Thursday, September 7, 2023
“Manipulating the dollar at an Iraqi airport.” A deputy identifies the bank and calls on the Sudanese to intervene, 7 SEPT
“Manipulating the dollar at an Iraqi airport.” A deputy identifies the bank and calls on the Sudanese to intervene
The representative of Najaf Governorate, Ahmed Majeed, demanded on Thursday that Prime Minister Muhammad Shia’a Al-Sudani intervene to stop the manipulation and embezzlement of dollars at the Mosul Bank branch in Najaf airport.
According to Majeed, the Integrity Commission found out that the Al-Najaf Airport Branch of the Mosul National Bank for Investment and Development transferred the airport’s balance from dollars to dinars using the official rate. This was done despite the existence of funds in dollars, and the bank eventually closed the current account.
He said, “The Bank of Mosul is seen as the tool of one of the economic parties. It has led to a loss of public funds amounting to 1.14 billion dinars due to the conversion of revenues from dollars to dinars and the disbursement of funds at the official rate.”
Majeed has confirmed that a request has been submitted to the Prime Minister, Muhammad Shia’ al-Sudani, to initiate a high-level investigation into the embezzlement of funds. This request also calls for the exemption of the director of Najaf Airport, due to the airport administration’s collusion with the bank’s administration.
The Federal Integrity Commission recently announced that it has taken control of all the violations committed by the Mosul National Bank for Investment and Development – Najaf Airport Branch. The bank was responsible for holding itself accountable for causing a loss of more than one billion dinars due to the airport administration’s inaction. The bank exploited this situation for its benefit, and it was legally liable for the loss.
Comment could not be obtained from the bank or Najaf airport regarding this matter.
An economist showing the possibility of exporting fuel outside Iraq, 7 SEPT
An economist showing the possibility of exporting fuel outside Iraq
Economic affairs researcher Muhammad Al-Saadi explained on Thursday that the government could move towards exporting refined fuel rather than just crude oil.
Al-Saadi stated that Iraq exports about 3.5 million barrels of crude oil per day, while using more than 700,000 barrels internally.
The country can utilize its remaining oil reserves to produce gasoline and kerosene for internal fuel needs.Additionally, there is a possibility of exporting a part of it abroad, provided that oil refineries are established in each governorate. The establishment of these refineries will help the country achieve self-sufficiency in fuel and avoid relying on imported fuel and materials involved in fuel production.”
The head of the Parliamentary Oil Committee has recently mentioned that a few provinces in Iraq, including Dhi Qar, are experiencing fuel scarcity due to a delay in the arrival of fuel additives from the Emirates. He suggested that if each province had its own refinery, it would eliminate the need for importing fuel and make Iraq a source of oil derivatives. This would generate significant revenue for the state treasury.
IRAQ NEWS BY DINAR IRAQ & DONG VIETNAM, 7 SEPT
AL-SUDANI SPONSORS THE SIGNING OF AN AGREEMENT WITH THE INTERNATIONAL FINANCE CORPORATION TO DEVELOP AND REHABILITATE BAGHDAD INTERNATIONAL AIRPORT
"RV UPDATE" BY MILITIAMAN & SANDY INGRAM, 7 SEPT
Militia Man
We have Standard & Poor giving them [Iraq] a stable outlook to an increasing positive outlook because they're now exporting agricultural wares and they have non-oil revenue streams coming in at the borders. That's why they're beginning to look good - because of the investment environment is ripe...
Article: "Thousands of people demonstrated in Doha Governate Tuesday morning against the federal government's policy of not granting the rights of the people of the Kurdistan region and represented by the monthly salaries of employees..." ...People want their money. You have to ask the question, Why have they gone from July and into September and they're being placated. For what reason. What do they know is keeping them at bay? ...they're not going to stand for not getting paid...
Now we see stuff about the oil and gas law which I don't think they're going to expose it. It could be 100% finalized until after an exchange rate change...the exchange rate is necessary for the oil and gas law...
Sandy Ingram
Article: "Iran could attack Iraq beginning September 19th" Military actions could destabilize our currency investment. This is frightening. Six different Iranian-Kurdish political groups have established a presence in Iraq's Kurdistan region.
Iran has accused these groups...of instigating and starting the protests that lasted months in Iran in September of 2022. More than 300 people were killed in the protests...No one doubts Iran will attack Iraq's northern Kurdistan region on September 19th.
Confusion Surrounds The Railway Link With Iran.. What Is The Future Of Iraqi Ports?, 7 SEPT
Confusion Surrounds The Railway Link With Iran.. What Is The Future Of Iraqi Ports?
2023-09-06 Shafaq News/ The move of the Iraqi Prime Minister, Muhammad Shia'a al-Sudani, to lay the foundation stone for the first rail link project between Iraq and Iran, raised questions about the status of Iraqi ports after the completion of the project.
During the laying of the foundation stone for the railway link project between the Iranian region of Shalamja and the Iraqi city of Basra, last Saturday, (September 2, 2023), Al-Sudani spoke in the presence of the Iranian Vice President, Muhammad Mokhber, about the importance of the project in transporting travelers and visitors to the holy shrines from Iran and the countries of Central Asia, as well as On its importance in strengthening the infrastructure of the Iraqi economy.
Despite their agreement on the importance of the project and its impact on strengthening bilateral relations, the Iranian official said that it would lead to a "huge leap in trade exchange with Iraq," while the latter believes that its goal does not exceed the transportation of passengers between the two countries. In this context, the former Iraqi Minister of Transport, the current MP, Amer Abdul-Jabbar, considered the claim (the Iraqi side) a mere "lie" because the agreement to establish the line does not limit this goal, and because the axial load of the line's loads is about twice the axial load if the line was dedicated to transporting travelers only. Abdul-Jabbar added, in a video clip he posted on his official page on the "X" website (formerly Twitter) last Saturday, (September 2, 2023) that "laying the foundation stone while the citizens were preoccupied with the Arbaeen visit is intended," describing the railway link between Iraq and Iran as "a bullet of mercy." at the port of Al-Faw. An invitation to reveal the people Dr. Ghazi Al-Rubaie, a researcher and specialist in rivers, waters and international borders, points out that "the rail link, if it is for people, then this will not affect the ports of Iraq. However, the Iranian side mentioned that the project is linked to the Mediterranean Sea, and to the growth of trade with Iraq, and this is fatal to the ports of Iraq." Especially the large port of Faw, which has not yet been completed. During his speech to Shafaq News agency, Al-Rubaie calls on the Iraqi government to publish the agreement to clarify the goal of the project and reveal to the people. Project goals The railway link is "a national project that supports the Iraqi economy and the well-being of citizens and visitors by moving to the holy places in (Baghdad, Karbala, Samarra, and Najaf), away from public streets and roadblocks, and in order to preserve the lives lost as a result of traffic accidents," according to what the Prime Minister's advisor for transportation said. Dr. Nasser Saleh Al-Asadi. Regarding the impact of the railway link on the Iraqi ports, Al-Asadi confirms to Shafaq News agency, "The railway link now is for the transport of passengers only and not for commercial transportation, so it will not affect the Iraqi ports at all, because there are price policies that the competent authorities will set according to the nature of the use of the ports, whether they are land, air or sea.” He continued, "As for the ports of Faw and Umm Qasr, they are for commercial transport only, and not for transporting passengers, so there is a big difference in the process of using the two ports, and even if commercial transport takes place, the prices will not be the same as those in the ports, as the port privileges that the railway link will not be able to achieve." Therefore, this project is completely different from what is in the port of Faw. Project benefits The idea of working on the railway link project between Shalamcheh and Basra dates back to 2009, according to the head of the Transport and Communications Committee in the Iraqi parliament, Zahra al-Bajari, agreeing with what Nasser Saleh al-Asadi said that the project is “for the purpose of transporting passengers only and not for transporting goods, and it has no impact on the two ports of Faw.” And the mother of the palace of the marines who are specialized in transporting goods without passengers. Al-Bajari explained to Shafaq News agency, "The project has economic returns, as it will reduce the use of buses and at the same time transport huge numbers of passengers, so it will contribute to reducing congestion that occurs at the border crossings during religious visits, especially from Shalamcheh."
3 New Additions to the Zacks Rank Investors Cannot Miss, 7 SEPT
One of the simplest ways to find market beating stocks is to consult the Zacks Rank. Every day, Zacks proprietary research identifies new stocks with upward trending earnings revisions and delivers them to you. Upward trending earnings revisions is one of the most powerful investing edges in the market and investors would be wise to consult it before buying a stock.
ON Semiconductor (ON - Free Report) , nVent Electric (NVT - Free Report) , and Badger Meter (BMI - Free Report) are three top ranked stocks, with businesses that provide critical infrastructure for the modern world and have strong price momentum propelling them higher.
ON Semiconductor
ON Semiconductor is a global semiconductor company headquartered in Phoenix, Arizona, USA. The company was spun off from Motorola in Aug 1999 and went public through an IPO in May 2000. It specializes in designing and manufacturing a wide range of power management, sensor, and connectivity solutions for various industries, including automotive, industrial, consumer, and computing. ON Semiconductor's products include integrated circuits, discrete components, and semiconductor-based solutions that enable the efficient and reliable operation of electronic devices and systems.
More than ever, the automobiles we drive today are turning into computing and technology machines on wheels. Car producers are stuffing more automation, digital connectivity, and electrification into their vehicles year after year, and this is a welcome development for semiconductor makers like ON Semiconductor.
Moreover, the company is winning market share in the automotive segment thanks to its silicon carbide dominance as well as intelligent power and sensing solution.
Not surprisingly, these developments among others have analysts raising earnings estimates in unison, giving ON a Zacks Rank #1 (Strong Buy) rating. Current quarter earnings estimates have jumped by 12.5% and FY23 by 8.3% over the last two months. EPS are forecast to grow 7.5% annually over the next 3-5 years.
Image Source: Zacks Investment Research
ON Semiconductor is trading at a one year forward earnings multiple of 19x, which is in line with the industry average and above its 10-year median of 13x. However, it appears that the semiconductor industry is entering what may be an epic bullish cycle, so investors will likely be paying up for semi stocks in this environment.
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Badger Meter
Badger Meter is a prominent manufacturer specializing in flow measurement and control technology. Headquartered in Milwaukee, Wisconsin, USA, the company offers a diverse range of precision meters and flow instrumentation.
These products find application in various sectors, including water utilities, industrial processes, and commercial enterprises. Badger Meter's portfolio encompasses water meters, flow sensors, and accompanying software solutions, enabling precise measurement and management of liquid flows. With a history dating back to 1905, Badger Meter has solidified its position as a trusted provider of innovative and reliable flow measurement solutions worldwide. Investors keen on the stock market may find Badger Meter an intriguing company to watch.
Badger Meter’s performance is benefiting from robust demand across business segments and increased adoption of its differentiated smart water solution.
Over the past 25 years BMI stock has put up an incredible performance. Over that time it has compounded at an annual rate of 18%, double the annual return of the broad market, and significantly better than the industry.
Image Source: Zacks Investment Research
Badger Meter enjoys a Zacks Rank #1 (Strong Buy) rating, thanks to earnings estimates that are continuously creeping higher. Current quarter earnings estimates have been revised higher by 3% and are projected to grow 20% YoY to $0.74 per share. While FY23 estimates have increased by 5.2% and are expected to climb 26.5% YoY to $2.86 per share. Furthermore, sales are expected to grow 20% YoY and EPS are expected to grow 15% annually over the next 3-5 years.
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BMI, the steady stock it is, likes to build bases and break out over and over. Over the last two months the price has formed another consolidation to trade from. If the stock can clear the $169 level, it should initiate another move higher. Alternatively, if the stock loses support at $158, it may be worth waiting for another opportunity.
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nVent Electric
nVent Electric is a provider of electrical connection and protection solutions which design, manufacture, market, install and service that connect and protect equipment, buildings, and critical processes. The company's operating segments consists of Enclosures, Thermal Management and Electrical & Fastening Solutions. nVent Electric plc is based in London, the United Kingdom.
Along with its stock price NVT earnings estimates continue to charge higher. NVT stock has rallied nearly 50% YTD, while current quarter earnings estimates have been lifted by 1.4% and FY23 have been increased by 4.3%. Additionally, analysts expect sales to grow 14% this year and 9% next year.
Image Source: Zacks Investment Research
Even after such an incredible run up this year nVent Electric still trades at a relatively fair valuation. Today it is trading at a one year forward earnings multiple of 19.3x, which is well below the industry average of 27.8x, but above its five-year median of 15.2x. NVT stock sits just below its all-time high.
Image Source: Zacks Investment Research
Zacks Names #1 Semiconductor Stock
It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
" RV UPDATE" BY MNT GOAT, 7 SEPT
Mnt Goat
I address this question to guru Kaperoni who still thinks Iraq has to grow their economy first to get the current TRUE VALUE of their currency reflected in their rate. SO grow it to what standard?
What is the benchmark when they would turn on their currency? Did they shut it off because of the war and so the war has been over for 20 years. Yes, that is Obama’s plan not Dr Shabibi and it is a bad plan and will not work. Iraq needs its currency to grow the country and it’s economy.
Iraq records the highest oil revenues since the start of 2023 which is also 2/3 more oil pumped than in 1991. The dinar rate in 1991 was over USD $3. So why is the currency still being under valued? Yes, it is important to get out of a “rentier economy” based solely on oil and this will also create yet more wealth. But what about right now...I am talking about today!Is The High Price Of Oil Will Reduce The Budget Deficit? Financial Oversight Explains, 7 SEPT
Is The High Price Of Oil Will Reduce The Budget Deficit? Financial Oversight Explains
Time: 09/07/2023 Read: 949 times {Economic: Al Furat News} The former director of the Office of Financial Supervision, Salah Nuri, said today, Thursday, that the benefit from the high oil price is to reduce the deficit and not resort to borrowing at a certain percentage contained in the budget law.
Nuri said to {Euphrates News} that “when the Ministry of Finance prepares the general budget in a conservative manner, that is, estimating the revenues on the basis of the price of selling oil at the lowest expected price, and with a deficit in the budget and remembering in the budget, if the selling price of oil increases, then the surplus is paid to reduce the deficit.”
And he continued, “The benefit from the rise in the oil price is to reduce the deficit and not resort to borrowing at a certain percentage contained in the budget law,” noting that “the percentage of budgets for the two years (2024-2025) there is no direct effect unless the rise continues when the aforementioned two years come.”
He pointed out that “the government must direct the increase in oil prices towards infrastructure projects, according to its priorities included in the budget.” From.. Raghad Dahham LINK
"RV UPDATE" BY FRANK26 & RAYREN98, 7 SEPT
Frank26
Question: "Will we have to pay any kind of tax after or during the exchanging of the dinar for American dollars?"
When you go to the bank and you present your dinar...don't leave your eyes off of them. You make sure that you see your account has been credited...At that point they are not going to say to you, 'Ok Mr Frank you have 1 million dinars you owe $300,000 in taxes.' A bank doesn't collect taxes.
If we had about a million Americans citizens all of a sudden came out millionaires instantly that would be a really good shot in the arm for America's structure wouldn't it? It would...They're not made to do that...They don't have the facilities to collect taxes from you as an individual... [NOTE: Consult your tax professionals so you pay the right amount of tax for your unique situation.]
RayRen98
[via Babysmom] ..."ONE OF MY BEST SOURCES TELLING ME, "IT IS GOING TO POP AT ANY MINUTE".... ONE OF MY OTHER BEST SOURCES IS ALSO TELLING ME, "IT SHOULD BE SOMETIME TODAY"
[via Babysmom] MEETINGS TOOK PLACE OVER THE WEEKEND, AGREEMENTS WERE MET, NEW DOCUMENTS NEEDED SIGNATURES. IT'S ALL A WRAP NOW.
Coffee with MarkZ 09/07/2023
Masrour Barzani and al-Khanjar agree on the necessity of stabilizing the situation in Kirkuk, 7 SEPT
Masrour Barzani and al-Khanjar agree on the necessity of stabilizing the situation in Kirkuk
Shafaq News / The Prime Minister of the Kurdistan Region (KRI), Masrour Barzani, received Khamis al-Khanjar, the leader of al-Siyada Alliance, on Thursday.
During the meeting, the political situation in Iraq was discussed, as well as the importance of resolving issues between KRI and Baghdad based on the constitution and agreements, according to a statement from Barzani's office.
Recent events in Kirkuk were also a focal point of the discussions, with both sides expressing concern about the use of violence against civilian protesters. They also agreed on the necessity of stabilizing the situation in the city.
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Recent events in Kirkuk unlikely to disrupt upcoming local elections, MP says
Shafaq News / Sabah Habib Qadir, a member of the Patriotic Union of Kurdistan (PUK), in Kirkuk, ruled out on Thursday that the recent events in the province would affect the course of the local elections scheduled to be held in October.
Qadir said in a statement to Shafaq News Agency that these events would not change the electoral process, and each component would receive its due in the province.
Qadir revealed decisions and initiatives launched by Iraq’s Prime Minister Mohammed Shia Al-Sudani during his meeting with representatives and components of Kirkuk. These decisions included changes in the leadership of Kirkuk operations, the formation of an investigative committee into the Kirkuk events, the release of detainees, and the cessation of raids in Kurdish areas, preparing them for the upcoming local elections.
The parliamentarian emphasized that Al-Sudani acknowledged the recent protest victims as "martyrs" and rejected any component in Kirkuk deviating from the path of the law, with the consensus of all political forces.
Regarding the return of the Kurdistan Democratic Party (KDP) to its political headquarters, Qadir stated that it is a political right for every party to exercise its activities, but the recent crisis should not lead to the loss of innocent lives.
Earlier, dozens of protesters, mainly from Arab and Turkmen political factions in Kirkuk, blocked the main road linking the province to Erbil in protest against the Kurdistan Democratic Party's intention to return to open its headquarters in Kirkuk, as per the political agreement with the State Administration Coalition, which includes the political forces that formed the current federal government under the leadership of Al-Sudani.
On Saturday evening, Kirkuk witnessed the descent of dozens of Kurdish protesters in areas mostly populated by members of their community, demanding the reopening of the road and an end to the sit-ins in front of the KDP headquarters. However, their demands were met with gunfire, resulting in casualties and injuries.
In response to the tensions accompanying the protests in Kurdish areas, Iraqi security authorities imposed a curfew in Kirkuk.
It is worth noting that the Kurdistan Democratic Party, led by Kurdish leader Masoud Barzani, had vacated its political headquarters and institutions in Kirkuk following the military operation carried out by the federal government in the disputed areas between Erbil and Baghdad after the independence referendum conducted by the Kurdistan Region in September 2017. This operation led to the withdrawal of Peshmerga and Asayish forces from those areas.