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Wednesday, 19 July

20:21

Iraq to reuse Syrian port to export oil across the Mediterranean Iraqi News

Baghdad (IraqiNews.com) The spokesperson of the Iraqi government, Basim Al-Awadi, confirmed on Monday that Iraq is considering reusing oil pipelines linking oilfields in Kirkuk with the port of Baniyas in Syria to export oil through the Mediterranean Sea, according to the Iraqi News Agency (INA).

Al-Awadi indicated that Iraq rejects the economic sanctions imposed on Syria, which increase regional destabilization, and is working to help Syria boost its economy.

The Iraqi official illustrated that Iraq is looking for new outlets to export oil, expecting that the government is ready to discuss with the Syrian side reusing the oil pipeline to export oil through the port of Baniyas on the Mediterranean Sea.

The improvement of economic conditions in Syria will provide Iraq with new opportunities to export its crude oil and deliver it quickly to buyers in Europe through the Mediterranean Sea.

The pipeline connecting Kirkuks oilfields with the northwestern Syrian port of Baniyas was operational for many years before it was badly damaged during the US invasion of Iraq in 2003.

In 2007, Iraq and Syria agreed to rebuild the pipeline, but a contract awarded to Stroytransgas, a subsidiary of the Russian Gasprom group, was cancelled in 2009 due to high costs and other reasons, Zawya News reported.

The post Iraq to reuse Syrian port to export oil across the Mediterranean appeared first on Iraqi News.

20:07

Benjamin Mendy signs for French club Lorient after sex trial acquittal Iraqi News

Rennes Benjamin Mendy signed for French club Lorient on Wednesday after the former Manchester City and France defender was acquitted in a sex offences trial in England last week.

Lorient are happy to announce today the signing on a two-year deal of the French international left-back Benjamin Mendy, the Ligue 1 club said in a statement.

Mendy, 29, was cleared of sex offences last week, ending a three-year court process.

The player, who would have faced a lengthy jail term if convicted, had previously being cleared in January of six counts of rape and one of sexual assault following a six-month trial.

But jurors in that trial had been unable to reach a verdict on two other counts, triggering the retrial that ended last week.

Mendy, whose contract with English and European champions Manchester City expired at the end of June, had denied all the charges against him.

Lorient, 10th behind champions Paris Saint-Germain in Ligue 1 last season, said Mendy would start training from Wednesday after taking a medical.

His arrival at the club comes almost two years after his last match for Manchester City.

Last Friday, at Chester Crown Court in northwest England, the 2018 World Cup winner broke down after the not guilty verdicts on one count of rape and one of sexual assault were delivered.

Mendy, a record signing for a defender when he moved to Manchester City from French club Monaco in 2017, played 75 times for City.

But his playing time was limited by injuries and a loss of form.

The last of his 10 caps for France came in November 2019, after the defender won the World Cup with the national side in 2018 in Russia.

The trials meant that he missed Manchester Citys treble last season of the English Premier League, FA Cup and Champions League.

The post Benjamin Mendy signs for French club Lorient after sex trial acquittal appeared first on Iraqi News.

19:04

US economist renounces EU job after Macron doubts Iraqi News

Brussels A US economist has decided not to take up a job advising the European Commission, after French president Emmanuel Macron expressed doubts about hiring an American for the role.

Yale University professor and big tech expert Fiona Scott Morton had been hired as chief economist by EU competition commissioner Margrethe Vestager, to advise on anti-trust strategy.

But her appointment was later criticised by French politicians as well as by several EU lawmakers from both the right and the left. On Tuesday, Macron weighed in.

This was followed by the intervention of five of Vestagers colleagues on the commission, who broke ranks to urge EU chief Ursula von der Leyen to reconsider the appointment. 

Macron said that the EU executive hiring an American had raised many questions noting that neither the United States nor China would hire a foreigner to such a job.

He suggested that, whatever Scott Mortons qualifications, having her advise the commission on how to regulate US tech giants was not coherent with his vision of EU strategic autonomy.

Grilled by MEPs, Vestager defended the choice, arguing that Europeans were better served by having the most qualified available candidate in the role, regardless of nationality.

She said any conflicts of interest that arose because of Scott Mortons previous consultancy work for US giants Apple, Amazon and Microsoft would be dealt with under existing rules.

But, a day later, Scott Morton had announced her decision to step aside.

In a letter posted on Twitter by Vestager, she said she was pulling out due to the political controversy that has arisen because of the selection of a non-European to fill this position.

I have determined that the best course of action is for me to withdraw and not take up the chief economist position, Scott Morton wrote, in the letter addressed to Vestager.

Frances junior minister for digital transition, Jean-Noel Barrot, welcomed Scott Mortons responsible decision, telling AFP: Europes digital sovereignty is an absolute necessity. 

Respect for her integrity

In a European Commission statement, however, Vestager expressed regret. 

Having also spoken with Professor Scott Morton, I accept her decision, with regret and full respect for her integrity, Vestager wrote. 

I also wish her all the best for the future, and that she will continue to use her extraordinary skill-set and expertise to push for strong competition enforcement and regulation on both sides of the Atlantic.

The controversy had been stirring in Brussels political circles for more than a week, since the commission first announced that it had hired Scott Morton.

The appointment had been approved by Von d...

18:53

Afghan women protest against beauty parlour ban Iraqi News

Kabul Security officials shot in the air and used firehoses Wednesday to disperse dozens of Afghan women protesting against an order by Taliban authorities to shut down beauty parlours, the latest curb to squeeze them out of public life.

Since seizing power in August 2021, the Taliban government has barred girls and women from high schools and universities, banned them from parks, funfairs and gyms, and ordered them to cover up in public.

The order issued last month forces the closure of thousands of beauty parlours run by women often the only source of income for households and outlaws one of the few remaining opportunities for them to socialise away from home.

The post Afghan women protest against beauty parlour ban appeared first on Iraqi News.

18:38

Tata to build 4 bn electric car battery factory in UK Iraqi News

London Indian conglomerate Tata Group announced plans Wednesday to build a 4 billion ($5.2 billion) electric car battery factory in Britain to supply its Jaguar Land Rover brands, bolstering the countrys efforts to phase out fossil fuel vehicles.

Britain plans to ban the sale of new high-polluting diesel and petrol cars from 2030, forcing its car manufacturing sector to switch production to electric vehicles.

The factory Tata Groups first gigafactory outside India will be built in Somerset, southwest England, after the site reportedly beat competition from Spain.

Tata Group will be setting up one of Europes largest battery cell manufacturing facilities in the UK. Our multi-billion-pound investment will bring state-of-the-art technology to the country, said Tata chairman N. Chandrasekaran.

The government said the factory will be a huge boost to the UKs automotive sector, providing almost half of the battery production that the UK will need by 2030.

The investment would secure UK-produced batteries for another Tata Sons investment, Jaguar Land Rover, as well as other manufacturers in the UK and Europe, the government said.

Production is due to begin at the factory in 2026, creating up to 4,000 jobs and thousands more in the wider supply chain.

The UKs goal of phasing out new diesel and petrol cars is part of its long-standing goal to achieve net zero carbon emissions by 2050 in order to help tackle climate change.

Significant moment

UK Business and Trade Secretary Kemi Badenoch said in a statement the multibillion-pound investment demonstrated that the government has got the right plan when it comes to the automotive sector.

Greenpeace senior climate campaigner Paul Morozzo hailed the announcement as a significant moment for the UK car industry and a signal that the government has finally started the engine in the international clean technology race, while other are speeding ahead..

But he warned that the UK government must stay on track with its 2030 target.

Failing to do so would mean waving goodbye to any meaningful electric vehicle manufacturing sector in the UK, regardless of this new gigafactory, which would put domestic car manufacturing as a whole in jeopardy, he said.

The factory will be the UKs second electric battery plant compared to a reported over 30 that are already operational or in the pipeline across the European Union.

Nissan established Britains first battery gigafactory in Sunderland, northeast England, in 2013 with its Leaf car.

In 2021 it also announced a further investment totalling 1 billion in a standalone battery only plant.

The post...

18:09

UN cuts aid to Syrians in Jordan, citing funding shortfall Iraqi News

Amman The United Nations World Food Programme has announced it would reduce cash assistance to nearly 120,000 Syrian refugees in Jordanian camps, saying the move was unavoidable as funds run precariously low.

The UN logs about 650,000 Syrians in Jordan who fled their native country since war broke out there in 2011, but Amman estimates their number at 1.3 million.

The WFP said in a statement late Tuesday that further reductions in food assistance for refugees in Jordan have become unavoidable as funds run precariously low.

The statement added it was compelled to reduce by one-third the monthly cash assistance for all 119,000 Syrian refugees in Zaatari and Azraq camps.

As of next month, the Syrian refugees in the two camps will receive a reduced cash allowance of $21 per month per person down from the current $32.

Syrian refugees living in both camps have limited income sources with only 30 percent of adults working - mainly in temporary or seasonal jobs - while 57 percent of camp residents say cash assistance is their only source of income, the WFP said.

The agencys representative in Jordan, Alberto Correia Mendes, warned of increased negative coping strategies including child labour, child marriage and debt accumulation as a result of the aid cuts.

We are deeply concerned about the potential deterioration of families food security, but as funding dries up, our hands are tied, he was quoted as saying in the statement.

The WFP said it still faces a critical funding shortfall of $41 million until the end of 2023 despite the cuts.

The war in Syria has claimed more than half a million lives and displaced millions, including at least 5.5 million refugees hosted by neighbouring Lebanon, Jordan, Turkey, Iraq and Egypt, according to the UN.

The post UN cuts aid to Syrians in Jordan, citing funding shortfall appeared first on Iraqi News.

17:27

US urges Egypt to release jailed rights researcher Iraqi News

Cairo The United States called on Egypt Wednesday to release rights researcher Patrick Zaki, a day after he was sentenced to three years prison for spreading false news. 

Concerned by 3-year sentence of Egyptian human rights defender Patrick Zaki, the US State Department said on Twitter, urging the immediate release of him and others unjustly detained.

Zaki, 32, was jailed over an article recounting the discrimination he and other members of Egypts Coptic Christian minority say they have suffered.

He had previously spent 22 months in pre-trial detention, and was again taken into custody Tuesday after the court ruling in Mansoura, 130 kilometres (80 miles) north of Cairo.

The drawn-out case has triggered international condemnation, particularly in Italy where Zaki was studying when he was arrested in 2020 on a visit to Egypt.

Italian Prime Minister Giorgia Meloni said Tuesday Romes commitment to a positive resolution of the Patrick Zaki case has never ceased, adding that we still have faith.

Over 40 Egyptian and international organisations including Amnesty International, Human Rights Watch and the Tahrir Institute for Middle East Policy have condemned the sentence, which they said followed a trial rife with due process violations.

Rights defenders have said Zaki was beaten and electrocuted during his detention.

The sentence has pushed three human rights activists to walk out of the governments national dialogue which aims to involve Egypts decimated opposition but has been met with heavy scepticism.

National dialogue coordinator Diaa Rashwan who also runs the State Information Service said Tuesday the dialogues board of trustees had appealed to President Abdel Fattah al-Sisi for Zakis immediate release.

Washington has repeatedly criticised Cairos human rights record, accusing authorities of the use of torture, life-threatening prison conditions and curbs on free speech.

Egypt is a key ally of the United States and one of its top recipients of military aid.

Though voices within the US Congress had called for broader aid cuts to Egypt over its rights record, the administration of President Joe Biden withheld only $130 million in 2021.

In January, US Secretary of State Antony Blinken called on Sisi to free all political prisoners of which rights groups estimate Egypt holds tens of thousands while welcoming the important strides the country had made.

The post US urges Egypt to release jailed rights researcher appeared first on...

17:23

UK annual inflation drops under eight percent Iraqi News

London Britains annual inflation rate slowed more than expected in June as it dropped below eight percent, official data showed Wednesday, easing the countrys cost-of-living crisis.

The Consumer Prices Index rose by an annual rate of 7.9 percent, down from 8.7 percent in May as food price inflation eased, the Office for National Statistics said in a statement.

The CPI rate was the lowest since March 2022, while analysts consensus forecast had been for a drop to 8.2 percent. The UK rate remains the highest among G7 nations.

The data sent the British pound sliding against the dollar and euro, although the Bank of England is expected to keep on raising interest rates to combat elevated prices, analysts said.

Food price inflation eased slightly this (June) month, although it remains at very high levels, ONS chief economist Grant Fitzner said in the release.

He added that although manufacturing costs remained elevated, the pace of growth has fallen across the last year.

Huge worry

Finance minister Jeremy Hunt noted in a separate statement that high prices are still a huge worry for families and businesses.

The best and only way we can ease this pressure and get our economy growing again is by sticking to the plan to halve inflation this year.

Prime Minister Rishi Sunak has set a target of reducing inflation to five percent by the end of 2023.

In a bid to cool prices, the Bank of England has ramped up interest rates 13 times in a row to the current level of five percent.

The move has sparked mortgage turmoil as commercial lenders lift their own rates on home loans, worsening the cost-of-living crisis.

Following Wednesdays data, the pound dropped under $1.30 as softer inflation tempered Bank of England hawks who favour raising rates, said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. 

But even with a softer-than-expected figure, inflation in Britain remains high and stickier than in other Western economies, and that keeps odds for further BoE action on raising rates.

Paul Dales, chief UK economist at Capital Economics, said the latest inflation data was unlikely to be enough to prevent the Bank of England from raising interest rates in early August to at least 5.25 percent.

Stubbornly-high inflation is weighing on the wider UK economy, with official data last week showing that output shrank in May.

However, this was owing also to an extra public holiday for the coronation of King Charles III.

The post UK annual inflation drops under eight percent appeared first on Iraqi News.

13:11

Hoping to attract tourists, Iran looks to neighbours Iraqi News

Tehran Iran, largely shunned by western tourists, is making a push to attract visitors from wealthy Gulf Arab states and other nearby countries to boost its sanctions-hit economy. 

The Islamic republic is also drawing more visitors from Russia and China to its ancient sites that date back to the Persian empire and the fabled Silk Road, industry figures say.

Irans Beijing-brokered diplomatic thaw this year with Saudi Arabia paved the way for direct flights, and Tehran is also seeking closer ties with other countries from Egypt to Morocco.

The slow but steady change is noticable at major tourist sights where more visitors can now be heard speaking not English, French or German, but Arabic, Chinese and Russian.

In the past, we were receiving many tourists from Europe but now those numbers have seen a sharp decline, said one Tehran travel agency owner, 46-year-old Hamid Shateri.

Europeans are afraid of visiting Iran, he said, after years of tensions over the countrys contested nuclear programme and after Western government warnings against travelling there.

These days, mostly Chinese and Russian people visit Irans historical sites and spectacular scenery and Arab tourists, especially from Iraq, come to attend religious ceremonies.

Years of isolation

Iran has long attracted foreign visitors with its ancient splendours including the cities of Shiraz, Isfahan and Mashhad and its 2,500-year-old Persepolis complex.

It has deserts and snow-capped mountains as well as Gulf and Caspian Sea coastlines, and prides itself on its cuisine and tradition of hospitality.

A steady stream of mainly European visitors long kept coming despite the strict dress code for women and bans on alcohol and nightlife after the 1979 Islamic Revolution.

As the largest Shiite Muslim power, Iran also hosts a steady stream of religious pilgrims, many from neighbouring Iraq, to its ancient shrine cities of Mashhad and Qom.

There were high hopes for a lucrative boost to tourism after Iran and major powers struck a landmark deal in 2015 to restrict its nuclear programme in return for sanctions relief.

But those hopes were dashed three years later when the then US president Donald Trump unilaterally pulled out of the agreement.

Bad news has spiralled since, including the Covid pandemic that hit Iran early and hard. 

Last year, mass protests rocked the country, sparked by the death of Mahsa Amini after her arrest for allegedly flouting the dress rules, before authorities put down the women-led riots, which they blamed on hostile forces abroad.

Iran has also jailed several Europeans, prompting multiple Western countries to advise their citizens against all travel there, many citing the risk of arbitrary detention.

Last year Iran attracted 4.1 million foreign...

13:00

Thai reformist faces second uphill battle in bid to become PM Iraqi News

Bangkok Reformist Pita Limjaroenrat will again ask Thailands parliament to endorse him as prime minister Wednesday but with little chance of wooing the military-appointed senators who scuttled his first bid.

Pitas Move Forward Party (MFP) won the most seats in May elections, buoyed by the hopes of young and urban Thais wearied by nearly a decade of army-backed rule, but its efforts to form a government have stumbled.

Thailands conservative establishment vehemently opposes the partys pledge to soften the kingdoms strict royal defamation laws, and Pitas first tilt at the premiership fell 51 votes short last week.

Parliament opened to weigh his candidacy again on Wednesday but few believe the 42-year-old Harvard graduate has managed to turn the numbers in his favour.

He has vowed to step aside to make way for a coalition partner to form a government if his second attempt fails.

Pita is less likely to get the vote passed, Napisa Waitoolkiat, a political analyst with Naresuan University, told AFP.

Thailands senate is stacked with military appointees a reliable brake on the kind of liberal reforms sought by MFP and its progressive voter base.

Only 13 of 249 serving senators voted for Pita last week and Napisa said his only likely pathway to power was to successfully court many more members of the chamber.

And I dont think the senate is going to be brave and courageous enough to do that, she said.

Pita was optimistic on Monday that several MPs who missed the vote could be persuaded to rally behind him. 

We still are talking to find more support, he told reporters. 

You cannot allow that

But other roadblocks have been thrown in front of his candidacy.

A possible motion by military-aligned lawmakers could see parliament rule Pita ineligible to be considered a second time.

The Constitutional Court will be in session as parliament meets, and may decide to proceed with a case about whether Pita should be disqualified from parliament entirely for owning shares in a media company.

Doing so is prohibited by Thailands constitution, even though the station has not broadcast since 2007. Pita, wealthy from a family-run agrifood business, has said the shares were inherited from his father.

If the case does proceed, Pita could be given an interim suspension from parliament while his candidacy for prime minister is being considered.

The court has also agreed to hear a case alleging that MFPs campaign promise to amend Thailands royal defamation law is tantamount to a plan to overthrow the constitutional monarchy.

Pitas party has ignored strident opposition to its pledge to revise the law, which can allow convicted critics of the monarchy to be jailed for up to...

03:31

Sadr Finally Returns To The Political Scene By Telling His Followers To Protest In The Streets MUSINGS ON IRAQ

(Bas News)

One of the big questions in Iraqi politics was when was Muqtada al-Sadr going to return to the scene. He did so at the end of June telling his followers to protest against the burning of a Quran in Sweden. In early July they were back attacking their rivals.

 

On June 29th protesters broke into the Swedish embassy in Baghdad over the burning of the Koran by an Iraqi living in Sweden. This was after Sadr called for action. The demonstrations continued for the next week and spread to several cities in the south. The Shiite religious parties often use foreign events such as this to rile up their followers and turn them into the streets to show their influence.

 

In July the Sadrists returned this time going after their opponents. July 11 hundreds marc...

03:30

This Day In Iraqi History - Jul 18 Iran and Iraq agreed to ceasefire to end Iran-Iraq War MUSINGS ON IRAQ

(Getty Images)

 

1921 Christian Jewish Muslim notables had meeting at Grad Rabbis house in Baghdad Gave

support for Faisal to be king after much lobbying by Gertrude Bell

(Musings On Iraq review Gertrude Bell And Iraq)

(Musings On Iraq review Gertrude Bell, Explorer of the Middle East)

(Musin...

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Tuesday, 18 July

22:17

Temperature in Iraq reaches 50 degrees Celsius Iraqi News

Baghdad (IraqiNews.com) Like other parts of the world, the Arab world is suffering these days from a severe heat wave that is longer than its predecessors, and the temperature in some Arab countries reached 50 degrees, which is greatly affecting the lives of people.

Many cases of eye inflammation, sunstroke, and other cases began to appear recently in Baghdad because of the high temperature, Sky News Arabia reported.

Iraq is usually affected by heat waves for several days, then the temperature returns to normal levels, but current expectations indicate that the heat wave sweeping Iraq will continue this month and next month.

The temperature reached 50 degrees Celsius on Monday and Tuesday in different Iraqi governorates, causing a negative impact on the lives of Iraqis, especially with the continued power outages.

Although power production improved with the arrival of the new government of Prime Minister Mohammed Shia Al-Sudani, high temperatures remain a serious problem.

The post Temperature in Iraq reaches 50 degrees Celsius appeared first on Iraqi News.

20:12

Iraq to generate electricity from waste recycling Iraqi News

Baghdad (IraqiNews.com) The Iraqi Minister of Electricity, Ziyad Ali Fadel, confirmed on Monday that the government is intending to take advantage of waste recycling to produce energy, according to a statement cited by the Iraqi News Agency (INA).

The Electricity Ministry mentioned in a statement that Fadel chaired a meeting to discuss possible ways to diversify energy sources in accordance with the directions of the Iraqi government and to use waste recycling to generate electricity.

The Electricity Minister emphasized that the governments directions aim to reduce dependence on gas and fossil fuels to produce energy and to move towards clean, renewable and solar energies not only to produce energy, but also to reduce emissions, limit global warming, and reduce negative impacts on the environment.

Fadel elaborated that the ministry is studying technical offers to generate energy from waste recycling and coordinating with several governorates and municipalities to build the required facilities to produce electricity from waste recycling.

The Iraqi minister added that the Ministry of Electricity has been working on diversifying sources of energy through electrical interconnection, wind energy and solar energy projects.

The post Iraq to generate electricity from waste recycling appeared first on Iraqi News.

17:33

Markets drop as China growth worries offset Fed rate hopes Iraqi News

Hong Kong Most Asian markets sank Tuesday as further weakness in Chinas economy fuelled worries about the effects on global growth, overshadowing optimism that the United States is winning its battle against inflation and could avoid a recession.

Regional traders extended Mondays retreat sparked by disappointing second-quarter data out of Beijing that missed forecasts badly and highlighted the tough job officials face in getting the countrys post-Covid recovery back on track.

And while there is an expectation that fresh stimulus measures are in the pipeline, analysts warned that leaders were limited in how far they could go.

The figures came after last weeks reports showing inflation had flatlined, suggesting China was on the brink of a period of painful deflation, while exports plunged for a second straight month.

Youre gonna see some stimulus coming in, which means that the second quarter may have been more of the low, the third quarter a bit better, Joyce Chang, global head of research at JPMorgan, said on Bloomberg Television.

But weve taken half a percent off of Chinas growth and I think that the deflation risks are there.

Hong Kong led losses Tuesday, shedding around two percent following a five-day rally, as it reopened a day after being shut because of a severe storm.

Shanghai, Sydney, Seoul, Singapore, Manila, Jakarta, Wellington and Taipei also dropped, though Tokyo, Mumbai and Bangkok edged higher.

Paris and Frankfurt dipped at the open while London was flat.

The losses came despite a positive lead from Wall Street.

In a report on China, Alicia Garcia Herrero and Jianwei Xu at Natixis CIB said in a report: We are conservative about the extent of the policy support down the road. Fiscal policies may not be easily implemented in the current situation, given the already high public debt and the reduced efficiency of these policies.

They said there was a possibility that the central bank would cut interest rates again and lower the amount of cash lenders must keep in reserve, allowing them to provide more loans.

But, they added: The effectiveness of the monetary policy space may be limited due to the lack of investor confidence. Currently, the market is awaiting further regulatory relaxation on key sectors, such as the real estate sector, which could help bolster investors confidence.

Meanwhile, US Treasury Secretary Janet Yellen warned about the effects of Chinas weakness on the global economy.

Many countries do depend on strong Chinese growth to promote growth in their own economies, particularly countries in Asia, and slow growth in China can have some negative spillovers for the United States, she said in a Bloomberg Television interview.

However, she did say she was optimistic about the out...

17:07

Indian tycoon Adani slams malicious Hindenburg report Iraqi News

New Delhi Indian tycoon Gautam Adani on Tuesday denounced fraud accusations against his group by a US investment firm as a deliberate attempt to damage its image, at the first annual general meeting since the scandal. 

US short-seller investment company Hindenburg Research accused the Adani Group in January of using offshore tax havens to manipulate stock prices.

Before the allegations Adani was listed by Forbes as Asias richest man, but shares in his group firms plummeted in the wake of the report, sending him tumbling down the rankings, with his fortune at one point dropping by more than $100 billion.

The shares have since recovered some of their losses, but the groups flagship subsidiary Adani Enterprises remains around 30 percent below its price level before the report.

Addressing shareholders at the Adani Enterprises annual general meeting, Adani called the document a combination of targeted misinformation and discredited allegations. 

This report was a deliberate and malicious attempt aimed at damaging our reputation and generating profits through a short-term drive-down of our stock prices, the media-shy billionaire said. 

He was confident of the groups governance and disclosure standards after a panel set up by Indias top court found no regulatory failure, he added. 

Short-sellers seek to profit by offloading shares in the hope that their prices will fall and they can buy them back cheaper, and Hindenburgs report accused the conglomerate of artificially inflating its market value using related-party transactions conducted through tax havens. 

Soon after the report, the group abruptly cancelled a stock sale and refunded investors. 

But Adani said Tuesday: It is worth noting that even during this crisis, not only did we raise several billions from international investors but also that no credit agency in India or abroad cut any of our ratings. 

The groups income grew 85 percent in the last financial year, the tycoon added. 

Political opponents accuse Prime Minister Narendra Modi of abetting Adanis rapid rise, allowing the billionaire to unfairly win contracts and avoid proper regulatory oversight.

Both men come from the western state of Gujarat, and Adani praised the Indian government on Tuesday, without naming Modi.

There was little doubt India would become the worlds third-largest economy by 2030, and its second-largest by 2050, he said.

It is well understood that for any economy to implement policy and lay the foundation of growth, a stable government is critical, he said.

We have seen this impact with the implementation of several structural reforms that are critical for strong, sustainable, and balanced growth.

Opposition lawmakers have demanded a pr...

11:26

Pretty in pink: Barbie marketing blitz hits fever pitch Iraqi News

New York Hollywood A-listers have been walking red carpets in hot pink, glitter is back, and companies from The Gap to Burger King are doing rose-colored collaborations: Barbie mania is everywhere as the hotly anticipated film hits theaters worldwide.

Toy maker Mattel, who first unveiled the iconic doll in 1959, has reached about 100 licensing agreements for everything from roller skates to toothbrushes in connection to director Greta Gerwigs summer flick. 

Of course, Barbie is big in the beauty world too lipsticks, blushes and mirrors all bear the famous logo.

In the 30 years that I have been tracking and analyzing box offices and trends, Ive never quite seen anything like this before, said Paul Dergarabedian, a senior media analyst at Comscore.

Barbie is tailor-made for marketing, he said. Its perfect because Barbie is a toy, its already a product, and beyond that, its a lifestyle and a color.

The movie, which stars Margot Robbie as Barbie and Ryan Gosling as boyfriend Ken, has been hyped as one of the biggest blockbusters of the season, with numerous premieres held around the globe ahead of Fridays debut in US theaters.

Of course, that promotion blitz has been curtailed at the 11th hour, with Hollywood actors now on strike over pay and other conditions.

But the list of corporate partners is sure to keep the buzz going.

Microsoft, Forever 21, Ulta Beauty, Hot Wheels, Chevrolet and even Progressive insurance are among the companies looking to cash in on Barbie mania. 

The influential color company Pantone even has a shade to match the zeitgeist: 219C is officially Barbie Pink. 

Mattel has even reached a deal with rival toy giant Hasbro, Monopoly in the fall. 

In exchange, Mattel will showcase Transformers on its Uno card game in connection with a Hasbro film release.

Irresistible

Robbie has embraced Barbiecore fashion at premieres around the world, recreating some of the dolls most iconic looks, but the Barbie lifestyle trend is also full steam ahead

Airbnb is offering up a stay at Barbies Malibu DreamHouse for two nights in connection with the films debut.

Placed perfectly above the beach with panoramic views, this life-size toy pink mansion is a dream come true! reads the listing.

Singer John Legend and his model wife Chrissy Teigen took the plunge, posting a series of pictures on Instagram of their stay at the hot pink property. 

The most ubiquitous shade of pink used on the Warner Bros films set, a retro bubblegum hue made by Rosco, was used in such great quantities that the shoot has been blamed for a global shortage.

Its just be...

10:38

Building collapse in Egypt capital kills eight Iraqi News

Cairo Eight people including seven members of one family were killed in Cairo on Monday when a residential building in Egypts capital collapsed, the public prosecution and state media said.

A statement from the public prosecution said the building in the citys Hadayek al-Qubba district completely collapsed, killing eight people.

Civil defence workers pulled out nine people, among them an injured woman, while the eight others were deceased, the statement added, adding that another five were able to leave the property before it fell down.

It said the woman and two residents gave testimony suggesting that the collapse was caused by a resident who recently knocked down walls in his first-floor flat, despite neighbours asking him not to do so.

The prosecution ordered the arrest of the buildings owner, the contractor in charge of the works and one of his employees for questioning.

Government newspaper Al-Ahram, quoting a resident of the area, reported that seven members of one family had been killed.

A large portion of the buildings in central Cairo date back to the 19th and early 20th centuries, and many are dilapidated or in some cases have been abandoned.

Egypt has seen a number of deadly building collapses in recent years, both because of the poor state of some and also because of non-compliance with building and town-planning regulations.

The post Building collapse in Egypt capital kills eight appeared first on Iraqi News.

10:08

Taylor Swift sets womens record for most number one albums Iraqi News

New York Taylor Swift now has more number one albums than any other female artist in history following the recent release of Speak Now (Taylors Version), Billboard said Monday.

The record debuted at the top of the Billboard charts, becoming the pop queens 12th number one album and surpassing Barbra Streisand for the most among women.

For male performers, Jay-Z and the Beatles both have over a dozen number one albums, though Billboard notes it has changed its album ranking system over the decades to include anthologies.

Swift, 33, has also become the first living artist in nearly 60 years to have four albums in the top 10 at the same time, the organization added.

They include Midnights, Lover and Folklore.

Billboard said Swift had also become the first living artist to have 11 albums in the top 200 simultaneously.

Swifts record-breaking feats come as she performs many of her best hits on the fan-frenzied Eras tour.

The 106-date stadium concert series kicked off in March and is within striking distance of becoming the first billion-dollar tour.

Speak Now was originally released in 2010. Swift has vowed to re-record her first six albums so she can control their rights a process she was contractually allowed to begin in November 2020.

She has also re-recorded Fearless and Red.

Last October, Swift became the first artist ever to simultaneously nab all 10 spots on the top US song chart after the release of her tenth studio album Midnights.

The post Taylor Swift sets womens record for most number one albums appeared first on Iraqi News.

07:52

Willian staying another season at Fulham Iraqi News

London Veteran Brazilian international Willian on Monday re-signed for Fulham on a one-year deal with an option for a further 12 months.

The 34-year-old former Chelsea and Arsenal winger scored five times in 27 Premier League appearances for the Cottagers last season.

He had reached the end of his contract and visited the Nottingham Forest training ground last week.

But he said he is staying at Fulham.

Happy to sign one more year with Fulham, he told the clubs website. 

Happy to continue the work that I did last season with all my teammates and the whole club. I think its a club that can do even better this season.

The post Willian staying another season at Fulham appeared first on Iraqi News.

07:28

Israel recognises Moroccan sovereignty over Western Sahara Iraqi News

Rabat Israel has decided to recognise Moroccos sovereignty over the disputed Western Sahara region, the royal office in Rabat announced Monday, citing a letter from the Israeli prime minister.

According to the letter, Benjamin Netanyahu informed Moroccos King Mohammed VI of the State of Israels decision to recognise Moroccos sovereignty over the mineral-rich desert region, the royal office said in a statement.

Netanyahu said in the letter that Israel is examining the opening of a consulate in the town of Dakhla, located in the Moroccan part of Western Sahara a move long demanded by Rabat.

Israel confirmed the contents of the statement from Morocco when contacted by AFP.

Israeli Foreign Minister Eli Cohen said Netanyahus announcement would strengthen the relations between the states and peoples, as well as the continued cooperation to enhance peace and regional stability.

The Western Sahara dispute dates back to 1975, when colonial ruler Spain withdrew from the territory, sparking a 15-year war between Morocco and the Polisario Front movement seeking independence in the territory.

Rabat controls nearly 80 percent of Western Sahara and sees the entire region, home to abundant phosphates and fisheries, as its sovereign territory.

Rabat advocates for limited autonomy for the vast desert territory while the Algeria-backed Polisario seeks independence and has called for a UN-supervised referendum on self-determination, but it has never taken place.

Since late 2020, the Polisario says it has been in a war of legitimate defence and has declared the entire Western Sahara, including its land, sea and airspace, a war zone.

Abraham Accords

Amir Ohana, the speaker of the Israeli parliament, paid an official visit to Rabat in early June and said that his country should move toward recognising Moroccan sovereignty over Western Sahara.

Ohana said serious discussions between the countries over the issue were underway and that Netanyahu will be announcing his decisions in the near future.

According to Mondays statement from the royal office, Netanyahus letter said Israels decision would be transmitted to the United Nations, international organisations, and every country with which Israel has diplomatic relations.

Israels chief of military staff also announced the appointment of the countrys first ever military attache to Morocco on Monday.

Colonel Sharon Itah should be assuming the position in the next few months, a military spokesperson told AFP.

Morocco and Israel normalised relations in December 2020 as part of a series of similar US-backed deals with Arab states known as the Abraham Accords.

In return for norm...

07:26

Collapse of Ukraine grain deal to have medium-term impact Iraqi News

Paris The collapse of the Black Sea export corridor, which allowed the export of more than 32 million tonnes of Ukrainian grain over the past year, should have little immediate impact but over the medium term create market tension and push up food prices.

Little immediate impact

The situation is very different from February 2022, when Russia invaded Ukraine, which cut off shipping in the Black Sea, the main export route for Ukrainian agricultural products.

Kyiv was the worlds top exporter of sunflower seed oil and the fourth-largest for wheat and corn, and its exit from global market sent prices to record highs in May.

The opening of the export corridor on August 1, 2022, helped ensure supplies for importing nations and bring down prices, even if the conflict has cut Ukrainian farm output.

Wheat output is forecast to drop to 17.5 million tonnes in the 2023-2024 season from 33 million tonnes in the 2021-2022 season. 

For corn, production is expected to fall to 25 million tonnes from 42 million tonnes.

In 2023-2024, Ukraine should export six million tonnes less of wheat and 10 million tonnes less of corn, said Gautier Le Molgat, an analyst at Agritel, which provides data and analysis on agricultural markets.

The lack of immediate impact is partially due to timing: it is currently harvest season in the northern hemisphere.

Future needs will be clear at the end of the harvest, said Le Molgat.

It is a calm period on the markets which reacted little to the news of the suspension of the deal, he added. 

European wheat futures edged higher, while they fell in the United States.

Moreover, Russias refusal to renew the deal was expected and it had already worked to undermine it.

Over the past months weve observed a bottleneck in the Bosphorus with very slow traffic, due in particular to a low number of Russian inspectors for the ships using the corridor, said Edward de Saint-Denis, a trader at commodities trading firm Plantureux & Associes.

Land routes

Even before the Black Sea corridor was opened the EU had created Solidarity Lanes, land and river routes designed to facilitate the export of EU agricultural products via Europe.

The Farm Foundation, a think tank that specialises in agricultural issues, estimates that half of Ukraines agricultural exports already takes these routes.

One of the questions that needs to be asked is if the EU, which has taken half of the Ukrainian grain on offer since the start of the conflict, has capacity to re-export these volumes, said Olia Tayeb Cherif, research director at the Farm Foundation.

The EU would like to improve its ability to transport by harmonising the rail gauge with Ukraine.

They can increase the tempo a bit, but t...

05:00

Security In Iraq Jul 8-14, 2023 MUSINGS ON IRAQ


Security remained unchanged in Iraq during the second week of July. The Islamic State remains at its lowest point in its history and the insurgency is largely over.

 

There were three incidents during the week, but one of them was an old IED. That compared to just one incident during the first week of July.

 

The incidents took place in Babil (1), Diyala (1), and Kirkuk (1).

 

They left two dead and 1 wounded. 1 civilian and 1 Hashd al-Shaabi lost their lives while one civilian was injured.

 

In Babils Jurf al-Sakhr district in the northeast an old IED exploded that left 1 Hashd dead.

 

Another IED went off in the Abu Saida district in central Diyala that resulted in one civilian injured. This is the area where IS has its main bases. It used to be the most violent part of Iraq but now, like the rest of the country, there is barely any insurgent ac...

04:54

This Day In Iraqi History - Jul 17 Gen Bakr led Baathist coup overthrowing Arif govt MUSINGS ON IRAQ

(Wikipedia)

 

869 Deposed Abbasid Caliph Mutazz executed by Turkish soldiers

(Musings On Iraq review when baghdad ruled the muslim world, the rise and fall of islams greatest dynasty)

1920 British worked out ceasefire with Iraqi rebels to end siege of Abu Sukhair

(Musings On Iraq review Reclaiming Iraq, The 1920 Revolution and the Founding of the Modern State)

(M...

Monday, 17 July

22:12

Japan PM in UAE to pitch green technology ahead of COP28 Iraqi News

Dubai Japanese Prime Minister Fumio Kishida arrived in the UAE on Monday to discuss cooperation on clean hydrogen, ammonia and recycled carbon fuels ahead of this years UN climate talks in Dubai.

Kishidas visit to the United Arab Emirates, which will host COP28 in November-December, is part of the first Gulf tour by a Japanese premier since the late Shinzo Abe in 2020.

Japan relies almost entirely on imports for its crude oil, with Saudi Arabia, the UAE and Qatar accounting for the bulk of its supplies.

As the Asian country increases the role of renewables in its energy mix, the Gulf states, too, are moving more towards cleaner energy sources.

Kishida flew in from Saudi Arabia, where he met de facto leader Crown Prince Mohammed bin Salman on Sunday. After talks with UAE President Sheikh Mohammed bin Zayed Al Nahyan in Abu Dhabi, he will head to Qatar on Tuesday.

The Japanese PM plans to offer Japans cutting-edge decarbonisation technologies as part of a green energy initiative for the Middle East, he said in an open letter carried by the UAEs official WAM news agency.

Tokyos embassy confirmed the comments.

Under the initiative, the UAE and Japan will be well placed to collaborate in the related fields of hydrogen and ammonia production and utilisation as well as carbon recycling, Kishida added.

As the oil-rich UAE gears up to host the COP28 United Nations climate talks, many countries remain far apart on ways to reduce fossil fuels and the global warming they cause.

Japan will work closely with the UAE towards the success of COP28, Kishida said.

On Monday, Sheikh Mohammed said he held fruitful and constructive discussions with Kishida in Abu Dhabi on developing bilateral relations and advancing the comprehensive strategic partnership between our two countries.

Clean energy cooperation

On Sunday, Kishida discussed energy security and decarbonisation with senior Saudi officials including Prince Mohammed in the Red Sea city of Jeddah, official Saudi statements said.

During the meeting with Prince Mohammed, Tokyo and Saudi Arabia agreed to launch the Lighthouse Initiative for Clean Energy Cooperation, according to the official Saudi Press Agency. 

The initiative will support the ongoing efforts that Saudi Arabia is undertaking to become a hub for clean energy, said a joint statement carried by SPA on Monday.

It will focus on areas including hydrogen, ammonia, recycled carbon fuels and carbon capture technology,  the statement said. 

Saudi Arabia is the biggest oil exporter to Japan, fulfilling 40 percent of its total needs, the kingdoms Energy Minister Prince Abdulaziz bin Salman said on Sunday.

The Kingdom, based on its commitment to the strategic...

21:44

UN hands over boat for oil transfer from rusting Yemen tanker Iraqi News

Aboard Nautica The United Nations on Monday handed over a vessel that will take on board oil from a decaying tanker in the Red Sea, an operation aimed at averting an environmental catastrophe. 

The handover ceremony took place aboard the Nautica, which is being renamed the Yemen, in the presence of Yemens Huthi authorities who control the capital Sanaa. 

In the coming days, an operation is expected to begin pumping 1.14 million barrels of crude oil to the Nautica from the FSO Safer, a rusting 47-year-old ship that the UN describes as a ticking time bomb.

The UN-owned ship arrived off war-torn Yemen on Sunday.

Mondays ceremony highlighted close cooperation between the UN and the Huthis, who since 2015 have been fighting a Saudi-led coalition backing the internationally recognised government based in the southern Yemeni city of Aden.

The UN had been hoping for a low-key event, but the Huthis invited high-ranking officials from various ministries as well as more than 20 local journalists to board the new ship. 

As high-ranking Huthi officials looked on, David Gressly, the UN resident coordinator for Yemen, signed the handover papers along with Edrees al-Shami, the Huthi-appointed executive general manager of SEPOC, the Yemeni oil and gas company. 

Gressly said the ship transfer had been organized with the participation of all parties to Yemens conflict and that it now belonged to the people of Yemen.

However, Huthi officials have said it will now fall under their control. 

The Nautica, purchased by the UN in March, is smaller than the Safer, with a clean, rust-free red-and-blue hull. 

It is expected to moor alongside the Safer so that pumping can begin by the end of this week.

The post UN hands over boat for oil transfer from rusting Yemen tanker appeared first on Iraqi News.

19:57

Leaks, repairs, stress: how skeleton crew stopped Red Sea oil disaster Iraqi News

ABOARD FSO SAFER When an alarm sounded on the decaying oil tanker off Yemens coast, signalling a leak in its engine room, Hussein Nasser quickly sprang into action.

Working around the clock for days, he and the half-dozen other people on board the FSO Safer fashioned makeshift iron strips to patch a burst pipe, before divers arrived to install a permanent steel plate to keep seawater from sinking the ship. 

The incident in 2020 was just one example of how a motley crew of sailors and engineers - numbering no more than seven or eight at any given time - have laboured for years to keep afloat the FSO Safer tanker abandoned off Yemen, and stave off an environmental calamity.

The sinking of the vessel, or an on-board explosion, would have unleashed a thin slick of oil across the Red Sea, imperilling wildlife, coastal fishing villages, lifeline ports and maritime traffic. 

The United Nations hopes anxiety about the 47-year-old Safer - which has been woefully neglected during Yemens ongoing war is about to ease. That depends on the successful transfer of its oil to a replacement ship, the Nautica, that arrived off the countrys coast on Sunday. 

It represents a rare bright spot after more than eight years of fighting between the Huthi rebels, who control the capital Sanaa and waters where the Safer is moored, and the internationally recognised government based in the southern city of Aden. 

For members of the Safers skeleton crew, the milestone is a time to reflect on their long stints at sea with little food, no air conditioning and near-constant stress. 

Anxiety accompanies us all the time as a result of the worn-down condition of the ship, Nasser, an engineer with short greying hair and a dark moustache, told AFP. 

Like other crew members interviewed, he works for the Huthis maritime affairs authority.

The Safer is like a front line and we have had to fight on it - no different from a military front line, Nasser said. 

Unsung heroes

The Iran-backed Huthis praise men like Nasser as the unsung heroes of the Safer saga. 

The villains, in their telling, are members and backers of the Saudi-led military coalition fighting in support of the Aden-based government, which they blame for a blockade of the Hodeida port that starved the Safer of needed equipment. 

Yet the Huthis themselves were long accused of courting disaster by using the Safer as a bargaining chip, blocking UN inspection requests and demanding that oil revenue be used to pay the salaries of their employees. 

After more than eight years without maintenance, there is no disputing the ship is in awful condition, with rust and fast-spreading fungus streaking its red-and-grey hull, whose thickness has worn away by four millimetres in places. 

Any oil ship need...

19:43

TotalEnergies to complete energy projects in Iraq by 2029 Iraqi News

Baghdad (IraqiNews.com) The Director General for Studies and Planning at the Iraqi Oil Ministry, Naseer Aziz Jabbar, explained on Monday that energy projects carried out by TotalEnergies in Iraq will be completed in 2028 and 2029, the Iraqi News Agency (INA) reported.

TotalEnergies signed last week a $27 billion energy deal expected to increase oil production and Iraqs capacity to produce energy through four major oil, gas and renewable energy projects, according to Reuters.

Jabbar illustrated that gas projects will help Iraq produce 300 million cubic feet of gas after the completion of the first phase and will reach a production capacity of 600 million cubic feet after the second phase is completed.

The Iraqi official elaborated that the governments share in these projects is $1.4 billion.

The first of these projects involves the use of seawater to support oil extraction operations.

The second project is the Gas Growth Integrated Project (GGIP), which aims to improve Iraqs electricity supply by recovering flared gas at three oilfields and using the gas to supply power plants, helping to reduce the countrys import bill, according to Reuters.

The third project is to develop the Artawi oilfield, which produces one of the best fuels in the region, to increase its production capacity to more than 210,000 barrels per day.

The fourth project is to develop a 1-gigawatt solar power plant to supply southern Iraq with electricity.

The post TotalEnergies to complete energy projects in Iraq by 2029 appeared first on Iraqi News.

16:18

Thousands evacuated as typhoon nears southern China, Vietnam Iraqi News

Beijing Tens of thousands of people were being evacuated in southern China and Vietnam on Monday, and dozens of flights cancelled as a typhoon barrelled towards land.

Powerful winds, storm surges and lashing rains were forecast to hammer the southern coastline from Guangdong to Hainan provinces when typhoon Talim makes landfall on Monday night, the China Meteorological Administration said.

The forecaster has issued an orange alert, the second-highest warning in a four-tier colour-coded system, saying the storm was expected to increase in intensity to become a severe typhoon.

Authorities in Vietnam said they were preparing to evacuate about 30,000 people from the areas forecast to be hardest hit in Quang Ninh and Hai Phong provinces from Monday afternoon.

The storm might be one of the biggest to hit the Gulf of Tonkin in recent years, Vietnams top disaster response committee said in an online statement.

Tourists have been advised to leave outlying islands and airlines have rescheduled services to avoid the storm.

Prime Minister Pham Minh Chinh directed disaster response teams to prepare for immediate rescue and relief works late Sunday, warning of possible floods.

Flights grounded

At least 1,000 people were evacuated in Yunfu city in south Chinas Guangdong province, the state-backed Southern Daily reported.

Around 2:00 pm (0600 GMT), Typhoon Talim was 280 kilometres southwest of Hong Kong, the citys weather observatory said.

Trading on Hong Kongs US$5.2 trillion stock market was cancelled Monday as the Asian financial hub came to a standstill.

The Hong Kong Observatory has warned of possible flooding in low-lying areas due to a storm surge and ferries and most bus services in the city were suspended.

More than 1,000 travellers were affected by flight cancellations and delays, the Hong Kong Airport Authority said.

Authorities in south Chinas Hainan island asked ships in nearby waters to return to port after the local marine forecasting station warned of waves of up to six metres (20 feet), state news agency Xinhua reported.

Ferry services between Hainan and neighbouring Guangdong province were suspended early on Sunday.

Meilan International Airport and Qionghai Boao Airport, both on Hainan island, have cancelled all flights, state media reported.

Zhuhai Jinwan Airport in Guangdong near Macau cancelled more than 80 flights, local media said.

Scientists have warned that typhoons are becoming more powerful as the world gets warmer with climate change.

The post Thousands evacuated as typhoon nears southern China, Vietnam appeared first on Iraqi News.

15:12

Global debt dominates as G20 finance chiefs meet Iraqi News

Gandhinagar G20 finance ministers and central bank chiefs opened talks on Monday discussing debt restructuring deals, multilateral bank reform and finance to tackle climate change, aiming to bolster a sagging global economy.

Indian Finance Minister Nirmala Sitharaman, chair and host of the summit in Gandhinagar, began by telling finance leaders of the responsibility we have to steer the global economy towards strong, sustainable, balanced and inclusive growth.

Key on the two-day agenda will be facilitating consensus to intractable issues associated with rising indebtedness, Sitharaman said earlier on Monday, speaking to reporters alongside US Treasury Secretary Janet Yellen.

Talks will also focus on critical global issues such as strengthening the multilateral development banks and taking coordinated climate action, Sitharaman added.

Yellen also cited work to tackle debt distress amongst the worlds poorest countries, noting debt restructuring progress in Zambia, which she had discussed when visiting Beijing this month.

China, the worlds second-largest economy and a major lender to several stressed, low-income countries in Asia and Africa, has so far resisted a common multilateral understanding on the issue, officials said.

Yellen on Sunday said the Zambia deal had taken too long to negotiate, and added she hoped debt treatments for Ghana and Sri Lanka could be finalised quickly. 

We should apply the common principles we agreed to in Zambias case in other cases, rather than starting at zero every time, Yellen said. And we must go faster.

More than half of all low-income countries are near or in debt distress, double the case in 2015, Yellen added.

A top official from G20 chair India said there had been a not so encouraging response from Beijing on shared debt understanding.

Several economies have struggled following the double blow of the coronavirus pandemic and fallout from Russias war in Ukraine which hit global fuel and commodity prices.

China is a major creditor in some of these cases and has faced criticism for its stand on nations debt restructuring.

Climate finance

The Group of 20 major economies will also discuss multilateral development banks reform, cryptocurrency regulations, and making access to financing to mitigate and adapt to the impacts of climate change easier.

In the Global North, climate change means emissions reductions, World Bank chief Ajay Banga said in an op-ed ahead of the meeting.

But in the Global South, it is a matter of survival, because hurricanes are stronger, heat-resistant seeds are in short supply, drought is destroying farms and towns, and floods are washing away decades of progress.

...

14:33

Chinas economy shows further weakness in second quarter Iraqi News

Beijing Chinas economy showed further signs of weakness in the second quarter as data Monday showed growth missed expectations and consumers remained cautious, adding pressure on leaders to unveil further stimulus.

The disappointing figures follow a string of below-par readings in recent months indicating the post-Covid recovery was already going off the rails and highlighting the tough work authorities face reviving momentum.

The National Statistics Bureau said the worlds number two economy grew 6.3 percent on-year in April-June, faster than the previous three months but much weaker than the 7.1 percent predicted in an AFP survey of analysts.

That came despite having a very low base of comparison with last year when the country was hit by a series of Covid lockdowns in major cities.

In quarter-on-quarter terms considered a more realistic basis for comparison growth came in at 0.8 percent, well down from the 2.2 percent seen in January-March, the first full period after the removal of zero-Covid restrictions.

NBS spokesman Fu Linghui said in a statement that the economy showed a good momentum of recovery.

Market demand gradually recovered, production supply continued to increase, employment and price were generally stable, and residents income grew steadily, he added.

But Fu admitted at a Monday news conference the Chinese economy faces a complex and difficult international situation, and arduous tasks for reform, development and ensuring stability.

Additional data reinforced the view that the post-pandemic recovery was petering out.

Retail sales, a key gauge of consumption, edged up 3.1 percent in June from a year earlier, according to the NBS, slowing from the 12.7 percent rise in May.

It was in line with expectations of analysts polled by Bloomberg, but signalled shaky consumer confidence.

Serious deterioration

Consumption remains a driving force for the economic recovery, Erin Xin, Greater China Economist at HSBC, told AFP.

In some areas, particularly in services, the revival has been particularly strong, she said, adding that consumption levels had not recovered to pre-pandemic levels.

Unemployment among Chinese youth also jumped to a record 21.3 percent in June, up from 20.8 percent in May, the NBS said.

The general unemployment figure stayed at 5.2 percent, but only takes into account the big cities.

The run of poor readings over recent months has ramped up calls for officials to unveil support measures. 

While the Peoples Bank of China last month cut interest rates and authorities pledged to help the troubled property sector, there has been very little concrete action out of Beijing.

Low demand means companies are hesitating to hire, taking a wait-and-see...

13:36

Markets struggle as rally fades, China growth misses forecasts Iraqi News

Hong Kong Asian markets struggled Monday to build on last weeks rally, with new data showing Chinas economy grew less than expected in the second quarter as its post-Covid recovery runs out of steam.

Equities surged last week as news that US inflation slowed more than forecast fanned hopes that the Federal Reserve would soon end its campaign of interest rate hikes.

The advance was also bolstered by pledges from Beijing to introduce stimulus measures for the struggling economy.

However, the scale of the work facing Chinese officials was laid bare Monday, with data showing gross domestic product expanded 6.3 percent on-year in April-June, much less than forecast in an AFP survey.

Growth was also sharply down on a quarter-on-quarter basis, which is seen as a better guide to the state of the economy owing to the low base of comparison with last years Covid-depressed performance.

The countrys National Bureau of Statistics also said youth unemployment jumped to a record 21.3 percent in June, adding to months of data highlighting weakness in the worlds number-two economy.

The readings will further stoke calls for authorities to announce more measures to fire growth, having cut interest rates last month.

But while officials have pledged to do more, there has been little concrete out of Beijing so far.

Asia investors have been greeted by a dismal Chinese data dump to start the week, said SPI Asset Managements Stephen Innes.

But the data will be viewed through the lens of how it will influence the policy decisions made at the upcoming Politburo meeting in late July. With that in mind expectations should grow that Beijing will do major fiscal soon.

In early trade, Shanghai fell more than one percent, and there were also losses in Sydney, Seoul, Singapore, Manila and Wellington. Taipei and Jakarta edged up.

Hong Kong was closed because of a typhoon, while Tokyo was shut for a holiday.

The tepid performance Monday came as investors weighed the outlook for US interest rates after last weeks consumer and wholesale price indexes came in below forecasts.

The readings were seen as giving the Federal Reserve room to wind down its monetary tightening drive, which has lasted more than a year.

While it is expected to hike again this month, there is debate over whether it will then call it a day or announce one more before the end of the year.

We think it is premature to declare victory on inflation and expect volatility to remain elevated over the near term, JPMorgan Chase & Co. strategists led by Phoebe White said.

Still, bets that the Fed is close to the end of its cycle have weighed on the dollar in recent weeks, with other central banks still lifting costs owing to stubbornly sticky inflation prints.

The euro last week touched $1.1248,...

13:17

World Cup set for lift-off with womens football at all-time high Iraqi News

Auckland The first 32-team Womens World Cup kicks off in Australia and New Zealand on Thursday, with the United States favourites to win an unprecedented third consecutive title in a landmark month for womens football.

It has been a rapid expansion for a tournament that started in 1991 and featured only 16 teams as recently as 2011, then 24 in France four years ago when the USA retained the trophy.

That reflects a dramatic rise in interest in womens football over the last decade beyond its traditional heartland of the United States, and a swarm of European sides will be aiming to snatch their title.

Australia, led by the prolific Chelsea forward Sam Kerr, will hope to make the most of home advantage and go all the way to the final in Sydney on August 20.

This World Cup is not just bigger in terms of the number of competing nations.

FIFA has tripled the prize money compared with 2019 and the total pot, which also covers compensation for clubs releasing players, is up from $50 million four years ago to $152 million.

It is a vast hike on the $15 million offered in 2015, and confirmation that it is a boom time for womens football.

Big crowds at club and international matches, particularly in Europe, are more evidence that the game is at an all-time high.

TV blackout averted

Nevertheless, the prize pot still pales in comparison with the $440 million dished out at the 2022 mens World Cup in Qatar.

Meanwhile, a stand-off over the sale of broadcast rights in the biggest European countries - Germany, the UK, France, Italy and Spain - was only resolved last month.

The threat of a TV blackout was averted late in the day after FIFA president Gianni Infantino had openly criticised the amount of money being offered by broadcasters.

FIFA is stepping up not just with words but with actions. Unfortunately, this is not the case of everyone across the industry. Broadcasters and sponsors have to do more in this respect, Infantino said in March, adding that world footballs governing body was receiving offers amounting to just one percent of what was being paid for the mens tournament.

In Japan, a deal to avoid a blackout was only reached last week.

It is actually terrible business if you are not tuning in, said Megan Rapinoe, the veteran superstar of the United States team and a cultural icon who transcends the sport.

You are missing out on a large cultural moment. This is the premier womens sporting event in the world bar none and this is a paradigm shift globally, not just in the US.

It will be the 38-year-olds last World Cup after she announced she plans to retire at the end of this season.

Knee-injury plague

Rapinoe was one of the USA stars who led their fight for equal pay, resulting in a la...

12:21

Ukraine grain deal in peril, fierce fighting in the east Iraqi News

Istanbul The clock was ticking down Monday on the deal that allows Ukraine to export its grain via the Black Sea, with the agreement set to expire at midnight Istanbul time (2100 GMT).

In Ukraine, Kyiv reported fierce fighting on its eastern frontline on Sunday, as Russian President Vladimir Putin called Kyivs counteroffensive a failure.

There was no word from talks in Istanbul, where Turkish and UN officials are trying to persuade Russia to agree another extension of the deal first signed there in July 2022.

Over the course of the last year, the Black Sea Grain Initiative has enabled the export in cargo of more than 32 million tonnes of Ukrainian grain.

But that traffic has come to a halt because of Russias refusal so far to renew the deal.

The applications have not been approved by all parties, said a statement from the Joint Coordination Centre (JCC) that oversees the agreement. No new ships have been approved to participate since 27 June.  

The last cargo ship cleared by the signatories to the deal Ukraine, Russia, Turkey and the United Nations Turkish bulk carrier TQ Samsun, was headed across the Black Sea from the Ukrainian port of Odesa towards Istanbul, the Marine Traffic website showed late Sunday.

Russias objections

On Friday, Turkish President Recep Tayyip Erdogan was optimistic about the prospects of the deal being renewed again.

But his claim that he and Russian President Vladimir Putin saw eye to eye on the matter did not find an echo in Moscow, as a Kremlin spokesman quickly said that they had made no such declaration.

Putin has repeatedly threatened to pull out of the agreement, arguing that elements of the deal allowing the export of Russian food and fertilisers had not been honoured.

The main goal of the deal, namely the supply of grain to countries in need, including on the African continent, has not been implemented, he said on Saturday, in a phone conversation with South African counterpart Cyril Ramaphosa.

According to data from the JCC, China and Turkey are the main beneficiaries of the grain shipments, as well as developed economies.

The deal has helped the World Food Programme bring relief to countries facing critical food shortages such as Afghanistan, Sudan and Yemen.

This helps explain why UN Secretary General Antonio Guterres has been working hard to get the deal renewed. He supports removing hurdles to Russia exporting its fertilisers and sent Putin a letter on the subject Tuesday.

He also met senior figures in the European Union last week to discuss the effect of the sanctions they imposed on Russia because of its invasion of Ukraine. But there has been no public statement on their talks.

Fierce fighting

On the ground in Ukraine, Kyiv has admitted that its highly anticipated coun...

06:06

This Day In Iraqi History - Jul 16 Saddam told chiefs of staff he was going to invade Iran MUSINGS ON IRAQ

(Vanity Fair)

 

1919 UK India Office official Sir Hirtzel told chief political officer in Iraq Wilson there was

going to be an Arab state in Iraq or there would be a revolt

(Musings On Iraq review Enemy On The Euphrates, The Battle For Iraq 1914-1921)

(Musings On Iraq review When God Made Hell, The British Invasion of Mesopotamia and the Creation of Iraq, 1914-1921)

1954 Regent asked Nuri al-Said to form new govt Agreed to dissol...

05:38

Military Situation In Syria On July 16, 2023 (Map Update) "IndyWatch Feed War"

Military Situation In Syria On July 16, 2023 (Map Update)

Click to see full-size image

  • On July 16, the Russian Ministry of Defense recorded no cases of hostilities and ceasefire violations in Idlib region in the past 24 hours;
  • On July 16, Iraqi Prime Minister Muhammed Shayya al-Sudani arrives in Damascus and met with Syrian President Bashar al-Assad;
  • On July 16, an explosion was reported in the city of Manbij. One person was wounded.

MORE ON THE TOPIC:

The post Military Situation In Syria On July 16, 2023 (Map Update) appeared first on South Front.

03:54

Iraq: 'First' Captagon laboratory found in country, says ministry "IndyWatch Feed War"

Iraq: 'First' Captagon laboratory found in country, says ministry

Iraq has long been a transit country for the stimulant plaguing the Middle East and mostly produced in Syria, but Iraqi officials say it has also become a consumer market for the drug
MEE and agencies Sun, 07/16/2023 - 18:54
This picture taken on July 27, 2022 shows a view of sacks of confiscated captagon pills at the judicial police headquaters in the town of Kafarshima south of Lebanon's capital Beirut
The vast majority of the region's Captagon is produced in Iraq's neighbour Syria and Lebanon (AFP)

Iraq said on Sunday it had found a site in a province bordering Saudi Arabia where Captagon was being produced, a rare discovery in a country that has become a transit route for the illicit drug.

"Today, and maybe for the first time, a laboratory where Captagon is produced was found," Interior Ministry Spokesman General Saad Maan said in a video posted online.

Iraq has long been a transit country for Captagon, the amphetamine-like stimulant plaguing the Middle East, but officials say it has also become a consumer market for the drug.

The laboratory was discovered in the southern province of Muthana, a statement from the ministry said.

Oil-rich Saudi Arabia is believed to be the largest market for the drug.

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