Friday, March 7, 2025
Iraq Increases Its Gold Reserves By 10 Tons, 7 MARCH
Iraq Increases Its Gold Reserves By 10 Tons
Money and business Economy News – Baghdad The World Gold Council announced on Wednesday that Iraq has increased its reserves of the precious metal by 10 tons.
According to the latest schedule published by the Council in March, which was reviewed by Al-Eqtisad News, “Iraq increased its gold holdings by 10 tons, bringing its holdings to 162.7 tons, after it was 152.7 tons last month, which represents 13.6% of its remaining reserves.”
He added, "Iraq reached the 28th rank on the list out of 100 countries included in the table," indicating that "Iraq came in fourth place in the Arab world after Saudi Arabia, Lebanon and Algeria."
The Council pointed out that "the United States of America tops the list of countries with the largest gold holdings in the world, with 8,133 thousand tons, followed by Germany with 3,351 thousand tons, then Italy with 2,451 thousand tons, while Iceland came in last with 2 tons."
Increasing gold reserves means increasing the amount of gold held by the state or the central bank as a financial reserve, in order to enhance financial security and the ability to confront economic or financial crises.
The World Gold Council is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world. https://economy-news.net/content.php?id=53153
TIDBIT FROM FNU LNU, 7 MARCH
Fnu Lnu
Though the BRICS have been doing a lot of saber-rattling about breaking away from the dollar...
OPEC remains king of oil and that means all oil transactions will be in USD. Here is the latest report from "The Minister of Oil" on Iraq's part in OPEC and their reassurance and adherence to the rules of OPEC.
Article "The Iraqi Ministry of Oil has reaffirmed its full commitment to the OPEC+ production agreement, including additional voluntary cuts and compensation for excess production.. .
The Ministry of Oil emphasized the crucial role of OPEC+ agreements in stabilizing global oil markets and highlighted the importance of collective efforts from all member states to maintain market balance."
Confirming to Shafaq News.. The Iraqi Parliament sets Saturday as the date to resume its sessions, 7 MARCH
Confirming to Shafaq News.. The Iraqi Parliament sets Saturday as the date to resume its sessions
The Iraqi Parliament has set next Saturday, March 8, as the date to resume its sessions, according to what the media department of the parliament reported.
According to the session agenda issued by the media department, and received by Shafaq News Agency, the session will witness voting on the draft law amending the fourth law of industrial investment for the private and mixed sectors, in addition to voting on a decision to recommend the Ministry of Education to reinstate the trial system. The interim parliamentary committee will also discuss its report on preserving state property.
The first reading of the draft law to cancel the ratification of the agreement exempting holders of diplomatic and service passports from entry visas between the governments of Iraq and Cyprus will also be presented during the session, in addition to the first reading of the proposed law to amend the second law of the Mukhtars, and the report and discussion of the proposed fourth amendment to the law of medical and health professionals.
Earlier, a parliamentary source reported that the parliament presidency decided to suspend the sessions and resume them next Saturday.
The source told Shafaq News Agency that the Council Presidency informed the representatives that there would be no session this week, and that the session would be held on Saturday evening after breakfast.
For his part, member of the Parliamentary Legal Committee, Mohammed Anouz, revealed to Shafaq News Agency that Parliament sessions during the month of Ramadan will be in the evening after breakfast, to ensure the continuation of legislative work before the end of the current session.
It is noteworthy that the current session of the Iraqi Council of Representatives began on January 9, 2022, and is scheduled to last for four years, ending on January 8, 2026.
No: Voting on the draft law amending the fourth amendment to the Industrial Investment Law for the private and mixed sectors No. (20) of 1998. (Economy, Industry and Trade Committee, Investment and Development Committee), (9) articles).
Anya: Voting on a decision to recommend to the Ministry of Education to reinstate the trial system.
Third: Report of the interim parliamentary committee to follow up on the preservation of state property.
Fourth: The first reading of the draft law to cancel the law ratifying the agreement exempting holders of diplomatic and service passports from entry visas between the Government of the Republic of Iraq and the Government of the Republic of Cyprus No. 26 of 2023. Foreign Relations Committee, (2) Articles.
Parliament
Fifth: The first reading of the proposed law amending the second law of the Mukhtars Law No. 13 of 2011.
The Committee of Regions and Governorates Not Organized in a Region, the Security and Defense Committee, the Finance Committee, the Legal Committee, (8) articles. Rajuma Ni Nowina
Sixth: Report and discussion of the second reading of the proposed law amending the fourth amendment to the Law on the Progression of Medical and Health Professionals No. (1) of 2000. (Health and Environment Committee), (13) articles.
The session begins at one o'clock in the afternoon link
NADER FROM MID EAST CC HIGHLIGHTS NOTES : THE RESULTS OF THE IMPOSE OF ALL THE TARIFF THAT TRUMP WANT TO IMPOSE, 7 MARCH
NADER FROM MID EAST CC HIGHLIGHTS NOTES : THE RESULTS OF THE IMPOSE OF ALL THE TARIFF THAT TRUMP WANT TO IMPOSE
Highlights
Summary
In a bold move against the United States, Canada and Mexico have united to create a Pan-American trade corridor aimed at undermining U.S. economic dominance.
This shift comes in response to a significant 25% tariff imposed by the U.S., which has left its northern neighbors feeling undervalued and neglected. The consequences of this alliance are immediate and severe: Canada initiates the disruption by cutting off electricity to the northeastern U.S., plunging states like Michigan, New York, and Minnesota into darkness.
This action also affects Wisconsin’s entire energy supply, showcasing the vulnerability of U.S. infrastructure.
In retaliation, Mexico strikes at the heart of the U.S. automobile industry, freezing production in Detroit due to a lack of parts, which leads to skyrocketing car prices. The oil supply is heavily impacted as well, with the U.S. losing a staggering 1.2 million barrels of oil per day.
This leads to a dramatic increase in gas prices, which rise by a dollar overnight. Grocery bills also see a sharp increase, with fresh produce becoming scarce. The cumulative effect of these actions results in devastating economic repercussions, with total damage to the U.S. economy estimated at over $400 billion.
The narrative raises the question of whether America can endure such a crisis or if it is heading towards inevitable failure.
- 🌍 Canada and Mexico Unite: Canada and Mexico team up to create a trade corridor that excludes the U.S., marking a significant shift in North American trade dynamics.
- ⚡ Energy Crisis: Canada cuts off electricity to the northeastern U.S., leading to widespread blackouts in key states like Michigan and New York.
- 🚗 Auto Industry Freeze: Mexico’s strategic move disrupts the Detroit auto industry, resulting in a parts shortage that skyrockets car prices.
- 🛢️ Oil Supply Shock: The U.S. faces the loss of 1.2 million barrels of oil per day, causing gas prices to surge dramatically.
- 📈 Soaring Costs: The economic fallout includes a 70-cent increase in gas prices overnight and a doubling of grocery bills, particularly for fresh produce.
- 💰 Economic Damage : The total estimated damage to the U.S. economy exceeds $400 billion, highlighting the severe impact of these trade and supply chain disruptions.
- ❓ Survival of the U.S. Economy: The video concludes with a provocative question about the U.S.'s ability to survive this unprecedented economic challenge.
Key Insights
🌐 Shift in Trade Relationships: The collaboration between Canada and Mexico signals a significant shift in the geopolitical landscape of North America. This new trade corridor could redefine how goods and services are exchanged in the region, potentially diminishing U.S. influence and economic power. By circumventing the U.S., these nations are asserting their economic independence and signaling a departure from the historical norm of U.S. dominance in trade agreements.
⚡ Vulnerability of U.S. Infrastructure: The immediate blackout in several key states illustrates the fragility of U.S. infrastructure, particularly in energy distribution. This incident raises alarms about the country’s preparedness for coordinated economic attacks. It highlights the need for a reassessment of energy policies and infrastructure resilience to mitigate disruptions that could stem from international tensions.
🚗 Dependence on Global Supply Chains: The freeze in the auto industry due to parts shortages underscores the U.S.'s dependence on global supply chains. This situation illustrates the risks associated with a just-in-time manufacturing approach, where delays in any part of the supply chain can lead to significant production halts. Companies must consider diversifying their supply sources and building more resilient supply chains to withstand geopolitical pressures.
🛢️ Impact of Oil Prices: The loss of 1.2 million barrels of oil per day has a profound effect not just on gas prices but also on consumer behavior and overall economic health. Rising fuel costs can lead to inflationary pressures throughout the economy, affecting everything from transportation to food prices. This situation exemplifies how interconnected and vulnerable modern economies are to fluctuations in energy supply.
🥦 Inflation and Food Security: The doubling of grocery bills, especially for fresh produce, reflects a broader issue of food security. As costs rise, lower-income families may struggle to afford basic necessities, leading to increased food insecurity across the U.S. This trend may also spark discussions about the need for more sustainable agricultural practices and local food systems to mitigate dependence on international supply chains.
💸 Economic Consequences and Policy Implications: The estimated $400 billion damage to the U.S. economy raises critical questions about economic policy and trade relations. Policymakers will need to evaluate the long-term impacts of tariffs and trade barriers on economic stability. This situation serves as a cautionary tale about the risks of protectionism and the potential consequences of alienating key trading partners.
❓ Future of U.S. Economic Resilience: The video’s concluding question about America’s ability to withstand such economic shocks is a critical one. It prompts discussions about the resilience of the U.S. economy in the face of external pressures and the need for strategic planning. Moving forward, the U.S. must strengthen its economic ties with allies, invest in domestic infrastructure, and foster innovation to remain competitive on the global stage.
Overall, the video presents a compelling narrative about the potential fallout from trade wars and the interconnected nature of global economies, emphasizing the need for strategic foresight and collaboration in an increasingly volatile geopolitical landscape.
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