link
A simulation of the dinar exchange rate linked to a basket of currencies
Dr. Ahmed Abrehi Ali
Introduction:
The stabilization of the national currency by a basket of currencies, which is among the world's exchange-rate regimes, as well as strict or flexible bilateral linkage. Therefore
It is proposed that the dinar be pegged to a basket of major currencies, international reserve currencies, dominant in foreign trade and capital markets,
United States Dollars. But Iraq has been used to favoring bilateral ties in its monetary history and to this day. It is no secret to the followers of the argument of bilateral linkage and dollars in particular
That the source of foreign currency to Iraq is the dollar first, and secondly the dollar is often in official international reserves and about 65 percent in
Third, Iraq's foreign trade depends on the dollar's currency, even with neighboring and Asian countries, and the fourth most countries depend on the dollar to intervene in the market
Exchange is called the intervention currency, and in Iraq also operates the window of the central bank in dollars and so we call the currency of the window.
However, it is necessary to interact with the currency basket proposal and to discover patterns of exchange rate movement under this system.
For those interested and decision-makers to consider the performance of this system and how it differs from the bilateral link.
The exchange rate of the dinar linked to a basket of currencies of varying weights:
In this note, a review of the exchange rate of the Euro, Pound Sterling, Yen and Swiss currency against the Dollar since the beginning of 1999. Then we assumed
The Iraqi dinar was pegged to a basket of currencies according to three alternatives to weights between the first of January 1999, the beginning of the euro, and the beginning of the 10th of 2017.
The weights are:
First: 65% of the dollar; 20% of the euro; and the rest of the currencies 5% each.
Second: 60% for the dollar; 20% for the euro; 10% for the sterling; and 5% for the Swiss and Japanese.
pg2
Third: 50% to the dollar; 25% to the euro; 10% to the pound; 5.7% to the Swiss and Japanese.
The exchange rate of the dinar was then calculated according to the linkage of these currencies. For simulations we assumed starting from the beginning of 2012, and points could be selected
Start again and recalculate but this does not affect the pattern of movement up and down. It is important to state the results of the currency basket commitment and its weights in the exchange rate calculation,
And within a period of time sufficient for the occurrence of cyclical changes and fluctuations in the relationship between the major currencies in the world. At the starting point on the first day of the first month
For the year the dollar was 1200 dinars, ie at the moment of transition from the binary system to the basket. The exchange rates of other currencies change in dinars according to their exchange rates
In dollars. The result is shown in the table at the end of this note, which shows how much the exchange rate (JD / $) will be according to the currency basket and their stated weights.
Below is pure experience with the assumption that the exchange rate of another primary is 1700 dinars per dollar.
The proposal to adopt a basket of currencies instead of a bilateral link would mean a change in the dollar exchange rate in dinars according to the exchange rate of the basket currencies against the dollar. How many will be
Change ranges, this is what you find in the table. When pricing the euro or the pound in dinars it depends on the exchange rates between those currencies and dollars, for example:
Dollars per euro are multiplied by dinars per dollar and so on. So that the dealer who turned the dinar into euros and then to the dollar recovers the amount of the dinar
He used it to buy the euro when converting dollars into dinars at the same market moment.
Note that the euro exchange rate with the dollar is cyclical, and generally the trend of the exchange rate of all currencies for reasons related to
Productivity and therefore export prices and balance of payments accordingly. Therefore, adoption of the basket does not guarantee a specific direction for the exchange rate of the dollar, or any
Other currency, in dinars. And when the basket is adopted, it does not require changing the exchange rate daily, but enough per week or monthly.
These accounts and data presentations for clarification, and knowledge of the quantitative scope of the issue under discussion. When you switch to a basket, you need to agree on currencies
Weights and why. The weights assumed in this note are close to the first alternative to the components of Iraq's international reserves. Relative components can be considered
For foreign trade or others to propose weights.
pg 3
Table (1)
Summary of exchange rate simulation results (JDs) when linked to a currency basket
From the assumed time horizon until October 2
pg 4
Figure (1)
Exchange rate movement between January 2005 and October 2017: Simulating the peg to the basket of currencies
pg 5
Experience has shown that the dinar exchange rate in relation to a basket of major currencies does not move far from the average levels of bilateral linkage. The direction can not be determined
Regular rise or fall of the dinar exchange rate with the dollar and for a long time when the currency basket is committed. Also, the oscillation with which, almost, advantages are evident
Installation as long as the window uses one foreign currency. And to the distinguished readers of specialists and others, we present these data and accounts, and can re-experiment with any
Other hypotheses they see fit.
Statistical Appendix
Figure (2)
The exchange rate of the euro against the dollar since the beginning of 2
pg 6 (The rest of these pages are charts but these are the words on the pages)
Figure (3)
Euro exchange rate in dollars
pg 7
Figure (4)
Swiss Currency Exchange Rate.
pg 8
Figure (5)
GBP / USD exchange rate
pg 9
Figure (6)
The exchange rate of the yen in dollars
pg 10
Figure (7)
Euro and Swiss Currency Exchange Rates: US Dollar
pg 11
Figure (8)
Exchange rates for four currencies in dollars:
pg 12
Figure (8)
Exchange rates for four currencies in dollars:
pg 13
Exchange Rate: JD / USD (as of January 1, 2012, the dollar equals 1200 Iraqi Dinars)
According to three alternatives to weights described above.
everything else is in english
|
link
A simulation of the dinar exchange rate linked to a basket of currencies
Dr. Ahmed Abrehi Ali
Introduction:
The stabilization of the national currency by a basket of currencies, which is among the world's exchange-rate regimes, as well as strict or flexible bilateral linkage. Therefore
It is proposed that the dinar be pegged to a basket of major currencies, international reserve currencies, dominant in foreign trade and capital markets,
United States Dollars. But Iraq has been used to favoring bilateral ties in its monetary history and to this day. It is no secret to the followers of the argument of bilateral linkage and dollars in particular
That the source of foreign currency to Iraq is the dollar first, and secondly the dollar is often in official international reserves and about 65 percent in
Third, Iraq's foreign trade depends on the dollar's currency, even with neighboring and Asian countries, and the fourth most countries depend on the dollar to intervene in the market
Exchange is called the intervention currency, and in Iraq also operates the window of the central bank in dollars and so we call the currency of the window.
However, it is necessary to interact with the currency basket proposal and to discover patterns of exchange rate movement under this system.
For those interested and decision-makers to consider the performance of this system and how it differs from the bilateral link.
The exchange rate of the dinar linked to a basket of currencies of varying weights:
In this note, a review of the exchange rate of the Euro, Pound Sterling, Yen and Swiss currency against the Dollar since the beginning of 1999. Then we assumed
The Iraqi dinar was pegged to a basket of currencies according to three alternatives to weights between the first of January 1999, the beginning of the euro, and the beginning of the 10th of 2017.
The weights are:
First: 65% of the dollar; 20% of the euro; and the rest of the currencies 5% each.
Second: 60% for the dollar; 20% for the euro; 10% for the sterling; and 5% for the Swiss and Japanese.
pg2
Third: 50% to the dollar; 25% to the euro; 10% to the pound; 5.7% to the Swiss and Japanese.
The exchange rate of the dinar was then calculated according to the linkage of these currencies. For simulations we assumed starting from the beginning of 2012, and points could be selected
Start again and recalculate but this does not affect the pattern of movement up and down. It is important to state the results of the currency basket commitment and its weights in the exchange rate calculation,
And within a period of time sufficient for the occurrence of cyclical changes and fluctuations in the relationship between the major currencies in the world. At the starting point on the first day of the first month
For the year the dollar was 1200 dinars, ie at the moment of transition from the binary system to the basket. The exchange rates of other currencies change in dinars according to their exchange rates
In dollars. The result is shown in the table at the end of this note, which shows how much the exchange rate (JD / $) will be according to the currency basket and their stated weights.
Below is pure experience with the assumption that the exchange rate of another primary is 1700 dinars per dollar.
The proposal to adopt a basket of currencies instead of a bilateral link would mean a change in the dollar exchange rate in dinars according to the exchange rate of the basket currencies against the dollar. How many will be
Change ranges, this is what you find in the table. When pricing the euro or the pound in dinars it depends on the exchange rates between those currencies and dollars, for example:
Dollars per euro are multiplied by dinars per dollar and so on. So that the dealer who turned the dinar into euros and then to the dollar recovers the amount of the dinar
He used it to buy the euro when converting dollars into dinars at the same market moment.
Note that the euro exchange rate with the dollar is cyclical, and generally the trend of the exchange rate of all currencies for reasons related to
Productivity and therefore export prices and balance of payments accordingly. Therefore, adoption of the basket does not guarantee a specific direction for the exchange rate of the dollar, or any
Other currency, in dinars. And when the basket is adopted, it does not require changing the exchange rate daily, but enough per week or monthly.
These accounts and data presentations for clarification, and knowledge of the quantitative scope of the issue under discussion. When you switch to a basket, you need to agree on currencies
Weights and why. The weights assumed in this note are close to the first alternative to the components of Iraq's international reserves. Relative components can be considered
For foreign trade or others to propose weights.
pg 3
Table (1)
Summary of exchange rate simulation results (JDs) when linked to a currency basket
From the assumed time horizon until October 2
pg 4
Figure (1)
Exchange rate movement between January 2005 and October 2017: Simulating the peg to the basket of currencies
pg 5
Experience has shown that the dinar exchange rate in relation to a basket of major currencies does not move far from the average levels of bilateral linkage. The direction can not be determined
Regular rise or fall of the dinar exchange rate with the dollar and for a long time when the currency basket is committed. Also, the oscillation with which, almost, advantages are evident
Installation as long as the window uses one foreign currency. And to the distinguished readers of specialists and others, we present these data and accounts, and can re-experiment with any
Other hypotheses they see fit.
Statistical Appendix
Figure (2)
The exchange rate of the euro against the dollar since the beginning of 2
pg 6 (The rest of these pages are charts but these are the words on the pages)
Figure (3)
Euro exchange rate in dollars
pg 7
Figure (4)
Swiss Currency Exchange Rate.
pg 8
Figure (5)
GBP / USD exchange rate
pg 9
Figure (6)
The exchange rate of the yen in dollars
pg 10
Figure (7)
Euro and Swiss Currency Exchange Rates: US Dollar
pg 11
Figure (8)
Exchange rates for four currencies in dollars:
pg 12
Figure (8)
Exchange rates for four currencies in dollars:
pg 13
Exchange Rate: JD / USD (as of January 1, 2012, the dollar equals 1200 Iraqi Dinars)
According to three alternatives to weights described above.
everything else is in english
Word on the Street Thursday 11/2/17:
TNT CONFERENCE CALL RECAP WEDNESDAY 11/1/17 DC NY CALL RECAP:
Good afternoon TNT Superfantastic Family. Today is when am I going to see it Hump Day. There is not a great deal to discuss and talk information and intel wise. It is pretty much quiet except for the information that the Prime Minister has been tweeting out. They are doing a video recording and thats been the topic of discussion throughout the morning. More specifically the video clip where he was referencing they soon will declare full liberation of Iraq. The plan was to declare it and announce it into late November. Sounds like that is being changed. Looks like the timetable has changed to some degree, and that is it right now. Lets go to the board. Q and A: Q: It seems like there a lot of activity in the mosque the last couple of days. Are there any indications as to the reason? Ray: No communication has come to us referencing mosque activity. I don't know what the focus would be yet what it is. Q: Are the bankers on high alert to service us? Ray: No more than usual. No on high alert. Q: Have you heard if low denominations and fils are in circulation in Iraq? Ray: No they are not. Q: Have you heard of the contactors or business owners in Iraq have gotten paid? If so have you heard the rate equivalency of their pay? Ray: There have been pays but not at the new rate. Q: Why does the GCR have to wait on Iraq to revalue their currency? Ray: That is a good question and I don't think we've had a decent answer to that, because if Iraq wasn't an issue why haven't they moved forward other currency reset situations. I don't know the answer to that. Q: Back when DC was on the call they mentioned they tried to RV again and it was stopped. Before he stopped counting it got up to a 100 plus times. With a target of October 31 did someone stop an attempt? Ray: I have not heard of any attempts to stop the process in a very long time. I learned of some banking issues that were not 100 % resolved, and that was some other reason. Callers: Caller: 865 Catnip: Appreciate your comments about the tweet from Abadi and know he did do several of them. It is interesting from this call that it had been on Abadi's site and then it was on the government's site. Now its back on Abadi's site twitter account both the same from the news conference. All this discussion prior to the call had been with our reporters and researchers finding it on this site. What kinds of responses have you gotten from your contacts over there to what has been posted by Abadi on both his own personal sites and government site twitter acct ? Ray:Nothing everything has been quiet. Q: Is it possible they don't even know he said it? Ray: I am sure they know he said it. Catnip: Ok. the other item that surfaced today, we always comment on the number of holidays and some way of closing official hours seems to have surfaced again. There is another one that has come out that there is 5 days. I don't know if it is a pilgramage or what from the 5th of November to the 9th of this month, that official hours in Baghdad will be kind of disrupted. What kind of response have your folks given to that and what kind of impact if any might have if they could duck tail announcement we are looking at with this kind of observation their having the 5th of Novermber to the 9th? Ray: Sorry to disappoint you, but there has been no comment on that and nothing to sharing yet anyway. Lastly you didn't mention anything in regards to parliament comments., but we are aware parliament is doing its thing. Anything your people have seen some nugget that may be helpful with respect to parliament? Ray: Nothing relevant and the focus is shifted to Friday and the weekend, so if something would have happened today it would have been a nice surprise. The focus has been shifted to the end of the week and that pretty much yesterday was up to Friday. Everything appears to be shifting to Friday as far as expectations. Caller: I have been in this 6 to 7 years and some of the gurus have been saying we are further along than yesterday, the month before and so on. I don't know how anyone can say when this RV is going to take place. We hear the same thing. Now I read they are trying to arrest the criminals and Maliki is back in the picture. I hope you can enlighten me. Ray: We are just going with the flow and seeing what the information will yield and just focusing for the end of the week. Ray's Wrap Up: Today purpose of the call was just to number one to inform you about the announcement of Abadi saying hey we may be speeding up the timetable. Other than that, we are looking towards the end of the week for some good solid information that will either that will send us to the banks or tell us when we are going. That is the expectation. Of course that is not a promise, and that is just an expectation. We do want to remind you whatever happens whenever it happens lets wait a few minutes if your not going after the contract rate, lets wait and access the situation and then make our move. That wait could be 24 hours or better. We just need the release to happen and doesn't mean you need to run down an exchange just because its released. We need the release to happen, and then we can decide when to go down and do our exchange. That is what the control factor is all about. They may be giving us permission to go, but we will be the ones to make the decision when to go. With the right knowledge and information will instruct you on when to go. So we are just waiting for the green light to tell us we can, and then the assessment of the situation will tell us when we should. We will hasten to give you the information as quickly as we receive it. We will reciprocate and send it out to you. Anything else pops in information wise, we will update you through the conventional methods. Right now, we look to have a call on Friday. I am not sure what type yet, but I am looking forward to it. and having top level information to share. There are some things we are pursuing right now and seeking confirmations. When that materializes, we will make you aware of that. We will post it in chat and put it in the forum as an update so you.can be made aware, but until then and in the meantime and in between time we will just keep on Believing! Enjoy your Hump Day! Rayren98
Forex Rates:
No update yet on USD/IQD
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|
| USD/IQD |  1,141.6000 |  1,193.2000 | 1,141.6000 | 1,141.6000 | 1,141.6000 |  0.0000 | 21:00 |
| USD/VND |  22,713.0000 |  22,714.0000 | 22,713.0000 | 22,376.0000 | 22,376.0000 |  337.0000 | 05:15 |
| USD/CNY |  6.6103 |  6.6123 | 6.6105 | 6.5832 | 6.6026 |  0.0077 | 07:10 |
| USD/KWD |  0.3016 |  0.3036 | 0.3022 | 0.3016 | 0.3017 |  -0.0001 | 05:15 |
| GBP/USD |  1.3227 |  1.3228 | 1.3298 | 1.3218 | 1.3268 |  -0.0041 | 07:10 |
| USD/IRR |  12,048.0000 |  12,428.0000 | 12,048.0000 | 12,048.0000 | 12,048.0000 |  0.0000 | 17:51 |
| USD/IDR |  13,536.0000 |  13,550.0000 | 13,572.0000 | 13,524.0000 | 13,566.0000 |  -30.0000 | 07:08 |
CNBC Link:
CNBC Morning Squawk Link:
No link yet
DC NY Iraq Articles:
Salaries of employees and retirees are insured
Baghdad - Journal News
The governor of the Central Bank Ali al-Alaq that the budget of 2018 secured all social, health and security expenses and salaries of employees and retirees.
Al-Alaq said in a statement to the official newspaper "Al-Sabah" that "the next budget adopted the price of a barrel at about 43 dollars, an export estimated at three million and 750 thousand barrels, with emphasis on the need to activate other resources to increase the budget in other amounts and reduce dependence on oil returns."
He added that "the recent visit to the United States of America included many meetings and discussions with the International Monetary Fund on the budget next year 2018," noting that the Fund is trying to be budget based on the program that was agreed with the Iraqi government.
Telecom initiates measures to reduce the prices of Internet capacity by 25%
02/11/2017
(Independent) ... The Ministry of Communications announced the immediate implementation of the necessary measures to reduce the prices of Internet capacity by 25%.
The Ministry of Communications started implementing its plan to reduce the prices of old and new Internet capacity by 25% for companies equipped with Internet ports and contracting with the General Company for Telecommunications and the General Company for the services of the International Information Network, the ministry's spokesman Hazem Mohammad Ali said in a statement received on Thursday.
The statement added that the Minister of Communications, Hassan Al-Rashed, stressed earlier that the necessary measures to reduce the prices of Internet capacity, will be monitored and supervised by the Ministry, has been formed a joint committee of telecommunications companies and the Internet is working to audit and control capacities in Iraq and how to distribute the service from Before processed companies and tower officials for Internet services.
The Minister pointed out that "there will be periodic follow-up by the Committee above to discuss and review all developments and resolve all problems that may arise during the work and ensure the reflection of this achievement positively on the citizen and control prices in an effective step in order to achieve the desired goal is to provide the best and best services to citizens And at the most appropriate prices. "
It should be noted that the Ministry of Communications has already reduced the prices of Internet capacity and more than once for companies equipped to service the Internet and mobile phone companies in order to provide high quality services at competitive prices and reduced.
Three F-16s arrive today in Iraq
Editorial Date: 2017/11/2 12:50 • 79 times scheduled
{Baghdad: Al Furat News} Today, new F16 aircraft arrive in Iraq.
The Air Force Command said in a brief statement received by the agency {Euphrates News} copy of it today that "this afternoon will arrive three F-16 aircraft to Iraq to join the fleet of fighter aircraft of the Iraqi Air Force Command."
A partial strike by Iraqi air traffic controllers paralyzes Baghdad airport traffic
Nov 02, 2017
BAGHDAD (Reuters) - Air traffic controllers in Iraq have threatened a "general strike" at Baghdad and Basra international airports and shut down air traffic for 24 hours on Friday after a partial strike on Wednesday.
The Iraqi civil aviation authority stopped the air traffic until Sunday evening, due to bad weather, and continued to stop until Wednesday morning, because of the strike by air traffic controllers.
In a statement, the observers called for "the implementation of the promises made by more than one parliamentary and governmental body with official books and the fulfillment of all legitimate demands from technical allocations and the law of air traffic controllers."
And threatened that they "are responsible for the safety of aircraft leaving and taking part in it, whether in the air or on the ground," noting that "their profession is one of the most dangerous occupations in the world according to the classification of the International Labor Organization."
A video of the sit-in of the air traffic controllers at Baghdad International Airport was included in the video commentary. A message from an observer stated that "the airspace will be closed daily from 5 pm (local time in Baghdad) to 7 am" For «24 hours on Friday for the next».
The observers called for "the cancellation of the contract of the British company Sarko (to manage the Iraqi airspace), and add risk allocations to air observers like pilots."
On the other hand, the Civil Aviation Authority confirmed that the grant of a salary of two million dinars per month (1600 US dollars) to air traffic controllers needs to be legislated by parliament, noting that the threat of strike and stop the atmosphere is punishable by law.
The Aviation Authority said in a statement: "While the Ministry of Transport has achieved unprecedented successes and achievements in various sectors, we find that there are many traitors to these successes portraying the public opinion contrary to reality," indicating that «these clear facts and clear false accusations useless Pass their sick wounds and weaken the services provided to the citizen. "
The statement revealed the distribution of "500 pieces of land" to the staff of air observers, as well as granting them "free tickets to them and their families, in addition to the amount of 500 thousand dinars (400 US dollars) above their salaries."
She added that "air observers still insist that they should be given two million dinars per month, although this amount outside the powers of the minister and the ministry and needs legislation by the House of Representatives and the need for a draft law of the State, but he endeavored to present the subject within the Council of Ministers has not yet been resolved, The study, "pointing out that« the issue of the threat of strike work and stop the Iraqi airspace apply to damage the public money and punish the most severe penalties ».
In a subsequent statement, the Civil Aviation Authority (CAA) revealed that, after "vigorous efforts" and long negotiations, some aerial observers called them "patriots" ended their strike, resumed normal operations and legalized their demands.
The «return of air traffic at Baghdad International Airport to normal, and started several aircraft to land in the runway».
The strike by air controllers contributed to the "shale" of air traffic at Baghdad International Airport, prompting the Civil Aviation Authority to use foreign air monitors to conduct "one or two flights a day," according to National Alliance MP Hesham al-Suhail.
He said in a press statement: "We appeal to the Prime Minister to intervene in the case and end the crisis of air observers and not to disrupt the interests of people traveling on the aircraft of Iraqi Airways and foreign companies.
$135m Spent on Border Roads Leading to Iraq
https://financialtribune.com/articles/economy-domestic-economy/75417/135m-spent-on-border-roads-leading-to-iraq
Thursday, November 02, 2017
Renovation and expansion of land routes leading to Iraq have cost the Iranian government 5.5 trillion rials ($135.67 million) since the fiscal 2014-15, a deputy roads and urban development minister said. According to Kheirollah Khademi, who is also CEO of Iran’s Transportation Infrastructure Construction and Development Company, these roads lead to Mehran, Chazzabeh, Shalamcheh and Khosravi border crossings along Iran’s common border with neighboring Iraq.
The Iranian government has embarked upon these projects mainly to facilitate the travel of some 650,000 pilgrims that head to Iraq every year to commemorate Arbaeen.
Arbaeen is a major Shia event marking the 40th-day anniversary after the martyrdom of Imam Hussein (PBUH), the grandson of Prophet Muhammad (PBUH).
Each year, a large number of Shias converge on the Iraqi city of Karbala, where the holy shrine of Imam Hussein (PBUH) is located.
Kurdish delegation to Baghdad to discuss the budget and the future of Kirkuk
The Patriotic Union of Kurdistan on Thursday, the need to end the outstanding problems between the provincial government and the government of Baghdad.
The party bloc in the Iraqi parliament, "Bakhtiar Shaways": "is scheduled to meet a delegation from the Kurdistan Regional Government with the federal government to develop solutions to the outstanding problems between the parties."
He added: "It is necessary to put solutions from the Kurdish side on the issue of sending the budget of the province of Baghdad and solve the problems of Kirkuk."
Shaways said that "the House of Representatives set the proportion of the budget by 13% and will be discussed this ratio with the federal side, next Tuesday," noting that "the need to visit the Kurdish delegation to Baghdad before that date."
Kauaihn Iraq Articles: d
Iraq and Iran: We seek to build economic relations and trade ties
Baghdad / Al-Ghad Press:
The Iraqi Ministry of Trade and the Islamic Republic of Iran confirmed on Thursday their efforts to build advanced economic, trade and investment relations and overcome difficulties and all obstacles to the movement of economy and trade.
The Minister of Industry, Mines and Trade Mohammad Shariat Madari and the accompanying delegation, said Undersecretary Walid Habib al-Moussawi on the importance of developing and activating relations and understandings in the fields of economy, trade, investment and the movement of capital, goods, industrial and commercial goods. And the movement of religious tourism and energy fields and serve the common interests of Iraq and Iran to be at the level of political and historical and social ties linking Iraq and Iran. "He called on the Iranian side to "hold mutual meetings with the concerned parties from both countries to learn about trade and investment opportunities and in various fields of the economy."
For his part, the Iranian minister expressed his country's desire to increase the volume of trade and cooperation to open new and common horizons in the fields of the central bank, energy and gas and find solutions to some issues and topics that are of interest to the interests of the two countries, "adding that the delegation headed by him will hold wide discussions with the concerned in the Ministry of Commerce, And the Central Bank on the possibilities of the two countries to contract for the implementation of joint projects, investment and trade and increase the volume of trade balance.
Thursday, November 02, 2017
Shell's profit jumps 47% in third quarter, beating expectations
02-11-2017 11:46 AM
Royal Dutch Shell's results showed a 47% year-on-year jump in profits to reach $ 4.1 billion in the third quarter, exceeding expectations, boosted by gains in oil refining and commercial operations.
However, cash flow from operations declined in the third quarter by 11% year-on-year to $ 7.58 billion.
"The three Shell sectors contributed to this strong set of results," said Ben van Borden, chief executive of the company.
The net profit attributable to shareholders in the third quarter was based on the cost of current supplies and the exclusion of exceptional items of $ 4.1 billion compared to $ 2.8 billion in the same period a year ago. The company's average forecast of analysts was $ 3.62 billion.
The world's largest oil companies have been adjusting to falling oil prices since the collapse of prices in 2014 through a sharp cut in spending and jobs as well as exit from investments.
Shell and most of its peers can now make profits as the price of oil reaches about $ 50 a barrel and again focuses on the development of its business.
BP resumed its stock repurchase this week after a three-year hiatus in a sign that austerity measures had borne fruit.
The crowd is discussing plans to begin implementation after securing the Iraqi border
The popular crowd announced Thursday that the leaders of the crowd discussed plans for the return of commercial life between Iraq and Syria after Jordan secured the border.
"The popular crowd has finalized the liberation of al-Qaim district, west of Al-Anbar, and the distribution of the participating units, as well as the post-liberation plans for the return of normal life to those areas," Ali al-Hamdani, commander of the 11th Brigade, said in a statement.
"We discussed the development of a plan for the return of commercial life between Iraq and Syria and Jordan after securing the border strip."
Prime Minister Haider al-Abadi announced on 26 of last month the start of operations to restore areas of western Anbar, the last bastions of the organization calling the terrorist.
Ankara is careful to set a date for Barzani's visit
Turkish President Recep Tayyip Erdogan is in the process of setting a date for the meeting of the President of the Kurdistan Regional Government of Iraq, Nechirvan Barzani.
Commenting on the request of the Prime Minister of the Kurdistan region of Iraq to meet with the Turkish president, Gallen said that "will evaluate the request and the latest decision of President Erdogan," he said at a news conference quoted by Turkish channel "TRT".
"The abolition of the results of the referendum in northern Iraq is a request from all countries and governments of the world and not only Turkey." He added that "we do not hold enmity to any race or sect and what we want is the unity of Iraq.
"The prime minister will become the main figure during this transitional period," said Hoshyar Zebari, Iraq's former foreign minister and now an adviser to the Iraqi Kurdistan government, a senior member of the ruling Kurdistan Democratic Party.
His nephew, 51, who has served as prime minister for three years, is seen by Kurdish politics as less polarizing and has more friendly ties with his fellow Kurds.
Sadr postpones Friday demonstrations
The central committee overseeing popular protests and demonstrations in the Sadrist movement postponed the demonstrations on Friday.
"While we emphasize the continuation of the protests until our just demands are met, there is no room for despair," the committee said in a statement on Thursday.
Hundreds of supporters of the Sadrist movement are demonstrating for two years every Friday in Tahrir Square to demand reforms and hold the corrupt accountable.
Interview: Bank Melli Iran Upbeat on Int’l Expansion
Thursday, November 02, 2017
Finance Desk
I ranian banks remain devoid of ties with major European counterparts who understandably err on the side of caution for fear of having to pay millions of dollars courtesy of potential US retribution, but the man helming the biggest Iranian bank anticipates a brighter future even as uncertainties abound.
"Personally, I remain very hopeful," Mohammad Reza Hosseinzadeh, chief executive of Bank Melli Iran, told Financial Tribune on whether he sees any top-tier financial institutions working with Iran in the next couple of years.
"Because so far, banks that have worked with us have been reassured that Iranian banks have an enhanced commitment toward international regulations," he added in an exclusive interview at the bank's central headquarters in Tehran.
Hosseinzadeh, 53, who commenced his career at the bank close to three decades ago and steadily rose through the ranks, says a ripple effect of enhanced reputation along with unremitting improvement on the part of Iranian banks will eventually tip the scales of the current challenges facing major international lenders toward profitability by working with Iran.
"I believe that the European Union has made its decision to work with Iran," he said, noting that its member states see their collective interests in preserving the nuclear accord, which is a positive sign, even if US President Donald Trump has chosen to decertify the deal and pass it on to congress.
On the other hand, the BMI chief said his bank is functioning on par with international standards ranging from compliance to governance.
As evidence, he cites the fact that as recently as mid-September, the Hong Kong branch of Melli Bank London PLC, which is a subsidiary of BMI, officially resumed its operations after obtaining the go-ahead from the Hong Kong Monetary Authority–the autonomous territory's fastidious currency board and de facto central bank.
The banker noted that BMI has managed to establish correspondent banking relations with 135 banks of 30 countries, half of them European. What is more, Bank Melli PLC and BMI branches in Hamburg and Paris have connected to TARGET 2, Eurozone's real-time transfer system.
Foreign Branches
Hosseinzadeh elaborated on the foreign presence of Bank Melli and began close to home.
"We have about half a dozen branches around the Persian Gulf, including a few in the UAE—with two in Dubai, one in Abu Dhabi, one in Sharjah and another in Al Ain," he said, adding that Muscat is home to BMI's only branch in Oman.
According to the banker, all the aforementioned branches, especially the Muscat branch, are now active and have clinched correspondent relations with a number of banks in the region, but the ice has yet to thaw where other banks are concerned.
Qatar is one of the few neighboring countries where Iranian lenders have yet to gain a foothold.
Hosseinzadeh said negotiations are well underway with "one of the biggest banks" of the Persian Gulf state for BMI to establish a branch there, but refused to name the bank.
Iran-Pakistan banking and trade relations have also not fared as well as expected after the nuclear accord, but the chief executive said that following the agreement on Banking and Payment Arrangement signed between the State Bank of Pakistan and the Central Bank of Iran in mid-April, BMI will be on course to open a branch in Karachi, most likely during the next fiscal year (starting March 21, 2018).
In Turkey, BMI has been designated as the Iranian agent bank in a bilateral national currency swap agreement finalized less than two weeks ago and has currently established correspondent ties with the nation's Ziraat Bank.
In addition to several Iraq branches, Bank Melli is present in various European hubs, namely Germany, France and Britain.
Fintechs and Money Transfer
Few disagree, even among big lenders' c-suites, that banks must evolve and join forces with fintechs and startups that are rapidly altering the world of finance.
Hosseinzadeh is no different and declares that his bank has been attracting young talent with the ultimate aim of supporting innovation and offering better user experience.
They will be part of the bank's Innovation Center, which is planned to open in the foreseeable future.
"We will operate our own fintechs, but that is not our only approach as we are also considering a number of fintechs in the form of partnership," he said.
In conclusion, Hosseinzadeh confirmed that money transfer to and from foreign destinations is possible for Iranian nationals through BMI.
"In fact, Bank Melli encourages people to stop using the services offered by moneychangers in this regard," he said
d
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ECONOMIC TIMES / CHATTER
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GLOBAL/NEWS/INFO
TPP talks without U.S. near final stretch ahead of APECReuters
The 11 remaining nations in the Trans-Pacific Partnership (TPP) without the United States edged towards sealing a comprehensive free trade pact after New Zealand agreed to amend laws that are not subject to TPP, to enable its ban on foreign home purchases. Read the full story
Here are key steps to build a strong financial foundation
CNBC
Many of life's downturns can be weathered if you've already managed to build yourself a strong financial foundation. Read the full story
Sick days: Getting the flu can wreak havoc on your finances
USA TODAY
43.3% of adults got a vaccine in the 2015-2016 flu season. 24.5M got the flu, resulting in 11M medical visits, 308,000 hospitalizations and 12,000 deaths. Read the full story
OIL/COMMODITIES/ENERGY
Gold climbs ahead of Fed statement on pick for Yellen replacement
Gold inched higher as market participants awaited a statement from the U.S. Federal Reserve for hints on its monetary policy stance.
Gold Prices edge Up In Asia Ahead Of Fed Meeting, Nonfarm Payrolls EyedInvesting.com
Gold prices plunge on muted demand, weak global cuesLivemint
New Delhi: Gold prices fell by Rs105 to Rs30,275 per 10 gram at the bullion market on Wednesday owing to slackened demand from local jewellers amid a weak trend overseas. Silver followed suit and tumbled by Rs250 to Rs40,000 per kg due to reduced offtake by industrial units and coin makers. Read the full story
Brent crude oil rises to mid-2015 high as OPEC sticks to deal to cut output
Data showed OPEC has significantly improved compliance with its pledged supply cuts and Russia is also widely expected to keep to the deal.
The oil market just did something it hasn’t done for nearly three yearsCNBC
Prices of crude have now risen for four consecutive months. Read the full story
U.S. Steel shares rally on earnings beat, outlookMarketWatch
U.S. Steel Corp. shares rallied in the extended session Tuesday after the steelmaker's quarterly results and outlook topped Wall Street estimates. U.S. Steel shares surged 9% to $27.50 after hours. The company reported third-quarter net income of $147 million, or 83 cents a share, compared with $51 million, or 32 cents a share, in the year-ago period. Adjusted earnings were 92 cents a share. Revenue rose to $3.25 billion from $2.67 billion in the year-ago period. Analysts surveyed by FactSet had Read the full story
BANKS/BANKING
China’s PBC injects $75bn in banking system in OctoberMubasher
Mubasher: The People’s Bank of China (PBC) on Wednesday said it pumped CYN 498 billion ($75.05 billion) in the country’s banking system during October, through medium-term lending facilities. The interest ratio on medium-term lending facilities … Read the full story
Vietnamese central bank imposes ban on cryptocurrencyE&T News
The bank has issued new monetary law, following demands of a review by Nyugen Xuan Phuc, the Prime Minister of Vietnam. Previously, there had been hopes that the Prime Minister was considering draft legislation to legally recognise cryptocurrencies this year, and introduce tax guidelines for cryptocurrency users by mid-2019. Cryptocurrencies such as Bitcoin – the original and most prominent cryptocurrency – are decentralised digital currencies. Computationally expensive cryptographic problems Read the full story
COHORT NEWS: WalletFi Raises More Than $300K to Improve the Customer Experience in BankingThe Venture Center
WalletFi has closed an additional $265,000 of funding, bringing its total seed financing to more than $300,000. The company’s early backers include several institutional investors as well as the CEO of a publicly traded bank. Read the full story
Why Are Bank Branches Disappearing?The Motley Fool
As online and mobile banking continues to gain traction, bank branches become more and more obsolete. Read the full story
TREASURIES/BONDS/STOCKS
Wall Street seeks to continue win streak as new month begins
U.S. stock futures were higher this morning ahead of the Federal Reserve's interest rate decision and policy statement.
US Treasurys lower ahead of Fed decision; data in focus
U.S. government debt prices were lower on Wednesday as investors turned their attention to the latest developments coming out of the data space.
With week of 'Earth-shattering economic events' underway, Jeremy Siegel says Dow 24K is almost hereCNBC
Wharton School Finance Professor Jeremy Siegel delivers his latest bull case for stocks. Read the full story
The Dark Cloud Hanging Over the S&P's Monthly Win StreakSchaeffer's Investment Research
The S&P 500 Index (SPX) gained about 2% in October and is now riding a seven-month win streak. Since the March 2009 bottom, there have been two other streaks of that length, neither of which reached eight months. The first streak reached seven months in September of 2009, but then the S&P 500 was down about 2% in October. The last streak happened in May of 2013, only to see the index fall by 1.5% in June. This week, I’m looking at previous streaks to assess the chances of this streak lasting Read the full story
World stocks hit new highs, oil soars, Fed moves into focusReuters
Upbeat earnings reports helped drive global stock markets to record highs on Wednesday, as investors turned their focus to a U.S. Federal Reserve meeting for fresh insight on the outlook for monetary policy in the world's biggest economy. Read the full story
INSURANCE/HEALTH
Insurance 101 for new business ownersColumbus Business First
Working with an agent ensures you get the expert help and advice you need to make sure your business is covered. If you’re thinking about starting a business, you know a thing or two about taking risks. But remember, it’s smart business to limit your risks however and wherever you can. That’s where business insurance — and solid advice from your agent — come into play. The short answer is absolutely. Especially if you have employees, in which case some types of insurance, including workers’ Read the full story
If you own a business, long-term care insurance could be both affordable and tax-advantageousCNBC
Business owners and the self-employed have an incredible tax strategy that can make long-term care insurance really affordable. Read the full story
Bronze Could Be The Silver Lining In ACA PlansInsurance News
By Michael Z. Stahl You’ve heard the news about this year’s Affordable Care Act premiums going up. It’s just one more hit to the state and federal insurance exchange plans. Congress has tried to repeal and replace the ACA, or tried to create a whole new public system. Bipartisan efforts are struggling to stay alive. President Donald Trump has declared the law “dead.” Even with all the political jostling, the open enrollment period is upon us. It may only be 45 days long, but there is a good-news Read the full story
Here's What You Need To Know About Obamacare Enrollment This YearHuffPost
It’s open enrollment season again for Americans who shop on the Affordable Care Act’s health insurance exchanges to buy coverage. It’s a complicated, often confusing process for many people, especially those who may be using a health insurance exchange for the first time. ... Read the full story
Russia's Medvedev says the world shouldn't be dominated by one currency
Russia's prime minister said Wednesday that the world should not be dominated by one currency.
Russia and China are talking about linking currencies to end the US dollar's dominanceBusiness Insider UK
BEIJING (Reuters) - Russia and China were considering linking their national payment system, Russian Prime Minister Dmitry Medvedev said on Wednesday, as he called for a more balanced global finance structure. Noting the rise of China's Unionpay system and Beijing's efforts to internationalize its currency, the yuan, Medvedev told a press conference in Beijing that Russia was developing its own payment system, known as Karta Mir. "At the present moment it is being discussed whether Karta Mir Read the full story
How the Bank of England could surprise currency traders on ThursdayCNBC
As the Bank of England (BOE) prepares to raise interest rates for the first time in a decade, sterling could jump if Governor Mark Carney signals that several rate hikes lie ahead. Read the full story
Dollar steady before Fed decision, Kiwi catapults
The dollar steadied against a basket of major currencies as investors eyed a policy decision from the U.S. Federal Reserve.
Pound to euro exchange rate: Sterling ’super start’ amid Eurozone disappointmentExpress
POUND to euro exchange rate benefits Britons yet again, as rival currency suffers inflation figure disappointment. The pound to euro exchange rate is yet again in favour of the GBP currency today. According to rates at 3am today, the pound now converts to €1.141. This has risen from the same time yesterday, when the sterling was up to €1.134. It has in fact been on the rise since last Thursday, when it hovered around €1.12. Read the full story
Pound V euro: GBP exchange rate strikes three-month high on upbeat manufacturing dataExpress
THE pound struck a new three-month high against the euro this morning as the UK’s manufacturing sector performed better than expected in October. GBP/EUR is currently at around €1.143, up around 0.22 per cent from this morning’s starting levels following the release of the UK’s latest manufacturing PMI. According to data released by IHS Markit this morning, activity in the UK’s factory sector jumped last month, with its manufacturing index climbing from an upwardly revised 56 to 56.3, beating Read the full story
Forex - Dollar Holds Overnight Gains In Asia After Regional PMIs, EUR/USD DownInvesting.com
Forex - PBOC Sets Yuan Parity At 6.6300 Against DollarInvesting.com
© Reuters. Yuan parity Read the full story
Bitcoin blasts to new all-time high of $6,450Reuters
Bitcoin climbed to a new all-time high of $6,450 on Wednesday, boosted by bets the cryptocurrency could enter the financial mainstream after the world's largest derivatives exchange operator said on Tuesday it would launch bitcoin futures. Read the full story
Bitcoin’s Future? Here’s What You Should KnowThe Wall Street Journal
Bitcoin is taking steps toward the big time, marrying the nine-year-old currency with a financial instrument that has been used to manage risks and make bets for more than a century. Here’s a breakdown of what this means. Read the full story
USA
America's biggest financial fears can be overcome
Ghouls and goblins may freak out Americans, but so does their financial situation.
Fed set to hold rates steady ahead of Trump's leadership decisionReuters
The Federal Reserve is expected to keep interest rates unchanged on Wednesday as speculation swirls on who will be its next leader, but the U.S. central bank will likely point to a firming economy as it edges closer to a possible rate rise next month. Read the full story
What to expect from the Fed todayYahoo Finance
It’s Fed decision day. And if investors and analysts are judging correctly, the Federal Reserve will announce it is standing pat on interest rates and monetary policy at the conclusion of this week’s Federal Open Market Committee (FOMC) meeting. Read the full story
House GOP delays tax bill rolloutPOLITICO
Key details have yet to be finalized, and Republicans now plan to unveil the bill Thursday. Read the full story
The quest for tax reform is Ryan’s moment of truth thank you y
This is Paul Ryan’s moment of truth.
The 47-year-old Speaker of the House has been preparing for it ever since the Wisconsin Republican won his first election to Congress nearly two decades ago.
Tax reform has been Ryan’s true passion and life’s work on Capitol Hill. The former Ways and Means Committee chairman has given countless speeches on the subject and spent the past year pitching the GOP’s tax framework to manufacturers around the country.
And tax reform — if it passes or fails — could be the last landmark piece of legislation Ryan works on in Congress, several of his GOP colleagues said.
http://thehill.com/homenews/house/358136-the-quest-for-tax-reform-is-ryans-moment-of-truth
Wal-Mart triples online items, lowers prices as holiday season kicks in
CHICAGO (Reuters) - Wal-Mart Stores Inc is planning to boost sales and fend off rivals this holiday season by doubling down on incentives for shoppers who buy online and those who visit its stores.
EPA: Water at Puerto Rico Superfund site is fit for consumptionCNN
Water drawn from wells at a hazardous waste site in northwest Puerto Rico meets federal drinking water standards and is fit for consumption, the EPA said. Read the full story
Puerto Rico leaders hope to lure tourists back by Christmas
USA TODAY
Puerto Rico still has a long road of recovery ahead, but tourism officials hope they can bring back visitors by December. Read the full story
Puerto Rico authorities requesting $10 million from FEMA to pay WhitefishCNN
Puerto Rico authorities are asking FEMA to pay $10 million for the power restoration efforts underway by Whitefish Energy Holdings, CNN has learned. Read the full story
UAE’s Mubadala plans to buy stake in Brazilian gas firm – Reuters
Mubasher
Abu Dhabi – Mubasher: The UAE-based, Mubadala Development Co, and the French firm, Engie SA are planning to acquire stake in gas pipeline network which is owned by Brazilian company, Petrobras, Reuters reported, citing sources as saying. The other … Read the full story
India business drives Mondelez's emerging market growth in Q3Business Standard
Mondelez India Director, Marketing (Chocolates), Prashant Peres at the launch of Cadbury Fuse last year. India was among food-major Mondelez International’s key performers within emerging markets for the third quarter of 2017, the firm’s global chief executive officer (CEO), Irene Rosenfeld, said on Tuesday. Addressing investors over a concall, Rosenfeld, who will step down as CEO in November, said India revenue grew in double digits in Q3 led by new launches in chocolates. “Key markets have Read the full story
MIDDLE EAST
Putin signals he won’t turn his back on Iran amid US hostilityCNBC
Russian President Vladimir Putin is due to meet Iranian President Hassan Rouhani and the country's Supreme Leader Ayatollah Ali Khamenei. Read the full story
Why Middle East is looking to Putin, not TrumpCNN
As Putin visits Iran, CNN looks at why the Middle East is pivoting away from the US and toward a new ally - Russia. Read the full story
Israel's badly kept secret: Selling arms to regimes at warMiddle East Eye
From Myanmar to South Sudan, and more recently the Gulf Arab states, Israel has tried to keep secret its weapons sales to regimes engaged in brutal conflicts Read the full story
Egypt likely to fully reimburse foreign oil firms in 2 yrs - Minister
Mubasher
Cairo – Mubasher: Egypt’s dues to foreign oil companies retreated by $4 billion to $2.3 billion from $6.2 billion in four years, Egypt’s petroleum minister Tarek El-Molla told Al Akhbar newspaper. The Egyptian petroleum sector’s external debts may … Read the full story
IMF: NEOM to Benefit the Whole RegionAsharq Al-Awsat - English
Jihad Azour, head of the IMF’s Middle East department, during his participation in a news conference on Tuesday to announce IMF’s report on the region. The International Monetary Fund has endorsed an ambitious Saudi plan to build a $500-billion business and industrial zone extending into Jordan and Egypt, saying the project could benefit the whole region. Jihad Azour, head of the IMF’s Middle East department, said Riyadh would need to balance the huge cost of the zone and other economic projects Read the full story
Kurdish leader departs, leaving nephew faced with reconciliation
Reuters
Iraqi Kurdish President Masoud Barzani departed office on Wednesday, leaving his nephew to reconcile with the central government in Baghdad, with regional neighbors and with rival Kurdish parties after a failed referendum on independence. Read the full story
Oil prices surge as OPEC sticks to supply dealThe Globe and Mail
Crude prices hold near recent highs as OPEC producers, Russia seen keeping to current production cuts Read the full story
AFRICA
Africa: Economy, Policy Uncertainty Threaten Ports Projects
AllAfrica
A number of ports development projects across Africa may be pointing to a positive outlook for capacity expansion in the region, but the myriads of uncertainties in economic growth become a limiting factor. The United Nations in its new report tagged: "Review of Maritime Transport 2017," is optimistic that the projects, when realised, would aid trade facilitation in the region. However, projects such as the $1.5billion Lekki Deep Seaport in Nigeria, and the proposed $2.5billion Badagry Deep Read the full story
Zimbabwe: Financial System Living On Borrowed Time
AllAfrica
Zimbabwe's financial system increasingly resembles a house of cards. Were one card to give way - for instance, if South Africa's power utility, Eskom, were to have the temerity to suggest that Zimbabwe actually pay for the electricity that it's supplying the country - the entire edifice would collapse. To put it another way, the government is bust. It is again printing money to cover its spiralling costs, and inflation is rising. And given that there's an election looming in 2018, Zimbabwe's Read the full story
Zim project produces first known battery grade lithium carbonate in Southern Africa
Mining Weekly Africa
Junior miner Prospect Resources has produced battery grade lithium carbonate from its Arcadia petalite project, in Zimbabwe, the company announced on Tuesday. The lithium carbonate with a purity 99.5% was produced in the company’s custom laboratory, Kwekwe, in Zimbabwe. Read the full story
Zimbabwe: Tobacco Exports Top U.S.$665 Million
AllAfrica
Zimbabwe has earned $666,8 million from 123,7 million kilogrammes of tobacco exported mainly to South Africa and China since the beginning of 2017. Statistics from the Tobacco Industry Marketing Board's latest weekly bulletin show that China accounted for over 27,4 million kg valued at $217,4 million while South Africa bought 17,8 million kg for $52,5 million. With an estimated 350 million smokers, China has been spending over $200 million per annum on Zimbabwean tobacco. Part of the TIMB weekly Read the full story
Southern Africa: Zimbabwe Among Fragile Countries, Says the IMF
AllAfrica
Contrary to suggestions by President Robert Mugabe's claim the International Monetary Fund has rated Zimbabwe among countries in fragile situations, which it says face deep development challenges as they encountered severe social and political turmoil. President Mugabe, who is seeking his ninth term as leader of the country, told a World Economic Forum meeting in Durban in May that Zimbabwe was the second most developed country in Africa after neighboring South Africa and was nowhere near a Read the full story
Nigeria: Oil Prices Surpass World Bank's Forecast At Over $60 a Barrel
AllAfrica
(Photo: Vanguard) Global crude oil benchmark -Brent has increased from $58.15 a barrel to $60.75 a barrel while West Texas Intermediate (WTI) from $51.61 to $54.19 a barrel as at yesterday. Specifically, Nigeria's Bonny Light rose from $57.22 in the previous week to $60.19 a barrel on Sunday. This is far from World Bank's forecast of $56 a barrel for the coming year. The bank said in its recent Commodity Market Outlook released at that weekend, that oil prices are expected to rise to an average Read the full story
ASIA
South Korea and Japan lead rally in Asian shares; Caixin PMI meets expectations
Stocks in Asia closed higher as investors digested regional earnings reports and oil prices extended gains.
Hong Kong stocks climb most in four weeks as Ping An rises to record price on rising debt yieldsSouth China Morning Post
Hang Seng ends 1.2 per cent higher at 28,594.06. Shanghai Composite gains 2.57 points to 3,395.91 Read the full story
Asian shares hit 10-year high on strong economyThe Globe and Mail
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent in early trade while Japan’s Nikkei gained 1.0 per cent Read the full story
Rare earth industry in China
WikipediaThe rare earth industry in China is a huge and important industry domestically. These metals are used to manufacture everything from electric or hybrid vehicles, wind turbines, consumer electronics and other clean energy technologies.[1] Rare earth minerals are a group of 17 elements[2] which are found dispersed in low concentrations and costly to extract.[3]
China's rare earth industry makes up 97 percent of rare mineral trade worldwide.[4][5] It is estimated the world has 99 million tonnes of rare earth reserve deposits.[6] China's reserves are estimated to be 36 million tonnes or roughly 30 percent of the world's total reserves.[6]
European markets move higher as investors focus on earnings; Next down 88
The pan-European Stoxx 600 was 0.6 percent higher Wednesday with almost all sectors trading in positive territory.
The pan-European Stoxx 600 was 0.6 percent higher Wednesday with almost all sectors trading in positive territor
The Truth About the 10 Biggest Brexit Myths (of the Moment)
Bloomberg
Non-stop business knowledge Get more on The Bloomberg App It’s been seven months since the U.K. triggered the two-year countdown to Britain’s exit from the European Union, but the path to Brexit remains murkier than ever as officials contradict each other. U.K. Prime Minister Theresa May voted to Remain but now pledges to deliver Brexit, while opposition leader Jeremy Corbyn’s views on the EU are ambivalent at best. May’s own Conservative Party is split, with one vocal faction calling for the Read the full story
Brexit Bulletin: It’s Not Me, It’s EUBloomberg
Non-stop business knowledge Get more on The Bloomberg App Sign up to receive the Brexit Bulletin in your inbox, and follow @Brexit on Twitter. Talk to officials in Brussels, Paris or Berlin, and they all say the same thing: We’re ready to go ahead and negotiate a post-Brexit trade deal as soon as the Brits stop dragging their feet on paying what they owe the EU. But British stonewalling hasn’t just been on the issue of money. In recent days, the Europeans have complained that Theresa May’s Read the full story
The European Project Needs a New Long-Term Vision
Asharq Al-Awsat - English
Back in the 1950s, the European Union's founders had a long-term vision for managing the potentially dangerous period following World War II. Today, we once again need a long-term vision. The euro area has two main options: the current strategy of improving the Maastricht Treaty, designed to ensure the fiscal discipline required for many states to share a currency; or a more ambitious move toward federalism, which would require greater risk sharing among member states. Neither is compatible with Read the full story
'No deal Brexit' could leave UK short of 5,000 border staff
Evening Standard
A 'no deal' Brexit could leave the UK short of 5,000 border staff, Brexit Secretary David Davis has said. Read the full story
Blessed and Highly Favored:
The CBI for Thursday 11/2/17 did update on the indicative rates Sell Rate 1184
The currency auction is 164,557,444
There is one news announcement for Thursday 11/2/17Risk Management
What are the risks and their management - the justifications and objectives of a regulatory framework for risk management at the CBI
ISX Update:
Kauaihn Chatter:
11-2-2017 Newshound/Intel Guru Mnt Goat We know that the CBI must remove from the general public at least two thirds of the large 3 zero notes and get them out of circulation prior to launching the newer notes. We also know there are other reasons too as they do not want to see a massive amount of millionaires in Iraq as this could cause hyper-inflation too. We know also of a precaution that as the value increases, these older 3 zero notes could be exported to terrorist groups to fund their operations. So it is important to get as much of these large 3 zero notes out of circulation. Every note collected by the CBI is scanned and accounted for. They know exactly how much money is still in circulation. [post 3 of 3]
11-1-2017 Newshound/Intel Guru Mnt Goat Some banks are still not compliant with the implementation of the ability to receive electronic payrolls from the federal government. They still have to load and test out software tools to get this up and running. Then there are the connections between the global banks that also are still not secure and in some case not yet hooked up. Many global banks still have a reluctant attitude to even do business with Iraqi banks. So this too is still an obstacle. We know the CBI came out last week and told all the banks they wanted the SWIFT safe money transfer system implemented by the end of the year. Kurdistan region was also one of the culprits and resisted much of the effort to get electronic systems and delayed many of these banking reforms. As part of the leverage over this referendum stuff, the federal government now has over Kurdistan, they are moving forward now with this effort and will comply. [post 2 of 3....stay tuned]
11-1-2017 Newshound/Intel Guru Mnt Goat Still no reinstatement or revaluation in-country or out of county. Still no global exchanges taking place. Sorry! I do not see any progress in this direction to at least EARLY 2018. We cannot predict when the RV will happen by we can sense very close and accurately as to when it cannot happen. We are in the funky window right now where we see some promising signs but we know there is still much work to be done by the CBI. ...we know the target is the end of this month but we all know realistically it will probably be more like end of the year. So an announcement that this SECURITY problem is taken care of would be our first concrete sign and the RV clock RV will begin to tick at that time. But we are not yet there. [post 1 of 3....stay tuned]
11-1-2017 Intel Guru RayRen98
The purpose...today...was to inform you about Abadi’s announcement that they may be speeding up the timetable, plus we are looking for the end of this week to send us to the bank, or tell us when we might be going. Just because the RV is released, that doesn’t mean we have to run down to the banks that minute. We can wait to decide when to go to the banks. They may be giving us permission to go, but we make the decision when to go. If anything comes in, we will update you. ...We are seeking confirmation on some intel right now...
11-1-2017 Newshound Guru chattels [I wonder if Article 140 will not be needed because it looks like Adadi is saying that whole area is under government control an the kurds will get 12 plus % of oil revenues, if that the case why have an article 140?] I would think because the land is still disputed by the Kurds and the Constitution mandates a process for resolution of the disputes. Unless Abadi is going to abandon the Constitution, but he avers/swears NOT! The Kurds say that all they have ever gotten from the budget was about 11-12%, despite argument to the contrary.
11-1-2017 Intel Guru Jester [...what are your thoughts on this happening before the new year...?] THEY SAY IT WILL BUT I HAVE HEARD IT BEFORE...AND SO HAVE YOU...
11-1-2017 Newshound Guru MilitiaMan Article: "Rashid calls on military retirees to receive their salaries Wednesday" Quote: "The salaries of military retirees will be launched for November this year through manual exchange and smart card on Wednesday," the bank's press office said in a press release. "Civil retirees can receive their salaries through bank branches or smart card outlets." They got paid... Nice...Now lets see if they tell us at what international rate if any, yet? I suspect if the 2017 budget gets released we'll know...imo.
11-1-2017 Newshound Guru Adam Montana We still have a November 7 OPEC meeting coming up. There are pretty telling indicators floating around right now regarding the current OIL situation. What I see as important right now is oil at $60ppb, the recognition that Iraq ignored the Kurdish referendum, and the references to HCL related items... What I really want to see in the next week is simple: 1. Nothing significant at the OPEC meeting. Just a smile and nod type of event where they agree to extend the current plan and keep oil around $60. 2. The meeting will mostly ignore Iraq. I don’t care if they talk about Iraq, include Iraq, reference Iraq in any minor way…as long as they primarily ignore Iraq, and don’t make any specific requests for commitments from Iraq, I’ll be happy. 3. Anything HCL related.
11-1-2017 Intel Guru Frank26 [Seems like A is giving a variety of speeches and interviews.. with an ALL important 1 hidden amongst the rest he's giving at this time?] IMO...These Speeches today from the Father of Iraq Abadi are the per-curses of a Mother of all Speeches to soon come to the Citizens of Iraq and the International World.
11-1-2017 Intel Guru RayRen98 [Any Parliament laws this week?] Yes, the HCL, and possibly that independence law for the CBI – we’ll have to wait and see.
11-1-2017 Newshound/Intel Guru Mnt Goat ...November already and Iraq is still fighting ISIS and still struggling with some important issues involved in the process to delete the zeros. But they will overcome all these issues and will move forward. I am told the CBI is ready now to move to the next phase of the project to delete the zeros and needs the “green light” from the GOI. So let’s look for this sign. I am also hearing this re-education process of the new currency must take place first in the privately owned banks and then to the civilian population.
Elmer:
Not in today
Artmeister:
# 2 RV/INTELLIGENCE ALERT - November 1, 2017
To:
Operation Disclosurehttps://operationdisclosure.blogspot.com/
RV/INTELLIGENCE ALERT - November 1, 2017
PAYMASTERS, BANKS, AND ESPECIALLY CALL CENTER PERSONNEL ARE ALL JUST AS DAZZLED AS WE ARE AS TO WHY THEY WERE TOLD TO BE READY FOR THE RELEASE.
THIS IS CALLED PRE-EMPTIVE READINESS. THE APTB/NPTB GIVE OUT PRE-EMPTIVE ALERTS IN PREPARATION FOR A POSSIBLE RELEASE.
THESE PRE-EMPTIVE ALERTS ARE ALWAYS WITH A 2-3 DAY WINDOW. THIS ALLOWS ROOM TO RELEASE THE FUNDS UNEXPECTEDLY.
BUT WHY DO THEY GIVE OUT THESE PRE-EMPTIVE ALERTS? THAT IS ONE OF THE MOST MYSTERIOUS AND UNANSWERED QUESTIONS IN THE COMMUNITY.
ACTUAL INTEL ON THE RELEASE IS CLASSIFIED AND WILL NEVER BE DISCLOSED TO THE PUBLIC AS IT WOULD THREATEN THE SECURITY OF THE APTB/NPTB.
THIS IS WHY THE MASS ARRESTS MUST OCCUR FIRST TO ENSURE THE CABAL ARE COMPLETELY CONTAINED.
IT IS CLEAR THE GCR/RV WILL NOT HAPPEN ON IT'S OWN BUT RATHER IT WILL BE PART OF ONE BIG MASSIVE EVENT.
THIS EVENT WILL ALSO BRING FORTH GESARA.
ARRESTS OF CABAL ASSETS BEHIND THE SCENES ARE CURRENTLY ON-GOING.
INDICTMENTS ARE BEING ISSUED.
IT'S ALL SCRIPTED AND HAPPENING IN REAL TIME.
WE ARE CLOSE, VERY CLOSE.
THE MASS ARRESTS WILL BE THE FINAL BLOW.
Operation Disclosure
https://operationdisclosure.blogspot.com/
RV/INTELLIGENCE ALERT - November 1, 2017
ANOTHER RELEASE WINDOW HAS PASSED AFTER COUNTLESS OTHERS IN THE PAST.
IT IS NOW CLEAR THE NPTB WILL NOT CHANGE THEIR PLANS.
THE GCR/RV WILL BE PART OF ONE MASSIVE EVENT WHICH WILL INCLUDE MASS ARRESTS AND THE ANNOUNCEMENT OF GESARA.
HIGH LEVEL SOURCES HAVE CONFIRMED THAT THE INTENSITY OF ARRESTS BEHIND THE SCENES IS INCREASING RAPIDLY.
PENTAGON SOURCES ALSO CONFIRMED THE REPUBLIC IS BEING RESTORED LAWFULLY AS WE SPEAK.
THE RECENT INDICTMENTS SIGNIFIES HOW CLOSE WE ARE TO MAIN PUBLIC EVENT, THE MASS ARRESTS.
PAYMASTERS, BANKS, CALL CENTER PERSONNEL BEING PUT ON READY STATUS DOESN'T AFFECT THE TIMING OF THE RELEASE.
THE ACTUAL TIMING OF THE RELEASE DEPENDS ON THE MASS ARRESTS, PERIOD.
WATCH THE NEWS AS IT IS ALL SCRIPTED TO PLAY OUTy
Catnip:
ARTICLE 1 (from PM Abadi's website; posted on both the Arabic and English sides)
Prime Minister Dr. Haider Al Abadi Receives the Regional Director of the World Bank
Prime Minister Dr. Haider al-Abadi received on Wednesday the regional director of the World Bank and his accompanying delegation.
Dr. Haider Al-Abbadi stressed the importance of communication with the World Bank in order to develop economic policies that activate the economic and development movement in Iraq and work to increase employment opportunities, especially in productive activities, including small units and increase their efficiency.
He discussed with the Regional Director of the World Bank a number of issues related to World Bank support and trends to improve economic performance and reduce the unemployment rate.
For his part, praised the World Bank's regional director of the achievements of Iraq in defeating terrorism and the extension of the law, referring to the World Bank's decision to add 400 million dollars to the amount of the bank loan and expand the sectors covered by it and increase the number of areas covered by.
Dr. Haider Al-Abadi stressed that the education sector is given priority to ensure adequate working conditions for this important sector.
Prime Minister 's Media Office
1 November 2017
*************
ARTICLE 2
Labadi: We do not want a fight with the region and our demand to exercise federal powers within its borders
BAGHDAD - November 2 - Iraq's Prime Minister Haider al-Abadi said the government did not want to fight with the Kurdistan region.
"Our demand is the spread of federal forces in all regions, and the limits of exclusive power of the federal authority and all federal authorities must be exercised within the borders of the region," Abbadi said during a meeting with a group of Iraqi writers and media.
"The region has asked to negotiate and our conditions are to be negotiated under the Constitution and a unified Iraq and to cancel the results of the referendum."
"We do not want a fight with the region, not fear, but it is to preserve the lives of our citizens and we want to live together and not break each other," he said.
"We did not use the security services to protect the government but to protect the people and their property," he said. "We have taken control of Kirkuk without any military confrontation or casualties."
"We do not want to win at the expense of anyone," the prime minister said. "There has been no revenge in Kirkuk, and we have maintained the situation there."
He said: Iraqis today stronger in the equation of the region, and we rejected any action to besiege our citizens in the region.
He pointed out that "our forces are advancing in an excellent way, and the enemy is collapsing and our victory is not negligible," noting that "the victory that has been achieved is not only for Iraq but for the whole world."
"The world believes that Iraq has broken the brink of terrorism," he said, adding that "declaring victory is something and defeating terrorism as a thought and defying something else."
Abadi stressed that "because of conflicts and differences arose terrorism," noting that "the disparity between peoples creates chaos in the States."
"There are steps for electoral gains if we took to give us electoral steps, but we did not do them because they do not serve the Iraqis," he said, adding that " . Finished
Tamimi: the next budget is 108 trillions dinars and 40% of state real estate are missing
2017/11/1 23:47
[Ayna-Baghdad]
Said the member of the Finance Committee parliamentary, Magda Tamimi, the size of the federal budget for the next year, 108 trillions dinars, which is in the rise, "noting that" the budget gave the Kurdistan region 12% instead of 17%. "
Tamimi said in a press statement on Wednesday that "there are those who receive a pension and a salary of social protection at the same time," indicating that "the receipt of more than the salary inflates the annual budget."
She explained that "the budget deficit is covered through revolving funds," indicating that "the budget depends on 21 borrowers," noting that "the volume of spending in 12 years amounted to more than one trillion dinars."
She stressed that "the term idle projects are imaginary projects," noting that "only four parties benefiting from the currency auction of the Central Bank of Iraq, including parties and terrorism," adding that "private banks is a small flat closed."
Tamimi pointed out that "the establishment of banks responsibility of the Central Bank and needs to be evaluated," adding "We have been stripped of the cash in the branches of our banks in Kurdistan."
She pointed out that "the price inflation in licensing rounds is to satisfy corporate officials," noting that "taxes and customs are still in the pockets of corrupt, and that more than 90% of imports of customs go to the pockets of corrupt."
A member of the parliamentary finance committee revealed that it "will submit proposals to raise secondary revenues," calling for "forgetting oil, it will not rise in prices and loan Iraq will not lend him again."
Al-Tamimi stressed that "the promotion of the local product, although the cost is high," proposed "the establishment of a fund to lend young people from the contributions of religious events."
"Real estate of the state has been cleared from the center of accounts, and 40 percent of state property is missing," she said. "We have money and there are deliberate financial mistakes."
"We are waiting for an amendment to the pension law that serves the state," Tamimi said, adding that "there is a significant difference in pension among citizens."
"The use of electric cars within five years will reduce fuel costs," she said
The President of the Republic is discussing with the Italian Ambassador the benefit of Italian expertise to protect dams and monuments
BAGHDAD, Nov. 1 (Xinhuanet) - President Fuad Masum held talks with the Italian ambassador to Iraq Marco Carnelos on the occasion of the end of his mission to develop relations of friendship and cooperation between the two countries. Economic and investment. "
"Italy's support for Iraq in the military field is a reference to the contribution of Italian military experts in the training of the Iraqi security forces," he said, adding that Iraq was keen to benefit from Italian expertise in the fields of dam protection and archeological sites. Barbarism, theft and smuggling by terrorists. "
"Iraq has won against terrorism thanks to the will of all Iraqis and the support of friendly countries, including Italy and other European countries," he said, adding that he hoped to play an active role in the reconstruction plans and economic projects and to increase cultural and academic cooperation. In Italy".
For his part, the Italian ambassador praised the "victories achieved by Iraq," stressing "the continued support of the government of his country and its keenness to develop bilateral relations between the two countries."
URGENT Joint operations accuse Erbil delegation of treachery and hint at military option
2017/11/1 19:27
[Ayna-Baghdad]
The Joint Operations Command accused the Erbil security delegation of "treachery and procrast ination" in negotiations to impose security and federal authority in the disputed areas.
"The command of the joint operations, through the high responsibility and wisdom shown by the Prime Minister and the Commander-in-Chief of the Armed Forces, sent a high-level military technical delegation to hold a series of meetings with the security delegation from Erbil and give a period of several days from In order to inject blood and protect citizens. "
The statement added that "the leadership of the region and their delegation negotiators fully withdrew on Tuesday evening, the draft agreed upon and negotiated by the federal team with them and it is clear that this time played by them and what they offered after all those negotiations and agreements and at the last minute is a return to below the first square And contrary to all they agreed upon and that what they submitted absolutely unacceptable, and that the region is the length of the negotiation process to move its forces and build new defenses to block the spread of federal forces and cause losses, and therefore can not be silent about it and our duty to protect citizens and troops.
He pointed out that "the side of Erbil has been given a deadline to agree on the paper they negotiated and then turned away from them and unfortunately are working to procrastination and treason to kill our troops as they did before and will not allow it."
"Federal forces are now mandated to secure areas and borders and to protect civilians and have strict instructions not to clash and prevent bloodshed, but to confront armed groups associated with Arbil by firing rockets, shells and fire at federal forces, killing their members and intimidating citizens. "He said.
The joint operations confirmed that "the interests of our people in all areas to be entered by the federal forces will be protected."
*************
ARTICLE 6
Iraq today receives three F16 fighter jets, bringing his squadron to 24 aircraft
2017/11/2 13:08
[Ayna-Baghdad]
The Air Force Command announced that three F16 fighter jets will arrive in Iraq Wednesday afternoon.
"The planes will join the combat aircraft fleet of the Iraqi Air Force Command," a copy of which was received by the agency All Iraq.
On September 29, Iraq received three new fighter jets from the United States under the contract between the two countries.
With the arrival of these aircraft, the Iraqi squadron will fly from these aircraft to 24 F-16 American-made aircraft, the seventh meal out of 36 aircraft under the contract between the Iraqi Ministry of Defense and Lockheed Martin.
Many of the Iraqi pilots completed their flight training at the base of Arizona, where the second pilot died in the crash of their aircraft during training and did not give details of the causes of the accidents so far or whether there would be compensation for the crashed planes.
This announcement coincides with the launch of the liberation of western Anbar, specifically Al-Qaim and Rawa, and their liberation will declare Iraq free of any kind.
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Good afternoon TNT Superfantastic Family. Today is when am I going to see it Hump Day. There is not a great deal to discuss and talk information and intel wise. It is pretty much quiet except for the information that the Prime Minister has been tweeting out. They are doing a video recording and thats been the topic of discussion throughout the morning. More specifically the video clip where he was referencing they soon will declare full liberation of Iraq. The plan was to declare it and announce it into late November. Sounds like that is being changed. Looks like the timetable has changed to some degree, and that is it right now. Lets go to the board. Q and A: Q: It seems like there a lot of activity in the mosque the last couple of days. Are there any indications as to the reason? Ray: No communication has come to us referencing mosque activity. I don't know what the focus would be yet what it is. Q: Are the bankers on high alert to service us? Ray: No more than usual. No on high alert. Q: Have you heard if low denominations and fils are in circulation in Iraq? Ray: No they are not. Q: Have you heard of the contactors or business owners in Iraq have gotten paid? If so have you heard the rate equivalency of their pay? Ray: There have been pays but not at the new rate. Q: Why does the GCR have to wait on Iraq to revalue their currency? Ray: That is a good question and I don't think we've had a decent answer to that, because if Iraq wasn't an issue why haven't they moved forward other currency reset situations. I don't know the answer to that. Q: Back when DC was on the call they mentioned they tried to RV again and it was stopped. Before he stopped counting it got up to a 100 plus times. With a target of October 31 did someone stop an attempt? Ray: I have not heard of any attempts to stop the process in a very long time. I learned of some banking issues that were not 100 % resolved, and that was some other reason. Callers: Caller: 865 Catnip: Appreciate your comments about the tweet from Abadi and know he did do several of them. It is interesting from this call that it had been on Abadi's site and then it was on the government's site. Now its back on Abadi's site twitter account both the same from the news conference. All this discussion prior to the call had been with our reporters and researchers finding it on this site. What kinds of responses have you gotten from your contacts over there to what has been posted by Abadi on both his own personal sites and government site twitter acct ? Ray:Nothing everything has been quiet. Q: Is it possible they don't even know he said it? Ray: I am sure they know he said it. Catnip: Ok. the other item that surfaced today, we always comment on the number of holidays and some way of closing official hours seems to have surfaced again. There is another one that has come out that there is 5 days. I don't know if it is a pilgramage or what from the 5th of November to the 9th of this month, that official hours in Baghdad will be kind of disrupted. What kind of response have your folks given to that and what kind of impact if any might have if they could duck tail announcement we are looking at with this kind of observation their having the 5th of Novermber to the 9th? Ray: Sorry to disappoint you, but there has been no comment on that and nothing to sharing yet anyway. Lastly you didn't mention anything in regards to parliament comments., but we are aware parliament is doing its thing. Anything your people have seen some nugget that may be helpful with respect to parliament? Ray: Nothing relevant and the focus is shifted to Friday and the weekend, so if something would have happened today it would have been a nice surprise. The focus has been shifted to the end of the week and that pretty much yesterday was up to Friday. Everything appears to be shifting to Friday as far as expectations. Caller: I have been in this 6 to 7 years and some of the gurus have been saying we are further along than yesterday, the month before and so on. I don't know how anyone can say when this RV is going to take place. We hear the same thing. Now I read they are trying to arrest the criminals and Maliki is back in the picture. I hope you can enlighten me. Ray: We are just going with the flow and seeing what the information will yield and just focusing for the end of the week. Ray's Wrap Up: Today purpose of the call was just to number one to inform you about the announcement of Abadi saying hey we may be speeding up the timetable. Other than that, we are looking towards the end of the week for some good solid information that will either that will send us to the banks or tell us when we are going. That is the expectation. Of course that is not a promise, and that is just an expectation. We do want to remind you whatever happens whenever it happens lets wait a few minutes if your not going after the contract rate, lets wait and access the situation and then make our move. That wait could be 24 hours or better. We just need the release to happen and doesn't mean you need to run down an exchange just because its released. We need the release to happen, and then we can decide when to go down and do our exchange. That is what the control factor is all about. They may be giving us permission to go, but we will be the ones to make the decision when to go. With the right knowledge and information will instruct you on when to go. So we are just waiting for the green light to tell us we can, and then the assessment of the situation will tell us when we should. We will hasten to give you the information as quickly as we receive it. We will reciprocate and send it out to you. Anything else pops in information wise, we will update you through the conventional methods. Right now, we look to have a call on Friday. I am not sure what type yet, but I am looking forward to it. and having top level information to share. There are some things we are pursuing right now and seeking confirmations. When that materializes, we will make you aware of that. We will post it in chat and put it in the forum as an update so you.can be made aware, but until then and in the meantime and in between time we will just keep on Believing! Enjoy your Hump Day! Rayren98
Salaries of employees and retirees are insured
Telecom initiates measures to reduce the prices of Internet capacity by 25%
Three F-16s arrive today in Iraq
A partial strike by Iraqi air traffic controllers paralyzes Baghdad airport traffic
The Iraqi civil aviation authority stopped the air traffic until Sunday evening, due to bad weather, and continued to stop until Wednesday morning, because of the strike by air traffic controllers.
In a statement, the observers called for "the implementation of the promises made by more than one parliamentary and governmental body with official books and the fulfillment of all legitimate demands from technical allocations and the law of air traffic controllers."
And threatened that they "are responsible for the safety of aircraft leaving and taking part in it, whether in the air or on the ground," noting that "their profession is one of the most dangerous occupations in the world according to the classification of the International Labor Organization."
A video of the sit-in of the air traffic controllers at Baghdad International Airport was included in the video commentary. A message from an observer stated that "the airspace will be closed daily from 5 pm (local time in Baghdad) to 7 am" For «24 hours on Friday for the next».
The observers called for "the cancellation of the contract of the British company Sarko (to manage the Iraqi airspace), and add risk allocations to air observers like pilots."
On the other hand, the Civil Aviation Authority confirmed that the grant of a salary of two million dinars per month (1600 US dollars) to air traffic controllers needs to be legislated by parliament, noting that the threat of strike and stop the atmosphere is punishable by law.
The Aviation Authority said in a statement: "While the Ministry of Transport has achieved unprecedented successes and achievements in various sectors, we find that there are many traitors to these successes portraying the public opinion contrary to reality," indicating that «these clear facts and clear false accusations useless Pass their sick wounds and weaken the services provided to the citizen. "
The statement revealed the distribution of "500 pieces of land" to the staff of air observers, as well as granting them "free tickets to them and their families, in addition to the amount of 500 thousand dinars (400 US dollars) above their salaries."
She added that "air observers still insist that they should be given two million dinars per month, although this amount outside the powers of the minister and the ministry and needs legislation by the House of Representatives and the need for a draft law of the State, but he endeavored to present the subject within the Council of Ministers has not yet been resolved, The study, "pointing out that« the issue of the threat of strike work and stop the Iraqi airspace apply to damage the public money and punish the most severe penalties ».
In a subsequent statement, the Civil Aviation Authority (CAA) revealed that, after "vigorous efforts" and long negotiations, some aerial observers called them "patriots" ended their strike, resumed normal operations and legalized their demands.
The «return of air traffic at Baghdad International Airport to normal, and started several aircraft to land in the runway».
The strike by air controllers contributed to the "shale" of air traffic at Baghdad International Airport, prompting the Civil Aviation Authority to use foreign air monitors to conduct "one or two flights a day," according to National Alliance MP Hesham al-Suhail.
He said in a press statement: "We appeal to the Prime Minister to intervene in the case and end the crisis of air observers and not to disrupt the interests of people traveling on the aircraft of Iraqi Airways and foreign companies.
$135m Spent on Border Roads Leading to Iraq
Thursday, November 02, 2017
Renovation and expansion of land routes leading to Iraq have cost the Iranian government 5.5 trillion rials ($135.67 million) since the fiscal 2014-15, a deputy roads and urban development minister said. According to Kheirollah Khademi, who is also CEO of Iran’s Transportation Infrastructure Construction and Development Company, these roads lead to Mehran, Chazzabeh, Shalamcheh and Khosravi border crossings along Iran’s common border with neighboring Iraq.
The Iranian government has embarked upon these projects mainly to facilitate the travel of some 650,000 pilgrims that head to Iraq every year to commemorate Arbaeen.
Arbaeen is a major Shia event marking the 40th-day anniversary after the martyrdom of Imam Hussein (PBUH), the grandson of Prophet Muhammad (PBUH).
Each year, a large number of Shias converge on the Iraqi city of Karbala, where the holy shrine of Imam Hussein (PBUH) is located.
Kurdish delegation to Baghdad to discuss the budget and the future of Kirkuk
Iraq and Iran: We seek to build economic relations and trade ties
He called on the Iranian side to "hold mutual meetings with the concerned parties from both countries to learn about trade and investment opportunities and in various fields of the economy."
However, cash flow from operations declined in the third quarter by 11% year-on-year to $ 7.58 billion.
"The three Shell sectors contributed to this strong set of results," said Ben van Borden, chief executive of the company.
The net profit attributable to shareholders in the third quarter was based on the cost of current supplies and the exclusion of exceptional items of $ 4.1 billion compared to $ 2.8 billion in the same period a year ago. The company's average forecast of analysts was $ 3.62 billion.
The world's largest oil companies have been adjusting to falling oil prices since the collapse of prices in 2014 through a sharp cut in spending and jobs as well as exit from investments.
Shell and most of its peers can now make profits as the price of oil reaches about $ 50 a barrel and again focuses on the development of its business.
BP resumed its stock repurchase this week after a three-year hiatus in a sign that austerity measures had borne fruit.
The crowd is discussing plans to begin implementation after securing the Iraqi border
Ankara is careful to set a date for Barzani's visit
Sadr postpones Friday demonstrations
Interview: Bank Melli Iran Upbeat on Int’l Expansion
"Personally, I remain very hopeful," Mohammad Reza Hosseinzadeh, chief executive of Bank Melli Iran, told Financial Tribune on whether he sees any top-tier financial institutions working with Iran in the next couple of years.
"Because so far, banks that have worked with us have been reassured that Iranian banks have an enhanced commitment toward international regulations," he added in an exclusive interview at the bank's central headquarters in Tehran.
Hosseinzadeh, 53, who commenced his career at the bank close to three decades ago and steadily rose through the ranks, says a ripple effect of enhanced reputation along with unremitting improvement on the part of Iranian banks will eventually tip the scales of the current challenges facing major international lenders toward profitability by working with Iran.
"I believe that the European Union has made its decision to work with Iran," he said, noting that its member states see their collective interests in preserving the nuclear accord, which is a positive sign, even if US President Donald Trump has chosen to decertify the deal and pass it on to congress.
On the other hand, the BMI chief said his bank is functioning on par with international standards ranging from compliance to governance.
As evidence, he cites the fact that as recently as mid-September, the Hong Kong branch of Melli Bank London PLC, which is a subsidiary of BMI, officially resumed its operations after obtaining the go-ahead from the Hong Kong Monetary Authority–the autonomous territory's fastidious currency board and de facto central bank.
The banker noted that BMI has managed to establish correspondent banking relations with 135 banks of 30 countries, half of them European. What is more, Bank Melli PLC and BMI branches in Hamburg and Paris have connected to TARGET 2, Eurozone's real-time transfer system.
Foreign Branches
Hosseinzadeh elaborated on the foreign presence of Bank Melli and began close to home.
"We have about half a dozen branches around the Persian Gulf, including a few in the UAE—with two in Dubai, one in Abu Dhabi, one in Sharjah and another in Al Ain," he said, adding that Muscat is home to BMI's only branch in Oman.
According to the banker, all the aforementioned branches, especially the Muscat branch, are now active and have clinched correspondent relations with a number of banks in the region, but the ice has yet to thaw where other banks are concerned.
Qatar is one of the few neighboring countries where Iranian lenders have yet to gain a foothold.
Hosseinzadeh said negotiations are well underway with "one of the biggest banks" of the Persian Gulf state for BMI to establish a branch there, but refused to name the bank.
Iran-Pakistan banking and trade relations have also not fared as well as expected after the nuclear accord, but the chief executive said that following the agreement on Banking and Payment Arrangement signed between the State Bank of Pakistan and the Central Bank of Iran in mid-April, BMI will be on course to open a branch in Karachi, most likely during the next fiscal year (starting March 21, 2018).
In Turkey, BMI has been designated as the Iranian agent bank in a bilateral national currency swap agreement finalized less than two weeks ago and has currently established correspondent ties with the nation's Ziraat Bank.
In addition to several Iraq branches, Bank Melli is present in various European hubs, namely Germany, France and Britain.
Fintechs and Money Transfer
Few disagree, even among big lenders' c-suites, that banks must evolve and join forces with fintechs and startups that are rapidly altering the world of finance.
Hosseinzadeh is no different and declares that his bank has been attracting young talent with the ultimate aim of supporting innovation and offering better user experience.
They will be part of the bank's Innovation Center, which is planned to open in the foreseeable future.
"We will operate our own fintechs, but that is not our only approach as we are also considering a number of fintechs in the form of partnership," he said.
In conclusion, Hosseinzadeh confirmed that money transfer to and from foreign destinations is possible for Iranian nationals through BMI.
"In fact, Bank Melli encourages people to stop using the services offered by moneychangers in this regard," he said
CNBC
Many of life's downturns can be weathered if you've already managed to build yourself a strong financial foundation. Read the full story
USA TODAY
43.3% of adults got a vaccine in the 2015-2016 flu season. 24.5M got the flu, resulting in 11M medical visits, 308,000 hospitalizations and 12,000 deaths. Read the full story
OIL/COMMODITIES/ENERGY
Gold climbs ahead of Fed statement on pick for Yellen replacement
Gold inched higher as market participants awaited a statement from the U.S. Federal Reserve for hints on its monetary policy stance.
New Delhi: Gold prices fell by Rs105 to Rs30,275 per 10 gram at the bullion market on Wednesday owing to slackened demand from local jewellers amid a weak trend overseas. Silver followed suit and tumbled by Rs250 to Rs40,000 per kg due to reduced offtake by industrial units and coin makers. Read the full story
Prices of crude have now risen for four consecutive months. Read the full story
U.S. Steel Corp. shares rallied in the extended session Tuesday after the steelmaker's quarterly results and outlook topped Wall Street estimates. U.S. Steel shares surged 9% to $27.50 after hours. The company reported third-quarter net income of $147 million, or 83 cents a share, compared with $51 million, or 32 cents a share, in the year-ago period. Adjusted earnings were 92 cents a share. Revenue rose to $3.25 billion from $2.67 billion in the year-ago period. Analysts surveyed by FactSet had Read the full story
BANKS/BANKING
China’s PBC injects $75bn in banking system in OctoberMubasher
The bank has issued new monetary law, following demands of a review by Nyugen Xuan Phuc, the Prime Minister of Vietnam. Previously, there had been hopes that the Prime Minister was considering draft legislation to legally recognise cryptocurrencies this year, and introduce tax guidelines for cryptocurrency users by mid-2019. Cryptocurrencies such as Bitcoin – the original and most prominent cryptocurrency – are decentralised digital currencies. Computationally expensive cryptographic problems Read the full story
WalletFi has closed an additional $265,000 of funding, bringing its total seed financing to more than $300,000. The company’s early backers include several institutional investors as well as the CEO of a publicly traded bank. Read the full story
As online and mobile banking continues to gain traction, bank branches become more and more obsolete. Read the full story
TREASURIES/BONDS/STOCKS
Wall Street seeks to continue win streak as new month begins
U.S. stock futures were higher this morning ahead of the Federal Reserve's interest rate decision and policy statement.
U.S. government debt prices were lower on Wednesday as investors turned their attention to the latest developments coming out of the data space.
Wharton School Finance Professor Jeremy Siegel delivers his latest bull case for stocks. Read the full story
The S&P 500 Index (SPX) gained about 2% in October and is now riding a seven-month win streak. Since the March 2009 bottom, there have been two other streaks of that length, neither of which reached eight months. The first streak reached seven months in September of 2009, but then the S&P 500 was down about 2% in October. The last streak happened in May of 2013, only to see the index fall by 1.5% in June. This week, I’m looking at previous streaks to assess the chances of this streak lasting Read the full story
Upbeat earnings reports helped drive global stock markets to record highs on Wednesday, as investors turned their focus to a U.S. Federal Reserve meeting for fresh insight on the outlook for monetary policy in the world's biggest economy. Read the full story
INSURANCE/HEALTH
Insurance 101 for new business ownersColumbus Business First
Working with an agent ensures you get the expert help and advice you need to make sure your business is covered. If you’re thinking about starting a business, you know a thing or two about taking risks. But remember, it’s smart business to limit your risks however and wherever you can. That’s where business insurance — and solid advice from your agent — come into play. The short answer is absolutely. Especially if you have employees, in which case some types of insurance, including workers’ Read the full story
Business owners and the self-employed have an incredible tax strategy that can make long-term care insurance really affordable. Read the full story
By Michael Z. Stahl You’ve heard the news about this year’s Affordable Care Act premiums going up. It’s just one more hit to the state and federal insurance exchange plans. Congress has tried to repeal and replace the ACA, or tried to create a whole new public system. Bipartisan efforts are struggling to stay alive. President Donald Trump has declared the law “dead.” Even with all the political jostling, the open enrollment period is upon us. It may only be 45 days long, but there is a good-news Read the full story
It’s open enrollment season again for Americans who shop on the Affordable Care Act’s health insurance exchanges to buy coverage. It’s a complicated, often confusing process for many people, especially those who may be using a health insurance exchange for the first time. ... Read the full story
Russia's Medvedev says the world shouldn't be dominated by one currency
Russia's prime minister said Wednesday that the world should not be dominated by one currency.
BEIJING (Reuters) - Russia and China were considering linking their national payment system, Russian Prime Minister Dmitry Medvedev said on Wednesday, as he called for a more balanced global finance structure. Noting the rise of China's Unionpay system and Beijing's efforts to internationalize its currency, the yuan, Medvedev told a press conference in Beijing that Russia was developing its own payment system, known as Karta Mir. "At the present moment it is being discussed whether Karta Mir Read the full story
As the Bank of England (BOE) prepares to raise interest rates for the first time in a decade, sterling could jump if Governor Mark Carney signals that several rate hikes lie ahead. Read the full story
The dollar steadied against a basket of major currencies as investors eyed a policy decision from the U.S. Federal Reserve.
© Reuters. Yuan parity Read the full story
Bitcoin climbed to a new all-time high of $6,450 on Wednesday, boosted by bets the cryptocurrency could enter the financial mainstream after the world's largest derivatives exchange operator said on Tuesday it would launch bitcoin futures. Read the full story
Bitcoin is taking steps toward the big time, marrying the nine-year-old currency with a financial instrument that has been used to manage risks and make bets for more than a century. Here’s a breakdown of what this means. Read the full story
USA
The quest for tax reform is Ryan’s moment of truth thank you y
This is Paul Ryan’s moment of truth.
http://thehill.com/homenews/
Wal-Mart triples online items, lowers prices as holiday season kicks in
EPA: Water at Puerto Rico Superfund site is fit for consumptionCNN
Water drawn from wells at a hazardous waste site in northwest Puerto Rico meets federal drinking water standards and is fit for consumption, the EPA said. Read the full story
Puerto Rico still has a long road of recovery ahead, but tourism officials hope they can bring back visitors by December. Read the full story
Puerto Rico authorities are asking FEMA to pay $10 million for the power restoration efforts underway by Whitefish Energy Holdings, CNN has learned. Read the full story
Abu Dhabi – Mubasher: The UAE-based, Mubadala Development Co, and the French firm, Engie SA are planning to acquire stake in gas pipeline network which is owned by Brazilian company, Petrobras, Reuters reported, citing sources as saying. The other … Read the full story
Mondelez India Director, Marketing (Chocolates), Prashant Peres at the launch of Cadbury Fuse last year. India was among food-major Mondelez International’s key performers within emerging markets for the third quarter of 2017, the firm’s global chief executive officer (CEO), Irene Rosenfeld, said on Tuesday. Addressing investors over a concall, Rosenfeld, who will step down as CEO in November, said India revenue grew in double digits in Q3 led by new launches in chocolates. “Key markets have Read the full story
From Myanmar to South Sudan, and more recently the Gulf Arab states, Israel has tried to keep secret its weapons sales to regimes engaged in brutal conflicts Read the full story
Cairo – Mubasher: Egypt’s dues to foreign oil companies retreated by $4 billion to $2.3 billion from $6.2 billion in four years, Egypt’s petroleum minister Tarek El-Molla told Al Akhbar newspaper. The Egyptian petroleum sector’s external debts may … Read the full story
Jihad Azour, head of the IMF’s Middle East department, during his participation in a news conference on Tuesday to announce IMF’s report on the region. The International Monetary Fund has endorsed an ambitious Saudi plan to build a $500-billion business and industrial zone extending into Jordan and Egypt, saying the project could benefit the whole region. Jihad Azour, head of the IMF’s Middle East department, said Riyadh would need to balance the huge cost of the zone and other economic projects Read the full story
Iraqi Kurdish President Masoud Barzani departed office on Wednesday, leaving his nephew to reconcile with the central government in Baghdad, with regional neighbors and with rival Kurdish parties after a failed referendum on independence. Read the full story
Crude prices hold near recent highs as OPEC producers, Russia seen keeping to current production cuts Read the full story
AFRICA
AllAfrica
AllAfrica
Zimbabwe's financial system increasingly resembles a house of cards. Were one card to give way - for instance, if South Africa's power utility, Eskom, were to have the temerity to suggest that Zimbabwe actually pay for the electricity that it's supplying the country - the entire edifice would collapse. To put it another way, the government is bust. It is again printing money to cover its spiralling costs, and inflation is rising. And given that there's an election looming in 2018, Zimbabwe's Read the full story
Junior miner Prospect Resources has produced battery grade lithium carbonate from its Arcadia petalite project, in Zimbabwe, the company announced on Tuesday. The lithium carbonate with a purity 99.5% was produced in the company’s custom laboratory, Kwekwe, in Zimbabwe. Read the full story
Zimbabwe has earned $666,8 million from 123,7 million kilogrammes of tobacco exported mainly to South Africa and China since the beginning of 2017. Statistics from the Tobacco Industry Marketing Board's latest weekly bulletin show that China accounted for over 27,4 million kg valued at $217,4 million while South Africa bought 17,8 million kg for $52,5 million. With an estimated 350 million smokers, China has been spending over $200 million per annum on Zimbabwean tobacco. Part of the TIMB weekly Read the full story
AllAfrica
Contrary to suggestions by President Robert Mugabe's claim the International Monetary Fund has rated Zimbabwe among countries in fragile situations, which it says face deep development challenges as they encountered severe social and political turmoil. President Mugabe, who is seeking his ninth term as leader of the country, told a World Economic Forum meeting in Durban in May that Zimbabwe was the second most developed country in Africa after neighboring South Africa and was nowhere near a Read the full story
AllAfrica
(Photo: Vanguard) Global crude oil benchmark -Brent has increased from $58.15 a barrel to $60.75 a barrel while West Texas Intermediate (WTI) from $51.61 to $54.19 a barrel as at yesterday. Specifically, Nigeria's Bonny Light rose from $57.22 in the previous week to $60.19 a barrel on Sunday. This is far from World Bank's forecast of $56 a barrel for the coming year. The bank said in its recent Commodity Market Outlook released at that weekend, that oil prices are expected to rise to an average Read the full story
ASIA
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent in early trade while Japan’s Nikkei gained 1.0 per cent Read the full story
Rare earth industry in China
Bloomberg
Non-stop business knowledge Get more on The Bloomberg App Sign up to receive the Brexit Bulletin in your inbox, and follow @Brexit on Twitter. Talk to officials in Brussels, Paris or Berlin, and they all say the same thing: We’re ready to go ahead and negotiate a post-Brexit trade deal as soon as the Brits stop dragging their feet on paying what they owe the EU. But British stonewalling hasn’t just been on the issue of money. In recent days, the Europeans have complained that Theresa May’s Read the full story
Asharq Al-Awsat - English
Evening Standard
A 'no deal' Brexit could leave the UK short of 5,000 border staff, Brexit Secretary David Davis has said. Read the full story
What are the risks and their management - the justifications and objectives of a regulatory framework for risk management at the CBI
11-1-2017 Newshound/Intel Guru Mnt Goat Still no reinstatement or revaluation in-country or out of county. Still no global exchanges taking place. Sorry! I do not see any progress in this direction to at least EARLY 2018. We cannot predict when the RV will happen by we can sense very close and accurately as to when it cannot happen. We are in the funky window right now where we see some promising signs but we know there is still much work to be done by the CBI. ...we know the target is the end of this month but we all know realistically it will probably be more like end of the year. So an announcement that this SECURITY problem is taken care of would be our first concrete sign and the RV clock RV will begin to tick at that time. But we are not yet there. [post 1 of 3....stay tuned]
11-1-2017 Newshound Guru chattels [I wonder if Article 140 will not be needed because it looks like Adadi is saying that whole area is under government control an the kurds will get 12 plus % of oil revenues, if that the case why have an article 140?] I would think because the land is still disputed by the Kurds and the Constitution mandates a process for resolution of the disputes. Unless Abadi is going to abandon the Constitution, but he avers/swears NOT! The Kurds say that all they have ever gotten from the budget was about 11-12%, despite argument to the contrary.
11-1-2017 Intel Guru Jester [...what are your thoughts on this happening before the new year...?] THEY SAY IT WILL BUT I HAVE HEARD IT BEFORE...AND SO HAVE YOU...
11-1-2017 Newshound Guru MilitiaMan Article: "Rashid calls on military retirees to receive their salaries Wednesday" Quote: "The salaries of military retirees will be launched for November this year through manual exchange and smart card on Wednesday," the bank's press office said in a press release. "Civil retirees can receive their salaries through bank branches or smart card outlets." They got paid... Nice...Now lets see if they tell us at what international rate if any, yet? I suspect if the 2017 budget gets released we'll know...imo.
11-1-2017 Intel Guru Frank26 [Seems like A is giving a variety of speeches and interviews.. with an ALL important 1 hidden amongst the rest he's giving at this time?] IMO...These Speeches today from the Father of Iraq Abadi are the per-curses of a Mother of all Speeches to soon come to the Citizens of Iraq and the International World.
11-1-2017 Intel Guru RayRen98 [Any Parliament laws this week?] Yes, the HCL, and possibly that independence law for the CBI – we’ll have to wait and see.
11-1-2017 Newshound/Intel Guru Mnt Goat ...November already and Iraq is still fighting ISIS and still struggling with some important issues involved in the process to delete the zeros. But they will overcome all these issues and will move forward. I am told the CBI is ready now to move to the next phase of the project to delete the zeros and needs the “green light” from the GOI. So let’s look for this sign. I am also hearing this re-education process of the new currency must take place first in the privately owned banks and then to the civilian population.
https://youtu.be/2hi1vdvh12A?t
To:
RV/INTELLIGENCE ALERT - November 1, 2017
PAYMASTERS, BANKS, AND ESPECIALLY CALL CENTER PERSONNEL ARE ALL JUST AS DAZZLED AS WE ARE AS TO WHY THEY WERE TOLD TO BE READY FOR THE RELEASE.
THIS IS CALLED PRE-EMPTIVE READINESS. THE APTB/NPTB GIVE OUT PRE-EMPTIVE ALERTS IN PREPARATION FOR A POSSIBLE RELEASE.
THESE PRE-EMPTIVE ALERTS ARE ALWAYS WITH A 2-3 DAY WINDOW. THIS ALLOWS ROOM TO RELEASE THE FUNDS UNEXPECTEDLY.
BUT WHY DO THEY GIVE OUT THESE PRE-EMPTIVE ALERTS? THAT IS ONE OF THE MOST MYSTERIOUS AND UNANSWERED QUESTIONS IN THE COMMUNITY.
ACTUAL INTEL ON THE RELEASE IS CLASSIFIED AND WILL NEVER BE DISCLOSED TO THE PUBLIC AS IT WOULD THREATEN THE SECURITY OF THE APTB/NPTB.
THIS IS WHY THE MASS ARRESTS MUST OCCUR FIRST TO ENSURE THE CABAL ARE COMPLETELY CONTAINED.
IT IS CLEAR THE GCR/RV WILL NOT HAPPEN ON IT'S OWN BUT RATHER IT WILL BE PART OF ONE BIG MASSIVE EVENT.
THIS EVENT WILL ALSO BRING FORTH GESARA.
ARRESTS OF CABAL ASSETS BEHIND THE SCENES ARE CURRENTLY ON-GOING.
INDICTMENTS ARE BEING ISSUED.
IT'S ALL SCRIPTED AND HAPPENING IN REAL TIME.
WE ARE CLOSE, VERY CLOSE.
THE MASS ARRESTS WILL BE THE FINAL BLOW.
RV/INTELLIGENCE ALERT - November 1, 2017
ANOTHER RELEASE WINDOW HAS PASSED AFTER COUNTLESS OTHERS IN THE PAST.
IT IS NOW CLEAR THE NPTB WILL NOT CHANGE THEIR PLANS.
THE GCR/RV WILL BE PART OF ONE MASSIVE EVENT WHICH WILL INCLUDE MASS ARRESTS AND THE ANNOUNCEMENT OF GESARA.
HIGH LEVEL SOURCES HAVE CONFIRMED THAT THE INTENSITY OF ARRESTS BEHIND THE SCENES IS INCREASING RAPIDLY.
PENTAGON SOURCES ALSO CONFIRMED THE REPUBLIC IS BEING RESTORED LAWFULLY AS WE SPEAK.
THE RECENT INDICTMENTS SIGNIFIES HOW CLOSE WE ARE TO MAIN PUBLIC EVENT, THE MASS ARRESTS.
PAYMASTERS, BANKS, CALL CENTER PERSONNEL BEING PUT ON READY STATUS DOESN'T AFFECT THE TIMING OF THE RELEASE.
THE ACTUAL TIMING OF THE RELEASE DEPENDS ON THE MASS ARRESTS, PERIOD.
WATCH THE NEWS AS IT IS ALL SCRIPTED TO PLAY OUTy