Zig’s Place Chatroom News Tuesday Afternoon 5-17-22

Zig’s Place Chatroom News Tuesday Afternoon 5-17-22

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butterfly   Here's how much profit Big Oil raked in last quarter:

Shell: $9.1 billion    Chevron: $6.3 billion    BP: $6.2 billion    Exxon: $5.4 billion

They’re not raising prices to cover their costs—they’re raising prices to pad their profits.

butterfly   SULAIMANI — Crude oil prices were down on Tuesday (May 17) compared to the previous day.

The price of Brent crude was at $115.1 up from $109.2 the previous day, and the price of WTI crude was at $115.0 up from $108.4.

butterfly   2022-05-17 03:42 Shafaq News/ On Tuesday, the U.S. dollar (USD) exchange rates against the Iraqi dinar (IQD) settled in the markets of Baghdad.

Shafaq News Agency correspondent said that the Central al-Kifah and Al-Harthiya exchanges are trading the USD at 148050 IQD to 100.

Our correspondent said that the selling and buying rates of 100 USD in the local markets of the Iraqi capital rested at 148500 and 147500 IQD, respectively.

In the capital of the Kurdistan Region, Erbil, the selling and buying rates settled at 148300 and 148100 IQD to 100 USD.

butterfly   2022-05-17 02:18   Shafaq News/ Gold prices firmed on Tuesday, as a pullback in the dollar supported demand for greenback-priced bullion and countered pressure from a recovery in U.S. Treasury yields.

Spot gold was up 0.2% at $1,826.95 per ounce, by 0542 GMT. U.S. gold futures gained 0.6% to $1,824.40.

The dollar fought for a footing after falling from near 20-year highs while the tumbling Chinese yuan found a floor, as investors trimmed bets on whether U.S. interest rate hikes will drive further gains.

A weaker dollar makes gold more attractive for buyers holding other currencies.

However, benchmark U.S. 10-year Treasury yields climbed, limiting demand for zero-yield gold.

"Now that we have the much-needed clearout on gold markets, longer-term holders could start to position for the eventual southbound turn on the U.S. hard economic data," said Stephen Innes, managing partner at SPI Asset Management.

Bullion is seen as a safe haven during economic crises and a hedge against inflation.

Gold slid to a 3-1/2-month low on Monday, but reversed course later, tracking a fall in Treasury yields.

Spot gold may bounce more into a range of $1,840 to $1,849 per ounce, as the downtrend from the April 18 high of $1,998.10 may have reversed, Reuters' technical analyst Wang Tao said.

Spot silver edged up 0.1% to $21.61 per ounce, while platinum dropped 0.4% to $941.99, and palladium fell 0.9% to $2,007.69. 

"With China on the verge of reopening and likely adding more stimulus, it benefits all hard commodities. And palladium is ultimately used in industrial applications, particularly within the auto sector; that segment could benefit from ports reopening in China," Innes said.

Improving demand and lower supply will help palladium and rhodium swing back into deficit this year and reduce platinum's surplus, consultants Metals Focus said on Monday.   Source: Reuters

butterfly   2022-05-17 06:14 Shafaq News/ The Iraqi President, Barham Salih, said that Iraq supports international and regional cooperation to confront terrorism, economic challenges, and climate change.

On Tuesday, Saleh received the new ambassadors of Canada, Gregory Galligan, Iran, Muhammad Kazem Al Sadiq, and the Chinese ambassador separately.

While receiving the ambassadors, the Iraqi President said that Iraq's foreign policy is based on "establishing solid, balanced relations to strengthen political and economic cooperation, and overcome differences and tensions in the region through dialogue."

He expressed the necessity of "joint international and regional cooperation to confront the global challenges including combatting terrorism and extremism, addressing economic fluctuations and health crises, and confronting severe climate changes."

The new ambassadors hoped to develop relations with Iraq in various fields.

butterfly   The United Nations Security Council has removed Iraq's state-owned Al-Rasheed Bank [Al-Rashid Bank] from its Sanctions List.

The updated version of the Committee's Sanctions List, available in HTML, PDF and XML format, may be found here.

Authorities in the United Kingdom have also confirmed that the bank has been removed from the consolidated list and is no longer subject to an asset freeze. A list of all the UK's current asset-freeze targets can be found here.   (Sources: UNSC, HM Treasury)

butterfly   LONDON (AP) — Musk says deal to buy Twitter can’t go forward unless company can show that less than 5% of accounts are fake or spam.

butterfly   Republicans block bill to stop price gouging at the pump as gas hits new record high https://www.rawstory.com/republicans-block-bill-to-stop-price-gouging-at-the-pump-as-gas-hits-new-record-high/

Professor dinard   butterfly osha doesnt have the manpower to be everywhere. Usually companies insurance companies enforce osha safety to cover their ass. I violate osha every day in construction lol

butterfly   Minister of Industry and Minerals Manal Aziz Al-Khabbaz arrived this evening, Tuesday, to the Hashemite Kingdom of Jordan, at the head of a ministerial delegation to attend the general assembly session of the Iraqi-Jordanian Company for Industry.

A ministry statement said: "The Jordanian Minister of Industry, Trade and Supply Youssef Al-Shamali and the Iraqi ambassador to Amman received the minister."

The statement stated: "This visit comes within the framework of discussions with the Jordanian side regarding the latest developments of the joint economic city between the two countries."

butterfly   Zawya has reported that Chinese companies will build a major new "Science City" near the Iraqi city of Mosul.   It says the deal was finalised under a landmark oil-for-projects agreement signed in 2019.

The project involves the University of Alhamdaniya [Al-Hamdaniya], but the Chinese companies have not been named.   (Source: Zawya)

butterfly   2022-05-17 15:17   Shafaq News / The Special Representative of the Secretary-General for the United Nations Assistance Mission for Iraq, Jeanine Hennis-Plasschaert, that corrupt people in Sinjar hinder achieving any progress.

Plasschaert, said during her briefing to UNSC on the situation in Iraq, "the lack of clear-cut coordination and implementation mechanisms, the dominance of partisan interests, and the ongoing presence of spoilers significantly hamper meaningful progress. International observers have been deployed for less."

Violent skirmishes took place in Sinjar earlier this month, after YBS refused to exit the district in implementation of the Sinjar agreement.

On October 9, Baghdad and Erbil reached an agreement to normalize the situation in Sinjar, according to which the district will be jointly administrated.

ISIS invaded Sinjar district in 2014 and committed a massacre against its residents, before the Peshmerga forces regained it the following year.

However, the Iraqi army backed by Al-Hashd Al-Shaabi forces invaded the region due to the tension between Erbil and Baghdad against the independence referendum held in 2017.

There are currently two local governments for Sinjar, one of which was appointed by the federal government authorities, and the second is the elected government, which is running its business from Duhok governorate.

The PKK reject repeated calls from the Kurdistan Region to leave its territory, which gets subjected to Turkish attacks that impede the return of tens of thousands of displaced Yazidis to their homes.

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