Iraq and Saudi Arabia discuss the role of parliamentary diplomacy in strengthening relations between the two countries
The Office of the Speaker of the House of Representatives said in a statement, “Al-Halbousi is the delegation of the Saudi-Iraqi Friendship Committee in the Shura Council, in the presence of the President and members of the Joint Parliamentary Friendship Committee in the House of Representatives.”
The statement added that “the meeting discussed bilateral relations, the role of parliamentary diplomacy in strengthening relations between the two brotherly countries, the importance of parliamentary cooperation, and the coordination of positions in international, Islamic, Arab and Asian parliamentary forums on issues of common interest.”
He continued, “The meeting stressed the importance of parliamentary support and continued communication to enhance cooperation between Iraq and Saudi Arabia in all fields in the interest of the two brotherly peoples.”
How we know the value of the IQD will increase. Mega banks slipped into Iraq...JP Morgan has assets of more than $2.62 trillion and is the 5th or 6th largest bank in the world...Earlier this month JP Morgan & Chase won the contract to run the Trade Bank of Iraq. The Trade Bank of Iraq facilitates foreign trade financing operations...this is huge.
Other banks working with JP Morgan are out of the United Kingdom, Poland, France, Canada and Kuwait...Banks that influence the Forex Market are doing business in Iraq...Iraq is connected at the top.
Article: "Tehran's subtle efforts to control Iraq" Iran and Iraqi supporters of Iran want Iraq to eliminate all connection with the United States or the west. This line of thought affects our investment because Iran may not support Iraq's currency value to increase against the U.S. dollar..
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Clare
Article: "An upcoming visit by the Sudanese to New York"
Quote: "Prime Minister Muhammad Shia al-Sudani is scheduled to meet US President Joe Biden on the sidelines of the United Nations meetings in New York this September, according to informed Iraqi sources."
Article: "America Is On The Top Of Global Gold Reserves"
Quote: "The data of the World Gold Council indicate that Saudi Arabia maintains the first place in the Arab world among the countries most hedged with gold, and it is in an advanced rank globally, as it ranks 17th with total reserves of 323.1 tons, and Lebanon is second in the Arab world (21 globally) with a score of 286.8 tons, and Algeria is in third place with 173 tons. 6 tons,Iraq fourth with 132.6 tons of gold, while Egypt ranks fifth in the Arab world with 125.9 tons."
Federal Prime Minister: We are committed to the budget law and we refer those accused in the Kirkuk events to the law
The Federal Prime Minister, Muhammad Shiaa al-Sudani, has declared his commitment to the general budget law and stated that the region’s budget entitlement will be dealt with according to the law issued by the House of Representatives. Concerning the crisis that occurred around the Joint Operations Command’s advanced headquarters building in Kirkuk, which was abandoned by the Democratic Party after the referendum, the Prime Minister confirmed that those responsible for the death and injury of citizens in Kirkuk would be referred to the law by Federal Ministers.
Muhammad Shiaa Al-Sudani stated on Kurdsat News that numbers and statistics govern everyone’s budget entitlements, and they are committed to the general budget law.
The Prime Minister of the Federal Council stated that the general budget law determines the region’s portion. Moreover, they are awaiting the outcome of hosting the Minister of Finance of Iraq and the region to address budget-related disputes with the Finance Committee and the House of Representatives.
Muhammad Shiaa Al-Sudani stated: “Kirkuk must be removed from disputes and conflicts, and we will remove anyone whose hands are dirty.” This was in reference to the tensions and disturbances that occurred over the Democratic Party building in Kirkuk over the past few days. The building was abandoned as a result of the Kurdistan Region referendum and is now being used by the General Command of Joint Operations in the city. “It will become the law with the blood of the citizens of Kirkuk.”
The tech giant Apple Inc. (AAPL- Free Report)shed nearly $200 billion in market value in just two days amid the reports of China planning to expand a ban on the use of iPhones to government-backed agencies and state companies. Notably, China is Apple’s third-largest market, accounting for 18% of the company’s total revenues last year.
The Wall Street Journal disclosed on Wednesday that Beijing had issued a directive instructing officials within central government agencies not to bring iPhones into their workplaces or use them for professional purposes. Bloomberg News later reported that this prohibition could extend to employees of state-owned enterprises and government-affiliated institutions.
Bernstein analyst believes an iPhone ban on all Chinese government employees could cut Apple's phone sales in China by as much as 5%. However, most analysts are also calling the reaction overblown, considering China is a much larger market beyond government agencies. Wedbush Securities thinks the ban would affect less than 5,00,000 iPhones of the roughly 45 million he expects to be sold in the country over the next 12 months.
The rumored restriction on iPhones comes closely after Huawei, a Chinese tech giant, launched its new premium smartphone. Bank of America analysts found the timing of these events to be noteworthy.
Growth Prospects
One of the primary motivations to invest in Apple is its dominant presence in the consumer tech landscape, positioning it favorably for expansion into rapidly growing sectors like artificial intelligence (AI) and virtual/augmented reality (VR/AR). These areas are anticipated to see compound annual growth rates exceeding 30% until 2030 (read: Guide to Artificial Intelligence ETFs).
Historically, Apple has demonstrated an ability to penetrate new markets and swiftly capture significant market share. With the recent launch of its VR/AR headset, the Vision Pro, in June, Apple's growth potential seems even more promising.
Additionally, the iPhone maker is expanding into new markets. Apple's Services segment, which includes the App Store, iCloud, Apple Music, Apple TV+ and Apple Arcade, has been a significant growth driver. With a growing global user base, these services are expected to generate massive revenues.
Solid Zacks Estimates
Apple boasts the world’s highest stock market valuation, at nearly $2.8 trillion. It has seen positive earnings estimate revision of a penny for both the current and the next fiscal year over the past 30 days.
Apple currently has an average brokerage recommendation (ABR) of 1.64 on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations made by 29 brokerage firms. The current ABR compares to an ABR of 1.64 a month ago based on 29 recommendations. Of the 29 recommendations deriving the current ABR, 18 are Strong Buy and three are Buy. Strong Buy and Buy, respectively, account for 62.07% and 10.34% of all recommendations. A month ago, Strong Buy made up 62.07%, while Buy represented 10.34%.
Based on short-term price targets offered by 27 analysts, the average price target for Apple comes to $205.07. The forecasts range from a low of $140.00 to a high of $240.00.
Currently, Apple carries a Zacks Rank #3 (Hold) and a Growth Score of B, suggesting that the iPhone maker is primed for growth. Apple stock is cheap, trading at a P/E ratio of 30.26 compared with Amazon’s (AMZN- Free Report) 60.66 times, Netflix’s (NFLX- Free Report) 37.41 times and Microsoft’s (MSFT- Free Report) 30.54 times (see: all the Technology ETFs here).
Buy Opportunity!
That said, investors should consider the declining prices in Apple to be a better entry point. Several ETFs have the largest allocation to the tech titan. Technology Select Sector SPDR Fund (XLK- Free Report) , Vanguard Information Technology ETF (VGT- Free Report) , MSCI Information Technology Index ETF (FTEC- Free Report) , iShares US Technology ETF (IYW- Free Report) and Invesco QQQ (QQQ- Free Report) have Apple as the top or second firm with a double-digit allocation and carry a Zacks Rank #1 (Strong Buy) or 2 (Buy).
Technology Select Sector SPDR Fund targets the broad technology sector and follows the Technology Select Sector Index. It holds about 65 securities in its basket, with Apple making up for a 21.7% share. Technology Select Sector SPDR Fund is the most popular and heavily traded ETF, with AUM of $51.6 billion and an average daily volume of 6 million shares. The fund charges 10 bps in fees per year.
Vanguard Information Technology ETF manages about $54 billion in its asset base and provides exposure to 323 technology stocks. It currently tracks the MSCI US Investable Market Information Technology 25/50 Index. Here, Apple accounts for a 22.7% share. Vanguard Information Technology ETF has an expense ratio of 0.10%, while volume is solid at nearly 537,000 shares (read: Don't Fear Higher Rates: Tech ETFs to Rule on Nvidia & Allies).
MSCI Information Technology Index ETF is home to 311 technology stocks with AUM of $7.3 billion. It follows the MSCI USA IMI Information Technology Index. Apple accounts for a 22.3% allocation. MSCI Information Technology Index ETF has an expense ratio of 0.08%, while volume is solid at 228,000 shares a day.
iShares Dow Jones US Technology ETF tracks the Russell 1000 Technology RIC 22.5/45 Capped Index, giving investors exposure to 135 U.S. electronics, computer software and hardware, and informational technology companies. Apple makes up 17.5% of the assets. iShares Dow Jones US Technology ETF has AUM of $11.4 billion and charges 40 bps in fees and expenses. Volume is good as it exchanges 924,000 shares a day.
Invesco QQQ provides exposure to the 101 largest domestic and international non-financial companies listed on the Nasdaq by tracking the Nasdaq 100 Index. Apple accounts for an 11.1% share. Invesco QQQ is one of the largest and most popular ETFs in the large-cap space, with an AUM of $207 billion and an average daily volume of 46 million shares. It charges investors 20 bps in annual fees.
...they now have a VERY high level of Security and Stability, something that we have heard over the last 20 years they needed. Well…now its here…
...I have to tell you the currency rate of 1/6 of a penny (IQD 1320 = USD 1) absolutely does not reflect the currency rate of the dinar. It is being “artificially suppressed”!
But most importantly...many other financial wizards, much more knowledgeable than I, also feel this way.
To make a very good comparison one only needs to compare Iraq to Kuwait to see the imbalance and inequity happening (KWD 1 = USD 3.45).
I believe there is nothing more for the CBI to do but to issue the lower denominations and them to watch for inflation over a period, as their plan states they will do, and if all goes well, they liberate their currency to the global markets as in FOREX.
I thought we needed the Oil and Gas Law passed first? Yes, I still believe they do and we might have to wait for it. But there is a chance that based on how fast the economy is growing they may just put that on the back burner and rethink it (remember that Dr Shababi in 2012-2013 did not have this law passed, yet he was moving forward). We must remember the past.
