Category: Market

The Prime Minister, Muhammad Shiaa Al-Sudani, received the Minister of Trade of the Kurdistan Regional Government, Kamal Muslim.

The meeting witnessed a discussion of the challenges and obstacles facing food security files, and the provision of ration card items throughout Iraq to those who deserve it.

Al-Sudani stressed: “Caring for citizens and their living and service needs are goals at the forefront of the government program’s priorities, to meet the aspirations of the Iraqi people in all governorates of Iraq.”

The Prime Minister also referred to the necessity of developing economic sectors that produce job opportunities, mobilizing efforts to avoid water scarcity, and reduce its effects on farmers, in addition to the importance of continuous coordination with the concerned authorities in the Kurdistan Regional Government to support government plans, in a way that contributes to improving the general economic reality in Iraq.

Source: National Iraqi News Agency

The US dollar fell on Tuesday against a basket of major currencies but did not drift far from a two-month peak.

The dollar index, which measures the US currency against six major peers, slipped 0.02% to 104.28, easing away from the two-month high of 104.42.

Meanwhile, the euro was up 0.01% at $1.0706, while sterling was last trading at $1.2356, up 0.04% on the day.

The yen strengthened 0.11% to 140.31 per dollar, having touched a six-month low of 140.91 per dollar on Monday.

The Australian dollar rose 0.31% to $0.652, while the kiwi rose 0.15% to $0.604.

Source: Qatar News Agency

Exchange Rates for foreign currencies as issued on Monday by Qatar National Bank (QNB) are as following: Currency Buying Selling —————————————————- A.E.Dirham 0.97800 0.99700 Australian Dollar 2.30580 2.42030 Bahraini Dinar 9.44500 9.80600 Canadian Dollar 2.64910 2.77190 Swiss Franc 4.01570 4.19870 Chinese Yuan 0.47110 0.51200 Danish Kroner 0.49110 0.57050 Egyptian Pound 0.10320 0.12510 Euro 3.81890 4.02380 Sterling Pound 4.44750 4.68710 HongKong Dollar 0.44230 0.49410 Indian Rupee 0.04290 0.04550 Jordanian Dinar 5.08700 5.20400 Japanese Yen 0.02430 0.02570 Korean Won N/A 0.00320 Kuwaiti Dinar 11.67700 12.03800 (MORE)

Source: Qatar News Agency

The Prime Minister, Muhammad Shiaa Al-Sudani, met today, Sunday, with the Head of the Supreme Judicial Council, Faeq Zaidan.

During the meeting, according to a statement by Al-Sudani’s office, they discussed ways to enhance integration between the constitutional authorities, and work to strengthen the rule of law and the independence of the judiciary, according to what was stated in the government program, in terms of priorities and requirements supporting security, stability and civil peace.

The meeting also witnessed a discussion of judicial and governmental procedures in the field of combating financial and administrative corruption, the process of recovering looted public funds, and following up the implementation of arrest warrants against those accused of committing these crimes.

Source: National Iraqi News Agency

The issue of raising the US debt ceiling has drawn wide attention, along with US public opinion in recent days as observers and economists are anticipating the results of the latest developments in this file to figure out whether the US would be able to avoid a financial setback or face overwhelming challenges in the upcoming months as the US approaches a momentous period to overcome vexing financial challenges.

Speaking to QNA, the Head of the economics department at Guilford College, North Carolina, Michael Deitch, said although there was a debate between the White House and the Congress concerning the US debt file, however, the pace of standoff and tensions this year went beyond all expectations. He pointed out that congressional Republicans are seeking to link their consensus on raising the debt ceiling with reductions in government expenditure. In addition, republicans are calling for reducing public expenditure by roughly USD 130 billion, specifying a ceiling for public expenditure equivalent to 2022 levels, Deitch outlined.

He added that they have set three conditions, including amending the ratification mechanism of energy projects, tightening requirements for benefit recipients, and restoring unspent funds that were previously allocated for containment of COVID-19 fallout, however, the Democratic Party rebuffed the proposals and demanded approval to raise the general debt ceiling without preconditions, he said.

Regarding future concerns at homeland, the US economist Gerald Dillard told QNA that the persistent stalemate could mount the risk of the US defaulting debt on time, outlining that such an issue raises concerns and questions about the potential impacts on the global economic stability and the strength of US dollar as a global currency.

For his part, Executive Vice President and Director of Studies at Peterson Institute for International Economics, Marcus Noland, told QNA that debt default in the US implies lower US treasury rates, rising interest rates, dollar devaluation, and the upsurge in fluctuations. He added that debt default is likely to be associated with a reduction in the US stock market with increased pressure on US banking and real estate sectors.

Meanwhile, Professor of Law at Indiana University Bloomington Dean Lueck said in his statements to QNA that the possibility of debt default in the US will remain low, pointing out that such a progressed stage of standoff and debate over US debt ceiling and brinksmanship triggered resentments and concerns in domestic and international financial markets.

If the debt ceiling issue is not approached well in the upcoming days, high trust in the US government bonds will be affected through time and the US economy and dollar will be exposed to fluctuation, he added.

US President Joe Biden and the Republican Kevin McCarthy have reached an agreement, in principle, on raising the US debt ceiling. The agreement represents a breakthrough following prolonged negotiations between the two sides before the set deadline to reach an agreement on Jun. 5, 2023, as specified by the US Department of the Treasury.

Speaker of the US House of Representatives, Kevin McCarthy, said an initial agreement was reached on raising the US debt ceiling, pointing out that the agreement includes landmark reductions in expenditure, while multiple sources familiar with the negotiations confirmed that the White House and Republicans reached an agreement, in principle, on a deal to raise the debt ceiling and maximum threshold of expenditure.

Source: Qatar News Agency

The Saudi Minister of Transport, Saleh Al-Jasser, announced that “the end of this year will witness a doubling of flights with Iraq.”

He said in a press conference that the Kingdom is keen to strengthen joint relations with Iraq.

He explained that “trade between the two countries reached more than one billion dollars during the past year.”

He added, “Two days ago, we witnessed the meetings of the Saudi-Iraqi Coordination Council, which were attended by many Iraqi ministers, and the results were positive, and the Custodian of the Two Holy Mosques and the Crown Prince are keen on everything that strengthens joint relations and bonds of cooperation with Iraq,” noting that “the new port of Arar is witnessing an increase in traffic goods and facilitating the transportation of Umrah performers and pilgrims.”

Source: National Iraqi News Agency

Prime Minister Muhammad Al-Sudani affirmed that the Development Road is an economic artery, and a promising opportunity for a meeting of interests, history and cultures.

In a speech opening the (Development Road ) conference, Al-Sudani said, “The (Development Road) with its work platforms, added value to national and local outputs, and economic levers, is an ambitious and deliberate plan to change reality towards a solid economic structure.”

He added: Talk about economic diversification, and confronting the effects of climate change, has accumulated, and today we and you stand on the cusp of the key to confrontation, and all efforts that address these influences will pass through the Development Road, stressing that this project is a pillar of a sustainable non-oil economy, and a link that serves the Iraq’s neighbors and the region.

He pointed out, “The great port of Faw has come a long way towards completion, and it will be a gateway to this important economic movement.” He added, “Urban cities will integrate with the port, next to which we will establish a smart industrial city that is the latest in the region and the world, and will simulate the current and expected technological development for the fifty ” coming”. years

Al-Sudani continued: Multiple industries will be settled in those cities by investing local or imported primary resources, in order to meet the local and regional need for their products, and with this promising project, Iraq will embark on an economic partnership with you, which will make our countries an exporter of modern industries and goods.

Al-Sudani said: We will rely in all of this on multi-modal corridors, more than 1,200 km of railways, their joint interoperability, and highways and railways will facilitate the process of transporting goods, indicating that the jobs that these projects will create will be a positive imprint that will move the peoples of the region to a stage of integration, stability and facing challenges.

He added: This government started from the actual needs of the Iraqi people, according to studied priorities, and based on data that addresses the roots of instability and stumbling.

He continued: We have established this conference through constructive understandings with the leaders of our brotherly and friendly countries, and today it is your responsibility to ripen those understandings, and as officials, technicians and specialists in the relevant sectors, you will undertake to develop a practical road map for the transition to implementation and the direct achievement of the desired goals.

He said: We are moving forward with everything that serves our people, and increases the gates of communication with the geographical neighborhood and cultural expansion, and everything that would attract global investments.

Source: National Iraqi News Agency

The Qatari delegation participating in the Development Road Project Conference, whose work officially launched today, Saturday, in the capital, Baghdad, revealed about ranges and prospects for the expected cooperation with Iraq to implement this project.

The Assistant Undersecretary for Land Transport Affairs at the Ministry of Transportation and Communications in the State of Qatar, Hamad Issa Abdullah, said, in a statement to the National Iraqi News Agency (NINA), that “there are long-term sustainable economic, commercial and social revenues for the Development Road project.”

He explained, “Today’s conference reviewed the project plans in detail and provided a comprehensive summary that left a positive echo for the countries of the Gulf Cooperation Council, on the mechanism for implementing the road and infrastructure, especially as the countries of the world are heading today to discover new transportation methods in the fields of energy and trade.”

He added, “The presence of the Qatari side today in Baghdad is to stand with the Iraqi brothers, and discuss the possibility of implementing this project and the chances of success, which will have a positive, economic and environmentally sustainable resonance in the region.”

He went on to say, “We will discuss, in the next stage, activating these ranges, because the current goal is to present the project’s plans, and we are participating in exploring the project, its implementation plans, and its scope of work, which we hope for in the next stage, more accelerated steps with the GCC countries, leading to reaping its fruits in the coming years.”

Source: National Iraqi News Agency

Qatar Tourism led a delegation of 13 tourism partners across the public and private sector at IMEX Frankfurt 2023, one of the world’s leading trade shows for the meetings, incentives, conferences, and exhibitions (MICE) industry. The three-day event, which ran from May 23 25, provided a platform for Qatar Tourism to showcase their latest offerings, products, and services to key industry professionals.

This year’s booth features corporate partners such as Qatar Airways, The Ritz Carlton Doha, Sharq Village and SPA, in addition to ten industry partners, including, Doha Exhibition and Convention Center, Qatar National Convention Centre, Arabian Adventures, Tawfeeq Holidays, 365 Adventures Qatar by Peninsula Compass Tourism, Just us and Otto, Sheraton Doha Resort and Convention Hotel, The St. Regis Doha, Waldorf Astoria Lusail Doha, and InterContinental Doha Beach and Spa.

Over the recent years, Qatar has become both a regional and international hub for conferences and exhibitions with world-class infrastructure in place across hotels and conferences halls, all equipped to handle international events. Recently, Qatar Tourism hosted the UFI MEA conference, bringing the Middle East’s largest gathering of exhibition business professionals to Doha for the very first time. This year also saw other large-scale international events including the 2023 World Association for Sports Management (WASM), AICR International Congress (AICRexperience) 2023 and INTERCOM Annual Conference 2023.

Looking ahead to 2024, Qatar is set to welcome more than a dozen key events catering to diverse interests, including the globally recognised Web Summit, which Qatar has won for five editions.

Source: Qatar News Agency

European Union Trade Ministers Thursday took stock of the state of play on the key issues in EU-US trade relations and prospects for continued engagement with the US.

Ministers focused on the EU-US Trade and Technology Council ahead of its fourth meeting next week in Sweden, said an EU statement released after the meeting this evening.

“The US continues to be our key ally and largest trading partner. Our bilateral trade reached a stunning 1.4 trillion euro (USD 1.5 trillion) last year,” European Commission Executive Vice President Valdis Dombrovskis told a press conference after the meeting.

Continuing the work on a Global Arrangement on Sustainable Steel and Aluminium was also seen as a priority.

Further, Ministers held a discussion on EU-China trade relations. The strategic debate focused on existing and potential critical trade dependencies with China and the exploration of instruments, which would be needed to handle those risks.

“China remains an essential trading partner for the EU – our trade value is of 2.3 billion Euro per day,” Dombrovskis said.

“However, our economic relationship continues to be unbalanced, characterized by a large trade deficit, distortive economic practices, and strategic dependencies, not least when it comes to critical raw materials for green and digital transitions,” he noted.

Moreover, he informed the ministerial meeting about the preparations for the upcoming EU-China High-Level Dialogue for Economy and Trade, expected to take place before the end of the year.

He also informed the Ministers about the latest updates regarding the preparation of the 13th WTO Ministerial Conference.

Finally, he briefed the meeting on the state of play of ongoing bilateral trade negotiations with Australia, India, Indonesia and Kenya.

Source: Kuwait News Agency

Gas prices in European markets fell in Thursday’s trading to below $300 per thousand cubic meters for the first time in nearly two years. The Novosti Agency reported that blue fuel futures for next June on the “TTF” index – the largest centre in Europe – fell by 3.9 per cent to $298.2 per thousand cubic meters. Gas futures opened today at $311.5 per thousand cubic meters.

Source: Jordan News Agency

Oil prices fell in early Asian trading on Thursday after uncertainty that the United States will avoid a debt default weighed against the prospect of further OPEC+ production cuts.

Brent crude futures slipped 5 cents, or 0.1%, to $78.31 a barrel. US West Texas Intermediate crude (WTI) fell 16 cents, or 0.2%, to $74.18.

Some progress had been made but several issues remained unresolved in US debt ceiling negotiations, House Speaker Kevin McCarthy said Thursday, as the deadline ticked closer to raise the federal government’s $31.4 trillion borrowing limit or risk default.

Oil prices rose 2% on Wednesday after data showed a decline in oil and fuel stocks in the United States, in addition to increasing speculation of further OPEC+ output cuts.

Source: Qatar News Agency