Mobius: The Cabinet of Ministers of Iran approved in its meeting Wednesday, a proposal to delete 4 zeros from the national currency Riyal. The governor of the Central Bank of Iran, Nasser Hamati, is due to present details on the new government decision later. The official price of the US dollar is 42,000 riyals
http://alforatnews.com/modules/news/article.php?storyid=205461
Ulued: Unexspected changes are expected for such a world wide event. The GCR
Betmar: yesterday many dealers were selling iran rial on ebay in large amounts( by the million), today they are all gone–all pulled off
Lightspirit: I believe Iran has gotten tired of Iraq’s dependence on USA and they have revalued in order to de peg. If enough countries decide to ignore Trump they can reinstate
Lightspirit: Maybe if Iraq decides to take a chance their and move to lower denoms they will have a easily exchanged money In the effort to collaborate with Iran
Briona: Iraq is just waiting for the go signal, everything will change at once.
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Harambe: Reuters: Iraq, Kuwait to appoint ERC Equipoise for joint oilfield development study. (7/31/19)
BAGHDAD (Reuters) – Iraq has agreed with Kuwait to appoint British energy advisory firm ERC Equipoise to prepare a study for the development of joint border oilfields, the Iraqi oil ministry said on Wednesday.
A contract is expected to be signed with the company in coming days, a statement from the ministry said. Under the contract, ERC Equipoise will conduct technical studies, such as examining reservoirs, for the Ratqa and Safwan fields.
There are several oilfields in the border area between Iraq and Kuwait, most prominently Ratqa, which is a southern extension of Iraq’s giant Rumaila field.
The study will set out the technical and legal mechanisms to invest in oilfields shared by the two countries.
Production from cross-border oilfields has long been a source of tension between Iraq and Kuwait, which are members of the Organization of the Petroleum Exporting Countries.
In the build-up to Iraq’s 1990 invasion of Kuwait, Baghdad accused Kuwait of drilling wells that crossed the border and pumped oil from Iraqi territory. Kuwait denied the charge.
Banks face $1.2 billion civil lawsuit over rigging currency markets
Published: July 29, 2019 9:59 a.m. ET
By NELLMACKENZIE
Barclays, Citigroup, JPMorgan, Royal Bank of Scotland and UBS are facing a £1 billion ($1.23 billion) class action lawsuit over rigging the foreign exchange markets — one of the biggest cases of its kind in the UK.
It comes just months after European regulators hit many of the same banks with a €1 billion-plus penalty for manipulation of these same markets between 2007 and 2013.
The new suit alleges that end investors, including pension funds, lost out as a result of the manipulation and deserve compensation. It was filed at London’s Competition Appeal Tribunal by Scott+Scott, the US law firm.
It mirrors a $2.3 billion class action overseen by Scott+Scott two years ago. The firm has opened a European office to lead the new claim, according to a person with knowledge of the matter.
The news was first reported by Reuters. Barclays BARC, -1.93% BCS, -1.80% , Citi C, -0.07% , JPMorgan JPM, -0.22% and RBS RBS, -4.01% declined to comment. UBS, -0.97% id not respond in time for publication.
Class actions are a popular means of litigation in the US, where they allow multiple parties to sue another under one banner. British courts were cleared to hear cases brought under this framework in 2015.
Earlier this year, the European Commission fined Barclays, Citi, JPMorgan, Royal Bank of Scotland and Japan’s MUFG €1.1 billion over collusive behaviour in the $5.1 trillion-a-day foreign exchange markets.
The European Union’s executive arm found that traders had exchanged information on risk positions and plans for trade in Bloomberg chat rooms called The Cartel and Three Way Banana Split.
This story initially appeared on Financial News
Source: Market Watch
FUNDAMENTAL VALUE… Q&A with Lynette Zang and Eric Griffin
Streamed live on Jul 30, 2019
