Friday, November 9, 2018

WOTS Friday 11/9/18

WOTS Friday 11/9/18





WOTS Friday 11/9/18:
 
Forex Rates: 
 
 
SymbolBidAskHighLowOpenChangeTime
 USD/IQD  1,171.5000  1,224.3000 1,171.5000 1,171.5000 1,171.5000  0.0000 20:00
 USD/VND  23,260.0000  23,330.0000 23,289.2000 23,059.9000 23,059.9000  200.1000 02:55
 USD/CNY  6.9466  6.9486 6.9480 6.9330 6.9333  0.0133 05:45
 USD/KWD  0.3031  0.3051 0.3036 0.3029 0.3031  0.0000 05:49
 GBP/USD  1.3011  1.3011 1.3064 1.2999 1.3064  -0.0053 06:00
 USD/IRR  12,048.0000  12,428.0000 12,048.0000 12,048.0000 12,048.0000  0.0000 17:51
 USD/IDR  14,681.6000  14,686.9000 14,718.8000 14,601.0000 14,652.3000  29.3000 06:00
 
CNBC Link:  
 
 
CNBC Morning Squawk Link:
 
No link yet
 
DC NY Iraq Articles:dd
 
 
Barham Saleh's former party changes his name and decides to name a new president
 
 
2018/11/09 12:58 163 Editor: hr 
Baghdad today - Arbil
 
The Justice and Democracy Alliance, the former party of President Barham Salih, decided to name a new president after the withdrawal of his president and his return to the Patriotic Union of Kurdistan (PUK).
 
The correspondent of (Baghdad today), the coalition of justice and democracy, the former party of President Barham Saleh met in Erbil, on Friday (November 9, 2018), and decided to continue his political activity.
 
He added that the party decided during the meeting, change its name to the National Alliance, and the nomination of a new president during the coming period.
 
Saleh established the party in December 2017, following his withdrawal from the Patriotic Union of Kurdistan (PUK), before he returned to him and became president of the republic in the fourth round of elections.
 
The party won two seats in Iraq's parliamentary elections last May. 

URGENT Sheikh Karbalai: lack of respect for the political system of job performance behind the country's backwardness

 
Date of release: 2018/11/9 12:49  174 times read
 
(Karbala holy: Euphrates News) The representative of the highest religious authority in Karbala, Sheikh Abdul Mahdi al-Karbalai, the political system behind the failure of the country because of his respect for "functional performance."
Sheikh Al-Karbalai said in a Friday sermon delivered from inside the courtyard Al-Husseini Al-Sharif "in the nature of laws and legislation and the political system of society whenever the political system and its members are characterized by respect for the performance assigned to him and are keen to enact legislation and laws and instructions that preserve the work and job performance important role in society whenever reflected To improve this performance and job activity in both quantity and quality. " 
"Successful job performance has elements that are related to the same individual and to the performance of the working group, whether small or large, and the performance of the overall social infrastructure," he said. 
"Unfortunately, our society in Iraq is an individual and an entity that has lost many of the basic principles and values ​​of career and practical success, which led to this significant decline in the level of public services in all its addresses, but to the backwardness and regression which made this country unable to independence and to be satisfied with its capabilities and activities With what he has great potential, but has become dependent on others even in the most basic matters and needs of life, which left a bad impact even on his position among other communities. "
 
Barzani's party is counting on Iran's preoccupation with sanctions to get Kurdish demands from Abdul-Mahdi
 
 
2018/11/09 00:32
 
Baghdad today - Kurdistan
 
KDP member Repin Salam said Iran's preoccupation with US sanctions would ease pressure on Prime Minister Adel Abdul Mahdi's move.
 
"No one can deny Iran's intervention, its attempt to impose its will and extend its influence on important decisions in Iraq, especially on the Kurdish situation and Baghdad's relationship with the region," Repin Salam said in an interview with Baghdad today.
 
"Tehran's preoccupation with US sanctions will provide ample space for the prime minister to move with less pressure," he said. "This will be in the interest of implementing the Kurdish demands that were presented to Abdul Mahdi."
 
He stressed that "the Kurds are still insisting on the implementation of their constitutional demands, did not abandon them once they get the posts," noting that "the share of the region of the budget and the status of disputed areas and salaries of the Peshmerga and the law of oil and gas and other demands, provided to the Prime Minister and will have the flexibility to deal with Demanding in the event of alienation from Iran and the easing of political blocs of pressure on him. 
 
Shocky information about the 2019 budget
 
 
2 hours ago
 
Eighth electronic newspaper
Two former ministers confirmed that the 2019 budget had not yet been agreed upon by the former government of Haidar al-Abadi, within the former cabinet.
 
We did not agree on the budget of the Abbadi government and was sent by a simple majority by the Council of Ministers," a political source close to the two ministers told Reuters.
Where the Cabinet discussed during the last few days draft draft budget for 2019, and submitted to the House of Representatives.
 
Where the draft included the estimated revenues amounted to 105 trillion and 569 billion and 686 million and 870 thousand dinars, and an export rate of oil of 3 million and 880 thousand barrels per day.
 
The draft public expenditure for the year 2019 which amounted to 128 trillion and 443 billion and 52 million and 427 thousand dinars, indicating that the deficit will be around 22 trillion and 873 billion and 365 million and 557 thousand dinars will be covered by increases in oil prices or increased production and domestic and external borrowing.
 
 
 
Minister of Trade announces Iraq's readiness to enter the entry of Japanese companies in investment opportunities
 
 
08-11-2018 05:07 PM
 
Minister of Commerce Mohammad Hashim al-Ani announced the readiness of the Iraqi government to cooperate with the Japanese side in various economic, commercial, industrial and investment fields to attract Japanese companies to work in Iraq, which enjoys the confidence of the Iraqi people distinguished by their production.
 
Al-Ani said during his meeting with the assistant of the Japanese ambassador in his office on the depth of the distinguished friendship between Iraq and Japan and ways to strengthen economic and trade relations between them and increase their size. Pointing out the need to sign a joint memorandum of understanding for the future and increase investment flows to the Iraqi market, especially that Iraq has promising investment opportunities and at various levels in the areas of construction, reconstruction, infrastructure and energy.
 
For his part, Deputy Japanese Ambassador in Baghdad, the need to strengthen the scope of economic cooperation, investment and trade during the next phase. He pointed out that Tokyo and Baghdad have bilateral relations as distinct as the deepest relationship to the region. This relationship can be translated into projects of economic cooperation in various fields and benefit from the vast Japanese economic experiences offered by the Iraqi market.
 
The Assistant Japanese Ambassador to the official invitation to the Minister of Commerce, Dr. Mohammed Hashim al-Ani to attend the National Day of Japan, which is held on the sidelines of the Baghdad International Fair 45th session in the second days of the Baghdad International Fair, which starts on the tenth of this month. 
Hashem told the Assistant Japanese Ambassador at the end of the meeting that we are keen to achieve the Baghdad International Fair 45th session success and excellence in terms of participation and organization and security measures and goals and objectives. 
 
 
National Union reveals the timing of the selection of a new Secretary General of the party succeeding the late Jalal Talabani
 
 
2018/11/08 14:29
 
Baghdad today - Sulaymaniyah
 
KHARTOUM (Reuters) - The party will convene its fourth conference to elect a new secretary-general to replace Jalal Talabani after the crisis is resolved and the disputed areas are resolved, the PUK foreign relations official said on Thursday.
 
"The National Union is late to hold its fourth conference, because of the great preoccupations in the past period and the events that took place after the referendum of the province and the issue of the election of the President of the Republic and the elections that took place in the region," Namik said in an interview with Baghdad today.
 
He added that "the National Union decided to hold the fourth conference of the party in the near future and there are no differences on the management of positions or who will be Secretary-General of the party and we seek to unify the rows and the completion of the solution of all crises in the region and Kirkuk and the rest of the disputed areas for full time to hold the conference."
 
"There is no candidate for the post of secretary general or other positions and will leave the option to the members to decide their fate their party." 
 
 
For a year ... Central decides to stop granting licenses to electronic payment companies
 
 
08-11-2018 01:54 PM
The Central Bank of Iraq (CBI) on Thursday suspended electronic payment companies' licenses for one year.
The decision was based on the decision of the board of directors of this bank in its session No. 1575, which was held on the fourth of November 2018.
The session confirmed the suspension of the promotion of new applications to grant licenses to electronic payment companies until 31/12/2019.
 
Kauaihn Iraq Articles:dddd

A member of Asron: Some of the building forces have broken the agreement to form a government

 
Editorial Date: 2018/11/9 7:00  313 times prescribed
 
{Baghdad: Al Furat News} A member of the alliance of Surson, Ali Mahdi, accused forces in the construction coalition of "vetoing" the agreement to form a government.
Mahdi said, told the {Euphrates News} that "the position of the leader of the Sadrist movement, Moqtada al-Sadr and other clear that the ministries of security will not be given to party figures," referring to the nomination of the construction of Faleh Fayyad. 
He added: "I think when the parties abandoned the construction and reform of the largest bloc has become agreement on the ministries in a consensual, and gave Prime Minister Adel Abdul-Mahdi freedom of choice of ministers," but "but the formations of construction and the rule of law and the Kurdistan Alliance insisted on their candidates and Abdul Mahdi, 
Mahdi pointed out that "now has not reached an official book of accountability and justice to the parliament inclusive of two ministers in their procedures," pointing out that "Abdul Mahdi bears the responsibility of the technical side of the candidates and options," noting that "the heads of blocs were not conciliators and embarrassed Abdul Mahdi." 
He said that "the first meeting with the head of the Fatah Alliance Hadi al-Amiri was an agreement on the lines, and the Alliance of Reform and Reconstruction was sincere authorizing Abdul Mahdi to form a government, while some of the construction have broken the agreement," calling "Abdul Mahdi to take a position from his cabinet. 
"If the book reached accountability and justice, Abdul Mahdi, the dismissal of the ministers concerned," asserting, "There is agreement and position that the Ministries of Interior and Defense must get out of the party."

Mr. Ammar al-Hakim: Mosul bombing is a dangerous development to turn back the clock

 
Release date: 2018/11/9 13:02  69 times read
 
(Baghdad: al-Furat News) condemned the leader of the National Wisdom Movement, Mr. Ammar al-Hakim, the terrorist explosion, which witnessed the right side of the city of Mosul on Thursday and killed a number of martyrs and wounded.
"We are following with great concern the recent security breach in the right side of the city of Mosul, which killed a number of martyrs and wounded when a car bomb exploded on a popular restaurant," said Ammar al-Hakim, according to a statement issued by his office. 
He added that "this dangerous development is indicative of a dark attempt to prove the existence and confusion of the scene and turn the clock back, especially after the collapse of the terrorist project and the Iraqi Iraq on a page of political harmony and the direction of reform and reconstruction." 
Mr. Ammar al-Hakim said, "We are wary of the growing criminal activities. We call upon the security leaders to work on fortifying the intelligence and pro-active plans to support the malicious plans and to miss the opportunity of all those who wish to commit themselves to the security of the homeland and the citizen." 
A car bomb exploded Thursday evening, near a restaurant on the right side of Mosul, killing and wounding 16 people
 
 
Al-Fath: Claims to remove foreign troops from Iraq may rise by the next legislative term
 
 
2018/11/09 13:16 45

Baghdad today - Baghdad
 
Al-Fateh leader Ahmad al-Asadi said on Friday (November 09, 2018) that the demands to remove foreign troops from Iraq could rise by the next legislative term.
 
"Since the previous parliament and with the beginning of this session also there are parliamentary demands to schedule the presence of US forces on Iraqi territory, and that the presence of these forces was at the request of the Iraqi government for support and support in training in military operations to fight," al-Asadi said in a televised interview. But after achieving the great victory over these gangs, the Iraqi government and according to its vision will see the feasibility of the survival of US forces on Iraqi territory or lack of need for those forces.
 
He pointed out that "there are parliamentary demands and may rise in the pace during the next legislative term to remove foreign forces and the need of sufficient advisers or trainers and as decided by the competent authorities."
 
He said that "the Iraqi government has the right to assess the needs of advisers or trainers, so that the parliamentary claims were not closed, but talk focused on the detection of the census of these forces and whereabouts and whether they have a fixed rules and whether there is a need for the survival of these forces and then the parliament will resolve the controversy about This subject". 
 
 
08-11-2018 02:09 PM
 
During a meeting with a group of academics and media, Prime Minister Adel Abdul Mahdi said that 'oil revenues are not enough for development alone', noting that 'Iraq has dozens of sources to promote economic reality'.
 
The prime minister added that "community initiatives should be taken care of," pointing out that he "relies on the private sector in this regard." 
 
Halabousi meets with heads of political blocs to divide the parliamentary committees
 
 
Thursday, 08 November 2018
 
Baghdad / Al-Ghad Press:
 
Speaker of the House of Representatives Mohamed Halboussi, on Thursday, the heads of political blocs to split parliamentary committees.
 
The correspondent "Al-Ghad Press" a copy of it, that the President of the House of Representatives Mohammed Halbusi, met shortly, in his office with the heads of political blocs to split parliamentary committees.
 
On Thursday, the House of Representatives held its 11th session under the chairmanship of First Deputy Speaker Hassan al-Kaabi and the presence of 212 deputies.
 
Launching a new batch of full-time salaries for civilians and military personnel 
 
 
Thursday, November 8, 2018 All times are GMT
 
BAGHDAD - The Authority for the Care of People with Disabilities and the special needs of the Ministry of Labor and Social Affairs announced on Thursday the launch of a new batch of full-time salary in Baghdad next week to the beneficiaries previously received (civilian and military).
 
The head of the Authority for the Care of People with Disabilities and Special Needs Abeer Chalabi said in a statement received by "Eye of Iraq News" that "the Commission has completed the administrative and financial procedures for the launch of a new batch of salary full-time in Baghdad, noting that next week will see the launch of the payment, Civilians and military ".
 
She added that "the Authority has a database of eligible full-time salary who submitted their requests and did not pay them salaries because of insufficient financial allocations," pointing out that "the Commission called for increased financial allocations to cover all eligible through formal correspondence and seek to hold meetings with concerned that the amount of salary Contribute in part to meet the needs of the disabled and provide a healthy environment for them. "
 
She added that "the Authority for the care of people with disabilities has not only implemented Article 19 of the Law of Disabled Persons No. 38 of 2013 on the appointment of full-time, but began to implement the provisions of the law guarantee the right of the seat in the postgraduate studies for the disabled and coordinated with the ministries (Transport, Health and Interior) People with disabilities and special needs ". Finished 
 
 
Abdul-Mahdi: We have dozens of sources other than oil to promote economic reality
 
 
Baghdad / .. The Prime Minister Adel Abdul Mahdi, on Thursday, that oil revenues are not enough for development alone, pointing out that Iraq has dozens of sources to promote the economic reality.
 
Abdul Mahdi, during a meeting with a group of academics and media, that "oil revenues are not enough for development alone," noting that "Iraq has dozens of sources to promote economic reality."
 
He added that "community initiatives should be taken care of," adding that he "relies on the private sector in this regard." Finished d 
 d
 
Kauaihn Economic Times:
 
ECONOMIC TIMES / CHATTER

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GLOBAL/NEWS/INFO

Today in History
ABC News
Today in History Read the full story

Financial Planners See Growing Demand From Younger Prospects
TheStreet
While technology is changing some parts of the business, demand for a core financial plan appears to be on the rise. A tech revolution is transforming the way financial advisors do business as planning software gains traction. But even as things change, the importance of the financial plan has retained its place as the core of the client relationship. In fact, the financial plan may now be more important than ever before amid rising demand by young professionals and others for financial guidance Read the full story

IMF's Lagarde Says Investments in Education Needed Globally
Bloomberg
International Monetary Fund Managing Director Christine Lagarde discusses the need for and the significance of education. She speaks at the Bloomberg New Economy Forum in Singapore. (Source: Bloomberg) Read the full story

Take These 5 Steps Now So You Don't Become A Financial Burden On Your Kids
HuffPost
Aging is a beautiful, natural and necessary part of life. But the last thing ... Read the full story

OIL/COMMODITIES/ENERGY

Gold Inches Up as Traders Debate Outlook After U.S. Elections
Investing.com
© Reuters. Gold gains slightly after U.S. midterm elections. Read the full story

Gold trades higher as dollar falls after mid-term election results
Mubasher
Gold trades higher as dollar falls after mid-term election results Read the full story

METALS-Copper rises as Democrat victories in U.S. weaken the dollar
Reuters
(Updates with official prices) By Peter Hobson LONDON, Nov 7 (Reuters) - Copper prices rose on Wednesdayafter gains by the Democrats in U.S. elections cast doubt onfurther tax cuts, weakening the dollar and making metals cheaperfor buyers with other currencies. Benchmark copper on the London Metal Exchange (LME)traded up 0.6 percent at $6,193 a tonne in official rings. "In the short term metals are getting some benefit from theweakening dollar," said Societe Generale analyst Robin Bhar. But he Read the full story

Oil Prices Volatile After U.S. Inventory Build, OPEC Plan to Cut Output
Investing.com
© Reuters. Fresh uncertainty in crude markets as OPEC hints at cuts while U.S. crude output surges. Read the full story

EIA reports a 7th straight weekly rise in U.S. crude supplies
MarketWatch
U.S. oil prices turned lower Wednesday after the Energy Information Administration reported that domestic crude supplies rose by 5.8 million barrels for the week ended Nov. 2. That marked a seventh consecutive week of gains. Analysts surveyed by S&P Global Platts had forecast a rise of 1.9 million barrels, while the American Petroleum Institute on Tuesday reported an increase of 7.8 million barrels, according to sources. Gasoline stockpiles climbed by 1.9 million barrels last week, while Read the full story

Oil Prices Turn Negative as U.S. Inventories, Production Jump
Investing.com
© Reuters. U.S. crude oil inventories rise 5.783 million vs. 2.433 million forecast Read the full story

North American Energy Markets Will Benefit From USMCA
TheStreet
The deal helps the U.S. expand natural gas exports to Mexico, and a Canadian crude oil bottleneck may break. After more than a year of intense negotiations, the United States, Canada and Mexico reached an agreement to update the North American Free Trade Agreement, the 1994 pact that governs more than $1.2 trillion worth of trade among the three nations. The new deal won't go into effect right away as most of the key provisions don't start until 2020. Leaders from the three countries must sign Read the full story

BANKS/BANKING/CREDIT

Big investors sue 16 banks in U.S. over currency market rigging
Reuters
A group of large institutionalinvestors including BlackRock Inc and Allianz SE'sPacific Investment Management Co has sued 16 majorbanks, accusing them of rigging prices in the roughly $5.1trillion-a-day foreign exchange market. Read the full story

Wells Fargo’s Embattled Wealth Chief to Depart
Barron's
Jay Welker, who heads Wells Fargo’s wealth-management division and private bank, will retire at the end of March. Read the full story

Wells Fargo Admits Massive 'Calculation' Error on Mortgages
TheStreet
Wells Fargo's error may have helped cause more than 500 people to lose their homes and hundreds more lose loans. In tiny print in a huge financial report, Wells Fargo & Co. (WFC) admitted to a massive mistake: The bank may have helped cause hundreds of customers in foreclosure lose their homes and hundreds more to lose loans due to "calculation" errors. In the disclosure, the banking giant said an "internal review" of a tool used for mortgage loan modification underwriting found a "calculation Read the full story

The Wells Fargo Propel is arguably the best no-fee personal credit card to open in 2018 — here's why
Business Insider
The Wells Fargo Propel American Express® Card is a good option for a credit card with no annual fee. The Propel card offers a 30,000-point welcome bonus (the highest available on a no-annual-fee personal card) and 3x points per dollar spent on eating out and ordering in, gas, flights, hotels, domestic car rentals, and popular streaming services. You never have to worry about your points expiring or paying foreign transaction fees. A great bonus benefit of the Wells Fargo Propel is cell phone Read the full story

Regulators warn Wells Fargo over technology oversight: WSJ
Reuters
Wells Fargo received a warning from the Office of the Comptroller of the Currency (OCC) in recent weeks related to its technology operations, the Wall Street Journal reported on Wednesday citing people familiar with the matter. Read the full story
Coming soon: Democrats vs Deutsche Bank
Axios
Congressional Democrats earlier this year issued a 21-page report that began to explore the relationships between President Trump, Deutsche Bank and Russia. Read the full story

U.S. SEC fines Citibank more than $38 million for mishandling ADRS
Reuters
Citibank will pay more than $38 million to the U.S. Securities and Exchange Commission (SEC) for abuse in handling American Depositary Receipts (ADRS), the regulator said in a statement on Wednesday. Read the full story

MOVES-J.P. Morgan Private Bank names client investment strategy head for Asia
Reuters
J.P. Morgan Private Bank on Wednesdaynamed Alex Wolf as head of its client investment strategy inAsia. Read the full story
Banking On Purpose
Forbes Magazine
Bankers’ mission is to give people easy, reliable and pleasant access to their money and help them keep and multiply it so they live better lives. Easy, right? Wrong. So heartbreakingly wrong for both parties. Read the full story

Tap-and-Go Credit Cards Are Coming to Replace the Chips
Bloomberg
Forget about swiping credit cards. Now Americans will be asked to tap their cards to pay for things. Credit card companies and banks are beginning to issue so-called "contactless" cards. They'll make checkout times faster, but not every merchant is still ready to accept them. (Source: Bloomberg) Read the full story

10 lucrative credit card deals you can get when opening a new card in November — including a 150,000-point bonus
Business Insider
The fastest way to boost your stash of credit card points or frequent flyer miles is to earn new member bonuses. You can use points from cards like the Chase Sapphire Preferred Card or the Platinum Card® from American Express for virtually free travel, upgrades, cash back, gift cards, or more. These are some of the best bonuses and card products available right now. Some of these have been available for a while, and some are new. It's easy to earn credit card rewards points and frequent flyer Read the full story


TREASURIES/BONDS/STOCKS

U.S. money market fund assets post biggest rise in five months: iMoneynet
Reuters
U.S. money market fund assets increased by $27.84 billion in the week ended Nov. 6 to $2.874 trillion, marking their largest weekly rise in five months, the Money Fund Report said on Wednesday. Read the full story

Investors pull $18.5 billion from U.S. bond funds in one week: ICI
Reuters
U.S. fund investors fled bonds at the fastest pace since 2013 in the final week of October, worried about rising interest rates and tightening monetary policy, Investment Company Institute (ICI) data showed on Wednesday. Read the full story

TREASURIES-U.S. yields pare fall after weak 30-year auction
Reuters
U.S. Treasury yields reducedtheir earlier fall on Wednesday, prompted by weak demand for arecord high amount of 30-year government bonds, worth $19billion, marking a poor end to this week's $83 billion quarterlyrefunding. Read the full story

MONEY MARKETS-Dollar LIBOR rises to decade high before Fed meeting
Reuters
(Adds latest on federal funds rate) Read the full story

Top 5 Things to Know in The Market on Thursday
Investing.com
© Reuters. Top 5 things to know today in financial markets: Fed, Disney, Stocks Point to Pullback Read the full story


CRYPTO'S / DIGITAL CURRENCY

Is Ether On The Verge Of A Massive Breakout?
Forbes Magazine
Will ether rally sharply in the last few months of this year? Read the full story

Bitcoin may be an unlikely winner in midterm elections
MarketWatch
As voters went to the polls Tuesday, cryptocurrencies and blockchain technology were the farthest thing from most voters mind. Read the full story

Up $100: Bitcoin Price Indicators Grow Increasingly Bullish
CoinDesk
Bitcoin looks likely to inch higher toward $6,800 in the near-term, as the technical indicators have grown increasingly bullish in the last 24 hours. Read the full story

It's Hard to Short Crypto – And That's Propping Up Prices, Study Finds
CoinDesk
An Australian researcher says wide disagreements about underlying prices and lack of short options keep cryptocurrency prices alive. Read the full story

Top 3 Price Forecast - Bitcoin, Ethereum, Ripple: The Market Consolidates The Bullish Turn
Benzinga
After two days of Ethereum leading the market, today the Bitcoin must contribute its part of the job. The ETH/USD and XRP/USD consolidate and show some degree of depletion in the short term. This is a typical market phase that is looking for weak hands making minimal gains at the first setback. We reached the middle of the week and the Crypto market keeps the bullish tone. At the beginning of the European session, the main players seem to be attracting purchases again after the Asian session Read the full story



CURRENCIES

Forex - Dollar Down as Analysts Warn Rally Has 'Topped Out'
Investing.com
© Reuters. The dollar fell against its rivals on Wednesday. Read the full story

Forex - U.S. Dollar Falls After Midterm Elections
Investing.com
© Reuters. The U.S. dollar fell on Wednesday. Read the full story

US Dollar Tumbles as Democrats' House Win Sets Up New Spending Gridlock
TheStreet
The U.S. dollar fell hard Wednesday as investors trimmed bets on faster rate hikes from the Federal Reserve, and fresh stimulus from the White House, following a midterm election result which could trigger a spending deadlock between Democratic and Republican lawmakers. The U.S. dollar fell hard Wednesday as investors trimmed bets on faster rate hikes from the Federal Reserve, and fresh stimulus from the White House, following a midterm election result which could trigger a spending deadlock Read the full story

EGP mixed against FX currencies Wednesday
Mubasher
Cairo – Mubasher: The performance of the Egyptian pound was mixed on Wednesday against foreign currencies at national and private banks. Abu Dhabi Islamic Bank Egypt (ADIB) offered the highest US dollar rate at EGP 17.89 for buying and EGP 17.99 … Read the full story

INSURANCE / HEALTH / SCIENCE

ANTIBIOTICS AWARENESS WEEK
Benzinga
Montreal, Nov. 07, 2018 (GLOBE NEWSWIRE) -- Echinacea can successfully prevent respiratory tract infections and related complications in children, reducing the need for antibiotics by almost 73 per cent As the need to decrease the use of antibiotics grows more urgent, results from the largest clinical trial on the preventive use of Echinacea in children reveal an effective alternative for cold and flu season. The study showed supplements containing fresh Echinacea purpurea can successfully Read the full story

Deep Learning AI diagnosed Alzheimer’s 6-years earlier than conventional methods
SlashGear
One of the most important things for combating Alzheimer’s disease is early diagnosis so treatments for the condition can start before damage is severe. The earlier interventions start, the better the outcome for the person suffering from the condition. A new study was published to the medical journal Radiology has found that early prediction for Alzheimer’s disease later in life can be made using PET brain scans and AI technology. Research study co-author Jae Ho Sohn, M.D. was approached by the Read the full story

What Parents Should Know About Genetic Cancer Risk
Dana-Farber Cancer Institute
If your child could be at risk for cancer, the sooner you discover that risk, the more you can do to prevent cancer or catch it in an early stage. Not every child needs to be tested, so it’s important to learn what genetic testing is and whether it’s the right decision for you and...Read the full story

Science just discovered a huge link between nuts and obesity
Stylist
Two new studies have investigated whether eating nuts is good for you, or bad for you. Read the full story


USA / CANADA

What the next financial crisis will look like, according to one fund manager
MarketWatch
Daniel Lacalle, chief economist and investment officer at Tressis Gestion, sees the next market mess unfolding “earlier than expected” and paints a picture of what it could look like. Read the full story

US pumps more oil than Russia and Saudi Arabia; OPEC could strike back
CNBC
U.S. oil production jumped to a record 11.6 million barrels a day last week, a factor that will could prompt OPEC members to react when they meet over the weekend. Read the full story

Americans continue to quit their jobs in droves
Yahoo Finance
Quits are seen a positive economic indicator, with the thinking being that folks won’t leave a job unless they are reasonably confident they could easily get another one. With the unemployment rate currently at 3.7% and the economy continuing to create in excess of 200,000 jobs per month, the headline data about the labor market suggests things are very good for American workers right now. Read the full story

Opinion: Why the Federal Reserve won’t please investors this week
MarketWatch
Policy makers won’t take into account knee-jerk reactions to short-term fluctuations in the stock market. Read the full story

Trump is signaling he is close on a China trade deal: Anthony Scaramucci
Fox News
Former White House Communications Director Anthony Scaramucci on the midterm elections, trade talks with China and Rep. Nancy Pelosi potentially becoming the next Speaker of the House. Read the full story

EMERGING MARKETS

Brazil sugar-ethanol firm Biosev open to possible sales of mills -CEO
Reuters
Biosev, the Brazilian sugar andethanol unit controlled by commodities trader Louis Dreyfus, isopen to market opportunities including potential sale ofadditional mills, Chief Executive Officer Juan José Blanchardtold Reuters on Wednesday. Read the full story

UPDATE 1-Despite selling less, Brazil steelmaker Gerdau brings high profits amid higher prices
Reuters
(Changes headline, recasts throughout with details fromearnings release) Read the full story

How a Divided Congress Helps Emerging Markets
Barron's
A weaker dollar and slower interest rate increases in the U.S. could help emerging markets—especially those countries with larger current-account deficits, like Indonesia and the Philippines. Read the full story

Why the midterm results sparked an emerging-markets rally
MarketWatch
A weaker U.S. dollar in the wake of the U.S. midterm elections is giving way to a rebound in emerging market currencies that could outlive the knee-jerk reaction. Read the full story
Wall Street billionaire says he's eyeing move to Puerto Rico to avoid taxes
CBS News
"It's the only place a U.S. citizen can go and literally avoid, legally, all their taxes," said John Paulson Read the full story

Wells Fargo Investment Sees 'Good Opportunities' in Emerging Markets
Bloomberg
Paul Christopher, head of global market strategy at Wells Fargo Investment Institute, talks about the midterm elections, U.S. and emerging-market stocks, oil and the dollar. He speaks with Paul Allen and Shery Ahn on "Bloomberg Daybreak: Australia." (Source: Bloomberg)Read the full story

What the Midterm Election Results Mean for Emerging Markets
Bloomberg
Mitul Kotecha, senior emerging markets strategist at TD Securities, discusses the results of the midterm elections and their impact on markets. He speaks on "Bloomberg Markets: Asia." (Source: Bloomberg) Read the full story



MIDDLE EAST

U.N. completes food distribution in remote Syria camp near Jordan
Business Insider
AMMAN (Reuters) - The United Nations has finished distribution of aid to thousands of Syrians, mostly women and children, stranded in the desert close to the border with Jordan, an aid official said on Wednesday. A U.N-led convoy of more than 70 trucks arrived on Saturday under Russian army protection after months of delay in the first such first aid delivery from inside Syria to the rebel-held camp that has over 50,000 people. "We finished distribution of all items, food, sanitation and hygiene Read the full story

Turkey's dollar bonds hit highest since August as rebound grinds on
Reuters
Turkey's 2020-2030 dollar bondshit their highest level since August on Wednesday, as a drop inthe U.S. currency following midterm elections helpedextend the recent rebound in Turkey's markets. Read the full story

Will the EU sanction Iran?
TRT World
Will the EU sanction Iran? Read the full story

Will Israel Keep Attacking Iran in Syria? U.S. 'Certainly' Hopes So, But 'Concerned' About Russia Missiles
Newsweek
At the same time, Israel "really" hopes no Russians are present at the S-300 air defense sites, as they could be targeted. Read the full story

US Syria envoy says US to contest Iran activities in region
Business Insider
BEIRUT (AP) - Washington will focus on pressuring Iran financially and contesting its activities in Syria, Iraq and Yemen where the Persian nation enjoys broad influence, the U.S. envoy to Syria said Wednesday, adding that Tehran should eventually withdraw all Iran-commanded forces from Syria. Ambassador James Jeffrey told a group of journalists via a telephone conference that Iran's 2015 nuclear deal with world powers that President Donald Trump pulled America out of in May had a bad effect on Read the full story

AFRICA

South Africa's financial stability threatened by MTN's $10 billion Nigeria bill - cenbank
Reuters
Billions of dollars in finesowed by South African companies MTN and Standard Bankto Nigerian regulators could increase the risk to SouthAfrica's financial system, the central bank said on Wednesday.The Nigerian central bank in August accused telecoms firm MTNand its lender Stanbic, a Standard Bank subsidiary, of illegallysending $8.1 billion abroad. Read the full story

Communique from the Ministry of Economy and Finance of Mozambique announcing agreement in principle with bondholders
FurtherAfrica
Communique The Ministry of Economy and Finance of the Republic of Mozambique (the “Ministry”) is pleased to announce that it has reached agreement in principle on the key commercial terms of a proposed restructuring transaction relating to Mozambique’s US$726,524,000 10.5 per cent Notes due 2023 (the “Bonds”) with four members of the Global Group of Mozambique Bondholders, being funds managed or advised by Farallon Capital Europe LLP, Greylock Capital Management, LLC, Mangart Capital Advisors SA Read the full story

Exclusive: Credit Suisse pulls out of South Africa in global shift - sources
Reuters
Credit Suisse has pulled out of South Africa after more than a decade as part of chief executive Tidjane Thiam's bank-wide revamp, three sources with knowledge of the matter said. Read the full story

Zimbabwe: Villagers Forced to Walk 150km to Collect ARVs
AllAfrica
Villagers living with HIV and AIDS in Masvingo province's remote district of Mwenezi are being forced to walk distances of up 150km to collect their quarterly allocations of Anti-Retroviral Drugs (ARVs) from a district centre. This emerged during a recent National Aids Council (NAC) sponsored media tour to various parts of the province to assess progress made by partners in anti-HIV initiatives. The situation becomes worse during the rainy season as the road to Neshuro district hospital where Read the full story

Zimbabwe: Govt Targets 1,5m Houses By 2023
AllAfrica
Masvingo Provincial Affairs Minister Ezra Chadzamira has reaffirmed that Government is committed to its development agenda targets of constructing a total of 1,5 million middle-income housing units by the year 2023. He was speaking at the belated United Nations World Habitat Day commemorations held at Nemamwa Growth Point last week. The UN General Assembly in 1985 set aside the first Monday of October for the World Habitat Day Commemorations. The commemorations are aimed at reflecting on towns Read the full story

Zimbabwe: Civil Servants Demand Pay in Usd
AllAfrica
CIVIL servants have demanded salaries in United States dollars following the price increases and the rejection of the bond note and electronic transfers by some shop owners and service providers. The Zimbabwe Nurses' Association (Zina) and the Zimbabwe Teachers' Association (Zimta) said their salaries were too low and no longer worth much in the face of increasing commodity prices. Zina general secretary Mr Enock Dongo said the prevailing economic environment had taken a toll on nurses. "We Read the full story

Zimbabwe: Investment Enquiries Peak $15bn
AllAfrica
The Zimbabwe Investment Authority had by June this year received 165 business applications worth more than $15,8 billion buoyed by a steady growth in the economy underpinned by various productive sectors, a Cabinet Minister has said. Finance and Economic Development Minister Professor Mthuli Ncube said Zimbabwe was one of the fastest growing economies in Africa and that Government would pursue the investment enquiries to unlock value from potential investors. Prof Ncube said this in the National Read the full story

India to extend $310 m loan for Zimbabwe thermal power plant
FurtherAfrica
Hwange is Zimbabwe's second biggest power plant with an installed capacity of 920 MW. Read the full story

ASIA

Signs of momentum toward a trade deal with China?
Fox News
Former Trump Campaign trade and jobs adviser Curtis Ellis on the Trump administration's trade talks with China. Read the full story

Here’s why a trade deal might not save China’s economy or emerging markets
MarketWatch
Expectations around a trade deal between China and the U.S. are on the rise, but fixing that relationship might not be enough to solve China’s growth conundrum or the problem of rising funding costs for emerging-market economies. Read the full story

As North Korea ponders economic reform, its top diplomat to visit Vietnam
Reuters
North Korea's foreign minister, Ri Yong Ho, will visit Vietnam this month to learn about its model of economic reform, a diplomatic source and media reported on Wednesday. Read the full story

Vietnam to lift foreign ownership limit on listed companies
Reuters
Vietnam plans to lift some limitson the foreign ownership of listed companies, the country'sstock market regulator said on Wednesday, in a move analystssaid could boost overseas interest in one of Asia'sfastest-growing economies. Read the full story

China’s financial bailout promotes the survival of the fittest, leaving weak borrowers to fend for themselves
South China Morning Post
China’s financial bailout for smaller private-sector firms is intended only for those with sound fundamentals Read the full story

Asian shares rally on US midterms, soothing fears of shifts
ABC News
Asian markets are higher after the U.S. midterm elections went as expected, soothing fears of a sudden shift on trade and economic policies Read the full story

EUROPE

Luxury group to test demand for high-yield Italian debt
Reuters
Italian high-end lighting andfurniture company International Design Group (IDG) is poised tolaunch the first test of investor appetite for high-yield debtfrom the country since Italy's budget was thrown out by theEuropean Union. Read the full story

Brexit 'On Top of My List' of European Risks, Natixis CEO Says
Bloomberg
Francois Riahi, chief executive officer at Natixis, discusses his concerns about Brexit and issues facing European banks. He speaks with Bloomberg's Guy Johnson on "Bloomberg Markets." (Source: Bloomberg) Read the full story

Leaked British memo gives a taste of PM May's possible Brexit finale
Reuters
A memorandum leaked from within the British government gives a taste of a possible finale to the Brexit drama: Prime Minister Theresa May hails a deal in just over 10 days, supporters cheer as arranged, and the pact is put to a vote in parliament on Nov. 27. Read the full story

EU mergers and takeovers (Nov 7)
Reuters
The following are mergers underreview by the European Commission and a brief guide to the EUmerger process: Read the full story

Theresa May facing growing calls to publish legal advice on Brexit deal
Sky News
Theresa May is coming under increasing pressure to publish the government's legal advice on a possible Brexit deal. Read the full story

November Brexit summit requires deal breakthrough in days - EU sources
Reuters
The European Union believes abreakthrough on a Brexit treaty must come within a week if itsleaders are to endorse any deal with Britain this month, severalofficial and diplomatic sources in Brussels told Reuters onWednesday. Read the full story

European Commission Cuts Growth Forecast for Euro Zone as Trade Tensions Rise
Investing.com
© Reuters. European Commission reduces GDP forecast for euro zone to 1.9% in 2019 Read the full story
d
CBI, ISX, Kauaihn Chatter:
 
CBI Update:
 
 
CBI closed on Friday and Saturday
ISX Closed on Friday and Saturday
 
Bank Articles: 

Central Bank decides to stop granting electronic payment companies licenses for one year

The Central Bank of Iraq decided to stop granting electronic payment companies licenses for one year.
A statement by the bank received by the agency all of Iraq [where] a copy of it today that "this was based on the decision of the Board of Directors of this bank in its session No. 1575, which was held on the fourth of November 2018, which confirmed the {stop the promotion of new applications for the granting of licenses to electronic payment companies until 2019 / 12/31 ".
:
 
The central bank gives private banks 7 days and threatens them with forced integration
 
 
Central Bank gives private banks 7 days ...
 
08-11-2018 04:39 PM

The Central Bank has granted all banks seven days to implement the merger regulations and the banking union.
The document obtained by the 'Tigris' that the bank's monitoring department of the central bank threatened to merge banks or will be approved by the Central Bank.
 
 
Kauaihn Chatter:
 
http://www.dinarguru.com/ 
 
 
1-9-2018   Intel Guru Bruce   ...I know Iraq is looking for some type of approval from the IMF for something regarding Chapter 8. ...My understanding is Chapter 8 is a United Nations thing that takes you from Chapter 7 which they completed to Chapter 8, and I believe is IMF is just acknowledging Chapter 8 from the UN that should take place tomorrow [Friday]. ...I know certain Iraqis that we talk to...that are part of our extended team are indicating that they are excited and they are looking forward to things popping here.  ...Realistically they could pull the trigger anytime...it appears we are in a window that should take us into completion by the weekend whether that is tomorrow [Friday], Saturday, or Sunday.  We should be there in that time frame.  ...I am telling you right now the banks have everything they need in place with rates up to go...
11-8-2018    Intel/Newshound Guru sandyf    ...This supposedly international event has only ever been under the US microscope.  The Iraqi dinar was not the only speculative investment I got involved with all these years ago and the informational waveform would indicate a connection to a singular event. Earlier this year other entities indicated that there could be some sort of conclusion towards the tail end of this year. We are now weeks away and as yet there has been no backtracking, on previous occasions backtracking came months before the anticipated timeframe...   

11-8-2018   Newshound Guru chattels
   Article:  "The House of Representatives raises its meeting to the next Saturday at one o'clock"   Parliament met today and adjourned until Saturday.
 
11-8-2018   Newshound/Intel Guru Mnt Goat   Article quote:  "The United States has told Iraq it will continue to import vital supplies of gas, energy and food from Iran after Washington reinstates sanctions on Iran’s oil sector, three Iraqi officials said. Exemption from Iraq IS CONTINGENT ON IRAN NOT PAYING THE PRICE OF IMPORTS IN US DOLLARS..."  Okay so then how will Iraq pay for the imports? According to the currency auctions this is supposed to be used for this purpose to convert dinars to US dollars and then pay them in dollars. Will they use instead Euros or another currency? Will they use dinarsSo we should see the currency auctions going way down after these sanctions kick in. Let’s not do a knee jerk reaction when we see it and claims it’s the RV since now we know what is causing it.

11-8-2018   Newshound Guru Kaperoni
   ...the dinar is already legal tender throughout the world.  Once IMF Article VIII happens it will make banking and acceptance more available.  There is no reinstatement the dinar value is what it is and currently 1190 to $1.  If the dinar rises it will occur gradually via a new exchange rate regime which will be a float..not some overnight event.

11-8-2018   Newshound Guru chattels  The Constitution of Iraq does not require three deputies to the President or VP's.  There must be at least one and there may be more, but constitutionally speaking no change is necessary.  Article 66, Second, states as follows : " A law shall regulate the nomination of one deputy or more for the President of the Republic."  Abadi tried to do away with all VP's and failed.  Historically there have been three, one each from Shia, Sunni and Kurdish factions.
 
11-8-2018   Newshound Guru Breitling   As far as the dinar goes, it looks so phenomenal, it truly does.  We are in a very very good spot.  And now we have an entire country pushing it…Let me throw this out there just as a scenario…Let’s say Iran is not attached to the Iraqi dinar at all. Then it’s strictly oil prices.  But Iran is attached to Iraq.  So what if they force a revaluation or decide to have a revaluation before the price per barrel goes down?  That could happen…that’s why we live in a different world.  That could happen with the relationship they have with Iran.  It would stabilize Iraq and Iran in that region if they added value to it.  It would counter the sanctions…the language I’m hearing out of Iraq is that’s what’s coming down the road.  That’s what they’re negotiating.  Now Iraq hasn’t bought into it yet but that’s what’s going on out there. 
 
11-7-2018  **** Dinar Guru News Update *****  After a month of no updates...the CBI reported the MARKET rate of the dinar today as 1204.  The update included the MARKET rate for every business day between October 8th and November 7th which traded between 1203 to 1208 over this timespan.  These rates are well within the 2% IMF requirement between the OFFICIAL rate and the MARKET rate some gurus feel must be maintained for Article 8 compliance.  Stay tuned as more information comes in from the Central Bank of Iraq.  The latest guru posts will continue below...
 
11-7-2018 Newshound Guru Adam Montana [Do you believe that the re-institution of Iran's sanctions, which limits where and to whom Iran can sell its oil, will result in an uptick in the price of oil? If this occurs, could this be a reason for the Iraq to consider RVing in the near term to take advantage of the higher price of oil?] That is certainly an angle I keep an eye on just to monitor my oil related investments, but I do not see it as a direct "hot button" that will prompt Iraq to RV. It will certainly have an impact on their bottom line, but it is not the "deciding factor".
 
 
Elmer:
 
Not in today
 
Artmeister:
 
Not in today
 
Catnip:
 
*************
ARTICLE 1 (from PM Mahdi's website)

There have been no new articles posted on PM Mahdi's website since this report was last submitted.

*************
ARTICLE 2

Abdul Mahdi calls on the Iraqi media to abide by the controls

BAGHDAD - November 8 - Iraq's Prime Minister Adel Abdul-Mahdi on Thursday (November 8th) called on the Iraqi media to abide by the controls, stressing that there is a mutual relationship between the authority and the media

"We support the freedom of expression and the truth, as it is, to the media," he said.

"The media, if they express the people, is above power because all the authorities are acting in the name of the people," he said.

He also stressed that "the state extends its strength from the strength of the people and there can be a strong state in a weak society."

On Iraq's oil revenues, he said, "It is clear that" Iraq has dozens of sources to promote the economic reality. "

He added that "community initiatives should be taken care of," adding that he "relies on the private sector in this regard."

He pointed out that "services stand in the priority of the current stage, and we seek to be the budgets of the future projects."

He pointed out that "the Iraq crisis is administrative and not financial and must be addressed by the elimination of obstacles and routine." (1)
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ARTICLE 3

Al-Amiri's alliance is planning to thwart the government of Abdul Mahdi

BAGHDAD (Reuters) - November 9 - The parliament will soon vote on all remaining ministers in the new government, while there are no plans to thwart the government of Prime Minister Adel Abdul Mahdi, the leader of the Fatah alliance said on Friday.

"The next parliamentary session will witness the vote on the rest of the ministers, including the Ministries of Defense and Interior, two of the most important ministries, considering that the current security situation is one of the most important challenges facing Iraq."

He added that "all the political forces expressed their support for the government of Adel Abdul Mahdi, and I do not see that there is any intention to sabotage the government of Abdul Mahdi."

He pointed out that "there are differences between the political forces on the candidates for the posts of defense and the interior, and if the differences continue, the vote inside the parliament will resolve this controversy."

The House of Representatives has been granted confidence to the government of Prime Minister Adel Abdul Mahdi, and voted on the selection of 14 ministers from the cabinet reshuffle presented by the latter during the confidence session of the government, Thursday October 24, 2018.

The Minister of Finance, Fuad Hussain, Minister of Communications Naim Al-Rubaie, Minister of Construction and Housing, Benkeen Rikani, Minister of Commerce Mohammad Hashim, Minister of Foreign Affairs Mohammad Al-Hakim, Agriculture Minister Saleh Al- Minister of Health and Minister of Water and Water, Minister of Youth and Sports Ahmed Al-Obeidi, Minister of Health Alaa Alwan, Minister of Industry Saleh Al-Jubouri, Minister of Labor and Social Affairs Basem Al-Rubaie, Minister of Electricity Louay Al-Khatib, Minister of Water Resources Jamal Al-Adly and Transport Minister Abdullah Luaibi).

And abstained from voting on the candidates of ministries, justice, culture, education, planning, higher education and scientific research, migration and displaced, defense, and interior.

*************
ARTICLE 4

Vito Sadr and other reasons impede the granting of confidence to the candidates of the eight bags in Thursday's session

November 8 - The Iraqi political forces, until Thursday morning, were unable to reach an agreement on the remainder of the government's formation of Prime Minister Adel Abdul-Mahdi, while ruling out MPs could enable the parliament to resolve the vote on the remaining eight ministers, During the meeting scheduled for this afternoon.
According to the deputies of the Alliance for Reform and Reconstruction, "parties in the coalition put a veto on the candidates to appoint a number of ministries in the government of Abdul-Mahdi," referring to "the alliance," Sawson "backed by Moqtada al-Sadr set a red line can not be overcome in the face of the candidate of the" building " , Faleh Fayad.
The sources pointed out that "there is an objection by the Sadrist bloc and other deputies, to grant the Ministry of Culture to the candidate Asaib Ahl al-Haq also included in the construction coalition, which led to a general discontent among the leaders and deputies of the construction coalition."
And excluded the parliamentary sources, that "the parliament can resolve the file of eight ministries left in the composition of Abdul Mahdi during the meeting today Alkkhamis, pointing to the failure of dialogues of convergence of views, because of deep differences on the ministers.
In turn, ruled out the Iraqi parliamentarian Ahmad Jubouri parliament was able to resolve the vote on the eight ministers during Thursday's session, pointing out in a press statement to the existence of differences has not been resolved so far on the ministries, especially the security ones.
Jubouri pointed to the presence of more than one party demanding the Ministry of Defense, pointing out the failure of dialogues on them, despite the continuation of several days.
In the meantime, the Iraqi parliament is preparing to hold a meeting on Thursday afternoon, to discuss several things, including the budget in 2019.
In the context of the representatives of the Kurdish forces in parliament meeting aimed at unifying their positions on a number of important issues before the parliamentary session, such as voting on the rest of the ministers, the share of the Kurdistan region of the budget, and the formation of parliamentary committees.

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ARTICLE 5

Halabousi calls for steps to stop the violations of Mosul
2018/11/8 22:26 • 8 times read
[Baghdad - Where]
The head of the House of Representatives Mohammed al-Halbusi on Thursday condemned the terrorist attack on a restaurant on the right side of the city of Mosul.
Al-Halabousi called in a statement received by the agency of all Iraq [where] a copy of it today to "take real steps and urgent to stop the repeated violations in the province."
"We can not underestimate the victories that have been achieved and the blood that was shed for the liberation of those areas and those responsible for managing the security file in which to develop plans to stop these violations."
He reiterated his call for activating the intelligence efforts in these areas and strengthening the numbers of the security forces, especially the local police, and enabling them to hold the land alongside the other security forces to preserve its security and stability.
The city of Mosul witnessed repeated security breaches, the latest of which was a car bomb explosion on the right side of the city, behind two martyrs and 11 wounded.

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ARTICLE 6

"A river in the sky" .. China dragging clouds and chasing them anywhere
2018/11/8 21:53
[Continue - Where]
China does not stop working, scientists are looking at almost everything, but the latest ambitious project unveiled at the China International Air Show is the strangest yet.
China unveiled its "Tianhe" project and translated it into Arabic, "the river of heaven". It is the transfer of clouds from one place to another, from the rainy areas to dry areas, for example, and its flow to where it wants.
Officials hope the project will become a reality after four years, with plans to move rain to drought-hit areas, the Mirror newspaper reported.
According to Chinese press reports, 6 satellites will work to form an air corridor through which clouds pass from anywhere to the desired location.
The Shanghai International Aviation Technology Academy said it hoped to achieve this in 2022 and that the first two satellites would be launched in 2020.
The satellites will be able to detect water in the air and then pass through the corridor to the northern Sanjiang Yuan region of Qinghai Province. State media said the rain-laden clouds would be transported thousands of kilometers away.
At the China International Aviation Exhibition, models for the ambitious project were presented. The project's supervising world is Professor Wang Guangkin of the Chinese Academy of Sciences.

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