Saturday, March 28, 2020

WOTS FRI MAR 27 2020

WOTS FRI MAR 27 2020

The Markets:

Asian markets all closed up  NIK 3.88% 
our market futures are all set to start down  dow 2.94%  snp  after having a 3 day record since 1933 down 2.89%   NDX 2.66% 
  

Precious Metals:

brent   oil under 26
Gold is red at 1619         Silver is red at 14.49         Copper red at 217   Platinum red at 739

Favorite Currencies Forex Quotes 5:28 am

SymbolBidAskHighLowOpenChangeTime
 USD/IQD  1166.7000  1221.2000 1192.8000 1192.8000 1192.8000  -0.3000 07:09
 USD/VND  23262.2000  23989.1700 23618.0600 23599.7100 23618.0600  -47.1400 07:09
 USD/CNY  7.0916  7.0936 7.0923 7.0577 7.0730  0.0183 07:07
 USD/KWD  0.0000  0.0000 0.3149 0.3149 0.3149  -0.0002 00:00
 GBP/USD  1.2220  1.2221 1.2304 1.2130 1.2202  0.0018 07:13
 USD/IRR  0.0000  0.0000 42097.5000 42097.5000 42097.5000  97.5000 00:00
 USD/IDR  16215.0000  16234.0000 16238.0000 15851.0000 15951.0000  252.0000 07:10

Things in the News:





Iraqi Articles:
Intel: Republicans dial up pressure on Saudis to end oil price war with Russia

link
Republicans are throwing their weight behind the Donald Trump administration’s push to get Saudi Arabia to end its oil price war with Russia, which has increasingly squeezed American energy companies as the coronavirus runs rampant throughout the United States.
The top Republican on the House Foreign Affairs Committee, Rep. Mike McCaul of Texas, penned a letter to Undersecretary of State for Energy Keith Krach encouraging him to keep up pressure on Riyadh to scale back its oil output.
“I commend [Secretary of State Mike Pompeo] for emphasizing the need for global economic stability on his recent call with Saudi Crown Prince Mohammed bin Salman Al Saud, and I encourage you to keep up this pressure until we see changes,” wrote McCaul. “The Trump administration stood in solidarity with Saudi Arabia amid Iran’s attack on Saudi oil facilities last September, which was a deliberate attempt to disrupt the global economy. I ask that you remind Saudi Arabia of that support as they consider next steps for OPEC and for the Group of 20, which it currently chairs.”
Why it matters: President Trump participated in a Saudi-chaired G-20 teleconference today. Prior to the meeting, Pompeo pushed Crown Prince Mohammed on the oil price war Tuesday.
“The secretary stressed that as a leader of the G-20 and an important energy leader, Saudi Arabia has a real opportunity to rise to the occasion and reassure global energy and financial markets when the world faces serious economic uncertainty,” said State Department spokeswoman Morgan Ortagus.
Saudi Aramco announced earlier this month that it would ramp up oil production to 12.3 million barrels per day in April — a record amount — after Russia refused to cut production. Moscow has also vowed to increase its output.
McCaul noted that the price war has caused crude oil prices to spiral to below $30 per barrel.
“The ongoing COVID-19 outbreak is presenting enough challenges for the United States without the added effects of rock-bottom oil prices and excess supply,” wrote McCaul. “The shale industry in my home state of Texas and throughout the rest of the US has fought hard to turn America into a leading oil and gas producer and to increase our energy independence. This position and their hard work could be a thing of the past if production is not cut by Saudi-led OPEC and Russia.”
Saudi Arabia has not publicly commented on the Trump administration’s request to curb its oil output, and the Saudi Embassy in Washington did not respond to Al-Monitor’s request for comment

Major oil companies cut spending in 2020 by 20% after falling prices
The world's largest oil and gas companies are slashing spending this year after the collapse in oil prices caused by falling demand due to the Corona virus and a price war between the largest exporters Saudi Arabia and Russia.
The cuts, already announced by five major oil companies, including Saudi Aramco and Royal Dutch Shell, together account for a 20% drop in their initial spending plans.
Norwegian Ecinor said it will cut capital spending by about two billion dollars, while Chevron said it will cut its capital spending this year by four billion dollars.
Other companies, such as US giant Exxon Mobil and Britain's BP, say they will cut capital spending but have not yet released figures.
Brazilian oil company Petrobras said it will cut production in the short term, defer payment of dividends and reduce its investment plan for 2020, among other measures aimed at reducing costs in the face of the Corona virus pandemic.
The debt of Chevron, Total, BP, Exxon Mobil and Royal Dutch Shell combined reached $ 231 billion at the end of 2019, which is just under $ 235 billion recorded in 2016 when oil prices also fell to less than $ 30 a barrel.

Sources: Shell and other oil companies want less Saudi crude in April
Sources in the sector said that several European oil refineries and in the Nordic countries will receive less quantities of crude from Saudi Arabia in April, indicating the scarcity of demand for additional supplies offered by the Kingdom as part of its efforts to boost its market share.
Saudi Arabia, the world's largest oil exporter, plans to boost its exports sharply after the collapse of a three-year agreement between the Organization of Petroleum Exporting Countries (OPEC) and other producers led by Russia to cut supplies earlier in the month.
But with demand collapsing as well due to government restrictions aimed at containing the outbreak of the Corona virus, oil companies are reducing the operating rate of refineries and are not in a rush to take additional Saudi barrels, the sources said.
A trade source, speaking on the condition of anonymity, discussed the matter with oil companies: "There is definitely a reduction in the operating rates of refineries ... so it is difficult to allocate a lot."
And two sources in the sector said that Shell is among the international oil companies that will take less Saudi crude. A source said that
companies are seeking to reduce their shares of Saudi crude by up to 25 percent. Shell declined to comment.

Rocket Attack Targets Baghdad’s Green Zone

Two rockets hit the fortified Green Zone in central Baghdad on Thursday.

The Green Zone in the capital city is home to Iraqi government buildings, parliament, and several foreign embassies.

The two projectiles struck near the Baghdad Operations Command, which coordinates Iraq's police and military forces, the country’s army said in a statement.

The Operations Command building is a few hundred meters far from the US embassy which, according to a security source speaking to AFP, was the original target of the attack.

The rockets were launched from the al-Nahda area of Baghdad, according to the statement.
tweet about it 
The Baghdad Post
 
@BaghdadPostPlus
·
2h
 
#BREAKING | The terrorist group of Jaysh Al-Mahdi launches katyusha missiles against the heavily fortified Green Zone: well-informed source.

 

Vietnamese currency more stable than other regional peers

76987_VND.jpg
The đồng is expected to stabilise around the current level. Photo cafef


HÀ NỘI — Though the unofficial value of the Vietnamese đồng has now fallen about 3 per cent against the US dollar, the rate is still a smaller depreciation than that seen by most of Việt Nam’s regional peers and is expected to stabilise around that level, management fund Vinacapital reported.
The Indonesian rupiah, Thai baht and Malaysian ringgit slid 19, 11 and 9 per cent, respectively. Though the Philippine peso inched down 1 per cent, its relative stability is attributable to the after-effects of a 34 per cent depreciation in the Philippine peso over the five years up to late-2018.
According to Vinacapital analysts, foreign investors aggressively sold Vietnamese stocks last week, prompting concerns among some locals that the State Bank of Việt Nam (SBV) may restrict the flow of US dollars out of the country, which was one of the factors that prompted last week’s đồng depreciation. However, the SBV is not contemplating any restrictions on foreign investors from repatriating dollars, and that the SBV has more than enough reserves to comfortably meet redemption.
“Việt Nam’s US$83 billion of foreign currency reserves are much larger than the country’s cumulative $30 billion of foreign indirect investment (FII) in-flows, and a high proportion of those FII are inflows were into illiquid private equity and/or large strategic stakes in publicly listed companies – both of which cannot be sold quickly. In short, the SBV has more than enough reserves to meet any short-term panic redemptions by foreign investors,” the analysts explained.
It noted that foreign investors sold around $260 million worth of stocks last week, but unlike past global “risk-off” episodes when investors sold Vietnamese stocks but kept the funds in the country such as at the end of 2018, this time some investors are repatriating dollars back to their home countries in response to the current global shortage.
Furthermore, since Việt Nam has not been a major recipient of the “hot money” inflows that destabilised ASEAN tiger economies in the past (for example, the proportion of Vietnamese Government bonds owned by foreign investors is very low, unlike in Indonesia), the SBV is well-positioned to meet any potential short-term panic redemptions by foreign investors.
Vinacapital believed the USD-VNĐ exchange rate should stabilise around the current level as the US Federal Reserve took concrete actions to stop the surge in the USD/DXY index last week while the SBV does not need to impose capital controls and the đồng is supported by high bank deposit interest rates and 33 per cent per GDP of forex reserves.
Việt Nam’s total reserves now reach up to about $83 billion, or four months’ worth of imports, but this figure understates the degree of support that Việt Nam’s FX reserves afford the currency because Việt Nam’s imports and exports are both around 100 per cent of GDP, which depresses the above-mentioned four months’ figure.
“For that reason, we’d like to highlight that Việt Nam’s current 32 per cent per GDP worth of FX reserves has nearly reached the 33 per cent per GDP level of FX reserves that China had accumulated just before the Yuan embarked on a 7-year appreciation that ultimately lifted its value by about 25 per cent,” Vinacapital noted
The country’s trade surplus reached nearly $3 billion as of mid-March, including a surplus of nearly $900 million in the first two weeks of this month, driven by 7 per cent year-on-year export growth.
Besides, Việt Nam’s deposit rates are attractive compared to regional peers and are becoming relatively even more attractive as regional peers’ central banks slash policy interest rates, the analysts said.
CBI, ISX,Dinar Guru:
 
CBI Update:   IT SEEMS the CLOSURES have BEEN Extended WE SHALL SEE
 
Click on the link above for the latest update.

The CBI for rate is.

The currency auction total sales amount $ 0. No Auction today
   
ISX Update:   At my last checking 
Failure to organize trading sessions 17 / 3-2020 / 3/23
it's a  document in Arabic but these are the words
Iraq Stock Exchange Iraq market for ur number: Date: \ ۷/۱۹ / C To the Securities Commission What is the lack of organization of trading sessions 3/17 - 3/23/2020
We give you our best regards.  .  . 
Based on the decisions of the Health Crisis Cell dated 3/15/2020. 
The Board of Governors decided not to organize trading sessions and stop trading activity in securities as of Tuesday 3/17/2020 to enable brokerage firms and investors to complete financial settlements between them and the clearing bank until Monday.  3/23/2020 The trading session after suspension is organized on Tuesday 3/23/2020 according to instructions and rules with appreciation   CURFEW EXTENDED to APRIL 11th
Taha Ahmed Abdel Salam Duran Soran
Shares Traded: N/A
Value Traded: N/A

Dinar Guru Chatter: http://www.dinarguru.com 

3-26-2020   Newshound Guru Jeff    What did I tell you was needed for a rate change?  To shut down the financial markets.  And they did and they're still down...the financial markets within Iraq have now been down for a period of two weeks.  I told you that in my opinion the financial markets would be down down for a period of 4 weeks..

3-26-2020   Newshound Guru Pimpy
   ...people are asking about the rate...to me it just makes sense that they come out with $1.34...I also made an argument why they could start off at the reinstated rate $3.22.  They have nothing right now.  They need more purchasing power so that they can turn around and buy a ton of things.  This is another reason why I think they're going to come out with a managed rate not a free float...I hate to say this but most likely be reinstated at $3.22 rate but not for very long...a rate that high will not allow them to develop economically.  They would not be able to compete on the open trade market with such a high rate.  They'll most likely get back down to around $1.34...but don't be surprised if they don't come out with the $1.34 first.

3-26-2020   Intel Guru Frank26   The CBI has done the impossible...I said we are never going to have an RI until we control Iran.  Sure enough we've got Iran controlled - Security and stability...Number 2:  Stop the dog gone using of the American dollar in your country...the only way is to stop the auctions...here comes the coronavirus...that's a good excuse...Now you have a window so big you can throw the Empire State Building through it.  They're not using the auctions...oil is dropping so low these guys have been pushed at the edge of the diving board...the only option is to jump in the international pool...raise the value...this is exciting.  We got everything we've ever dreamed of... 

3-26-2020   Newshound Guru Adam Montana   ...The IMF has stated that CoronaVirus is impacting the entire world, and Iraq is included... a reasonable reaction to that would be "Oh, great, another reason for Iraq to ask for more handouts!"  Article:  "The World Bank informs Iraq of its unwillingness to discuss any new loan for Baghdad with the status quo"  ...a good article yesterday regarding the World Bank on Iraq...we've been expressing for some time now that it's time to stop enabling Iraq's policy of "pleading poverty". This may be the beginning of the end of that practice - in a good way, for us! They aren't broke, they have the means, and it's time for them to get it together.‼️...

3-26-2020   Newshound/Intel Guru Mnt Goat   Article:  "THREE LARGE SHIITE PARLIAMENTARY BLOCS, GIVE PRIME MINISTER-DESIGNATE ADNAN AL-ZORFI, THE GREEN LIGHT, TO FORM THE NEW IRAQI GOVERNMENT"   I hope Zarfi can quickly form his government and get himself appointed as the permanent prime minister in time for the price of oil to go back up, maybe in a few months. If he can, then we might be in a good place to see the currency reform. I am still hearing that the CBI wants to do this project to delete the zeros and just needs the political obstacle gone and stability to return.

3-26-2020   Newshound Guru Kaperoni   There is no such thing as a different rate inside Iraq vs outside Iraq. ...And a float in which market forces dictates the rate is the only real option... 

3-26-2020  Newshound Guru Jeff  ...the currency auction have still been shut down since 3-17 so nothing has happened since 3-18...the ISX is going to continue to be shut down through the end of the 28th and reopen on the 29th...IMO the ISX will stay shut down and not come back online until Monday April 13th.  [Reference Guru Jeff Post on 3-25-2020]

3-26-2020   Newshound Guru Adam Montana   We've been through a bit of a rollercoaster over the last few weeks and months, between the Kung Flu and the (old/new/quit/appointed/current) Iraqi Prime Minister (currently Adnan al-Zurufi), but we aren't forgetting about one of the biggest reasons for the recent Iraqi shake-up: Iran. A giant positive to reflect on right now is the lack of Iran in the news.  One of the most recent items of note regarding Iran was their last ditch effort to hold on to power... and as I suspected, it seems to be falling flat. Keep your eyes on the prize, my friends... keep your eyes on the prize. Sometimes the most important news is what is NOT being talked about. This is a good thing. Also a good thing, and something that is not written yet, is the part on the wikipedia page about the upcoming rate change and Zurufi's role in the implementation.

3-26-2020   Newshound Guru Pimpy  ...the PM just got the green light to establish his cabinet.  And that came from the big block - the pro Iranian people...  

Catnip's Corner:

ARTICLE 1-A (from PM Mahdi's website; posted only on Arabic side, not on English side)

The designated Prime Minister, Mr. Adnan Al-Zorfi, receives the Jordanian Ambassador to Baghdad 

The Prime Minister-designate Mr. Adnan Al-Zorfi received at his office in the capital Baghdad on Thursday afternoon, the Ambassador of the Hashemite Kingdom of Jordan, Montaser Al-Zoubi. The economic caused by this collapse.

For his part, Al-Zoubi presented the Kingdom's internal situation and the measures taken to confront the Corona virus, stressing the depth of relations between Baghdad and Amman, expressing his hope to deepen and develop it and resolve the formation of the next government during the constitutional period to serve the interests of Iraq and its people.

Media office of the Prime Minister
26-March-2020

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ARTICLE 1-B (from PM Mahdi's website; posted only on Arabic side, not on English side)

The Cabinet examines developments in the health, economic, and service conditions and efforts to tackle the Corona virus 

The Council of Ministers held its regular session, today, Thursday, 26 March 2020, headed by the Deputy Prime Minister and Minister of Oil Mr. Thamer Al-Ghadban. The Council held a review of the health, economic, financial and service conditions in the country in light of the procedures to confront the Corona pandemic, curfews, alleviate burdens on the general public, and preparations for the stage Coming.

The Council of Ministers listened to a detailed explanation provided by the Minister of Health and Environment Dr. Jaafar Sadiq Allawi, the technical representative and the Director General of the Ministry of Public Health in the ministry on the developments of efforts to prevent the spread of the epidemic and the preparations taking place throughout Iraq.

The Council of Ministers discussed the necessary procedures related to providing services and strategic storage of foodstuffs and ensuring the facilitation of marketing agricultural products between governorates and related services, as well as examining the requests of Iraqis residing abroad to return to the country, where the ministers presented their observations and proposals.

The Cabinet evaluated the implementation of the curfew, the extent of its commitment to it, cooperation between health and security agencies, the importance of intensifying preventive campaigns, awareness-raising efforts, and health advice.

The Cabinet renewed the call for all citizens to adhere to the prohibition of roaming and health guidelines and avoid any gathering and mixing in order to ensure their safety, and that the Council reassures citizens to the procedures for achieving food security and providing the needs of citizens and the necessary services, expressing his appreciation for the efforts made by the crisis cell and health teams across the country, praising In a spirit of solidarity, volunteer campaigns and community support, and for the efforts of the security forces in all their formations.

The Cabinet issued a number of decisions, including the following:

- Extending the curfew until the date of 11-4-2020 in all regions of Iraq and with the same current exceptions, and the Prime Minister is empowered to grant the necessary additional exceptions.


- The ministries and entities not associated with the Ministry and all governorates use their efforts and resources to support the Diwaniya Commission 55 of 2020 and the Ministry of Health in the governorates with their needs of funds, equipment, vehicles and other things through donation or secondment or other, to help them in combating the spread and contain of Corona virus, and the Committee and the Ministry of Health have authority Receipt of donations and in-kind donations from donors from outside Iraq.


- The Minister of Health is authorized to approve the continuation of the work of a number of health and medical professionals, not exceeding 10, after referring them to retirement and their disintegration as a contract with the same amounts they are currently receiving from salaries and allocations until the end of the Corona virus crisis.

The Ministry of Foreign Affairs shall provide the necessary housing for workers in embassies and missions abroad who have reached the legal age for referral to retirement or have completed the period of postponing the disengagement until the border crossings are opened.

Media office of the Prime Minister
26-March-2020

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ARTICLE 2 (from Government of Iraq twitter account)

Iraq’s Council of Ministers decides to extend the curfew in Iraq until 11 April 2020 as part of the national effort to contain the spread of #Covid19 and protect public health.

Cabinet discusses measures to contain Covid-19, agrees to extend curfew

 26 Mar 2020 - 4:30 pm
he Cabinet held its regular weekly meeting in Baghdad on Thursday under the chairmanship of Deputy Prime Minister and Minister of Oil, Thamir Ghadhban.
The Cabinet reviewed the impact of restrictions to contain Covid-19, including curfews, on the health, financial and service sectors, and discussed measures to lessen the burden on Iraqis.
The Cabinet received briefings from the Minister of Health, Dr. Jaafar Allawi and senior officials on current measures to contain the spread of the epidemic in Iraq.
The Cabinet urged all citizens to abide by curfew regulations and follow the advice of health professionals, including practicing social distancing and avoiding gathering for their own safety and that of all Iraqis.
The Cabinet discussed measures to ensure food security, continuation of essential services, transport of agricultural produce between provinces and requests from a number of Iraqi citizens abroad who wish to return home but are unable to do so because of current restrictions on air travel in several countries.
The Cabinet thanked the Crisis Cell for its role in mobilising national efforts to contain Covid-19, and expressed its gratitude to Iraqi health teams, security forces, volunteers and community leaders for their hard work and dedication at this difficult time.
The Cabinet decided to:
  • Extend the curfew to 11 April 2020 in all regions of Iraq, and for current exemptions to be maintained
  • Direct all ministries, public bodies and local authorities to use their financial and other resources such as vehicles and equipment to support the Crisis Cell and the Ministry of Health
  • Authorise the Minister of Health to allow some health professionals who have reached retirement age to continue in their posts for the duration of the crisis.
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ARTICLE 3

Al-Zorfi: We will adopt an external policy based on the principle of (Iraq First)

3/26/2020 13:28 
[Baghdad-where]

The Prime Minister-designate, Adnan Al-Zorfi, said today, Thursday, that the top Iraqi interests are the compass that determines the direction of our foreign policy.

Al-Zrafi stated in a tweet on his Twitter account: "We will adopt an external policy based on the principle of (Iraq first) and stay away from regional and international conflicts that make Iraq an arena for settling accounts and that the highest Iraqi interests are the compass that determines the direction of those policies."

Adding: "And seeking to open to all neighboring countries, the region and the general international community without prejudice to the conditions and requirements for the preservation of" the independence and sovereignty of Iraq.
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ARTICLE 4

Al-Maliki: We cannot support any candidate who does not come through the majority in the largest component

3/26/2020 20:29 
Baghdad

The head of the State of Law coalition Nuri al-Maliki, in a tweet, this Thursday evening, indicated his lack of support for any candidate that does not come through the majority in the largest component in addition to obtaining the approval of the National Space Blocs,

As he stated in his tweet: "There is no doubt that our steadfast stance is that we support the majority candidate in the largest component, which must obtain the approval of the National Space Blocs."

"We cannot support any candidate who misses one of these two dimensions because we fear the consequences of the intersections and their impact on the besieged political process with more than one challenge," he added.

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ARTICLE 5

Security forces kill terrorists and find a number of explosive devices in Samarra

3/26/2020 18:38 
{Baghdad _ Where} The Operations Command of Samarra announced, today, Thursday, that a number of packages have been found within the sector of responsibility.
The leadership said in a statement today, "The Fourth Division engineering battalion was a federal police, and during a duty on West Samarra Island, it was able to find (2) a funnel package and (10) homemade packages consisting of (10) liters and (2) An anti-armored explosive device was dismantled and destroyed under control. "

She added: "On the island of Machisheva, the force was able to find (12) explosive devices, which were used by ISIS, to have been removed and destroyed under control."

And based on accurate information received and through the joint coordination between the Intelligence and Command Security division, the Commando Brigade, the Ishaqiyya Police Division, and the Fifth Emergency Regiment, Salah al-Din reported that there were terrorists in the Ishaqi area, they were engaged and killed (2) of them, while an ammunition was found. From the ISIS terrorist remnants within the responsibility of the brigade of 17 federal police brigades, containing (23) repressive devices, (25) containers in the form of a galvan capacity (20) liters, blasting rulers number (33) ruler, detonating detonator number (36) detonator, "shown That "the mentioned materials have been destroyed."

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