“Already in South America some people have been told which bank they have to go. We are close, so stand by everyone.”
Clare
Article: "Iraq is working to join the World Trade Organization (WTO). "
Quote: "In the meeting, Al-Hashemi reviewed Iraq’s current efforts and its plan for the next stage in completing the technical files...
and preparing them in accordance with the organization’s conditions and fruitful cooperation with international organizations supporting Iraq’s accession to the organization and its quest to obtain full membership in the organization.”
Article "In response to Al-Sadr's call, a parliamentarian announces the start of collecting signatures to close the American embassy in Baghdad"
Baghdad.. 6 years imprisonment for the counterfeit currency promoter
On Monday, the Karkh Criminal Court sentenced a person who promoted counterfeit currency to six years in prison.
The media center of the Supreme Judicial Council has issued a statement regarding an individual who was found in possession of counterfeit Iraqi currency. The individual was caught with 7,131 counterfeit notes, each with a denomination of 25,000 Iraqi dinars. The statement also noted that the counterfeit currency was printed in Turkey and the individual was caught while attempting to introduce it.
According to Article 52/1/A, B of the Central Bank of Iraq Law No. 56 of 2004, these provisions have been implemented.
There's progress...going into an International world is evident. There's proof of it...
Every one asks why isn't it [HCL] done yet?...Everybody wants it today...I know everybody wants it. So do I, but the truth is we're seeing things that's never been done before...They have the law out there and written. They just haven't got to it. ..I think we all know...if they were going to do it at 1310, 1305 or 1320 they would have already done this by now and they haven't...I hope and pray...the thing that they need is an international Article VIII compliant exchange rate...
A lot of different things that go on behind the scenes that your average person has no idea that it's even going on. They're just looking for what we all are to some degree - When's it going to go, when's it going to happen. But it's a complex process and the awesome thing about it is what we're seeing in public and behind the scenes is showing it's coming. It's coming fast. It's coming furious. It's good.
Iraq’s Political Enigma and International Diplomacy: A Tale of Two Cities
In the shadows of the towering citadels of power in Baghdad, a meeting of significant political magnitude unfolded. The Prime Minister of Iraq, Muhammad Shi’a Al-Sudani, and the Speaker of the Iraqi House of Representatives, Muhammad Al-Halbousi, convened with the Chairman and members of the Electoral Commission Council. Yet, the veil of secrecy shrouded the specifics of this rendezvous, leaving the political landscape of Iraq in a state of anticipatory suspense.
The Enigma of Iraqi Politics
The clandestine nature of this meeting is emblematic of the political labyrinth that characterizes Iraq’s governance. The lack of publicly available details about the agenda or outcomes of the meeting provokes speculation. It underscores the complexities and uncertainties that have long marked Iraqi politics, a dynamic intricately woven with threads of tribal allegiances, sectarian interests, and foreign influences.
However, the conspicuous participation of the Electoral Commission Council hints at the meeting’s potential significance. With the country’s parliamentary elections recently concluded and the formation of the new government underway, the Council’s involvement could signal crucial discussions about the political direction of Iraq.
A Bridge to Shusha: Solidarity in Reconstruction
While political machinations unfolded in the halls of Baghdad, a delegation from Iraq embarked on a journey to the city of Shusha in Azerbaijan. The scars of war were evident as the delegation toured Fuzuli International Airport, observing first-hand the destruction wrought by the Armenian occupation and the ongoing reconstruction efforts of the Azerbaijani government.
They walked through the city streets, where monuments of cultural icons stood vandalized, a mute testament to the devastation of cultural heritage during the occupation. The delegation was then briefed on the city’s history and the extensive restoration works supervised by President Ilham Aliyev and First Vice President Mehriban Aliyeva.
A Shared Story of Resilience
The Iraqi delegation’s visit to Shusha is emblematic of the deep-rooted ties between Iraq and Azerbaijan. It serves as a gesture of solidarity with Azerbaijan’s territorial integrity and a testament to their shared resilience in the face of adversity. This diplomatic overture reflects the mutual support that both nations extend to each other’s causes, whether it be the pursuit of political stability in Iraq or the massive reconstruction efforts in Azerbaijan’s liberated territories.
This tale of two cities, Baghdad and Shusha, underscores the interconnected narrative of global diplomacy. It highlights the strategic alliances that shape national destinies and the shared human experiences that transcend geographical and cultural borders. As Iraq grapples with its political future and Azerbaijan with its reconstruction, their stories intertwine, showcasing the enduring power of international cooperation in shaping a resilient and peaceful regional order.
Conflict in Middle East: World Bank Warns of Potential Oil Price Shocks, 30 OCT
The conflict between Israel and Gaza has escalated, with Israeli ministers declaring that the war will not be short-lived and they are resolved to secure victory. As the world watches this tension unfurl, fresh concerns are being raised about the possible ripple effects on the global economy, particularly the oil market, which is already grappling with the fallout from the Russian invasion of Ukraine.
Global Oil Market on Alert
The World Bank has sounded the alarm bell, warning that the conflict could trigger a sharp increase in oil prices, potentially creating a double shock to the energy market. It noted that the impact of the conflict has so far been limited, with oil prices climbing by about 6%, while other commodity prices such as food and metals remain relatively stable.
However, the bank also outlined three possible scenarios for oil prices depending on the extent of the disruption to oil supplies. A mild disruption, akin to the Libyan civil war in 2011, could push prices up to $103 per barrel. A moderate disruption, like the Iraq war in 2003, could see prices rise by 35% to $121 per barrel. In the event of a severe disruption mirroring the Arab oil embargo in 1973, the prices could surge by 75% to reach $157 per barrel.
Potential Double Energy Shock
Indrawati Gill, the World Bank’s Chief Economist, expressed concern that the recent conflict in the Middle East occurs on the heels of the Russian invasion of Ukraine, which has been described as the largest shock to commodity markets since the 1970s. If the Middle East conflict escalates, the world could be facing a double energy shock — one from Ukraine and another from the Middle East.
The World Bank also highlighted the potential impact of rising oil prices on food prices, which could exacerbate global food insecurity. A surge in oil prices could trigger inflation in food prices, which is already a growing concern in many developing countries. The bank pointed out that over 700 million people, nearly one-tenth of the world’s population, are already suffering from malnutrition, and the escalating conflict could worsen food insecurity both in the region and globally.
Preparing for Potential Shocks
Despite the limited impact of the conflict on commodity prices to date, the World Bank acknowledged that the global economy is better equipped to handle major oil price shocks than in the 1970s. Countries have significantly reduced their dependence on oil, with the amount of oil required to generate one dollar of GDP decreasing by more than half since 1970. They have diversified their oil sources and expanded their energy resources, including renewable energy. Some countries have even established strategic oil reserves, supply coordination arrangements, and developed futures markets to mitigate the impact of oil shortages on prices.
While these improvements suggest that the impact of an escalation in the conflict may be more moderate than in the past, policymakers need to stay vigilant. Certain commodities, particularly gold, often serve as safe-haven investments during periods of conflict and uncertainty, indicating a potential erosion of investor confidence.
In the event of conflict escalation, developing countries will need strategies to manage potential inflation increases. To avoid worsening price volatility and food insecurity, governments should steer clear of trade restrictions such as export bans on food and fertilizers. They should also refrain from imposing price controls and support measures in response to rising food and oil prices.
In conclusion, while the impact of the conflict on commodity prices has been limited so far, policymakers need to be prepared for potential risks and take measures to manage potential inflation increases and food insecurity.
