S&P Global Ratings announced it is joining Singapore’s Project Guardian which explores tokenization, mainly on public blockchain. The initiative includes 18 financial institutions and regulators, including the Monetary Authority of Singapore (MAS), the UK’s FCA, Switzerland’s FINMA and Japan’s FSA. The stated goal of MAS is to free up liquidity, create investment opportunities and improve the efficiency of financial markets.
The three Guardian themes are FX, fixed income and asset management. S&P Global will participate in the fixed income workstream. It aims to develop “analytic frameworks, assessments and benchmarks” for digital assets. It was one of the first to take on a DeFi client in 2022, providing a rating for Compound Prime, an affiliate of Compound Labs. Late last year it published stablecoin ratings.
“Recent innovations in digital bonds and tokenized treasuries have highlighted the potential of digitalization to transform capital markets. We aim to bring our risk perspective and insights to this forum to support robust risk mitigation as this technology is applied in financial markets,” said Andrew O’Neill, Digital Assets Analytical Lead, S&P Global Ratings.
At least eight of the participants are running trials linked to fixed income, including Citi, DBS, JP Morgan, SBI, SGX, Standard Chartered, T Rowe Price and UBS.
Iraq's PM forms committee to tackle land acquisition for development road project
Shafaq News/ Iraqi Prime Minister Mohammed Shia' al-Sudani on Sunday established a committee to address land acquisition challenges for the "Development Road" project, a press release by his bureau said on Sunday.
The committee, according to the press release, will focus on preparing land registry maps, verifying ownership and legal status of properties along the route, and facilitating their acquisition by the Ministry of Transport.
The committee will comprise representatives from relevant government agencies including the General Railways Corporation, Real Estate Directorate, General Survey Authority, Agricultural Lands Directorate, General Municipalities Directorate, and Roads and Bridges Directorate, the press release added.
Prime Minister al-Sudani also ordered the committee to address requirements outlined during a ministerial meeting of the quadripartite committee formed under a memorandum of understanding between Iraq, Turkey, Qatar, and the United Arab Emirates.
Originally conceived in the 1980s, and then known as the "Dry Canal" corridor, the $17 billion Development Road project envisions the construction of approximately 1,200km of two-way rail tracks and a new motorway, stretching from al-Faw in Basrah to the Turkish border in the north. This route traverses Basrah, al-Diwaniyah, Najaf, Karbala, Baghdad, and Mosul, establishing a land corridor that connects Baghdad and Ankara.
Since taking office in October 2022, al-Sudani has been a vigorous champion of the Development Road, regarding it as a pivotal driver for Iraq’s economic progress, for bolstering the nation’s global market linkages, and for generating new sources of revenue and job creation. During the May 2023 Arab League summit in Jeddah and during visits by al-Sudani to the UAE and Turkiye, Iraqi officials lobbied for the project. That month, Baghdad hosted a conference to introduce the Development Road to transport ministers and officials from regional countries and seek their backing. Al-Sudani highlighted the project’s significance as a "pillar for a sustainable, non-oil economy, and a link that serves Iraq’s neighbors and the region."
💢Ana, Liberty Lounger Extraordinaire, fluent in Portuguese and Spanish, has listened to and translated the highlights of the conference call which Mr Salvage shared with the family, which took place in Brazil on 6.24.24.
I thought it was interesting and that you'd enjoy reading this for connecting data points.
Please do not, however, consider this triple vetted by Ginger. This should be viewed as a helpful add to the conversation and we're watching, together, how things will play out.
😁 Thank you Ana & Mr Salvage for your combined efforts to educate the GLL 💜
💢Ana M: Hi Gin Gin, here's the Summary of the meetings that Mr. Salvage had - and some audios that were broadcast on the morning of June 24th, Monday.
Everything is very advanced, thanks to a lot of work that was done last week, which was huge. Everything is moving very quickly to release the blocks on all procedures for the start of 4B notifications, remembering that American institutions have already made notifications for the first group, which is group 4A and a small group of 4B, not reaching 10%.
Everything is happening at the same time in this giant operation, part of the Operation Storm, we observe that a huge turmoil is already happening on the planet, one of these events and many that we talked about are also yet to happen, which is this big internet blackout.
The Alliance is working very well. The White Hats are in control, the agony of the forces that oppresses the world is being completely revealed, everything is becoming clear. With each passing day more truths are coming to light so you can understand how hard and well they have been working.
The launch of the RV was slowed down due to many hacker attacks, as always, it is a process that requires absurd logistics and this launch of the global currency reset is a military operation, we cannot forget that. It's not simply being called and dealing with paperwork is not that simple, these logistics are military and that means no one knows what is happening and what will happen because all of this is very secret. Many people are desperate thinking it won't happen but it will, trust the plan, so we have to reassure ourselves. We are observing gigantic chaos but this reset will happen.
The United States is under pressure to deliver the tier 4B launch, according to the information we have and this information is exclusively military.
RV is being negotiated on forex. The release of funds also comes directly from the United States Treasury's Department of Defense Operations. This means that the funds will go into global operation and this is a huge job.
We have also been told that bondholders will be given access to their funds, as many have already been notified in the United States. Nothing has been released yet but everything is ready. The logistics are military and this has to come from the United States, as they were the precursor of this entire movement for liberation and redemption.
Processes are being strangled in every way, with cyber attacks. We need them to issue these notifications of the second part of levels 4B soon, we are in a chronogram at the moment. The OK for release has already been given on a global scale. It's a very smart plan, it's something that will surprise us.
Wells Fargo and HSBC are leading these operations of all these processes in the world, so there are local institutions in other countries that are already connected and are already ready for global notifications and with access to all Treasury departments in different countries around the world. All these banks have signed confidentiality agreements (NDA) so it is normal for everything to be silent.
This week, we hope to have a lot of news because since last week, work has been very busy with good prospects, so this week we believe that the information will improve even more. Stay strong because we are reaching the finish line. Nesara/ Gesara is taking place in the United States, and it is a very important step for humanity.
Wells Fargo and HSBC are already financing the first layer that exists between 4 and 4B. 4B is the completion of 4A and 4A is already defined, so notifications from 4B begin an information process for Pay Masters, so level 4B is already receiving account movement. All Zim funds will be placed into QFS accounts. Digital backed gold is also implemented in these systems. 1% of the funds will be released when they start paying.
Let's wait, this week we will certainly have a lot of information about GCRV. One thing is certain, the work has been very hard and we have no doubt about what is happening. There was an interruption at the beginning of the month but the RV movement is progressing substantially and constantly, there is the turmoil of attacks but it is happening, the movements are being authorized with certainty. It needs adjustments related to the communication of systems that have already been made and it is all very intense but it is happening. In the global project, in the notifications, we cannot forget the German titles that are in the queue, followed by the Zim and the English titles. TR confirmed that they have been notified that they will be paid as soon as possible and this week promises a lot. They started the negotiations with Forex so this week we will have a lot of information for you.
Iraq's oil exports to US soar: exceed 10 million barrels
Shafaq News/ The US Energy Information Administration (EIA) announced on Monday that Iraq exported more than ten million barrels of crude oil and its derivatives to the United States in April 2024.
The Administration's data showed that Iraq's exports of oil and its derivatives last April amounted to 10.512 million barrels, an increase of 3.437 million barrels from what they recorded last March (7.075 million barrels).
The Administration stated that OPEC's crude oil exports and its derivatives to the United States last April amounted to 40,695 thousand barrels, with Saudi Arabia topping the list with 11,275 thousand barrels during the same period.
Iraqi oil exports to the United States have increased markedly over recent years, with export numbers in some months reaching record levels, partly due to Iraq's ability to increase its oil production and the rise in global demand for oil.
Oil trade relations between Iraq and the United States play an important role in strengthening economic ties between the two countries and contribute to enhancing the stability of the global oil market and providing energy to the US and global economies.
Notably, Iraq is the second-largest producer in OPEC after Saudi Arabia.
We are at the end of June, and Sunday, June 30, is mid year, an opportune time. Almost daily there is a cascade of news in articles from Iraq and Eddie. IMO, June may end with great news, and, if not with what we seek, but maybe news that brings us yet closer to what we seek.
There have been times which looked good that have come and gone. More needed to get done, and we have waited. Now ATMs are out and official WTO full member status as of July 18. IMO, the window seems to be getting smaller and startup of those idle ATMs dispensing and working maybe closer! IMO.
TBJohnston » June 30th, 2024
I agree, Buckeyetree, IMO we are CLOSER than EVER to this blessing finally happening, and tomorrow from Today’s perspective looks very promising indeed!
Frank26 » June 30th, 2024
“KTFA FAMILY… SUDANI GUARANTEED THE CONTRACTS FOR INVESTMENTS WITH A NEW EXCHANGE RATE, THEN HE TOLD THOSE AGAINST THE MONETARY REFORM………. DON’T YOU DARE TOUCH MY INVESTORS BECAUSE I GUARANTEED THEIR MONEY, INVESTMENTS & CONTRACTS!!!”……….F26
What is the importance of Iraq joining international agreements?
6/26/2024 Baghdad
The Chairman of the National Investment Commission, Haider Makiya, stressed today, Wednesday, the importance of Iraq joining international agreements to enhance the investment sector, noting that Iraq has provided real guarantees to attract foreign investments.
Makiya said, in his speech, during the launch of the National Investment Commission conference in cooperation with the United Nations Development Programme, that “Iraq’s accession to the International Settlement Agreement resulting from international mediation and disputes that was signed in 2024, will contribute to achieving the goals of sustainable development and encouraging the increasing use of international mediation as a means.” Effective for settling cross-border disputes, for the purpose of maintaining trade and investment relations between the parties involved in the investment process.”
He added, “This agreement has a pivotal dimension, foremost among which is finding an alternative method to litigation procedures before international arbitration bodies in disputes arising from investment, especially since Iraq joined in 2015 the International Center for the Settlement of Investment Disputes between States and Citizens of Other Countries, and this “It will give foreign investors the right to resort to the Washington Center.”
He continued, “Also, the Republic of Iraq’s accession to the New York Convention on the Recognition of Foreign Judgments of 1958 means completing all the necessary legislative environment to provide real
guarantees and protection for foreign investors, and this will reflect positively on attracting foreign capital to Iraq, which aims at the construction and reconstruction process, and will raise Iraq’s classification.” .
He explained, “This agreement enhances the Iraqi investment reality, because it includes many international and qualitative strategic investment opportunities that impose contracts with specialized foreign companies for investment purposes. This requires Iraq to provide legal protection to those companies by resolving disputes in the event that they arise from investment contracts that It is imposed by state institutions on these companies, which prefer to resort to international arbitration to guarantee their rights, as stipulated in Article 27 of Investment Law No. 13.”
He pointed out, “Iraq’s accession to the International Mediation Agreement (Singapore Agreement) is necessary to attract foreign investments and achieve intended development, especially in light of Iraq’s transformation and dependence on a free market economy. This agreement will also create a legal framework that allows reliance on agreements.” The settlement resulting from mediation is easily implemented by all countries.”
Makiya stressed that “the legal department at the National Investment Authority and the investment authorities in the governorates will work to include international investment contracts by relying on mediation mechanisms in investment-related disputes before resorting to international arbitration, which will send a message of reassurance to foreign investors and foreign companies in order to proceed with resolving disputes.” related to these contracts, is easier than entering into international commercial arbitration procedures.”
He pointed out, “The Republic of Iraq’s accession to the International Commercial Arbitration Agreement and the Singapore Mediation Agreement, in addition to concluding many agreements to encourage and protect mutual investments between Iraq and many international countries, made Iraq occupy fourth place in the classification of foreign direct investment.”
And the best emerging markets to invest in 2024.”
He stressed that “the noticeable improvement in the investment climate in Iraq comes as a result of government efforts made to strengthen the economic and investment sector, in attracting foreign investments,” calling on foreign companies, foreign investors and businessmen to “visit Iraq to learn about the investment opportunities included in the investment map, and to attend the forum.”
“Iraq Investment Bank, which will be held next November, will launch more than 100 investment opportunities with integrated approvals, and review the benefits and guarantees that the investment law will provide to investors.” LINK