Deputy Chairman of Karbala Council: Karbala oil wells are within the next licensing round


The Deputy Chairman of the Holy Karbala Provincial Council, Mahfouz Al-Tamimi, said that the Ministry of Oil has included Karbala oil wells in the upcoming licensing round.

He added to the correspondent of the National Iraqi News Agency / NINA / that the oil patches in the governorate have been identified, which are the five patches of Al-Ukhaydir, Marjan, west of Al-Kifl, north of Al-Ukhaydir, east of Al-Razaza, and the Shamos program, which will be explored.

He explained: To complete the projects, a meeting was held with the Prime Minister in order to include Karbala wells within the licensing round, and thus the result was the completion of the licensing round.

Source: National Iraqi News Agency

Due to Eid al-Adha holiday…the dollar exchange rates are stabilized


The dollar exchange rates stabilized on Sunday, after the main stock exchanges in Baghdad and Erbil stopped trading due to Eid al-Adha holiday.

The dollar prices in the stock exchange in the local markets in Baghdad, some of which opened their doors today, witnessed stability, as the selling price reached 148,000 Iraqi dinars, while the purchasing prices reached 146,000 dinars for every 100 US dollars.

The main stock markets in Baghdad and the Kurdistan region will remain closed until the end of the Eid holiday.

Source: National Iraqi News Agency

China Reducing Energy Consumption Intensity Exponentially


The People’s Republic of China’s National Development and Reform Commission (NDRC) announced that China has become at the forefront of countries with the fastest energy intensity reduction.

In its statement cited by Xinhua News Agency, the NDRC added that China’s ability to safeguard its energy supply has increased significantly, and its international energy cooperation has been strengthened on all fronts, thanks to its new energy security strategy.

The statement continued by saying that China has achieved remarkable results in reforming its energy consumption patterns in recent years, with total energy consumption effectively controlled and energy consumption structure significantly improved.

According to the NDRC, China’s energy intensity, the amount of energy consumed per unit of GDP, decreased 26.4 percent from 2013 to 2023.

Source: Qatar News Agency

Industrial Production Index Down by 3.1 Percent in April


Doha: The National Planning Council has issued a press release in industrial production index for April 2024, calculated using 2018 as a base year, showing a decrease by 3.1 percent compared to the previous month (March 2024).

This indicator reflects the growth of details of the growth of the various industrial economic sectors that make up it, with a different relative weight they have, such “Mining and quarrying” 82.46 percent, “Manufacturing” 15.85 percent, “Electricity, gas, steam, and air conditioning supply” 1.16 percent, and “Water supply” 0.53 percent.

It is also a short-term quantitative index that measures the changes in the volume of productions of a selected basket of industrial products over a given period with respect to that in a chosen period called the base period, it studies and analysis the economic level of the state, and the growth of various industrial sectors in economy index details.

The Industrial Production index (IPI), April 2024 reached 100.1 point, decreased by 3.1 percent comp
ared to the previous month (April 2024), and decreased by 5.9 percent, when compared to the corresponding month in 2023.

The index of the “Mining” sector showed a decrease by 3.3 percent compared to the previous month (March 2024), due to the decrease in the quantities of “crude oil petroleum and natural gas” with the same percentage, and “Other mining and quarrying” decreased by 5.7 percent.

When compared to the corresponding month of the previous year (April 2023), the IPI of Mining decreased by 6.1 percent, due to the decrease in the quantities of “crude oil petroleum and natural gas” with the same percentage, and “Other mining and quarrying” decreased by 5.5 percent. Graphs (2) shows the trends of monthly IPI in the mining sector during April 2023 until April 2024.

The index of “Manufacturing” sector showed a decrease by 2.5 percent compared to the previous month (March 2024), The groups showed a decrease include: “Manufacture of Cement and other non-metallic mineral products” by 7.4 percent, followed
by “Manufacture of basic metals” by 6.4 percent, “Printing and reproduction of recorded media” by 5.6 percent, “Manufacture of food products” by 3.0 percent, and “Manufacture of chemicals and chemical products “by 1.8 percent. however, an increase was recorded in “Manufacture of beverages” by 4.2 percent, “Manufacture of refined petroleum products” by 1.2 percent, and “Manufacture of rubber and plastics products” by 0.3 percent.

On the other hand, in terms of annual change, comparing to April 2023, a decrease of 5.0 percent was recorded, due to the decrease in “Manufacture of basic metals” by 22.5 percent, followed by ”Printing and reproduction of recorded media.” By 9.1 percent, “Manufacture of Cement and other non-metallic mineral products” by 4.2 percent, “Manufacture of refined petroleum products” by 2.0 percent, “Manufacture of chemicals and chemical products” by 1.6 percent, “Manufacture of food products” by 1.3 percent, and “Manufacture of rubber and plastics products” by 0.3 percent, However, an
increase was recorded in “Manufacture of beverages” by 1.2 percent.

The index of the “Electricity, gas, supply” sector showed a decrease of 2.8 percent was noticed in the production of “Electricity” between April 2024 and the previous month (March 2024). Compared with the corresponding month (April 2023), a decrease of 11.2 percent was recorded.

Meanwhile the “Water Supply” index showed a decrease of 2.3 percent was noticed in the production of ”Water’ between April 2024 and the previous month (March 2024). Compared with the corresponding month (April 2023), a decrease of 1.1 percent was recorded.

Source: Qatar News Agency

China urges Australia to shelve differences, focus on economic opportunities

KUALA LUMPUR, Chinese Premier Li Qiang on Saturday called on Australia to set aside differences and focus on economic opportunities instead after Beijing had lifted trade sanctions on main Australian exports.

Li made the remark as he arrived in Australia for an official visit.

“History has proven that respecting each other, seeking common ground while shelving differences, and carrying out mutually beneficial cooperation are valuable experience in the development of China-Australia relations, and need to be upheld and carried forward,” he said.

Li added that a more mature, stable and fruitful China-Australia comprehensive strategic partnership would be a shared asset for both peoples, noting that China is willing to work with Australia to that end.

The Chinese government has recently scarped sanctions on Australian wine, timber, barley and beef imports, which were imposed in 2020 following a diplomatic row.

This is the second leg of Li’s three-nation tour following his official visit to New Zealand.

So
urce: Kuwait News Agency

Consumer Price Index Increases by 0.44 Percent in May


Doha: The National Planning Council has released the Consumer Price Index (CPI) for the month of May 2024. The CPI of May 2024 reached 107.59 points showing an increase of 0.44 percent when compared to CPI of April 2024. Compared to CPI of May 2023, Y-o-Y basis, an increase of 0.93 percent has been recorded in the general index (CPI) of this month.

When comparing the main components of CPI for the month of May 2024, with the previous month April 2024 (Monthly change), it is found that, there were five groups increased, four groups decreased, and three groups remained unchanged.

The groups showed increased as a follow: “Recreation and Culture” by 3.19 percent, “Food and Beverages” by 1.48 percent, “Miscellaneous Goods and Services” by 0.28 percent, “Furniture and Household Equipment” by 0.16 percent, and “Transport” by 0.12 percent. A decrease has been recorded in “Communication” by 1.03 percent, “Housing, Water, Electricity and other Fuel” by 0.91 percent, “Clothing and Footwear” by 0.20 percent, slightly d
ecrease almost stable in “Education” by 0.4 percent. “Tobacco”, “Health”, and “Restaurants and Hotels” remained flat at the last month’s price level.

A comparison of the CPI, May 2024 with the CPI, May 2023 (Annual Change), an increase has been recorded in the general index (CPI) by 0.93 percent. This Y-o-Y price increase is primary due to the prices rising in five groups namely: “Recreation and Culture” by 11.97 percent, “Food and Beverages” by 4.62 percent, “Education” by 3.37 percent, “Miscellaneous Goods and Services” by 2.49 percent, and “Transport” by 0.82 percent. A decrease has been shown in price levels in “Communication” by 12.73 percent, “Housing, Water, Electricity and other Fuel” by 3.39 percent, “Restaurants and Hotels” by 1.86 percent, “Health” by 1.77 percent, “Furniture and Household Equipment” by 1.75 percent, “and “Clothing and Footwear” by 0.25 percent. No changes recorded on “Tobacco”.

The CPI of May 2024 excluding “Housing, Water, Electricity and other Fuel” group stands at 111.02 poin
ts, recorded an increase of 0.76 percent when compared to the index of April 2024. Compared with its counterpart in 2023, the CPI of May index increased by 1.98 percent.

Source: Qatar News Agency

Algeria Announces Strategic Agreement with Italy for Cereal Production in Algeria


Algiers, The Algerian Presidency announced today the signing of a ‘strategic’ Algerian-Italian partnership agreement to build a mega-project in the province of Timimoun for the production of cereals and vegetables in the agri-food industry.

In a statement, the Algerian Presidency said that the project will run from 2024 to 2028, and involve the production of cereals and pulses in the agri-food industry.

“It also aims to strengthen the excellent historic bilateral relations between Algeria and Italy at all levels, and to speed up the national economic process to achieve self-sufficiency,” added the statement.

Source: Qatar News Agency

US Stock Market Closes Mixed


New York, The main stock indices on Wall Street closed with mixed results at the end of the trading session.

The Dow Jones Industrial Average finished the session down by 57.94 points, or 0.1 percent, to settle at 38,589.10 points.

The broader SandP 500 index lost 2.14 points, or less than 0.1 percent, ending at 5,431.60 points.

In contrast, the Nasdaq Composite Index, which includes technology stocks, gained 21.32 points, or 0.1 percent, closing at 17,688.88 points.

Source: Qatar News Agency

QCB Keeps Interest Rates Unchanged


Doha: Qatar Central Bank (QCB) has maintained the current interest rates for deposit (QCBDR), lending (QCBLR) and repo (QCBRR), according to a QCB statement on X on Wednesday.

The statement said that the interest rates would remain as follows: QCBDR (5.75 percent), QCBLR (6.25 percent) and QCBRR (6.00 percent), based on an assessment of the State of Qatar’s current monetary policies.

The QCB will continue to assess economic conditions, considering all aspects that may affect financial stability, and it will review its monetary policy when necessary to address any changes in economic requirements, the statement read.

Source: Qatar News Agency

Boursa Kuwait is committed to luring investors from everywhere — official


Boursa Kuwait is committed to providing investment opportunities in the Kuwait finance market and in the listed companies for investors from all corners of the globe, the head of the bourse markets division Noura Abdulkarim has affirmed.

Abdulkarim, in a statement marking “the institutional day” workshop held in London on Wednesday, has affirmed the approach to communicate with the international investment community, “which is a basic matter to achieve sustainable development in the market.” She has also affirmed that the search will continue for attaining the market liquidity and transparency and lure more foreign investments.

For his part, Naim Azadeddine, the bourse company director, said that the workshop was an opportunity to shed light on the bourse company’s financial and operating performance, promote its reports about governance, social and environmental responsibilities at the international level, thus mirroring the story of success for privatizing the stock market, Samer Al-Abed, the Chief Execut
ive Officer at HSBC, said the Kuwaiti bourse plays a pivotal role in promoting the Kuwaiti financial market and diversifying the national economy, in addition to its contributions to achieving the new Kuwait 2035 vision.

Source: Kuwait News Agency

QSE Index Rises 32.43 Points at Start of Trading


Doha: The general index of Qatar Stock Exchange (QSE) rose 32.43 points, or 0.34%, at the beginning of trading on Wednesday, reaching 9,664 points, compared to yesterday’s closing.

The QSE general index was supported by a rise in five sectors: Telecoms by 0.73%; Consumer Goods and Services sectors by 0.60%; Banks and Financial Services by 0.53%; Industrials by 0.23%; and Insurance by 0.16%. On the other hand, the index saw a decline in Real Estate by 0.08%; and Transportations by 0.37%.

At 10:00 am, QSE registered trading of 34.029 million shares in 2,709 transactions valued QR 74.693 million.

Source: Qatar News Agency

Kuwait ranks first globally in fifth generation technology


Minister of Commerce and Industry and State Minister for Communications Affairs Omar Al-Omar said that Kuwait achieved first place globally and regionally in terms of leadership in fifth generation technology, according to GSMA Intelligence.

In a press statement Wednesday, Al-Omar said that Kuwait achieved a result of 68 points, representing the score for the fifth generation for the year 2023, as this index measures the country’s performance in spreading and using fifth generation technology in several categories.

He explained that the index measures include infrastructure, service provision and user experience, and that according to the index, Kuwait is the lead globally and regionally, indicating a strong implementation and integration of fifth generation technology within the country.

The total score for the fifth generation reflects the technical capabilities of the fifth generation network and the effectiveness of exploiting these capabilities to enhance connectivity, drive innovation, and improve se
rvices for users.

The minister said that achieving the highest score in the world indicates that Kuwait has greatly succeeded in setting a standard for fifth generation excellence in the country, showing its superiority in this crucial aspect of digital transformation.

Kuwait’s score on the index level takes into account factors such as network coverage, speed, reliability, and the range of services that enable the fifth generation, making it a major indicator of technological progress and a driver of economic growth.

Al-Omar noted that Kuwait achieved first place in the world in the ICT Development Index (IDI) for the year 2023 issued by the International Telecommunication Union, as Kuwait topped the index, surpassing 169 counties.

He explained that this index consists of 10 indicators divided according to two basic pillars: global communication and purposeful communication, and they are assessed by the International Telecommunication Union on a scale ranging from zero to 100 points, where 100 indicates
that the Internet connection performance has reached its highest levels.

According to the index, Kuwait achieved first place with a total score of 98.2 points, while Singapore came in second place globally with a total of 97.4 points and Qatar in third place with 97.3 points, stated Al-Omar.

Source: Kuwait News Agency