Category: Business & Finance

The General Authority of Customs announced the seizure of 14 containers violating import conditions and controls in Umm Qasr Al-Shamali in Basra Governorate.

The General Authority of Customs said in a statement today: “The Northern Umm Qasr Customs Center in Basra Governorate was able to seize 14 containers loaded with milk powder, water pumps, and iron pipes in violation of import conditions and controls, as they exceeded the legal period necessary for their presence inside the port.”

The authority added in its statement: “The seizure operation was carried out through information received from the Umm Qasr Northern Port Directorate and with the support of the Customs Police and supporting agencies.”

Source: National Iraqi News Agency

Dr. Abdullatif bin Rashid Al Zayani, Minister of Foreign Affairs, met Joseph Andall, Minister of Foreign Affairs, Trade and Export Development of Grenada, on the sidelines of the 78th Session of the United Nations General Assembly (UNGA 78).

The two sides discussed the ties between Bahrain and Grenada, as well as ways to further enhance cooperation in the economic, trade, and development sectors.

The two sides also discussed regional and international issues of common concern.

The two ministers signed a joint statement on the establishment of diplomatic relations between Bahrain and Grenadato develop their ties and bilateral cooperation

Source: Bahrain News Agency

Oil prices rose for a third straight session on Monday, buoyed by forecasts of a widening supply deficit in the fourth quarter.

Brent crude futures rose 71 cents, or 0.8%, to $94.64 a barrel by 0622 GMT while U.S. West Texas Intermediate crude futures were at $91.55 a barrel, up 78 cents, or 0.9%.

Traders will be watching decisions and commentary by central banks, including the U.S. Federal Reserve, this week on interest rate policies, as well as key economic data out of China.

Brent and WTI have climbed for three consecutive weeks to touch their highest levels since November and are on track for their biggest quarterly increase since the first quarter of 2022.

Source: Bahrain News Agency

The new social support measures announced by President Abdel-Fattah El-Sisi will cost an estimated EGP 60 billion ($1.94 billion) annually, according to Minister of Finance Mohamed Maait.

The new package of raises in wages, grants, and bonuses will go into effect on 1 October, Maait added in a statement on Sunday 17/9/2023.

The minister stated that the increase in the monthly exceptional cost of living allowance will benefit 4.5 million state employees and cost EGP 16.4 billion annually.

Moreover, Maait announced that the exceptional grant for 11 million pensioners will add an EGP 32 billion annual cost that will be borne by insurance and pension funds.

The 15-percent-increase in Takaful and Karama benefits will add a burden of EGP 4.5 billion to the state treasury, he noted.

On Saturday, President El-Sisi announced a series of measures to alleviate the financial strains on citizens, including raising the minimum wage for public sector employees from EGP 3,500 to EGP 4,000.

He also raised the annual income tax exemption threshold by 25 percent to EGP 45,000.

Egyptians have been hit hard by a wave of inflation started on the heels of the Russian invasion of Ukraine in February 2022. The annual headline inflation peaked at 39.7 percent in August.

Inflation is projected to average 32.3 percent for 2023, a significant increase from the averages of 5.2 percent in 2021 and five percent in 2020.

Since February 2022, the Egyptian pound has lost nearly 50 percent of its value against the US dollar, tumbling from EGP 15.7 for each dollar to EGP 30.9.

To mitigate the burden on Egyptians, the government announced that the budget for subsidy and social protection networks would increase from EGP 358.4 billion in FY2022/2023 to EGP 529.7 billion (around $17.1 billion) in FY2023/2024, an increase of 48.8 percent.

Egyptians await another devaluation that is required by the International Monetary Fund (IMF) as their country is engaging in a four-year $3 billion loan agreement with the fund.

The shortage in US dollars aggravated the inflation crisis for a country whose trade deficit reached $23.6 billion between July 2022 and March 2023.

The government has recently launched various other initiatives to secure more foreign currency to bridge a financing gap estimated at $17 billion through 2026.

The country seeks to bring in $191 billion in annual revenues by 2026, up from the current figure of $70 billion.

Source: State Information Service Egypt

Deputised by His Majesty King Hamad bin Isa Al Khalifa, Foreign Affairs Minister, Dr. Abdullatif bin Rashid Al-Zayani, has participated in Group 77 plus China (G77 + China) Summit on “Science, Technology and Innovation”.

Cuban President, Miguel Diaz-Canel, in addition to presidents and heads of governments of the Group Member states, attended the summit, held in Havana, Cuba.

Addressing a session held today, the Foreign Affairs Minister conveyed the greetings of His Majesty King Hamad bin Isa Al Khalifa, and His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, to the Cuban President, as well as their wishes for success to the summit.

Dr. Al-Zayani said that the kingdom stresses the importance of the role played by G77 + China in promoting effective international cooperation, reiterating Bahrain’s commitment to enhancing international cooperation in science, technology and innovation, in addition to all necessary development fields, out of its belief that the challenges facing developing countries can be turned into real work opportunities, through unifying efforts, energies and capabilities.

“The Kingdom of Bahrain, as a pacifist country, constantly seeks to promote peace in the region, and harmonious coexistence among all the its diverse peoples,” he said, noting that the kingdom’s goal is to create a safe, sustainable environment in which differences in religion, sect, race, creed, or ideology do not hinder progress, or prevent the pursuit of peaceful relations.

“The Kingdom of Bahrain believes in the importance of protecting and promoting human rights and fundamental freedoms for all individuals, regardless of their backgrounds or beliefs,” he added.

“In today’s complex world, which is characterised by many challenges and conflicts, it is necessary to reaffirm our commitment to peaceful means of resolving conflicts and promoting understanding among nations,” he said, adding that “the Kingdom of Bahrain firmly believes that dialogue, mutual respect and cooperation are the basic pillars of achieving sustainable peace and stability.”

The Foreign Affairs Minister called on G77 + China to step up its collective efforts to address the pressing issues facing developing countries, noting that the kingdom recognises the importance of comprehensive and equitable development in guaranteeing the well-being of all individuals and leaving no one behind.

He also indicated that Bahrain believes that empowering people, especially the most vulnerable, and promoting sustainable economic growth, will achieve stability and prosperity for all.

“Bahrain believes in the importance of investing in knowledge-based industries to build a sustainable competitive economy. Through its national strategy for the communications and information technology sector and the digital economy, the kingdom affirms its commitment to devoting a culture of innovation and research, and benefiting from science and technology as tools to enhance productivity, promote entrepreneurship, confront societal challenges, and focus on vital areas such as renewable energy, artificial intelligence and digital transformation,” he added.

He indicated that, based on its belief in the principles of international cooperation, Bahrain renews its call to involve governments and regional organisations in formulating sustainable solutions to crises, exchanging best practices, and supporting initiatives that bridge the gaps between developing countries and developed ones to ensure that the benefits of scientific progress are accessible to all, which will pave the way for achieving the common vision of creating a peaceful and prosperous world capable of facing challenges.

Source: Bahrain News Agency

Minister of Trade Atheer Dawood Al-Ghurairi discussed today, Wednesday, with Armenian Minister of Economy Vahan Keropian the development of trade, economic and investment relations, and increasing the volume of trade exchange, on the sidelines of the joint Iraqi-Armenian committee.

During the meeting, Minister Al-Ghurairi confirmed the Iraqi government’s intention, within its program, to give the private sector a role to improve the business environment in Iraq and with the countries of the world.

He added: “The opportunities are promising in light of the security and political stability, which has had an impact on many countries entering into various investment projects inside Iraq.”

Al-Ghurairi said: “We are working to consolidate and frame relations and agreements and activate joint committees with all countries of the world in light of government openness to open channels of cooperation in all fields and to serve common interests,” stressing the readiness to provide facilities for the participation of Armenian companies in the 47th Baghdad International Fair so that it will be an opportunity for Armenian businessmen and companies to find opportunities to enter into real partnerships with Iraqi sectors in investment projects.”

For his part, the Armenian minister stressed his country’s keenness to develop economic and trade relations with Iraq and increase the volume of trade exchange.

In this regard, he said: “As a first step, we will participate in the Baghdad exhibition with government representation, and we seek to encourage a number of companies to participate in the exhibition,” stressing his government’s readiness to cooperate in the fields of electricity, agriculture, and renewable solar energy in a way that serves the interests of the two friendly countries.

Source: National Iraqi News Agency

Minister of Agriculture and Land Reclamation El Sayed El-Qusair asserted Wednesday the strength of ties binding Egypt and Equatorial Guinea in the various domains, especially in light of the Egyptian leadership keenness on offering full support to African countries in light of the recent crises that took their toll on world economies and triggered the food security issue.

During a meeting with visiting Senate Speaker of Equatorial Guinea Teresa Efua Asangono and her accompanying delegation to get acquainted on the pioneering Egyptian expertise in the agriculture and food security fields, the Egyptian minister reviewed the great progress the agriculture sector in Egypt witnessed over the past ten years.

A documentary highlighting projects carried out by the government including vertical and horizontal expansion, integrated animal production farms, fish and poultry wealth projects and sewage treatment to realize food security in Egypt was featured.

The minister of agriculture and land reclamation voices Egypt’s preparedness to offer technical support and transfer know-how in the agriculture field to Equatorial Guinea.

For his part, the Equatorial Guinean minister voiced appreciation of the great achievements realized in the Egyptian agriculture sector.

Source: State Information Service Egypt

The Ambassador of the Republic of Iraq in Muscat, Qais Saad Al-Amiri, met with the Undersecretary of the Omani Ministry of Trade, Industry and Investment Promotion, Ibtisam bint Ahmed Al-Furujiyah.

The Ministry of Foreign Affairs stated in a statement, “During the meeting, the two sides discussed topics of interest to both countries in the commercial, industrial, and investment fields.”

The Ambassador stressed, “Iraq’s keenness to develop its economic relations with the Sultanate of Oman.”/End

Source: National Iraqi News Agency

OPEC oil production rose last August by 113 thousand barrels per day, led by Iraq, Iran and Nigeria, despite the continuation of voluntary cuts and the policy of the OPEC+ alliance to reduce supplies.

The monthly report issued by the Organization of Petroleum Exporting Countries, today, showed that total oil production in the 13 OPEC member states rose to 27.449 million barrels per day during the past month, compared to 27.336 million barrels per day in July 2023.

The increase in OPEC oil production last August comes despite the OPEC+ alliance’s agreement to reduce supplies by two million barrels per day starting from November 2022, until the end of 2024, in addition to the voluntary reductions implemented by 9 countries from the alliance, led by Saudi Arabia, according to what was monitored by the Energy Research Unit.

OPEC oil production in August 2023 OPEC oil production increased during August by 8 countries, led by Iran, Iraq and Nigeria, according to the monthly report.

Oil production in Iran – which is exempt from the OPEC+ agreement to reduce supplies – jumped by about 143,000 barrels per day during the past month, reaching 3 million barrels per day.

Oil production in Nigeria increased by about 98 thousand barrels per day, reaching 1.269 million barrels per day, and oil supplies in Iraq increased by 38 thousand barrels per day, reaching 4.277 million.

Libya’s supplies of crude oil also increased by about 28 thousand barrels per day, bringing the total to 1.154 million barrels per day, which boosted OPEC’s oil production last August.

In the UAE, crude oil production increased to a total of 2.913 million barrels per day, with an increase of 17 thousand barrels per day over the past month.

Crude oil supplies in Gabon, Equatorial Guinea and Kuwait increased by about 11, 7 and 2 thousand barrels per day, respectively.

A decrease in production from 5 countries. OPEC oil production declined last August from 5 member states of the organization, led by Saudi Arabia and Angola, according to the report seen by the Energy Research Unit.

Saudi Arabia’s oil production fell by 88 thousand barrels per day, bringing the total to 8.967 million barrels per day during last August, with the voluntary reduction continuing to be implemented.

Saudi Arabia continues to voluntarily reduce production by one million barrels per day since last July and will continue until the end of this year.

Crude oil production in Angola also declined by about 60,000 barrels per day, bringing the total to 1.115 million barrels per day.

Venezuela’s supplies of crude oil fell by about 42,000 barrels per day, reaching 730,000 barrels per day, according to the report, which was monitored by the Energy Research Unit./End

Source: National Iraqi News Agency

Brent crude futures settled slightly above $90 per barrel, today, Tuesday, as investors await a series of macroeconomic data scheduled for release later this week.

The price of global benchmark Brent crude fell six cents to $90.58 per barrel, while US West Texas Intermediate crude futures fell two cents to $87.27.

Brent reached $90 a barrel last week for the first time in ten months, after Saudi Arabia and Russia announced that they would extend voluntary supply cuts amounting to a combined 1.3 million barrels per day until the end of the year.

Investors are awaiting data from the sector regarding US crude inventories, scheduled to be issued this evening.”/End

Source: National Iraqi News Agency