Iraq News Highlights and Points To Ponder Thursday Afternoon 9-19-24

Market Monopoly Is In Danger... And The Parliamentary Economic Committee Leads The Correction Battle

September 18, 2024  Baghdad/Al-Masala:   The issue of ending monopolies in Iraq has become one of the pivotal issues that parliamentary bodies seek to address urgently, due to its direct impact on the local economy and market stability.

One of the most prominent of these efforts is the move led by the Parliamentary Committee on Economy, Industry and Trade to amend the Competition and Anti-Monopoly Law.

The Parliamentary Committee on Economy, Industry and Trade, headed by MP Ahmed Salim Al-Kanani, hosted the (Competition and Anti-Monopoly) Council to discuss amending the Competition and Anti-Monopoly Law in Iraq, in the presence of a number of economists, experts and legal professionals.

The head of the parliamentary economy, industry and trade committee, MP Ahmed Salim Al-Kanani, said in a statement that the main objective of the meeting was to highlight the need to update the competition and anti-monopoly law, in line with current economic challenges, as well as to address legal loopholes affecting the local market. The discussions addressed several key points that need to be amended.

Amending this law is an important step to ensure economic justice and improve the investment environment, as the monopoly of some parties on the market leads to narrowing competition and unjustified price increases, which negatively affects consumers and the economy in general.

The parliamentary committee seeks to address the legal loopholes that affect the local market, as some of these loopholes allow monopolists to escape punishment or manipulate the laws in a way that harms fair competition.

Analysts believe that tightening penalties on entities proven to be practicing monopoly and price manipulation is an urgent necessity to ensure effective implementation of the law and achieve the necessary deterrence.

A key aspect of these efforts is price control to maintain market stability, as monopoly is one of the main causes of price fluctuations that affect citizens’ daily lives.

In the absence of real competition, it becomes easy for monopolistic companies to raise prices exaggeratedly, which increases the suffering of consumers and causes some to refrain from buying.

Iraq needs to activate laws that protect consumers from these unfair practices and ensure that products and services are available at reasonable and stable prices.

In addition to parliamentary efforts, economists and legal experts play an important role in amending the law to suit the Iraqi reality. The challenges facing the local market require innovative legal and economic solutions that ensure sustainable economic growth and fair distribution of economic opportunities.

The head of the committee, MP Ahmed Salim Al-Kanani, noted that the penalties on monopolists were discussed, as the parliamentary committee stressed the need to tighten penalties on parties proven to practice monopoly and price manipulation, stressing that the current penalties are not sufficient to deter violators, which makes it necessary to review these articles to impose strict penalties that contribute to achieving balance in the market.

Al-Kanani pointed out that the discussions included the importance of controlling prices to maintain market stability and protect consumers from price fluctuations resulting from monopoly.

They also included establishing stricter monitoring mechanisms to ensure that traders and importers adhere to the specified prices and avoid exploiting crises to raise prices unjustifiably.

 The committee chairman stressed the importance of establishing strict quality and control standards to ensure that consumers obtain goods with specifications that meet international standards.

The statement of the Parliamentary Committee on Economy, Industry and Trade stated that it was agreed to continue the dialogue between the committee and the Competition Council to reach a final formula for the amendments to the law, while stressing the importance of expediting the approval of the amendments to activate the role of the Council in improving the business environment and ensuring the rights of consumers.    https://almasalah.com/archives/101113

Oil Disappoints Hopes, Basra Crude Completes Two Weeks Of Decline: Interest Rate Cuts Backfired

2024-09-19 | 1,287 views  Alsumaria News – Economy    Global oil prices fell in today's trading , Thursday, frustrating the anticipated hopes for the results of the US Federal Reserve's 50-point reduction in interest rates, as the larger-than-expected reduction had the opposite effect and raised concerns about the US economy.

Brent crude futures for November delivery lostOctoberThe second contract fell 34 cents, or 0.46 percent, to $73.31 a barrel, while West Texas Intermediate crude futures for October delivery fellOctoberThe first to $70.49 a barrel, down 42 cents, or 0.59 percent.

The US Federal Reserve cut interest rates by half a percentage point on Wednesday, indicating that the central bank sees a slowdown inmarketWork, it seems.OpinionThe boost that a rate cut typically brings to economic activity outweighs the boost that a rate cut typically brings, according to Reuters.

“While a 50bp rate cut signals stiff economic headwinds ahead, bearish investors were left feeling unsatisfied after the Fed raised rates,” analysts at ANZ Bank said in a note.Federal Reserve Bank"His medium-term price forecasts."

In contrast, crude oil prices concludedBasraIts second week at its lowest level recorded in about 10 months, which lasted at that time about 50 days.   LINK

Gulf Central Banks Move Interest Rates After Fed Decision

Arabic and internationalEconomy News - Follow-up Central banks in the Gulf region have decided to raise interest rates, following the US Federal Reserve's decision to cut interest rates by half a percentage point on Wednesday.

The Central Bank of the UAE decided to reduce the base rate on the overnight deposit facility by 50 basis points, to reach 4.90 percent, from 5.40 percent, effective Thursday, September 19, 2024.

The Saudi Central Bank said in a statement that it decided to reduce the repurchase agreement (repo) rate by 50 basis points to 5.50 percent, and reduce the reverse repurchase agreement (reverse repo) rate by 50 basis points to five percent.

The Board of Directors of the Central Bank of Kuwait decided to reduce the discount rate by 25 basis points to 4.00 percent, instead of 4.25 percent, effective from September 19, 2024.

The Governor and Chairman of the Board of Directors of the Central Bank of Kuwait, Basel Ahmed Al-Haroun, said that the decision is based on developments in the local and global economic, monetary and banking conditions, noting the decline in inflationary pressures in the Kuwaiti economy, as the annual inflation rate slowed from about 4.71 percent in April 2022 to about 3 percent in July 2024.

The Central Bank of Bahrain said in a statement that it cut the overnight deposit rate by 50 basis points from 6 percent to 5.50 percent.

He added in the statement: "This decision comes within the measures taken by the bank to achieve monetary and financial stability in the Kingdom of Bahrain in light of the developments witnessed by international financial markets."

Qatar Central Bank also cut key interest rates by 55 basis points.

The Qatar Central Bank said in a statement posted on social media that the lending rate was reduced to 5.70 percent, deposit rates to 5.20 percent, and the repurchase rate to 5.45 percent.

The US Federal Reserve's Monetary Policy Committee decided to cut interest rates by 50 basis points, to a range of 4.75 to 5 percent.139 views  09/18/2024 - https://economy-news.net/content.php?id=4777

Al-Fatlawi: There Are Some Parties Trying To Overthrow Al-Sudani's Government

Policy   Information/Baghdad...  Al-Fatah Alliance member Ali Al-Fatlawi accused some parties, which he did not name, of working to try to overthrow the government of Prime Minister Mohammed Shia Al-Sudani.

Follow "Al-Maalouma" channel on Facebook.. News that does not need verification..

Al-Fatlawi told Al-Maalouma, "Al-Sudani tried to build a correct structure for a new phase, and tried to keep the weak-willed away from him, but they were present around him and they are the remnants of Mustafa Al-Kadhimi's government."

He added, "The spy network is the remnants of Mustafa Al-Kadhimi's government and Raed Juhi."

Promise, "The current time is right to remove all the class that is trying to obstruct the political process." End 25N   LINK

Urgent Measures To Address The Airlines File

Iraq  09/19/2024  The Ministry of Transport has taken urgent measures to resolve the problems that have recently plagued the work of the General Company for Airlines.

The Director of the Ministry’s Media Office, Maitham Al-Safi, told Al-Sabah: “The Minister of Transport, Razzaq Muhaibis Al-Saadawi, has begun managing the General Company for Airlines centrally, and has issued several directives to resolve all issues related to the company’s performance, especially the cancellation of pilgrims’ flights and their re-transportation from the Kingdom’s airports to local airports according to a regular schedule,

 in addition to launching a new smartphone application that allows travelers to book tickets and manage reservations easily, as well as the ability to switch to the lost baggage service in cooperation with the electronic platform (Aur), in addition to helping travelers stay up to date with the latest developments regarding the national carrier’s flights.”

He pointed out that the airlines have not cancelled any of the chartered flights for tourism companies, and are working hard to ensure the continuity of operating flights, improve the levels of service provided to passengers, and adhere to the instructions of the Civil Aviation Authority regarding flight hours, to ensure that the company is not exposed to any audit violations and disrupts the periodic inspections by the International Civil Aviation Organization.

Al-Safi explained that the ministry compensates passengers whose bags are damaged or delayed, and that flight prices are measured within the economic feasibility of the flights, which is the most suitable among other airlines.

 He pointed out that work is ongoing to improve electronic services and focus on developing electronic reservation and payment systems to facilitate passenger procedures and reduce the time spent at airports, as well as providing the required crews to implement scheduled flights and reduce delays, in addition to launching comprehensive training programs to develop the skills of workers and raise the efficiency of technical and administrative crews.    https://alsabaah.iq/102913-.html