TNT – “Tidbits From TNT” Friday 5-31-2024

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Tishwash:  A parliamentary committee determines the main reason for not approving the oil and gas law.. What is Kurdistan’s relationship?

 The Parliamentary Oil, Gas and Natural Resources Committee confirmed that there were legal violations committed by the Kurdistan region that prevented the approval of the Oil and Gas Law.

Committee member MP Kazem Al-Touki said, in an interview followed by Al-Eqtisad News, that “the oil and gas law does not suffer from technical obstacles, but the main obstacle to its approval in the House of Representatives is the Kurdistan region.”

He added, “The region has problems regarding some points related to the rate of deduction of amounts for each barrel of oil produced in Kurdistan, in addition to the fact that the regional government has had contracts since the 1990s with companies to extract oil in violation of the law.”

He stated that “the region violated the laws by contracting with companies to extract oil at high costs, unlike what is happening in other governorates, and these companies should be reconsidered in terms of contracts and financial costs for extracting oil.” link

Tishwash:  Baghdad Stock Exchange closes due to instability in dollar prices 

The exchange rates of the US dollar continued to be unstable against the Iraqi dinar, with the close of trading on the Al-Kifah Stock Exchange today.

Selling prices in exchange shops recorded 146,000 dinars for 100 dollars, while purchasing prices reached 144,000 dinars for 100 dollars.

Economic specialists warned of the sudden rise of the dollar, noting that the reason was due to speculators withdrawing the American currency from the market and selling it later at high prices, which negatively affects the stability of the financial market and the local economy.

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CandyKisses:  Abu Saeeda: American forces will not withdraw from Iraq, and the nature of their presence will be changed

Information / Baghdad…

The head of the movement and the presence of Mohammed Sharif Abu Saida, ruled out the withdrawal of US forces from Iraq, expecting to change the status of their presence.

Abu Saida told Al-Maalouma that “America controls 3 of the largest military bases in the region, Ain al-Assad, Harir and Victoria inside Iraq and al-Tanf near the Iraqi-Syrian border.”

He added that “the extension of the state of emergency in Iraq by US President Joe Biden is an explicit confirmation of the continued presence of his military forces in Iraqi territory,” pointing out that “the visit of Prime Minister Mohammed Shia Al-Sudani to Washington last month did not discuss the file of withdrawal of US forces from Iraq.”

“Anyone who talks about a systematic withdrawal of US forces from Iraq is delusional, as what will happen is to change the status of these forces from a combat soldier to an advisor,” he said. 

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Tishwash:  Adopting international standards brings Iraq closer to the International Labor Organization

Consensus on the importance of strengthening the work sectors in the public and private sectors, and in the financial sector in particular, by adopting governance, risk management and compliance procedures and their role in evaluating performance to achieve goals and avoid economic diseases of all kinds, and to bring Iraq closer to the international labor system.

Advisor to the Prime Minister for Financial Affairs Dr. Mazhar Muhammad Saleh said during the Governance, Risk Management and Compliance Forum organized by the House of Wisdom for Training and Consulting: The importance of the forum stems from focusing on three axes that are extremely important for evaluating performance within institutions, whether public or private, pointing out that governance does not allow deviation from compliance rules. The basic principles are that creating performance paths that serve the country requires commitment to these important and internationally recognized standards.

Saleh stressed that adherence to established policies is extremely important in the internal auditing process and is no less important than high disclosure and transparency, pointing out the importance of there being true integration in building human capabilities through solid training and education curricula that create competencies that rise to world-class performance.

The speech of the Acting Chairman of the Finance Committee, Atwan Al-Atwani, which was read out, confirmed that the issue of governance in public and private institutions receives international, regional and local attention as a result of the expansion of the size of institutions, due to the technological development witnessed by the world and the challenges that have been created that require a new business philosophy.

He pointed out that the GRS system is of great importance, especially in the banking sector, as well as for adopting a huge amount of data in public and private institutions via the Internet, and to achieve the goals of this system, we find that it turns data into smart data of value for institutions.

As for the authorized director of the House of Wisdom for Training and Consultations, Hisham Khaled Abbas, he stated that the forum represents a new approach that expands the importance of this concept, and that the role of governance is to promote effective management that achieves results that enhance the reality of the institution, succeeds in achieving goals, and touches on the broader results and objectives of the national economy seeking to evaluate performance and advance the economy. in general.

He stated that keeping pace with global developments is extremely important and brings us close to the international labor system and enhances confidence in the Iraqi labor market, which is looking for an international presence to complete many works, especially in the investment field in various sectors without exception, at a time when we find many major and specialized international companies looking to… Iraq is of particular importance and the business environment is studied very carefully.

Abbas pointed out that governance, compliance, and risk management are important axes that keep us close to important international and regional economies.  link