Al-Sudani and Al-Ameri: The census is an additional pillar for economic reform plans
Prime Minister Mohammed Shia al-Sudani and Secretary-General of the Badr Organization Hadi al-Amiri confirmed on Friday that the success of the general census is an added pillar to the development and economic reform plans.
The video for this blogpost is below here:
The Prime Minister's media office stated in a statement that "Al-Sudani met with Al-Amiri, where during the meeting they discussed all service and national files, and ways to proceed with implementing the government program, especially after completing the constitutional entitlement and choosing the Speaker of the House of Representatives."
He added that "the two sides discussed the upcoming entitlements, most notably the general population census and the importance of its success to be an added pillar to the development and economic reform plans, in addition to reviewing the regional and international situations, in light of the continued Zionist aggression on Palestine and Lebanon, and international efforts to stop the war and escalation."
Iranian newspaper: Iraq's development path is a step towards regional economic integration
Iraqi media reported that Iraq has made its first commercial ship docking at the port of Faw. This project aims to develop Iraq and reduce the country's dependence on crude oil, and will be fully operational by 2050 in three phases. Upon completion of this project, a route will start from the port of Faw and end in Turkey and from there to Europe via land routes in various Iraqi governorates.
The Donya-e Eqtesad newspaper said in a report that this corridor increases the strategic importance of Iraq as a neighboring country to Iran and creates competition between the Iranian North-South Corridor and the Iraqi Development Road Project. As an alternative to traditional transportation routes, the Iraqi Development Road Project connects the Gulf countries to Turkey with the aim of creating a cross-border transportation network for Iraq.
Road development project
The basis of this project is linked to the Faw Port Project. This is one of the important projects implemented by the Iraqi government to improve the country’s infrastructure and boost economic development. The port project, which is located in southern Iraq and adjacent to the Gulf countries, and serves as a vital channel linking the Gulf to the Mediterranean Sea, is expected to require an investment of $1.2 billion.
Overall, the project includes the construction of a new port capable of receiving large ships, complete logistics facilities and related infrastructure. The annual capacity of this port is also expected to reach 12 million tons. After the completion of its final stages, the goal of the Faw Port Project is to improve the transportation capabilities of Iraqi ports, reduce logistics costs, and further promote economic development in Iraq and economic exchanges and cooperation with neighboring countries such as Turkey.
Challenges of Faw Port Project
The Faw Port project requires an investment of $1.2 billion, which poses a major financial challenge. Therefore, it is very important to ensure that the project progresses after addressing the financing issue.
On the one hand, the Iraqi government can seek assistance from international financial institutions such as the World Bank and the Development Bank for low-interest loans or grants. The UAE and Qatar are also expected to provide strong financial support for this project. Other financing options can be pursued including loans from European banks and Turkish investment in this project.
Given the location of this project in a sensitive and strategic region in the Middle East, geopolitical risks are a concern for its project sponsors. Ensuring regional peace and stability is of paramount importance during the project implementation stages. It is necessary to strengthen communication and coordination with regional countries to maintain common peace and stability, and to fully take into account the interests and concerns of neighboring countries in the project implementation to minimize the impact of the project on the political landscape in the region.
The Faw-Iraq-Turkey Port Corridor will not only strengthen Iraq’s relations with Turkey, but will also deepen its engagement with the entire region. The project will play a role in enhancing the close economic and political cooperation between Iraq and Turkey by creating a vital bridge between the two countries.
In addition, the corridor is expected to be integrated into broader regional initiatives, such as the Belt and Road Initiative, thus increasing Iraq’s geopolitical importance. As a participant in the Belt and Road Initiative, Iraq will benefit from closer ties with China, infrastructure development, and investment opportunities. This not only makes Iraq’s economic prospects more clear, but also increases its diplomatic standing on the international stage.
Turkey has played a key role in transporting energy resources from the Caucasus and Russia to energy-hungry European markets. Now, this new highway is a transit point for energy shipments from the Gulf to Europe, which Iraq connects by land. Iraq will thus provide a low-cost route not only for Iraqi oil and gas, but also for Iranian and Qatari oil and gas.
Regional stability
In light of the above, it is clear that the Faw-Iraq-Turkey Port Project is of great importance for promoting regional integration, economic growth and geopolitical stability in Iraq. This means that the construction of this corridor not only creates an important link between Iraq and Turkey, but also brings many benefits and opportunities to the entire region.
Moreover, this is not only an important step towards regional economic integration and development, but also helps to promote peace and stability in the region. This project makes an important contribution to the sustainable development of the region by enhancing trade links, strengthening bilateral relations, and promoting prosperity and development in the wider region.
However, although the Al-Faw-Iraq-Turkey port project is expected to play a positive role in regional connectivity and economic development, this corridor is a competitor to Iranian trade routes, especially the North-South corridor, because this project could open an alternative route for the Russians to the Gulf countries, and reduce Iran's strategic importance in the region.
urgentParliament Presidency sets date for resuming sessions
The media department of the House of Representatives stated in a statement received by {Euphrates News} that "the Presidency of the House of Representatives affirms its full support for conducting the general population and housing census 2024, and urges the representatives to direct and encourage citizens in their areas to cooperate with the field teams affiliated with the Ministry of Planning to accomplish their tasks with the aim of making the census operations that will be conducted on the 20th and 21st of this month a success."
The statement confirmed, "Given the presence of representatives in their governorates and the importance of the census, it was decided to resume the sessions next week after the completion of the population census operations in the country."
Al-Sudani and Al-Amiri discuss ways to proceed with implementing the government program
Prime Minister Mohammed Shia Al-Sudani discussed, today, Friday (November 15, 2024), with the Secretary-General of the Badr Organization and Head of the We Build Alliance, Hadi Al-Amiri, ways to proceed with implementing the government program and to emphasize the success of the general population census.
The Prime Minister's media office said in a statement received by "Baghdad Today", "Al-Sudani met with Al-Amiri, where during the meeting they discussed all service and national files, and ways to proceed with implementing the government program, especially after completing the constitutional entitlement and choosing the Speaker of the House of Representatives."
He added that "the two sides discussed the upcoming entitlements, most notably the general population census and the importance of its success to be an added pillar to the development and economic reform plans, in addition to reviewing the regional and international situations, in light of the continued Zionist aggression on Palestine and Lebanon, and international efforts to stop the war and escalation."
Al-Sudani issues directive regarding Shell Company
Prime Minister Mohammed Shia Al-Sudani directed today, Thursday, continuous communication between the Ministry of Oil and Shell Company, to achieve projects that serve Iraq and are consistent with the requirements of economic development.
A statement issued by the Prime Minister's Media Office, received by "Al-Eqtisad News", stated that "Al-Sudani received Shell's Executive Vice President for the Extraction Sector, Peter Costello, and the company's Director in Iraq and the Emirates."
He continued, "During the meeting, aspects of cooperation with the company in the field of energy were discussed, as well as the progress of its major projects in Iraq in the field of extraction, and the investment opportunities that the global company can contribute to, within the development of the oil, gas and clean energy sector, and carbon emission reduction projects, in addition to the possibility of its contribution to integrated energy projects, raising the added value of oil wealth, producing gas and condensates, and working within global environmental determinants."
Al-Sudani pointed out "the government's interest in cooperating with major international oil companies, and its keenness to attract investments in the energy sector and develop it, especially gas and clean energy investments," stressing "providing support and assistance to investors interested in developing these sectors, in a way that serves the interests of Iraq and the targets adopted by the government program, and modernizing the infrastructure of the economic sectors."
He directed "continuous communication between the Ministry of Oil and Shell Company, to achieve projects that serve Iraq, and are consistent with the requirements of economic development, and the government's approach to expanding revenues within the oil sector and its investments."
Parliamentary Committee: The government will fail in its financial obligations in the future
New Mechanisms for Direct Trade Transfers.. Iraq and Turkey Discuss Enhancing Banking Cooperation
The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, and his accompanying delegation met today, Thursday (November 14, 2024), with his Turkish counterpart, Fatih Karahan, in Istanbul.
A statement by the Central Bank of Iraq received by "Baghdad Today" stated that "the two parties discussed the launch of new direct mechanisms for trade transfers between Iraq and Turkey, marking the beginning of a new phase in strengthening banking relations between the two neighboring countries."
During the meeting, the governor stressed cooperation in the field of settlements for users of Iraqi cards in Turkey, and urged Turkish banks to open accounts for Iraqi banks to expand financing channels for importing goods and services from neighboring Turkey.
The statement added, quoting Al-Alaq, that "the Turkish Central Bank supports the steps of the Iraqi Central Bank in organizing financial operations between the two countries in a way that contributes to facilitating commercial transactions."
In a separate meeting, Governor Ali Mohsen Al-Alaq and his accompanying delegation met with the general administrations of the branches of Turkish banks operating in Iraq, stressing the need to expand fruitful trade options between the two countries, especially in the banking sector.
Al-Alaq discusses with his Turkish counterpart the launch of new mechanisms for trade transfers between the two countries
The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, discussed with his Turkish counterpart, the Governor of the Central Bank of Iraq, Fatih Karahan, the launch of new direct mechanisms for trade transfers between the two countries.
The Central Bank's media stated in a statement received by "Al-Eqtisad News" that "Al-Alaq and the accompanying delegation met with his counterpart, the Governor of the Turkish Central Bank, Fatih Karahan, in Istanbul."
The two parties discussed "the launch of new direct mechanisms for trade transfers between Iraq and Türkiye, marking the beginning of a new phase in strengthening banking relations between the two neighboring countries."
During the meeting, the governor stressed "cooperation in the field of settlements for users of Iraqi cards in Turkey, and urging Turkish banks to open accounts for Iraqi banks to expand financing channels for importing goods and services from neighboring Turkey."
He added, "The Turkish Central Bank supports the steps of the Iraqi Central Bank in regulating financial operations between the two countries, which contributes to facilitating commercial transactions."
In a separate meeting, Governor Ali Mohsen Al-Alaq and his accompanying delegation met with the general administrations of the branches of Turkish banks operating in Iraq, stressing the "need to expand fruitful trade options between the two countries, especially in the banking sector."
Will Iraq be the savior of the countries of the region if oil prices fall?
Economic expert Safwan Qusay spoke about Iraq’s ability to confront the decline in global oil prices, pointing out that leaving the single economy and focusing on non-oil imports has become a necessity to restore the Iraqi economy.
He added, "It is not in the interest of oil producers to raise oil prices above $100 because that will support investments in shale oil, indicating that the producing countries are trying to control the price between $70 and $100."
Qusay pointed out that "Iraq will be the greatest savior for the countries of the region because it has dollar reserves and has a strategic reserve in terms of oil production," indicating that "if the government succeeds in containing the conflict and not being dragged directly into the region's unrest, the Iraqi economy will be pulled from the war zone to the development zone."
Qusay explained that "Iraq is able to confront the decline in oil prices, knowing that there is no decline in prices below seventy dollars because OPEC is the one that determines the quantities of production and is determined to remain within the region of 70-100 dollars per barrel."
He added, "The surplus that accumulated during the previous period of this year, in which Iraq sold at no less than $80 per barrel, enables Iraq to confront price changes."
He pointed out that "Iraq has begun to diversify its economy by investing in oil derivatives and stopping the burning of associated gas, in addition to stopping the import of materials that could be included in the ration card, noting that "the government has opportunities in the matter of sustainable financing through the reserves of the Central Bank or through the sale of oil shares if revenues fail to reach their goals."
The Oil and Gas Law Returns to the Forefront... Will Al-Sudani Be Able to Resolve the Disputes Over It?
Talk returns about the oil and gas bill that has been absent for two decades due to political differences, despite the fact that it represents the only solution to all the problems of the center and the region.
MP Ali Al-Mashkoor, a member of the Parliamentary Oil and Gas Committee, attributed the delay in approving the Oil and Gas Law to points of contention behind which the Kurdistan Region of Iraq stands.
It is noteworthy that the Oil and Gas Law has undergone 11 amendments and has never reached Parliament.
Al-Mashkoor said in a press statement, "The law has been in place since 2008 and was sent to the House of Representatives to regulate the financial and oil matters of the producing provinces," explaining that "this law cannot be passed except with political approvals from the blocs within Parliament."
He added, "The reason for the suspension of this law in the corridors of the House of Representatives is the failure to send its latest updates, as there are clear points of disagreement with the region," indicating that "the dialogues with the region resulted in reducing these articles from 9 to 7 points."
He explained that "dialogues are still ongoing between the federal government and the region in order to resolve these points," noting that "until now we have not reached solutions that can be accepted by both parties."
Yesterday, Wednesday, Prime Minister Mohammed Al-Sudani visited the Kurdistan Region of Iraq to discuss a number of important files, including the oil and gas law.
Iraq's oil and gas law, which has been awaiting legislation since 2005, stipulates that responsibility for managing the country's oil fields should be vested in a national oil company, overseen by a federal council specializing in this matter.
The Kurdistan Oil Law stipulates that the Ministry of Oil in the region or whoever it authorizes shall assume responsibility for organizing and supervising oil operations as well as all activities related to them, including marketing oil, as well as negotiating and concluding agreements and implementing all licenses, including oil contracts concluded by the regional government. The Iraqi government also has the right to participate in the management of fields discovered before 2005, but fields discovered after that are subject to the regional government.
On February 21, the Federal Supreme Court ruled that the federal government would be responsible for paying the salaries of Erbil government civil servants, with the amount paid at source in Baghdad deducted from the regional government’s share, and the KRG must submit monthly accounts detailing each salary paid. This is effectively a stricter reset of the original “budget payments for oil revenues” deal agreed between the KRG and the federal government in November 2014.
There are no government statistics on oil exported from the Kurdistan Region of Iraq, but the Iraqi Ministry of Oil published an analysis in May 2023, saying the regional government had committed “legal and procedural violations” in selling oil that caused significant losses.
The financial returns of the regional government constitute no more than 80 percent on average after deducting the production costs (the cost of producing a barrel of oil), while the financial returns of the first and second licensing rounds (held by Baghdad) constitute from 94.5 percent to 96.5 percent, and the cost of production is equivalent to (4) times the production costs in the licensing rounds of the federal Ministry of Oil, according to the Ministry of Oil.
Iraq exports an average of 3.3 million barrels of crude oil per day, and black gold constitutes more than 90 percent of the Iraqi treasury's resources.
In August 2023, the government formed a committee to draft the oil and gas law and present it to the government for voting and then passing it to the House of Representatives. The committee included the Minister of Oil, the Minister of Natural Resources in the Kurdistan Region of Iraq, the Director General of SOMO, and senior staff in the Federal Ministry of Oil, in addition to the producing governorates such as Basra, Dhi Qar, Maysan, and Kirkuk.
For years, the points of contention between Baghdad and Erbil have not been resolved, but Al-Sudani recently revealed that an agreement had been reached with Erbil on these points, in addition to including in his ministerial program the resolution of these items, most notably the enactment of the Oil and Gas Law and the implementation of Article 140 regarding the disputed areas.
In mid-February 2022, the Federal Court issued a decision declaring the oil and gas law in the Kurdistan Region of Iraq unconstitutional, and prevented it from exporting oil for its own benefit, with the export to be through Baghdad exclusively, based on a lawsuit filed by the Federal Ministry of Oil.
Starting from 2025.. Iraqi Minister links Kurdistan oil exports to enacting this law
Foreign Minister Fuad Hussein, on Thursday evening, made the export of oil from Kurdistan before the new year conditional on the enactment of a new law, while he confirmed sending the draft law to Parliament.
Hussein said in an interview with a local media outlet, followed by “Iraq Observer”, that “the long-stalled oil imports in Kurdistan may be completed later this year, if the Iraqi legislation passes an amendment and the government legislates, in addition to the price of extracted oil.”
He added: “We have sent this intention to approve the principle of the budget law and we hope that the legal council will vote on it these days.”
The Foreign Minister explained that “if the parliament approves (the amendment), Kurdistan will be able to export oil before the new year.”
The Iraqi government last week approved a makeup to adjust the contents of the group from the budget, allowed companies operating in most of Kurdistan to be compensated for their production costs, and set the price at an additional $16.
The proposals - which have yet to be decided by the Iraqi parliament - aim to export oil from more of Kurdistan.
Oil exports from most of Kurdistan via the Iraq-Turkey pipeline have been halted since March 2023 after a Paris-based arbitration court ruled that Baghdad had violated the 1973 pipeline by allowing Erbil to export oil independently since 2014.
Swiss Ambassador Expresses His Country's Desire to Invest in Iraq
The Swiss Ambassador to Baghdad, Daniel Hahn, expressed his country's desire to invest in Iraq, especially in the construction, health, and agriculture sectors, stressing the presence of major Swiss companies specializing in these fields.
This came during the reception of the Undersecretary of the Iraqi Ministry of Foreign Affairs for Political Planning Affairs, Ambassador Hisham Al-Alawi, today, Thursday, of the new Ambassador of the Swiss Confederation to Iraq, Daniel Hahn, to discuss a number of topics of common interest between the two countries.
A statement by the Iraqi Foreign Ministry stated that "the Undersecretary welcomed the reopening of the Swiss Embassy in Baghdad and the appointment of a resident ambassador," expressing "his hope that this would contribute to strengthening bilateral relations and joint cooperation between the two countries."
Al-Alawi reviewed with the Swiss ambassador the government's plans and vision to encourage investment, build a diversified economy based on solid foundations, and rebuild infrastructure and services, according to the statement.
He pointed out during this to "approving a three-year financial budget, which contributed to the completion of a number of vital service and investment projects in the capital and other Iraqi governorates, and the imminent completion of other projects such as the Grand Faw Port, and the completion of the designs of the Development Road Project, which is one of the largest projects in the region, with the participation of Türkiye, Qatar, and the United Arab Emirates."
Al-Alawi touched on the priorities of the government program of the Ministry of Foreign Affairs, and the achievements it has made to strengthen Iraq's relations with the international and regional community, and to activate Iraq's role in international organizations such as the United Nations, and regional organizations such as the League of Arab States and the Organization of Islamic Cooperation, according to the statement.
He pointed to "the economic cooperation between Iraq and some important European countries such as Germany, France, the Netherlands, and Italy, and the entry of major companies to invest in Iraq in various vital fields," stressing "the government's desire to revive the tourism sector and facilitate all necessary procedures for that."
According to the statement, the two sides discussed ways of joint cooperation in the field of water diplomacy, and Iraq's benefit from Swiss expertise in this field through the relevant institutions in Geneva, and developing joint work to activate the "Water for Peace and Development" initiative, which contributes to addressing pending water issues between Iraq and neighboring countries and mitigating the effects of global climate change.
The two sides also discussed encouraging major Swiss companies to invest in Iraq, as Hahn expressed his country's desire to invest, especially in the construction, health, and agriculture sectors, noting the presence of major Swiss companies specializing in these fields, according to the statement.
According to the statement, the two sides agreed to work together to organize visits by senior officials from the two countries during the coming year.
The statement quoted the Swiss ambassador as expressing his desire to "arrange meetings with a number of Iraqi officials in the ministries of water resources, electricity, and migration and displacement," while "the undersecretary expressed his readiness to cooperate in achieving these meetings," according to the statement.
Rafidain: A plan to include other branches in the implementation of the comprehensive banking system
Rafidain Bank announced, today, Friday, a plan to include other branches in the implementation of the comprehensive banking system.
The bank stated in a statement received by the Iraqi News Agency (INA) that "the continuous expansion in implementing the comprehensive banking system will include more branches in the future within a well-thought-out plan aimed at providing a modern banking experience that contributes to supporting the national economy and meeting the needs of society with distinguished and comprehensive banking services."
Iranian newspaper: Iraq's development path is a step towards regional economic integration
Iraqi media reported that Iraq has made its first commercial ship docking at the port of Faw. This project aims to develop Iraq and reduce the country's dependence on crude oil, and will be fully operational by 2050 in three phases. Upon completion of this project, a route will start from the port of Faw and end in Turkey and from there to Europe via land routes in various Iraqi governorates.
The Donya-e Eqtesad newspaper said in a report that this corridor increases the strategic importance of Iraq as a neighboring country to Iran and creates competition between the Iranian North-South Corridor and the Iraqi Development Road Project. As an alternative to traditional transportation routes, the Iraqi Development Road Project connects the Gulf countries to Turkey with the aim of creating a cross-border transportation network for Iraq.
Road development project
The basis of this project is linked to the Faw Port Project. This is one of the important projects implemented by the Iraqi government to improve the country’s infrastructure and boost economic development. The port project, which is located in southern Iraq and adjacent to the Gulf countries, and serves as a vital channel linking the Gulf to the Mediterranean Sea, is expected to require an investment of $1.2 billion.
Overall, the project includes the construction of a new port capable of receiving large ships, complete logistics facilities and related infrastructure. The annual capacity of this port is also expected to reach 12 million tons. After the completion of its final stages, the goal of the Faw Port Project is to improve the transportation capabilities of Iraqi ports, reduce logistics costs, and further promote economic development in Iraq and economic exchanges and cooperation with neighboring countries such as Turkey.
Challenges of Faw Port Project
The Faw Port project requires an investment of $1.2 billion, which poses a major financial challenge. Therefore, it is very important to ensure that the project progresses after addressing the financing issue.
On the one hand, the Iraqi government can seek assistance from international financial institutions such as the World Bank and the Development Bank for low-interest loans or grants. The UAE and Qatar are also expected to provide strong financial support for this project. Other financing options can be pursued including loans from European banks and Turkish investment in this project.
Given the location of this project in a sensitive and strategic region in the Middle East, geopolitical risks are a concern for its project sponsors. Ensuring regional peace and stability is of paramount importance during the project implementation stages. It is necessary to strengthen communication and coordination with regional countries to maintain common peace and stability, and to fully take into account the interests and concerns of neighboring countries in the project implementation to minimize the impact of the project on the political landscape in the region.
The Faw-Iraq-Turkey Port Corridor will not only strengthen Iraq’s relations with Turkey, but will also deepen its engagement with the entire region. The project will play a role in enhancing the close economic and political cooperation between Iraq and Turkey by creating a vital bridge between the two countries.
In addition, the corridor is expected to be integrated into broader regional initiatives, such as the Belt and Road Initiative, thus increasing Iraq’s geopolitical importance. As a participant in the Belt and Road Initiative, Iraq will benefit from closer ties with China, infrastructure development, and investment opportunities. This not only makes Iraq’s economic prospects more clear, but also increases its diplomatic standing on the international stage.
Turkey has played a key role in transporting energy resources from the Caucasus and Russia to energy-hungry European markets. Now, this new highway is a transit point for energy shipments from the Gulf to Europe, which Iraq connects by land. Iraq will thus provide a low-cost route not only for Iraqi oil and gas, but also for Iranian and Qatari oil and gas.
Regional stability
In light of the above, it is clear that the Faw-Iraq-Turkey Port Project is of great importance for promoting regional integration, economic growth and geopolitical stability in Iraq. This means that the construction of this corridor not only creates an important link between Iraq and Turkey, but also brings many benefits and opportunities to the entire region.
Moreover, this is not only an important step towards regional economic integration and development, but also helps to promote peace and stability in the region. This project makes an important contribution to the sustainable development of the region by enhancing trade links, strengthening bilateral relations, and promoting prosperity and development in the wider region.
However, although the Al-Faw-Iraq-Turkey port project is expected to play a positive role in regional connectivity and economic development, this corridor is a competitor to Iranian trade routes, especially the North-South corridor, because this project could open an alternative route for the Russians to the Gulf countries, and reduce Iran's strategic importance in the region
Maliki's return to power.. Shiite political parties are trying to ignite conflict among themselves
Experts described the attempts of some Shiite political blocs to market Maliki once again for the premiership as nothing but a clear reflection of the extent of the dispute within the Shiite political house, which has reached the point of breaking bones, while some described his return to power as almost non-existent.
Under the title of Maliki's return to power once again, Shiite political parties are trying to ignite conflict among themselves through statements and talks here and there. Perhaps the most prominent thing that strengthened this hypothesis was Al-Mashhadani's return to the presidency of the House of Representatives, which turned back the political clock and opened the door for Shiite politics to try to benefit from this issue and market Maliki in one way or another.
Political observer Abbas al-Jubouri told Kurdistan 24, "All political circles ultimately go back to al-Maliki, because he has a prominent role. He is a very influential political figure on the political level, even externally, and internally, and at the level of the blocs, and he cannot be bypassed. Even al-Sudani cannot bypass him. Why? Because his influence is direct."
The Shiite political conflict, from another point of view, did not come out of nowhere. Perhaps the concept of the deep state requires taking risks once again to control decisions, legislation, and even economic projects.
In turn, political observer Ali al-Mutairi told Kurdistan 24, “This issue did not come out of nowhere, but rather is caused by the government’s lack of harmony with the political forces. There are parties that want to control the situation, want to control the government, want to control even the legislative decisions and laws, and want to control the country’s economic decisions.”
With the Shiite political conflict and the proposal of Al-Maliki's name once again, even if this proposal is behind closed doors, his return to the premiership even after the upcoming elections is almost impossible for many reasons and factors, the most important of which is the international factor according to observers
After Trump's election, a Chinese refinery changes its oil policy towards Iran
A private Chinese refinery has decided to change its oil policy towards Iran, coinciding with the election of Donald Trump to the presidency of the United States of America.
Bloomberg reported that “a private Chinese refinery, a customer of cheap Iranian oil, has requested to import oil from Africa instead of Iranian and Russian oil.”
She added, "This rare step comes as a result of what was described as a 'change in circumstances' following Trump's election."
Held in secret location and lasting over an hour, Musk meets with Iran's ambassador to the United Nations
American newspaper: Tehran gave Washington a written pledge not to attempt to assassinate Trump
The Wall Street Journal revealed, quoting American officials, that Iran provided secret written guarantees to the United States last month, in which it said that it would not seek to assassinate President-elect Donald Trump.
The Iranian message, which was delivered to the United States on Oct. 14 and has not been previously reported, was in response to a private written U.S. warning sent to Tehran in September, the officials said.
US officials said their message to Iran in September was similar to previous repeated warnings to Tehran not to harm Trump.
Officials said they were confident the U.S. message had reached the Iranian leadership, but did not say whether it had been sent through Switzerland, which represents U.S. interests in Iran.
The officials said the message reflects the US administration's public position that threats against Trump are a national security issue of the highest order, and that any attempt to assassinate him would be considered an act of war.
According to what the newspaper quoted from people close to Iranian officials, Tehran seeks to avoid any escalation with the Trump administration, which will officially begin its work next January.
The United States has repeatedly accused Iran of seeking to assassinate American officials in retaliation for the killing of Iranian Quds Force commander Qassem Soleimani in a US strike near Baghdad airport in 2020, during Trump's first term.
Last week, US judicial authorities announced charges against an "agent of the Iranian regime" in connection with an alleged Iranian plot to assassinate Trump.
Mastercard Collaborates With Tap Payments on First Global Launch of ‘Click to Pay’ With Payment Passkey Service for Ecommerce
Mastercard has partnered with Tap Payments, one of the leading payment institutions and technology providers in the Middle East and North Africa, to introduce a global-first Click to Pay with Payment Passkey service for secure ecommerce transactions.
Payment Passkeys will revolutionize the consumer journey by eliminating the need for One-Time-Passwords (OTPs) and enabling device-based biometric authentication methods such as fingerprints or facial scans. By replacing traditional passwords and OTPs, the Mastercard Payment Passkey Service makes transactions not only faster, but also more secure against fraud and scams. This service has been introduced by Tap Payments on Mastercard’s Payment Gateway.
Mastercard’s research shows that 90% of consumers worldwide believe biometrics are more secure and convenient than passwords. The Mastercard Payment Passkey service leverages Click to Pay to secure consumers’ payment details through tokenization and biometric data, safeguarding data from third-party access. Shoppers simply select their Mastercard, already stored securely with Click to Pay, at checkout. Returning customers are intelligently recognized via their device or email address, making it easier for them to check out.
“Our partnership with Tap Payments introduces a new standard in secure, seamless online transactions. By integrating Click to Pay with Payment Passkey, Mastercard is elevating the ecommerce experience, ensuring shoppers can transact confidently with ease, supported by technology that prioritizes both security and convenience,” said Maria Parpou, Executive Vice President, Mastercard Gateway.
The Click to Pay service combined with Mastercard Payment Passkey authentication makes transactions not only faster but also more secure against fraud and scams, ensuring that no payment details or biometric data are shared with third parties.
“At Tap Payments, we are committed to providing our customers unparalleled payment experiences. We believe that every digital transaction is a moment of trust between merchants and shoppers, which is why we continue to implement robust security measures. Our latest collaboration with Mastercard is pushing the boundaries of innovation in ecommerce, making online payments easier, faster and more secure than ever,” said Ali Abulhasan, Co-Founder & CEO Tap Payments.
After launching the service in the UAE, the partners plan to expand it to other markets across Eastern Europe, Middle East and Africa region.
By combining the tokenization of payment credentials with seamless biometric authentication, Mastercard brings together EMVCo, World Wide Web Consortium (W3C) and FIDO Alliance industry standards to speed up and secure the checkout experience.
Mastercard Joins Payment System Buna to Boost MENA Transfers
Global payments technology provider Mastercard has joined Buna, the Arab Regional Payment System, in a move to reshape payment flows into and out of the Middle East and North Africa region.
The partnership brings together Mastercard Move, a cross-border money transfer platform, with Buna's regional payment infrastructure. Buna, established by the Arab Monetary Fund in 2018, operates a Real-Time Gross Settlement (RTGS) service - a system where transfers between banks are processed and settled immediately.
The collaboration aims to address challenges in cross-border payments, including high transaction costs, extended processing times and limited transparency.
Regional Integration
Financial institutions will gain access to Buna's payment network through a single integration with Mastercard Move. The system processes transactions in local currencies and major international denominations through its Real-Time Gross Settlement service, which operates on extended hours, and an Instant Payments System that runs continuously.
The Arab Regional Payment System includes built-in compliance mechanisms that monitor transactions in real-time. These systems check for Anti-Money Laundering (AML) violations - activities designed to obscure the source of illegally obtained money - and Counter-Terrorism Financing (CTF) risks before and after settlement.
“The collaboration leverages existing infrastructure and connections, avoiding the need for major investments or adjustments from banks while allowing them to service their consumer and corporate clients more effectively,” says Alan Marquard, Head of Transfer Solutions at Mastercard.
Technical Framework
Mastercard Move maintains connections in more than 180 countries, supporting 150 currencies and reaching 95% of bank account holders globally.
This network will now connect with Buna's regional infrastructure, which focuses on payments between Arab nations and their trading partners.
The system operates through the Arab Regional Payments Clearing and Settlement Organization (ARPCSO), owned by the Arab Monetary Fund.
It processes both regional currencies and major international denominations, with participants required to meet compliance standards before joining.
Market Impact
Banks using the service will connect through Mastercard Move's interface to access Buna's settlement system. This integration enables them to process payments through Buna's RTGS service during its extended operating hours or via its always-on Instant Payments System.
The collaboration aims to strengthen financial integration between Arab countries while expanding trade and investment activities with global partners.
Financial institutions looking to participate must meet Buna's compliance criteria, which align with international standards and procedures.
Buna welcomes financial institutions that meet its criteria and conditions for participation, focusing on compliance standards and procedures. The system supports transactions in both local currencies of Arab countries and key international currencies in what it describes as a risk-controlled environment.
Mehdi Manaa, Chief Executive Officer at Buna, says: “Buna was founded with the mission to make cross-border payments more accessible and easier for people and businesses in the Arab countries.”
Alan concludes: “Today's announcement is a major milestone in unlocking fast, transparent and cost-efficient cross-border payments into and out of the MENA region.
No comments:
Post a Comment