“Tidbits From TNT” Thursday Morning 6-13-2024

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CandyKisses:   Kurdistan Region announces the holiday of Eid

Shafaq News / The Kurdistan Regional Government announced, on Wednesday, the suspension of official working hours, in all governorates of the region, for a week, on the occasion of Eid al-Adha.

“Official working hours in the Kurdistan Region will be suspended from next Sunday, which marks the first day of Eid al-Adha, and until Sunday next week,” government spokesman Pishua Huramani said at a press conference, attended by Shafaq News.

Tishwash:  The acting Iranian Foreign Minister arrives in Baghdad

Acting Iranian Foreign Minister Ali Bagheri arrived Thursday morning in the capital, Baghdad, at the head of a delegation on a two-day visit, to hold talks with senior Iraqi officials.

In light of the strategic relations between Iran and Iraq, the visit will focus on expanding relations between the two countries in all fields.

Bagheri’s talks in Iraq will address the common interests between the two brotherly peoples, confronting security challenges and threats, as well as the security of the region, and consultation on regional and international issues.

The visit comes while the late Iranian President Ayatollah Ebrahim Raisi was scheduled to pay a three-day visit to Iraq on May 28.  link

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Tishwash:  Iraq raises its gold possessions to more than 145 tons

The World Gold Council announced on Thursday that Iraq has increased its gold holdings to reach more than 145 tons of global gold reserves.

According to the latest table issued by the Council for the month of June, viewed by Shafaq News Agency, the volume of Iraq’s gold possessions reached 145.7 tons, compared to 142.6 tons during the month of May. 

The Council explained that Iraq dropped in rank to reach 31st place globally out of 100 countries listed in the table with the largest gold reserves, and this amount represents 9.8% of the rest of its other reserves.

The Council indicated that the United States of America has the largest possession of gold in the world with 8,133.5 thousand tons, followed by Germany with 3,352.9 thousand tons, then Italy with 2,451.8 thousand tons, while Suriname came at the bottom of the list with 1.2 thousand tons.

It is noteworthy that the World Gold Council is based in the United Kingdom, and includes members of the largest gold mining companies in the world, and has extensive experience and deep knowledge of the factors affecting the gold market. link

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Tishwash:  Iraq seeks to attract foreign investment by amending its laws

The Iraqi Parliamentary Investment Committee aims to amend some investment laws during the next legislative term, with the aim of attracting foreign investments and capital.

According to committee member, Dhia al-Hindi, representatives of the World Bank Group working in investment and private projects were hosted to discuss some paragraphs of laws on investment, which are considered in opposition to sustainable development in Iraq, including the investment law and the company law.

Al-Hindi explained that representatives of the World Bank cited the experiences of the Kingdom of Saudi Arabia and the United Arab Emirates, where the foreign investor in those countries has the right to own and manage the company by 100%, while his share in Iraq is limited to only 49%.

Al-Hindi called for amending some paragraphs of the law to create an attractive environment for investors and capital, noting that amending laws is within the jurisdiction of Parliament, while the laws governing the economic process remain “socialist.”

Al-Hindi stressed that the committee is continuing to amend the commercial arbitration and investment laws, and approve the industrial investment and mineral investment law.

Al-Hindi stated that the committee will address the government regarding amending some paragraphs of the investment law to be subjected to study in the State Shura Council, and then sent to Parliament.

These efforts come within the framework of Iraq’s efforts to strengthen its economy and attract foreign investments, especially in light of the economic crises it is experiencing.

It is expected that the amendments to the laws will contribute to improving the investment environment in Iraq and attract more foreign investments and capital, which will contribute to the development of the Iraqi economy and create new job opportunities   link