“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
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.
AL-SUDANI SPONSORS THE SIGNING OF AN AGREEMENT WITH THE INTERNATIONAL FINANCE CORPORATION TO DEVELOP AND REHABILITATE BAGHDAD INTERNATIONAL AIRPORT
Prime Minister Muhammad Shia Al-Sudani sponsored, this morning, Sunday, the signing of a pioneering agreement with the International Finance Corporation / IFC, to develop and rehabilitate Baghdad International Airport, where the Director General of the Civil Aviation Authority signed on the Iraqi side.
Al-Sudani stressed, “This agreement is one of a series of agreements that will be concluded with the private sector, which will take the role of partner in developing infrastructure for various vital sectors in Iraq, within an economic vision that extends to 2030, that enhances the infrastructure needed for the sustainable development of the Iraqi economy.”
(This is all so good for Iraq and what we want to see.)
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IRAQ: BUILDING GIANT TOURIST COMPLEXES FUNDED BY FOREIGN COMPANIES IN BAGHDAD
A specialist talks about the importance of building giant tourist complexes funded by foreign companies in Baghdad
Today, Saturday (September 2, 2023), the architect Saif Al-Omran commented on the importance of building giant tourist complexes funded by foreign companies in Baghdad.
Al-Omran told “Baghdad Today” that “there is a great cultural, historical and even economic importance in building giant tourist complexes funded by foreign companies in Baghdad,” noting that “this matter will greatly stimulate the tourism movement, in this sector that has been neglected for many years.” .
And he indicated that “the Iraqi government can impose the basic form of any design that it wants to implement for any political or investment project, just as Baghdad and the rest of the Iraqi cities need civilized tourist attractions, so that this sector witnesses actual activity, as the absence of these landmarks prevents many foreign tourists from coming to Baghdad and some other Iraqi cities.
DERIVED FROM IRAQ’S HERITAGE AND CIVILIZATION
On August 25, the capital, Baghdad, witnessed the laying of the foundation stone for a large tourist complex whose designs are derived from Iraq’s heritage and civilization, with a building area of 115,000 square meters, 23 floors, and 242 hotel rooms of different sizes. The project will also include 22 presidential suites and a center for official conferences.
Prior to that, the Prime Minister, Muhammad Shia’ al-Sudani, launched work on a project to build a large tourist complex in central Baghdad, which includes a hotel and a residential complex, which was implemented by the Qatari Investment Holding Company.
Al-Sudani said in his speech at the launch ceremony of the project that “building a large tourist complex in the center of Baghdad will be a tourism, service and development project,” welcoming “investors from the State of Qatar and thanking them for their initiative in implementing the first cooperation with Iraq.”
He added, “The promising cooperation between Iraq and Qatar made a serious start,” noting that “Baghdad today is the heart of commercial, cultural, political and economic activity.”
He pointed out that “the tourism project will be a distinctive sign and an architectural masterpiece in Baghdad, especially since Qatar has pioneering investment companies and experiences.”
And that “the tourism project is the first project within the context of cooperation between Iraq and Qatar, and Iraq has promising investment opportunities, and the government provides the necessary support and facilities.”
On (August 6, 2023), Prime Minister Muhammad Shia’ al-Sudani received the plans for the construction of a “huge” residential complex in the center of the capital, Baghdad.
Al-Sudani stressed, “The project will add urban, investment and development value to Iraq in general and Baghdad in particular.”
We have Standard & Poor giving them [Iraq] a stable outlook to an increasing positive outlookbecause 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?
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."
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.
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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.
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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.
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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.
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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.
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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.
