This means that the total gold purchases reported from the beginning of the year to the end of May were 247.3 tonnes, up 73 percent compared to the same period last year

The 10 central banks around the world to increase its reserves of gold by tons , at least during the first five months of 2019

The top 10 banks are Russia, China, Turkey, Kazakhstan, India, Ecuador, Uzbekistan, Qatar, Colombia and the Kyrgyz Republic

Top 10 Gold Buyers in the World in the First 5 Months of the Year – (Source: World Gold Council)

By contrast, only three banks reduced their gold reserves in January-May by a tonne or more (totaling 6.5 tons), Mongolia, Tajikistan and Germany

Little changes were made to the list of the largest countries holding gold gold within the reserves of their central banks by the end of May 2019 compared to the previous April

The United States maintained its position at the top of the list of the largest mineral holding countries with 8133.5 tonnes, accounting for about 74.5 percent of all reserves

Germany came second with 3367.9 tons of gold or 70 percent of its global reserves, followed by the International Monetary Fund (IMF) with about 2,814 tonnes

The IMF is the only institution in the list of the countries with the most possession of the yellow metal, and the absence of the list of the accession of the Netherlands

Italy took fourth place with 2451.8 tons, accounting for 65.4 percent of the central bank’s total reserves

France ranked fifth with 2436 tonnes of gold or 59.9 percent of the country’s total reserves
The sixth ranking was for Russia, whose total gold holdings reached 2190.1 tons, equivalent to about 18.4 percent of the reserves of the Russian Central

China’s White Bear is followed by China with 716.3 tons of gold or about 2.5 percent of reserves

Switzerland was eighth with a gold holdings of 1,040 tonnes, or about 5.4 percent of its total reserves

Berne (Switzerland) followed Japan to ninth place with 765.2 tons of gold, accounting for about 2.4 percent of all its global reserves

India ranked last in the top 10 list with 618.2 tons of precious metal, or about 6.1 percent of the world’s reserves

For the list of the most Arab countries of gold , they were respectively from Saudi Arabia, Lebanon, Algeria, Libya, Iraq, Kuwait, Egypt, Jordan, Qatar, Syria, Morocco, UAE, Tunisia, Bahrain and Yemen link

Samson:  Invitation to discuss the spread of ATMs and points of sale

11th July, 2019

To all banks and all electronic payment providers ( call to discuss ATM and POS )

( Issue : 288/5/9 Date : 2019/7/10)

In order to cover the investment costs for the deployment of ATMs and point of sale machines and expand the other services that achieve the targeted returns from the project of settling salaries, we would like to state the following:

1 – The banks and card issuers must invest in ATMs and Point of Sale machines in proportion to their ability to issue cards and settle salaries.

2 – Licensed companies must take their important role in the deployment of ATMs and points of sale and control their expansion according to deployment plans.

3 – The possibility of reducing the burden of employees pay and use of salaries through electronic payment channels (ATM – POST) by studying the prices of services of these channels compared to what is available to withdraw salaries now

4. Your banks should provide incentive services to employees whose salaries have been settled if you do not withdraw a specified percentage of the amount (savings and short-term investment accounts).

5 – The possibility of allowing banks wishing to work in the area of collection and dissemination of points of sale in the shops to win the traders and open bank accounts and provide possible facilities

6 – A meeting will be held on Tuesday, 2019/7/23 at 11:00 am at the headquarters of this bank Clarify our plan The need to deploy ATMs and Point of Sale devices and not to expand the opening of the ports OFF (MODE) to express your views on the above within
(7) business days from the date of the issuance of this book.


Samson:  Finalize the project of establishing the Kuwaiti-Iraqi free market

11th July, 2019

A Kuwaiti newspaper reported on Thursday that Iraq and Kuwait are close to completing the final touches before signing the agreement to start the establishment of the Kuwaiti-Iraqi free market.

“The Minister of Commerce and Industry and Minister of State for Services Khaled Al-Rawdan will lead a high-level delegation to meet with an Iraqi government delegation next week in the area of Safwan-Abdali port to complete the finalization,” the Kuwaiti newspaper Al-Qabas said in a news item. Before the signing of the agreement on the start of the establishment of «Kuwait-Iraq free market», near the international borders of the two countries.

She added that the Kuwaiti delegation headed by Rawdan will be represented by the highest level of the Commission for the encouragement of direct investment, the General Administration of Customs, in addition to other related parties.

According to the newspaper, “the idea of the free zone Kuwait-Iraq back to 2010, where the governments of the two countries, at the time, the initial approval to establish a joint market near the port of Safwan – Abdali, but some obstacles prevented it.    LINK

Don961:  US plan to protect the Strait of Hormuz and Iraq to calculate the disruption

– 20 Hours Ago

WASHINGTON (Reuters) – Iraq will set up a military alliance to protect navigation in the straits of Hormuz and Bab al-Mandeb, the head of the US Joint Chiefs of Staff, General Joseph Danford, said on Sunday.

I think that over the next couple of weeks we will determine which countries have the political will to support that initiative,” Dunford said in a press statement on Tuesday. “Washington will then work directly with the armies to identify possible capabilities to support the initiative.

Iran has long threatened to close the Strait of Hormuz – about one-fifth of the world’s oil – if it is barred from exporting its oil, something the administration of US President Donald Trump is trying to pressure Tehran to renegotiate its nuclear program.

Details of the plan

will provide America under the plan -alta not materialized in only a few days Almadih- command of the military alliance ships, and will lead its efforts to monitor the poll.

General Danford pointed out that other countries were required to provide vessels to patrol the command ships. The third part of the mission would involve members of the alliance to escort their country’s merchant ships.

Washington is seeking to form an international alliance to protect the Straits of Hormuz and Bab al-Mandeb after attacks in May and June on oil tankers in the Gulf.

Danford outlined the US plan following two meetings on Tuesday, one with US Defense Secretary Mark Esper and the other with US Secretary of State Mike Pompeo.

Baghdad fears

In a related context, Iraqi Prime Minister Adel Abdul-Mahdi told a news conference that Iraq will begin to extend an oil pipeline running from the province of Basra to the south of the country to Anbar province in the west and from there to Jordan, with the possibility of diversion to Syria also, adding that Iraq will build Island for Oil Export.

The Iraqi official expressed fears of a possible disruption of the flow of Iraqi oil exports through the Strait of Hormuz, saying that the extension of the pipeline and other measures are being studied in order to protect Iraq’s exports if hampered navigation in the Strait of Hormuz.

Strait of Hormuz    link

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