TNT – “Tidbits From TNT” Tuesday 12-12-2023

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Tishwash:  Democratic Party: The current stage requires approving the oil and gas law

On Tuesday, the representative of the Kurdistan Democratic Party, Sharif Suleiman, stressed the country’s need to pass the oil and gas law in order to avoid problems between the center and the region, pointing to the possibility of amending the laws to suit the country’s needs.

Suleiman told Al-Maalouma, “Iraq is in dire need of an oil and gas law, especially since the current stage is witnessing problems between the region and the center due to the lack of this law, which can spare the two sides any disputes between them.”

He added, “Most of the laws have been amended, including the Federal Budget Law. If all parties reach agreements to pass the Oil and Gas Law, the door will be opened to amending the Budget Law in line with the wordings of the new law.”

He stated that “the laws are not considered a written book, as they are all subject to amendment according to formulas presented through the proposals of the relevant parliamentary committees or by the Prime Minister, in proportion to the requirements of the stage or the country’s need to amend any law enacted in Parliament.”   link

Tishwash:  Parliamentary Finance: Government transactions in non-dollar currencies will contribute to stabilizing its official rate

The Parliamentary Finance Committee confirmed, on Tuesday, that the government’s move toward currencies other than the dollar in foreign dealings will contribute to stabilizing its official rate of 1,320 dinars to the dollar.

Committee member Jamal Cougar said in an interview followed by “Al-Ma’louma” that “the government’s move towards currencies other than the dollar will facilitate the trade issue on the one hand and push traders to deal with the platform more and reduce pressure on the dollar instead of focusing on it, stressing that it will contribute to stabilizing its official price.” “.

He added, “The government has spent only 20% of the current year’s budget, and it is assumed that after December 20, a good portion of the budget will be spent for a period of five days until the accounts are closed.” 

A member of the Parliamentary Finance Committee pointed out that, “With the beginning of the new year, the budget schedules for next year 2024 will be sent.”  link

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CandyKisses:  Globally.. Dollar Falls, Yen Stabilizes Amid Anticipation of US Inflation Data

Economy News-Baghdad

The U.S. dollar fell as the Japanese yen settled in trading on Tuesday, in Asia as traders awaited inflation data in the United States and an anticipated series of central bank meetings.

Dollar index contracts fell 0.5 percent to 145.46 yen. Both currencies have been volatile for days, with the yen rising on comments from the Bank of Japan seen as tightening before falling again on reports that played down expectations of an imminent change in monetary policy.

ANZ economist Tom Kenney said: “There has been talk of the Bank of Japan moving to raise interest rates and there are expectations that it will happen by next week.”

High iron ore prices and a rebound in Chinese property shares supported the Australian and New Zealand dollars, while other currencies were little changed.

The New Zealand dollar rose 0.5 percent to 0.6154 percent.

The euro was priced at $1.0765 and the pound sterling was $1.2577.

U.S. inflation data will set the framework for Wednesday’s decision by the Federal Reserve.

Later in the week, the European Central Bank, the Bank of England, the Bank of Norway and the Swiss National Bank are due to meet, and Norway is expected to be the only one to raise rates.

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Tishwash:  Iraqi Oil Minister: Fossil fuels will remain the main source of energy in the world

Deputy Prime Minister for Energy Affairs and Iraqi Oil Minister, Hayyan Abdul-Ghani, today, Tuesday, defended the production of fossil fuels in response to the recent demands and calls to limit it and even dispense with it, which were issued by the “COP 28” conference. For climate, which was held in Dubai in the United Arab Emirates.

This came during his chairmanship of the second ministerial session on energy, environment and sustainable development within the activities of the 12th Arab Energy Conference.

Abdul Ghani said in a speech in which he opened the session that fossil fuels will remain the main source of energy in the whole world, stressing the necessity of preserving oil as a strategic commodity for producing countries because their economies depend on oil energy sources as a major resource.

He pointed to the importance of the traditional energy sector and energy transformations in the Arab countries and their various paths, including the transition to renewable energy sources, improving energy efficiency, and the common Arab market for electricity and green hydrogen.

Abdul Ghani added that Arab countries produce oil, but thermal emissions come from industrialized countries that use this oil, and they must increase the efficiency of their equipment to benefit from this energy to reduce harmful emissions.

He continued by saying that we are all working to promote and support renewable and clean energy sources and projects, and our projects on the ground confirm this.  link