Part 2
BACKDOC: JUST LIKE IRAN SELLING THEIR FIRST TWO ORDERS OF OIL IN EUROS, IRAQ BEGINS TO SELLS ITS VAST WEALTH IN MINERALS! LET THE DIVERSIFICATION BEGIN! SHOW US THE RATE YOUR USING PLEASE! DOC IMO
Mountainman: Hey DOC.....I'll bet they didn't pay them on A "PROGRAM RATE"........What say You???.....IMO....Of Course....LOL
Thunderhawk: 88,000 tons of standardized products exported from Mehran border to Iraq
Head of Mehran's Standard Office Jafar Farhad Beigi said that 88,000 tons of standardized products were exported from Mehran's border and terminal to Iraq.
BACKDOC: JUST LIKE IRAN SELLING THEIR FIRST TWO ORDERS OF OIL IN EUROS, IRAQ BEGINS TO SELLS ITS VAST WEALTH IN MINERALS! LET THE DIVERSIFICATION BEGIN! SHOW US THE RATE YOUR USING PLEASE! DOC IMO
Mountainman: Hey DOC.....I'll bet they didn't pay them on A "PROGRAM RATE"........What say You???.....IMO....Of Course....LOL
Thunderhawk: 88,000 tons of standardized products exported from Mehran border to Iraq
Head of Mehran's Standard Office Jafar Farhad Beigi said that 88,000 tons of standardized products were exported from Mehran's border and terminal to Iraq.
Farhad Beigi told IRNA on Monday that after investigations and continuous controls by standard experts, 984 export and import files were referred to Mehran's Standard Office and the standardized products were exported to Iraq.
He said that the exported products were mainly consisted of building materials, chemicals and cloth.
He added that 764 identification tests were carriedout in the laboratories of this office most of which were related to building stones, iron ore, polyester and chemicals.
The Town of Mehran is situated 85km southwest of Ilam.
http://ift.tt/1WGony4
************
Mountainman: This STANDS as No "SURPRISE" here.....EUROPE has OIL as One of their BIGGEST NEEDS.......It's to their Benefit or Detriment if They Don't PURSUE that Good OLD BLACK GOLD......Right JED...CLAMPET ???........IMO
Thunderhawk: Iran negotiating with 30 European countries on oil drilling
Managing Director of Iranian Drilling Company announced that his company has held talks with 30 European and Asian firms over past several months, and said Tehran is ready to cooperate with accredited oil companies and joint drilling cooperation.
Managing Director of Iranian Drilling Company announced that his company has held talks with 30 European and Asian firms over past several months, and said Tehran is ready to cooperate with accredited oil companies and joint cooperation in oil and gas drilling projects.
Heydar Bahmani pointed to the post-sanction committees for Iran's oil and gas drilling industry, and said, 'Given the removal of sanction, these committees will pursue the topics related to economic and technical topics, planning, negotiating with foreign companies and studying the contracts.
He referred to Iran's negotiations with Italian and Singaporean companies, and said, 'The most important topics of these negotiations were drilling industry and utilizing the world's modern technologies.'
'All these companies have called for joint cooperation with Iran's National Drilling Company in oil and gas industries,' Bahmani added.
He reiterated that the National Iranian Drilling Company is ready to cooperate with international accredited companies with the aim of joint activities in oil and gas drilling projects.
http://ift.tt/1KHcvv0
************
Mountainman: So IRAN takes A well MENTAL MOVE....and says We arent' going to have a Healthy "INVESTMENT ENVIRONMENT"....If we don't CHANGE that MINDSET.....So a SAFE FREE TRADE ZONE......and "PEACE of MIND".....Well sounds GOOD......I will bet THEY are Motivated to Make It HAPPEN!!!!!!!!........WHY???........because MONEY Motivates ALL PEOPLES........IMO
Thunderhawk: Iran Free Trade Zones regulate industrial cooperation with partners
Iran's Ambassador to Turkey Mohammad Ebrahim Taherian said on Sunday that Iranian Free Trade Zones serve to regulate industrial cooperation with partners.
He made the remarks visiting Maku Free Trade and Economic Zone.
'We should prepare the ground for foreign investment and relieve foreign investors' concerns to make investment in Iran with peace of mind.'
Given the new attitude created towards Iran, the country is open for investment and this is a golden opportunity for free zones to attract foreign investment, he said.
One of the duties of embassies is to introduce investment capacities in Iran, he said, noting that Iran's Embassy in Turkey is fully ready for facilitating communications between Turkish investors and directors of Iran's free zones.
Meanwhile, deputy director of Maku Free Zone Organization for economic and investment affairs, Javad Rajabzadeh said that the region boasts of innumerable advantages in the industrial, agricultural and tourism sectors.
Since Maku Free Zone has easy access to target markets due to its geographical location as well as its vast area, it is ready for any foreign investment, he said.
Maku Free Zone with an area of 5,000 kilometers is the biggest commercial and industrial zone in the country which was set up in 2010.
Establishment of international airport and railway linking Iran, Turkey and Azerbaijan Republic is one of the most significant programs for developing Maku Commercial and Industrial Free Zone.
http://ift.tt/1WGony8
************
Mountainman: Sounds like These "TERMS" were PRE-NEGOTIATED......By the Due DATE.....Not Much TIME is being Allowed Otherwise........I Wonder WHAT IRAN has in it's "CROSSHAIRS".......FINANCIALLY Speaking .....That Is.....LOl........IMO
Thunderhawk: Iran begins to receive oil debts from foreign companies
Iran has started to receive oil debts from foreign companies, a senior Iranian official said.
Talking to IRNA on Sunday, Asghar Hendi said thanks to removal of banking sanctions, Iran is to receive all the money foreign countries are to pay to the country on oil debts by the end of the current Iranian year (to end March 19).
Hendi, who is in charge of collection of oil payments in arrears, said the oil giants are beginning to pay their debts to Iran according to a pre-scheduled timetable.
As for the Schell Company, he said it is already paying its debts to Iran.
Talking about a debt that a UAE company has to pay which amounts to over 5.3 billion dollars, the official said this company too is paying its debts as there are no longer any obstacles for Iran to receive its due money after the lifting of sanctions.
In an earlier interview with SHANA, the official also said that Iran started receiving the outstanding sums from foreign companies last week.
He said that the ministry is set to embark on selling confiscated assets of the domestic debtor who owns billions of dollars to the ministry.
“Following the arrangements made prior to withdrawal of sanctions, some reputable oil companies had announced readiness to reimburse their unsettled payments immediately after sanctions were lifted. The European debtors started their payments following opening of bank accounts,” he told Shana.
He said that collection of the arrears started with small-scale debtors last week while some of them applied for arrangements which are being negotiated.
Confirming that Royal-Dutch Shell and other European companies have started payment of their debts, Hendi added that Emirates National Oil Company (ENOC) which has to pay back to the Central Bank of Iran has taken due measures.
http://ift.tt/1KHcs2k
*************
BACKDOC: THE UNIVERSAL CURRENCY CONTINUES ITS DAMAGE ON TODAYS ECONOMIES!
SOON THE MARKETS WILL FIND THEIR HIGHER VALUE TO DIGITAL STATUS WHICH WILL REPRICE MARKETS LOWER BECAUSE OF THEIR HIGHER ASSET VALUE!
NO WONDER GOLD WILL FIND A LOWER LEVEL AS WELL!
BE THANKFUL WE HAVE THE REAL ASSET THAT GOES HIGHER INTO THE NEW REALITY! DOC IMO
Thunderhawk: Backdoc Alert
The U.S. States Where Recession Is Already a Reality
Dale Oxley doesn’t need to hear about rising odds of a U.S. recession to dread the future. For the West Virginia homebuilder, the downturn has already arrived.
“Everyone is going to have to tighten their belts,” said Oxley, the 48-year-old owner of a Charleston-area construction company. “The next couple of years are going to be difficult.”
As economists size up the chances of the first nationwide slump since 2009, pockets of the country are already contracting. Four states -- Alaska, North Dakota, West Virginia and Wyoming -- are in a recession, and three others are at risk of prolonged declines, according to indexes of state economic performance tracked by Moody’s Analytics.
The regions suffering the most are in the flop stage of the energy industry’s boom-to-bust cycle, and manufacturing-dependent areas hurt by a rising dollar are at risk of receding. Whether the weak links break the entire U.S. economy will hinge largely on a group that’s benefited from the energy price collapse: American consumers.
“The impetus for weakening regional economies is the huge fall in energy prices and other commodities prices, which is taking a tremendous toll,” said Joseph LaVorgna, chief U.S. economist at Deutsche Bank Securities Inc. in New York, who is concerned of a broadening into a national recession. “If the consumer were to falter for any reason, that would be a big problem.”
Job gains and losses are key factors that the National Bureau of Economic Research uses to chart U.S. expansions and recessions. Even as U.S. employers added 2.7 million workers in 2015, job cuts last year totaled 18,800 in North Dakota, 11,800 in West Virginia and 6,400 in Wyoming, according to the U.S. Labor Department.
The common thread? They all have concentrations of energy companies. A 72 percent plunge in crude oil prices since a peak in June 2014 has led to lower production and firings.
So far, Federal Reserve officials view the patches of hardship as isolated and the chance of a recession as remote. Chair Janet Yellen told Congress on Feb. 10 that falling energy prices “have caused companies to slash jobs and sharply cut capital outlays,” but she didn’t expect a nationwide recession.
“There would seem to be increased fears of recession risk” reflected in tightening financial conditions, she said in her testimony. “We’ve not yet seen a sharp drop-off in growth, either globally or the United States, but we certainly recognize that global market developments bear close watching.”
Still, seven of the 50 U.S. states have had downturns in economic activity over the final three months of last year, according to tracking by the Philadelphia Fed.
Louisiana, New Mexico and Oklahoma are all at risk of recession, according to Moody’s. Wyoming and North Dakota’s economies have declined for at least the past 10 months, according to the Philadelphia Fed.
The median probability for a U.S. recession in the next 12 months jumped to 20 percent in a Bloomberg survey of economists this month, the highest since February 2013.
Dollar’s Strength
A second blow to regional economies is the dollar’s surge, reflected in a 22 percent increase in the Bloomberg Dollar Spot Index since mid-2014, which is weighing on U.S. producers that compete globally. Illinois, Wisconsin, Louisiana and Mississippi --manufacturing states hurt by the currency’s march higher -- have all had economic declines in the past few months.
The spottiness of the expansion represents a turnaround from the broad recovery after the deepest downturn since the 1930s. As recently as October 2014, every state was expanding, according to Paul Flora, an economist with the Philadelphia Fed.
For every 25 percent drop in oil prices, employment could be expected to decline 0.6 percent in Texas and 0.8 percent in Louisiana, while Wyoming stands to lose 2.1 percent of its jobs and North Dakota and Oklahoma about 1 percent each, according to research by Stephen Brown, an economist at the University of Nevada, Las Vegas, and Mine Yücel, director of research at the Dallas Fed.
Growth in Texas has slowed with falling oil prices, though the state continues to expand because of a diversified economy including technology jobs in Austin and development in Dallas. Texas added 166,900 jobs in the year ended in December, behind only California and Florida.
The situation today echoes what happened three decades ago, when falling commodities prices caused regional pockets of distress in energy and farm states, Flora said. “This seems similar to 1985-86 which did produce a recession in Texas and other energy states,” he said. “But it did not spread to the rest of the nation.”
This time around, the relatively healthy state of American consumers may keep the economy afloat. Retail sales rose 3.4 percent in January from a year earlier, the biggest jump in a year, and stagnant wages are showing signs of perking up: Average hourly earnings in December rose 2.7 percent from a year earlier, the biggest advance since mid-2009.
“We’re taking account of the fact that the energy sector is very hard hit. We’re losing jobs there,” Yellen said Feb. 10. “But with respect to employment, although there really are very severe losses, it’s a pretty small sector of the work force overall.”
That’s cold comfort in places like Kimball, West Virginia, where the setbacks include the closing of a Wal-Mart store. “We are experiencing stagnation overall in the rest of the economy,” said John Deskins, an economist at West Virginia University in Morgantown.
Oxley, the builder, said his company’s business has held up more than most in part because he serves wealthier customers, including doctors, who continue doing well. Still, recession conditions are dampening everyone’s confidence.
Oxley’s Modern Home Concepts built four $500,000 custom homes last year in southern West Virginia, down from five in 2014 and fewer than half 2009’s level, when the last U.S. recession ended. About 200 people are employed on contract for each home, he said.
“There is not a lot of job creation and you are not creating new households,” he said. “I am not optimistic in regard to our future in West Virginia.”
http://ift.tt/1tXUPTd ... to-wyoming
************
BACKDOC: LIKE I SAID THE POUND KEEPS GETTING POUNDED! HEE HEE
WITH A VOTE BY THE PEOPLE ON JUNE 23RD, WILL THE EUROZONE SURVIVE? MMMMM
Mountainman: THIS "WILL" be A "PATTERN in Markets due to the The NEW REALITY/Countries VALUES reflecting their TRUE ASSETS/RESOURCES=UNDENIABLE an VERIFIABLE.....that is WHY the IMF Exists and Evaluates a Countries RESOURCES etc.....YES USA You ARE and WILL be on this "ADJUSTING" LIST......Which is WHY......EUROPE will FALL APART as Well......Just like You and I WANT our OWN ASSETS/VALUE based on What We Have and "NOT" on Someone Else's ASSETS or Lack thereof.......IMO......BTW.....It Gets AWFULLY HEAVY when ONE has to CARRY OTHERS DEBTS/BURDENS=(MONEY WISE).........Wouldn't You AGREE???
Thunderhawk: Backdoc Alert
Global Shares Rally With Crude While `Brexit' Tussle Hits Pound
Stocks across the globe rallied, with the Standard & Poor’s 500 Index extending gains following its best week of 2016, as oil and metals advanced. Treasuries, gold and the yen declined amid reduced demand for haven assets.
Energy and material shares led equities higher, as investors scooped up the past year’s worst performers. The MSCI All Country World Index closed at its highest level since Feb. 1, as crude surpassed $31 a barrel and iron ore rose to a four-month high. The pound weakened after London Mayor Boris Johnson said he’ll campaign for Britain’s exit from the European Union, putting him at odds with Conservative Party leader Prime Minister David Cameron. The weekend ouster of China’s chief market regulator sparked equity gains in Shanghai.
While Britain’s currency was roiled by the specter of its departure from the EU, stocks maintained momentum after their best week since October as oil traders considered whether prices would get a boost from an output freeze led by Russia and Saudi Arabia. Investors were also encouraged by the removal of Xiao Gang from the helm of the China Securities Regulatory Commission, as leaders there seek to attribute responsibility for January’s market rout. The rebound in global equities from a two-and-a-half year low reached Feb. 11 has retraced almost half the MSCI index’s losses this year.
“This is a continued recovery from the big correction we’ve encountered,” said Eric Green, director of research and senior managing partner at Penn Capital, which has more than $6 billion under management in Philadelphia. “Earnings are coming in a little better than low expectations, valuations in the market have become attractive and sentiment is very, very negative. All those things along with the fact that you’re getting a bounce back in oil prices are contributing to the beginning of the upside.”
Stocks
The S&P 500 rose 1.5 percent to 1,945.50 as of 4 p.m. in New York, after posting its strongest weekly advance since November in the four days to Feb. 19. Freeport-McMoRan Inc. and Alcoa Inc. soared more than 12 percent as data Monday also showed a measure of January manufacturing in the Chicago area improved more than analysts expected.
Shares of Valeant Pharmaceuticals International Inc. tumbled as much as 10 percent in after-hours trading, as CNBC said in a Twitter post the company was expected to restate its earnings following an internal review. Valeant slid 11 percent in ordinary trade.
MSCI’s All-Country index added 1.3 percent, climbing for the sixth time in seven days, while the Stoxx Europe 600 Index closed 1.7 percent higher. BHP Billiton Ltd. and Rio Tinto Group jumped more than 8 percent for some of the biggest gains in Britain’s FTSE 100 Index.
The U.K. equities gauge added 1.5 percent as the debate over ‘Brexit’ ratcheted up a notch. The FTSE 100 is the third best performing benchmark this year among 24 developed markets tracked by Bloomberg, helped by the weakening pound. HSBC Holdings Plc fell 0.9 percent after posting a quarterly loss, hurt by a decline in income from lending, higher loan-impairment charges and fair-value losses on its debt.
Shares in Japan and Hong Kong drove the MSCI Asia Pacific Index up 1 percent, its fourth advance in six days.
Currencies
The pound retreated against all 16 major currencies, sliding to its weakest level on a closing basis since March 2009 versus the dollar.
It was down 0.9 percent against the euro, even after Cameron announced a deal concerning welfare curbs Friday, as the announcement from Johnson, a popular political figure in the U.K., overshadowed the agreement. A measure of traders’ expectations for price swings in the pound versus the euro over the next six months remained at the highest level since 2011. Cameron said on Saturday that he would fight to keep Britain in the EU, setting June 23 as the date for a referendum.
“Brexit will be one of the biggest events in 2016,” Evan Lucas, a markets strategist in Melbourne at IG Ltd., said in an e-mail to clients. “Boris Johnson’s decision over the weekend to support the Brexit campaign has caused the pound to move wildly. He is widely believed to be the next leader of the Conservative Party and is highly popular -- his position has a lot of influence.”
The yen slipped 0.2 percent to 112.89 per dollar following a two-day rise. Japan’s currency remains the best performer this year among major peers, strengthening 6.1 percent as anxiety over the global economic outlook and monetary policy unsettles markets, burnishing its haven appeal. The euro dropped 0.9 percent to $1.1029 Monday.
Russia’s ruble led gains in emerging-market currencies, advancing 2.3 percent, while Brazil’s real and Colombia’s peso strengthened more than 1.3 percent.
Commodities
West Texas Intermediate crude soared 6.2 percent to $31.48 a barrel, and Brent settled 5.1 percent higher at $34.69.
A deal between Russia and Saudi Arabia to see oil output capped at levels that are still close to record highs has sent the market swinging over the past week, with crude-producing nations agreeing to wrap up talks on the freeze by the start of March, according to Russian Energy Minister Alexander Novak. Iraq and Iran should have output capped at a higher level to allow the countries to gain lost market share due to war and sanctions, Nigerian Minister of State for Petroleum Resources Emmanuel Kachikwu told reporters in Doha on Sunday.
“Oil production cuts would be very difficult,” said Amrita Sen, chief oil analyst at consulting firm Energy Aspects Ltd. in London. “But OPEC has introduced enough uncertainty that speculators need to think twice about their bearish bets.”
Iron ore with 62 percent content rallied 6.2 percent to $51.52 a dry ton on Monday, the highest level since October, according to Metal Bulletin Ltd. The commodity has jumped 18 percent this year after plunging in December to the lowest level in more than six years.
Copper on the London Metal Exchange joined the commodities rally, gaining 1.6 percent, and aluminum, zinc and nickel also climbed. Gold for immediate delivery slipped 1.5 percent in a second day of losses, to $1,208.69 an ounce.
Emerging Markets
The MSCI Emerging Markets Index advanced 1.1 percent to breach its 50-day moving average after surging 4.2 percent last week. Benchmark gauges in Russia, Turkey and Poland gained more than 1 percent.
The Shanghai Composite Index climbed 2.4 percent to its highest level in nearly a month amid speculation that the new chief of China’s securities regulator will take measures to bolster the world’s second-largest equity market.
Liu Shiyu, previously chairman of Agricultural Bank of China Ltd. and deputy governor at the People’s Bank of China before that, will take over as the head of the China Securities Regulatory Commission. He replaces Xiao Gang, who was removed from his post on Saturday in the wake of last summer’s $5 trillion rout that reverberated across global financial markets.
The Bloomberg GCC 200 Index of Gulf stocks advanced 1.2 percent, with shares in Abu Dhabi climbing more than 2 percent. Dubai’s DFM General Index rose 2.5 percent, bringing its rally from a Jan. 21 low to above the 20 percent threshold for a bull market.
Bonds
Treasuries fell amid reduced demand for the haven of fixed-income securities. Ten-year U.S. yields rose one basis point, or 0.01 percentage point, to 1.76 percent.
Signs of strain in the euro-area economy fueled speculation that the European Central Bank will respond with additional monetary stimulus next month, supporting government bonds in the region. Securities issued by the nation’s higher-deficit nations led gains as composite gauge of services and manufacturing slid to the lowest in more than a year.
Spain’s 10-year bond yields decreased five basis points to 1.65 percent, while rates on similar-maturity Italian bonds fell four basis points to 1.52 percent.
The cost of insuring European corporate debt declined, extending last week’s retreat. The Markit iTraxx Europe Crossover Index of credit-default swaps on mostly high-yield companies fell as much as 22 basis points to 425 basis points, according to data compiled by Bloomberg.
The risk premium on the Markit CDX North American High Yield Index, a credit-default swaps benchmark tied to the debt of 100 junk-rated companies, fell as much as 13 basis points to 539 basis points.
http://ift.tt/1tXUPTd ... inks-pound
He said that the exported products were mainly consisted of building materials, chemicals and cloth.
He added that 764 identification tests were carriedout in the laboratories of this office most of which were related to building stones, iron ore, polyester and chemicals.
The Town of Mehran is situated 85km southwest of Ilam.
http://ift.tt/1WGony4
************
Mountainman: This STANDS as No "SURPRISE" here.....EUROPE has OIL as One of their BIGGEST NEEDS.......It's to their Benefit or Detriment if They Don't PURSUE that Good OLD BLACK GOLD......Right JED...CLAMPET ???........IMO
Thunderhawk: Iran negotiating with 30 European countries on oil drilling
Managing Director of Iranian Drilling Company announced that his company has held talks with 30 European and Asian firms over past several months, and said Tehran is ready to cooperate with accredited oil companies and joint drilling cooperation.
Managing Director of Iranian Drilling Company announced that his company has held talks with 30 European and Asian firms over past several months, and said Tehran is ready to cooperate with accredited oil companies and joint cooperation in oil and gas drilling projects.
Heydar Bahmani pointed to the post-sanction committees for Iran's oil and gas drilling industry, and said, 'Given the removal of sanction, these committees will pursue the topics related to economic and technical topics, planning, negotiating with foreign companies and studying the contracts.
He referred to Iran's negotiations with Italian and Singaporean companies, and said, 'The most important topics of these negotiations were drilling industry and utilizing the world's modern technologies.'
'All these companies have called for joint cooperation with Iran's National Drilling Company in oil and gas industries,' Bahmani added.
He reiterated that the National Iranian Drilling Company is ready to cooperate with international accredited companies with the aim of joint activities in oil and gas drilling projects.
http://ift.tt/1KHcvv0
************
Mountainman: So IRAN takes A well MENTAL MOVE....and says We arent' going to have a Healthy "INVESTMENT ENVIRONMENT"....If we don't CHANGE that MINDSET.....So a SAFE FREE TRADE ZONE......and "PEACE of MIND".....Well sounds GOOD......I will bet THEY are Motivated to Make It HAPPEN!!!!!!!!........WHY???........because MONEY Motivates ALL PEOPLES........IMO
Thunderhawk: Iran Free Trade Zones regulate industrial cooperation with partners
Iran's Ambassador to Turkey Mohammad Ebrahim Taherian said on Sunday that Iranian Free Trade Zones serve to regulate industrial cooperation with partners.
He made the remarks visiting Maku Free Trade and Economic Zone.
'We should prepare the ground for foreign investment and relieve foreign investors' concerns to make investment in Iran with peace of mind.'
Given the new attitude created towards Iran, the country is open for investment and this is a golden opportunity for free zones to attract foreign investment, he said.
One of the duties of embassies is to introduce investment capacities in Iran, he said, noting that Iran's Embassy in Turkey is fully ready for facilitating communications between Turkish investors and directors of Iran's free zones.
Meanwhile, deputy director of Maku Free Zone Organization for economic and investment affairs, Javad Rajabzadeh said that the region boasts of innumerable advantages in the industrial, agricultural and tourism sectors.
Since Maku Free Zone has easy access to target markets due to its geographical location as well as its vast area, it is ready for any foreign investment, he said.
Maku Free Zone with an area of 5,000 kilometers is the biggest commercial and industrial zone in the country which was set up in 2010.
Establishment of international airport and railway linking Iran, Turkey and Azerbaijan Republic is one of the most significant programs for developing Maku Commercial and Industrial Free Zone.
http://ift.tt/1WGony8
************
Mountainman: Sounds like These "TERMS" were PRE-NEGOTIATED......By the Due DATE.....Not Much TIME is being Allowed Otherwise........I Wonder WHAT IRAN has in it's "CROSSHAIRS".......FINANCIALLY Speaking .....That Is.....LOl........IMO
Thunderhawk: Iran begins to receive oil debts from foreign companies
Iran has started to receive oil debts from foreign companies, a senior Iranian official said.
Talking to IRNA on Sunday, Asghar Hendi said thanks to removal of banking sanctions, Iran is to receive all the money foreign countries are to pay to the country on oil debts by the end of the current Iranian year (to end March 19).
Hendi, who is in charge of collection of oil payments in arrears, said the oil giants are beginning to pay their debts to Iran according to a pre-scheduled timetable.
As for the Schell Company, he said it is already paying its debts to Iran.
Talking about a debt that a UAE company has to pay which amounts to over 5.3 billion dollars, the official said this company too is paying its debts as there are no longer any obstacles for Iran to receive its due money after the lifting of sanctions.
In an earlier interview with SHANA, the official also said that Iran started receiving the outstanding sums from foreign companies last week.
He said that the ministry is set to embark on selling confiscated assets of the domestic debtor who owns billions of dollars to the ministry.
“Following the arrangements made prior to withdrawal of sanctions, some reputable oil companies had announced readiness to reimburse their unsettled payments immediately after sanctions were lifted. The European debtors started their payments following opening of bank accounts,” he told Shana.
He said that collection of the arrears started with small-scale debtors last week while some of them applied for arrangements which are being negotiated.
Confirming that Royal-Dutch Shell and other European companies have started payment of their debts, Hendi added that Emirates National Oil Company (ENOC) which has to pay back to the Central Bank of Iran has taken due measures.
http://ift.tt/1KHcs2k
*************
BACKDOC: THE UNIVERSAL CURRENCY CONTINUES ITS DAMAGE ON TODAYS ECONOMIES!
SOON THE MARKETS WILL FIND THEIR HIGHER VALUE TO DIGITAL STATUS WHICH WILL REPRICE MARKETS LOWER BECAUSE OF THEIR HIGHER ASSET VALUE!
NO WONDER GOLD WILL FIND A LOWER LEVEL AS WELL!
BE THANKFUL WE HAVE THE REAL ASSET THAT GOES HIGHER INTO THE NEW REALITY! DOC IMO
Thunderhawk: Backdoc Alert
The U.S. States Where Recession Is Already a Reality
Dale Oxley doesn’t need to hear about rising odds of a U.S. recession to dread the future. For the West Virginia homebuilder, the downturn has already arrived.
“Everyone is going to have to tighten their belts,” said Oxley, the 48-year-old owner of a Charleston-area construction company. “The next couple of years are going to be difficult.”
As economists size up the chances of the first nationwide slump since 2009, pockets of the country are already contracting. Four states -- Alaska, North Dakota, West Virginia and Wyoming -- are in a recession, and three others are at risk of prolonged declines, according to indexes of state economic performance tracked by Moody’s Analytics.
The regions suffering the most are in the flop stage of the energy industry’s boom-to-bust cycle, and manufacturing-dependent areas hurt by a rising dollar are at risk of receding. Whether the weak links break the entire U.S. economy will hinge largely on a group that’s benefited from the energy price collapse: American consumers.
“The impetus for weakening regional economies is the huge fall in energy prices and other commodities prices, which is taking a tremendous toll,” said Joseph LaVorgna, chief U.S. economist at Deutsche Bank Securities Inc. in New York, who is concerned of a broadening into a national recession. “If the consumer were to falter for any reason, that would be a big problem.”
Job gains and losses are key factors that the National Bureau of Economic Research uses to chart U.S. expansions and recessions. Even as U.S. employers added 2.7 million workers in 2015, job cuts last year totaled 18,800 in North Dakota, 11,800 in West Virginia and 6,400 in Wyoming, according to the U.S. Labor Department.
The common thread? They all have concentrations of energy companies. A 72 percent plunge in crude oil prices since a peak in June 2014 has led to lower production and firings.
So far, Federal Reserve officials view the patches of hardship as isolated and the chance of a recession as remote. Chair Janet Yellen told Congress on Feb. 10 that falling energy prices “have caused companies to slash jobs and sharply cut capital outlays,” but she didn’t expect a nationwide recession.
“There would seem to be increased fears of recession risk” reflected in tightening financial conditions, she said in her testimony. “We’ve not yet seen a sharp drop-off in growth, either globally or the United States, but we certainly recognize that global market developments bear close watching.”
Still, seven of the 50 U.S. states have had downturns in economic activity over the final three months of last year, according to tracking by the Philadelphia Fed.
Louisiana, New Mexico and Oklahoma are all at risk of recession, according to Moody’s. Wyoming and North Dakota’s economies have declined for at least the past 10 months, according to the Philadelphia Fed.
The median probability for a U.S. recession in the next 12 months jumped to 20 percent in a Bloomberg survey of economists this month, the highest since February 2013.
Dollar’s Strength
A second blow to regional economies is the dollar’s surge, reflected in a 22 percent increase in the Bloomberg Dollar Spot Index since mid-2014, which is weighing on U.S. producers that compete globally. Illinois, Wisconsin, Louisiana and Mississippi --manufacturing states hurt by the currency’s march higher -- have all had economic declines in the past few months.
The spottiness of the expansion represents a turnaround from the broad recovery after the deepest downturn since the 1930s. As recently as October 2014, every state was expanding, according to Paul Flora, an economist with the Philadelphia Fed.
For every 25 percent drop in oil prices, employment could be expected to decline 0.6 percent in Texas and 0.8 percent in Louisiana, while Wyoming stands to lose 2.1 percent of its jobs and North Dakota and Oklahoma about 1 percent each, according to research by Stephen Brown, an economist at the University of Nevada, Las Vegas, and Mine Yücel, director of research at the Dallas Fed.
Growth in Texas has slowed with falling oil prices, though the state continues to expand because of a diversified economy including technology jobs in Austin and development in Dallas. Texas added 166,900 jobs in the year ended in December, behind only California and Florida.
The situation today echoes what happened three decades ago, when falling commodities prices caused regional pockets of distress in energy and farm states, Flora said. “This seems similar to 1985-86 which did produce a recession in Texas and other energy states,” he said. “But it did not spread to the rest of the nation.”
This time around, the relatively healthy state of American consumers may keep the economy afloat. Retail sales rose 3.4 percent in January from a year earlier, the biggest jump in a year, and stagnant wages are showing signs of perking up: Average hourly earnings in December rose 2.7 percent from a year earlier, the biggest advance since mid-2009.
“We’re taking account of the fact that the energy sector is very hard hit. We’re losing jobs there,” Yellen said Feb. 10. “But with respect to employment, although there really are very severe losses, it’s a pretty small sector of the work force overall.”
That’s cold comfort in places like Kimball, West Virginia, where the setbacks include the closing of a Wal-Mart store. “We are experiencing stagnation overall in the rest of the economy,” said John Deskins, an economist at West Virginia University in Morgantown.
Oxley, the builder, said his company’s business has held up more than most in part because he serves wealthier customers, including doctors, who continue doing well. Still, recession conditions are dampening everyone’s confidence.
Oxley’s Modern Home Concepts built four $500,000 custom homes last year in southern West Virginia, down from five in 2014 and fewer than half 2009’s level, when the last U.S. recession ended. About 200 people are employed on contract for each home, he said.
“There is not a lot of job creation and you are not creating new households,” he said. “I am not optimistic in regard to our future in West Virginia.”
http://ift.tt/1tXUPTd ... to-wyoming
************
BACKDOC: LIKE I SAID THE POUND KEEPS GETTING POUNDED! HEE HEE
WITH A VOTE BY THE PEOPLE ON JUNE 23RD, WILL THE EUROZONE SURVIVE? MMMMM
Mountainman: THIS "WILL" be A "PATTERN in Markets due to the The NEW REALITY/Countries VALUES reflecting their TRUE ASSETS/RESOURCES=UNDENIABLE an VERIFIABLE.....that is WHY the IMF Exists and Evaluates a Countries RESOURCES etc.....YES USA You ARE and WILL be on this "ADJUSTING" LIST......Which is WHY......EUROPE will FALL APART as Well......Just like You and I WANT our OWN ASSETS/VALUE based on What We Have and "NOT" on Someone Else's ASSETS or Lack thereof.......IMO......BTW.....It Gets AWFULLY HEAVY when ONE has to CARRY OTHERS DEBTS/BURDENS=(MONEY WISE).........Wouldn't You AGREE???
Thunderhawk: Backdoc Alert
Global Shares Rally With Crude While `Brexit' Tussle Hits Pound
Stocks across the globe rallied, with the Standard & Poor’s 500 Index extending gains following its best week of 2016, as oil and metals advanced. Treasuries, gold and the yen declined amid reduced demand for haven assets.
Energy and material shares led equities higher, as investors scooped up the past year’s worst performers. The MSCI All Country World Index closed at its highest level since Feb. 1, as crude surpassed $31 a barrel and iron ore rose to a four-month high. The pound weakened after London Mayor Boris Johnson said he’ll campaign for Britain’s exit from the European Union, putting him at odds with Conservative Party leader Prime Minister David Cameron. The weekend ouster of China’s chief market regulator sparked equity gains in Shanghai.
While Britain’s currency was roiled by the specter of its departure from the EU, stocks maintained momentum after their best week since October as oil traders considered whether prices would get a boost from an output freeze led by Russia and Saudi Arabia. Investors were also encouraged by the removal of Xiao Gang from the helm of the China Securities Regulatory Commission, as leaders there seek to attribute responsibility for January’s market rout. The rebound in global equities from a two-and-a-half year low reached Feb. 11 has retraced almost half the MSCI index’s losses this year.
“This is a continued recovery from the big correction we’ve encountered,” said Eric Green, director of research and senior managing partner at Penn Capital, which has more than $6 billion under management in Philadelphia. “Earnings are coming in a little better than low expectations, valuations in the market have become attractive and sentiment is very, very negative. All those things along with the fact that you’re getting a bounce back in oil prices are contributing to the beginning of the upside.”
Stocks
The S&P 500 rose 1.5 percent to 1,945.50 as of 4 p.m. in New York, after posting its strongest weekly advance since November in the four days to Feb. 19. Freeport-McMoRan Inc. and Alcoa Inc. soared more than 12 percent as data Monday also showed a measure of January manufacturing in the Chicago area improved more than analysts expected.
Shares of Valeant Pharmaceuticals International Inc. tumbled as much as 10 percent in after-hours trading, as CNBC said in a Twitter post the company was expected to restate its earnings following an internal review. Valeant slid 11 percent in ordinary trade.
MSCI’s All-Country index added 1.3 percent, climbing for the sixth time in seven days, while the Stoxx Europe 600 Index closed 1.7 percent higher. BHP Billiton Ltd. and Rio Tinto Group jumped more than 8 percent for some of the biggest gains in Britain’s FTSE 100 Index.
The U.K. equities gauge added 1.5 percent as the debate over ‘Brexit’ ratcheted up a notch. The FTSE 100 is the third best performing benchmark this year among 24 developed markets tracked by Bloomberg, helped by the weakening pound. HSBC Holdings Plc fell 0.9 percent after posting a quarterly loss, hurt by a decline in income from lending, higher loan-impairment charges and fair-value losses on its debt.
Shares in Japan and Hong Kong drove the MSCI Asia Pacific Index up 1 percent, its fourth advance in six days.
Currencies
The pound retreated against all 16 major currencies, sliding to its weakest level on a closing basis since March 2009 versus the dollar.
It was down 0.9 percent against the euro, even after Cameron announced a deal concerning welfare curbs Friday, as the announcement from Johnson, a popular political figure in the U.K., overshadowed the agreement. A measure of traders’ expectations for price swings in the pound versus the euro over the next six months remained at the highest level since 2011. Cameron said on Saturday that he would fight to keep Britain in the EU, setting June 23 as the date for a referendum.
“Brexit will be one of the biggest events in 2016,” Evan Lucas, a markets strategist in Melbourne at IG Ltd., said in an e-mail to clients. “Boris Johnson’s decision over the weekend to support the Brexit campaign has caused the pound to move wildly. He is widely believed to be the next leader of the Conservative Party and is highly popular -- his position has a lot of influence.”
The yen slipped 0.2 percent to 112.89 per dollar following a two-day rise. Japan’s currency remains the best performer this year among major peers, strengthening 6.1 percent as anxiety over the global economic outlook and monetary policy unsettles markets, burnishing its haven appeal. The euro dropped 0.9 percent to $1.1029 Monday.
Russia’s ruble led gains in emerging-market currencies, advancing 2.3 percent, while Brazil’s real and Colombia’s peso strengthened more than 1.3 percent.
Commodities
West Texas Intermediate crude soared 6.2 percent to $31.48 a barrel, and Brent settled 5.1 percent higher at $34.69.
A deal between Russia and Saudi Arabia to see oil output capped at levels that are still close to record highs has sent the market swinging over the past week, with crude-producing nations agreeing to wrap up talks on the freeze by the start of March, according to Russian Energy Minister Alexander Novak. Iraq and Iran should have output capped at a higher level to allow the countries to gain lost market share due to war and sanctions, Nigerian Minister of State for Petroleum Resources Emmanuel Kachikwu told reporters in Doha on Sunday.
“Oil production cuts would be very difficult,” said Amrita Sen, chief oil analyst at consulting firm Energy Aspects Ltd. in London. “But OPEC has introduced enough uncertainty that speculators need to think twice about their bearish bets.”
Iron ore with 62 percent content rallied 6.2 percent to $51.52 a dry ton on Monday, the highest level since October, according to Metal Bulletin Ltd. The commodity has jumped 18 percent this year after plunging in December to the lowest level in more than six years.
Copper on the London Metal Exchange joined the commodities rally, gaining 1.6 percent, and aluminum, zinc and nickel also climbed. Gold for immediate delivery slipped 1.5 percent in a second day of losses, to $1,208.69 an ounce.
Emerging Markets
The MSCI Emerging Markets Index advanced 1.1 percent to breach its 50-day moving average after surging 4.2 percent last week. Benchmark gauges in Russia, Turkey and Poland gained more than 1 percent.
The Shanghai Composite Index climbed 2.4 percent to its highest level in nearly a month amid speculation that the new chief of China’s securities regulator will take measures to bolster the world’s second-largest equity market.
Liu Shiyu, previously chairman of Agricultural Bank of China Ltd. and deputy governor at the People’s Bank of China before that, will take over as the head of the China Securities Regulatory Commission. He replaces Xiao Gang, who was removed from his post on Saturday in the wake of last summer’s $5 trillion rout that reverberated across global financial markets.
The Bloomberg GCC 200 Index of Gulf stocks advanced 1.2 percent, with shares in Abu Dhabi climbing more than 2 percent. Dubai’s DFM General Index rose 2.5 percent, bringing its rally from a Jan. 21 low to above the 20 percent threshold for a bull market.
Bonds
Treasuries fell amid reduced demand for the haven of fixed-income securities. Ten-year U.S. yields rose one basis point, or 0.01 percentage point, to 1.76 percent.
Signs of strain in the euro-area economy fueled speculation that the European Central Bank will respond with additional monetary stimulus next month, supporting government bonds in the region. Securities issued by the nation’s higher-deficit nations led gains as composite gauge of services and manufacturing slid to the lowest in more than a year.
Spain’s 10-year bond yields decreased five basis points to 1.65 percent, while rates on similar-maturity Italian bonds fell four basis points to 1.52 percent.
The cost of insuring European corporate debt declined, extending last week’s retreat. The Markit iTraxx Europe Crossover Index of credit-default swaps on mostly high-yield companies fell as much as 22 basis points to 425 basis points, according to data compiled by Bloomberg.
The risk premium on the Markit CDX North American High Yield Index, a credit-default swaps benchmark tied to the debt of 100 junk-rated companies, fell as much as 13 basis points to 539 basis points.
http://ift.tt/1tXUPTd ... inks-pound
Mountainman: Anyone who says this isn't A "GLOBAL EVENT"...........Is Reading The WRONG Newspapers......Just sayin......I have heard "MANY" in My circles w/TUNNEL VISION......So I tell them....I guess IMF/Director C.Lagarde Has "IT ALL" Wrong too.....The "ORDER of EVENTS.....being SYNCHRONIZED"???......LOL......
Thunderhawk: Azeri, South African, Swiss presidents due in Iran soon
Spokesman for the Foreign Ministry announced that presidents of Azerbaijan, South Africa and Switzerland are to visit Iran in the forthcoming days.
At his weekly press briefing on Monday, Hossein Jaberi Ansari said the Azeri President Ilham Aliyev will be in Tehran on Tuesday.
Swiss President Johann Schneider-Ammann will visit Iran within days on February 26 to 28.
And, the South African President Jacob Zuma is scheduled to visit Tehrans on February 29.
These visits from three Asian, African and European heads of states indicate start of a new round of diplomatic relations between Iran and different countries, said Jaberi Ansari.
The official hoped such relations would secure interests of Iran and other countries.
Talking on the recent visit of Iranian Foreign Minister Mohammad Javad Zarif to Brussels, Belgium, Jaberi Ansari called the trip as successful.
He said Dr Zarif held talks with Belgian and European Union (EU) officials.
The Brussels talks focused on bilateral issues and facilitation of implementation of the nuclear agreement known as the Joint Comprehensive Plan of Action (JCPOA) as well as its economic outcomes, said he.
http://ift.tt/1KHcvv4
Thunderhawk: Azeri, South African, Swiss presidents due in Iran soon
Spokesman for the Foreign Ministry announced that presidents of Azerbaijan, South Africa and Switzerland are to visit Iran in the forthcoming days.
At his weekly press briefing on Monday, Hossein Jaberi Ansari said the Azeri President Ilham Aliyev will be in Tehran on Tuesday.
Swiss President Johann Schneider-Ammann will visit Iran within days on February 26 to 28.
And, the South African President Jacob Zuma is scheduled to visit Tehrans on February 29.
These visits from three Asian, African and European heads of states indicate start of a new round of diplomatic relations between Iran and different countries, said Jaberi Ansari.
The official hoped such relations would secure interests of Iran and other countries.
Talking on the recent visit of Iranian Foreign Minister Mohammad Javad Zarif to Brussels, Belgium, Jaberi Ansari called the trip as successful.
He said Dr Zarif held talks with Belgian and European Union (EU) officials.
The Brussels talks focused on bilateral issues and facilitation of implementation of the nuclear agreement known as the Joint Comprehensive Plan of Action (JCPOA) as well as its economic outcomes, said he.
http://ift.tt/1KHcvv4
via Dinar Recaps - Our Blog http://ift.tt/1WGonya
No comments:
Post a Comment