Monday, August 21, 2023
Top Stock Picks for Week of August 21, 2023
Top Stock Picks for Week of August 21, 2023
Ross Stores Inc. (ROST - Free Report) operates as an off-price retailer of apparel and home accessories, primarily in the United States. Shares of Ross Stores have outpaced the industry in the past three months, courtesy impressive second-quarter fiscal 2023 results. Both the bottom and top lines beat the Zacks Consensus Estimate and also grew year over year. Results gained from positive customer response. Strength in cosmetics and accessories aided the top line, with broad-based growth across all geographic areas. dd’s DISCOUNTS’ performance was driven by better merchandise and moderating inflation. Also, store expansion plans bode well. Total sales rose year over year and surpassed the consensus estimate. The company provided an upbeat view for the third quarter and fiscal 2023.
Gambling.com Group Limited (GAMB - Free Report) is a marketing company as well as provider of digital marketing services. The company came out with quarterly earnings per share, beating the Zacks Consensus Estimate. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Gambling.com Group Limited, which belongs to the Zacks Advertising and Marketing industry, posted revenues for the quarter ended June 2023, surpassing the Zacks Consensus Estimate double digits. The company has topped consensus revenue estimates three times over the last four quarters. Gambling.com Group Limited shares have added solid double digits since the beginning of the year. https://www.zacks.com/stock/news/2138872/top-stock-picks-for-week-of-august-21-2023?art_rec=home-home-top_stories-ID03-txt-2138872
“It is not true.” An economic vision about the World Bank’s figures on Iraq’s public debt, 21 AUGUST
During a recent presentation, economist Nabil Al-Marsoumi shared his economic insights on the Central Bank’s figures regarding Iraq’s public debt. He also discussed the budget law’s potential impact on the overall debt volume.
According to a post by Al-Marsoumi on Al-Sumaria News, the World Bank’s reported public debt figures for Iraq are incorrect. Al-Marsoumi claims that the actual public debt for the year 2023 is $152 billion, with $50 billion being external debt and $102 billion as internal debt. Additionally, the ratio of public debt to gross domestic product is 58.3%.
He stated that the figures provided are based on the assumption that the 2023 budget will be fully executed, leading to an increase of approximately $31 billion in the overall public debt. However, it is anticipated that the budget may not be fully executed, particularly due to its delay until August, which raises concerns about the accuracy of these estimates.
Al-Marsoumi noted that Iraq’s external debt, including the frozen Gulf debts, amounts to $61 billion, not $50 billion. After implementing the full budget, the debt is expected to reach approximately $70 billion.
He stated that the current internal debts total 70 trillion dinars. However, once the budget is put into action, the amount will increase to 100 trillion dinars, which is approximately 77 billion dollars, not 102 billion dollars.
According to the legal expert, the total public debt will amount to $138 billion if the budget is fully implemented, which is different from the World Bank’s estimation of $152 billion.
In a report titled “Renewed Pressures: RecoveryIraqat risk,” the World Bank discussed the economy of Iraq and its debts. The report highlighted the stagnation in non-oil GDP, industries, and agricultural activities, along with high inflation rates. The current government of Iraq lacks large-scale structural reforms to strengthen the economy beyond oil.
He stated that the government’s annual budget has seen a significant increase in public spending by 59% compared to last year. This accounts for 74.3% of total expenses and will result in a large fiscal deficit of 51.6 trillion Iraqi dinars, equivalent to 39.7 billion dollars. This represents 14.3% of the total value of public imports and is more than half of the recent record reserves accumulated due to the increase in oil prices. He also discussed the Central Bank’s policy of devaluing the local currency.
According to the World Bank, the devaluation of the Iraqi dinar resulted in a rise in headline and core inflation. This was due to the country’s heavy reliance on imports, as domestic production is weak and not backed by government authorities. This has exposed the fragility of Iraq’s economy.
According to the World Bank report, the currency auctions carried out by the Central Bank have resulted in a decrease in the value of the dinar against the dollar, as hard currency has been redirected to the parallel market due to the adopted transaction standards.
As per the World Bank, the lack of diversification of income sources in Iraq has resulted from the chaotic policies of successive governments. This has caused a contraction in gross domestic product by 1.1% in the year 2023. Additionally, the country’s public debt has increased to 58.3% from the previous year’s 53.8%, which amounts to $152 billion, an increase of $10 billion. The total external debt stands at $50 billion, while the internal debt amounts to $102 billion. It is noteworthy that the government has borrowed around $60 billion internally in the previous three years at an annual rate of $15 billion. Furthermore, the annual interest on internal debts is approximately 16 to 17% of the debt volume.
The economic future prospects of Iraq are still at great risk, according to the bank. This is due to their excessive dependence on oil, which makes them vulnerable to shocks in the oil market and global demand. Recent declines in oil prices have highlighted this vulnerability. Additionally, there are basic challenges to the economy, such as widespread corruption, poor service delivery, lack of infrastructure development, and security risks that contribute to its fragility.
According to the World Bank, if the government continues with these policies, it will benefit political parties that have hindered development and caused significant imbalances in the country’s budget, despite two decades passing since the end of the war.
"RV UPDATE" BY FRANK26, 21 AUGUST
Frank26 (KTFA)
There is no delay…If you know very well that Iran is stealing the currency, the bloodline, destroying the spinal cord, destroying the unity, the harmony, the sovereignty, the proudness of Iraqi citizens as their nation would you not also want to remove that?
The next step in the monetary reform is exactly what you’re seeing right now. Remove those evil people – Iranians and Iraqis and any other foreign persons …
Community Comment:
“ We only get one chance to get this right.”
Oh boy is that ever so profound for you to say. You can’t make a mistake and go back and fix it. Not in a monetary reform. Math would not allow it. You make a mathematical mistake in this monetary reform it will all crumble. Worse than anything else, you make a mistake Sudani/Alaq with the Iraqi citizens, that’s it…your monetary reform will fail.
EXCERPTS FROM MARKZ, 27 NOV
EXCERPTS FROM MARKZ Member: Ariel posted the HCL is done MZ: It’s not been officially announced but there are some solid clues that it coul...
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...