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Friday, May 11, 2018

KTFA UPDATE, 11 MAY

Samson:  The United States has the largest budget surplus ever

 10th May, 2018

The United States recorded a record budget surplus last month, exceeding analysts' estimates of supporting personal income taxes

Data released by the US Treasury Department on Thursday showed that the budget recorded a surplus of $ 214.3 billion in April compared to a surplus of $ 182.4 billion in the comparative period of 2017

The US budget surplus at this level is the highest ever compared to the record level recorded in April 2001 at 190 billion dollars

Analysts had expected the US to post a surplus of $ 201.2 billion in April
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​The United States saw revenues of $ 510.4 billion in April, up from $ 455.6 billion in the same month in 2017

While US expenditures amounted to 296.2 billion dollars last month compared to 273.1 billion dollars

The increase in the income bill was due to higher taxes on personal income to $ 314 billion in April, the statement said

In the first seven months of this year, the US budget deficit amounted to 385.4 billion dollars, compared with a deficit of 344 billion dollars in the comparative period

By 6:35 pm GMT, the greenback was down 0.6% at $ 1.1922   LINK

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Samson:  Report: Dollar and Oil Record Rarely

 10th May, 2018

Oil prices and the US dollar have risen side by side in recent days, a pattern that has only been 11 times since 1983

The simultaneous rise of the dollar and oil is rare; the rise in the dollar makes commodity prices denominated in the US currency more expensive for other currency users, so the strength of the greenback tends to be in the opposite direction of commodity prices

Pescocki said in a report on Monday that the most surprising aspect of the rise in crude oil prices was that the latest upsurge came as the dollar rose

Oil prices have received support from geopolitical tensions over the US withdrawal from the Iranian nuclear deal, along with fears of a drop in supplies from Venezuela and accelerating global demand for crude

Historically, crude prices have been inversely linked to the dollar, and the rise in oil prices over the past year coincided with the decline of the US currency

The report pointed out that over the past four weeks, the dollar index has witnessed a major increase by more than 3%, but instead of stopping the rise of crude as a result, oil prices rose by about 10%

Analysts said that given this uncommon context of simultaneous rallies in the dollar and US crude index, the current period is the 11th time since 1983

By 12:00 p.m. GMT, US crude for June delivery rose 0.5% to $ 71.48 a barrel, its highest since the end of 2014During the same period, the dollar index fell 0.1% to $ 92.9, after yesterday surpassing the level of $ 93 for the first time since the end of 2017   LINK
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Samson:   The nomination of Haider Abadi for the Nobel Peace Prize 2018

 11th May, 2018

The Nobel Prize jury has confirmed that Prime Minister Haider al-Abadi, Dr. Haider al-Abadi, has been officially selected and has won a distinguished position among the best candidates for the Nobel Peace Prize for the year 2018.    LINK

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Don961:  Video: Corruption Watchdog says $320bn Stolen

May 10, 2018 in Construction & Engineering In Iraq, Iraq Banking & Finance News, Politics, Security

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News.

The parliamentary transparency commission in Iraq says $320 billion has gone missing in the past 15 years, because of government corruption.

It’s one of many big issues weighing on the minds of Iraqis as they prepare to vote for a new parliament on Saturday.

Al Jazeera‘s Imran Khan reports from Baghdad, Iraq.    video link          link

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Don961:  Zain Iraq posts Strong Growth in Q1

May 11, 2018 in Iraqi Communications News

By John Lee.

Revenues at Zain Iraq reached $275 million in the first quarter of 2018, a 9-percent increase year-on-year.

EBITDA reached $96 million, up 12 percent, reflecting an EBITDA margin of 35 percent.
The operation reported a net profit of $8 million, substantially up on the $283,000 profit recorded for Q1, 2017.

The expansion of 3.9G services across the country and restoration of sites in the West and North, combined with numerous customer acquisition initiatives, especially in core regions, resulted in impressive addition of 2.2 million customers (18 percent increase) to reach 14.5 million.

Also contributing to the operation’s financial revival was the significant growth of data revenues, robust growth in enterprise (B2B) segment, and the revamping of its call centers significantly improving customer service.

(Source: Zain)     link
Samson: Oil prices are expected to rise to $ 80

08:55 - 11/05/2018

Oil expert Hamza al-Jawahri expected Friday, the rise of oil prices to more than $ 80 a barrel, indicating that Iraq will be able to repay its loans from the Central Bank and eliminate the budget deficit.

Al-Jawahri said in a statement to Al-Maaloumah that "oil prices are rising and will not return again, and it is hoped that it will reach more than $ 80 a barrel in the next few days."

"This rise came as a result of the US withdrawal from the nuclear agreement with Iran, and most of the oil-importing countries went to Iraq and the oil-producing Gulf states," he said.

He pointed out that "the first victim of high oil prices are consuming and importing countries, as the situation in the region leads to higher prices, but the countries participating in OPEC will work to find a unified plan of action to unite prices and work accordingly."

He added that "the rise in oil prices will save Iraq from the budget deficit in addition to Iraq was able to pay the amount of loans for the Central Bank after Iraq had more than 80 billion dollars in cash reserves, and fell to $ 51 billion dollars as a result of the war on terrorism."    LINK

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