Latest news with #Dollars
Iraqi News
11 hours ago
- Business
- Iraqi News
Expert outlines 10 reasons for notable decline in US Dollar exchange rate in Iraq
Baghdad ( – The exchange rate of the US Dollar against the Iraqi Dinar has experienced a noticeable decline recently, driven by a complex interplay of economic and procedural factors. While each factor varies in its level of impact, their combined effect has bolstered the Dinar's strength. Economic expert Manar Al-Obaidi has identified ten primary reasons behind this trend. 1. Economic Contraction and Declining Consumer Confidence: Uncertainty in the Iraqi market, stemming from an economic slowdown, has led to a decrease in spending by individuals and institutions. This negatively affected overall demand, consequently reducing the need for the US Dollar as a driver of trade activity. 2. Halt in Government Investment Spending: The government's focus on operational rather than investment expenditures has slowed economic activity. Given that the general budget is the main engine of economic activity, reducing investment spending has lowered aggregate demand, including demand for the Dollar. 3. Tightened Border Controls: Government measures aimed at curbing smuggling and regulating relations with the Kurdistan Region have significantly reduced the phenomenon of inflated invoices. This has directly diminished the artificial demand for the US Dollar in the parallel market. 4. Merchants Shifting to Official Banking System: A large segment of merchants has transitioned into the official banking system, utilizing the official Dollar exchange rate through approved platforms. This shift has reduced the volume of transactions in the parallel market and eased pressure on the Dollar. 5. Decline in Re-export Operations: A reduction in the re-export of goods to neighboring countries has led to a decrease in demand for imported goods. This directly translated into a lower need for the US Dollar to finance such commercial operations. 6. Settling Major Company Dues with Oil Products Instead of Cash: The government has opted to settle a portion of foreign companies' dues using heavy fuel oil and naphtha instead of cash payments. This move has reduced reliance on Dollars sold by the Central Bank and increased the supply of Dollars in the market. 7. Preparations for Electoral Process: With the start of the election season, there has been an increase in spending related to election campaigns. This expenditure is often financed from Dollar reserves, necessitating their conversion into Dinars to cover campaign costs, thereby increasing the supply of Dollars in the market. 8. Rise in Number of Foreign Visitors and Arrivals: An increasing number of foreign visitors to Iraq has injected foreign currencies into the local market. This provides an additional source of hard currency outside the Central Bank's sales, contributing to a greater abundance of the US Dollar. 9. Cessation of Illicit Trade Due to Border Closure with Syria: The closure of border crossings with Syria has significantly curbed smuggling and illegal trade operations that heavily relied on the US Dollar in the parallel market. This has led to an additional decline in Dollar demand. 10. Decrease in Issued Currency and Withdrawal from Market: The Central Bank of Iraq has withdrawn a portion of the Dinar currency mass from the market. This action has created a doubled demand for the Iraqi Dinar against the US Dollar. This balance in demand levels between the two currencies has helped strengthen the Dinar's value and raise its exchange rate against the Dollar in the parallel market. These are the primary reasons contributing to the decline in exchange rates against the Dinar. The extent of each cause's impact on the official exchange rate remains a question, and other factors may also be at play. Al-Obaidi believes the sequence of reasons above reflects the significance of each cause's impact on the parallel market exchange rate.
New York Post
a day ago
- Business
- New York Post
CNBC's Jim Cramer drops F-bomb live on air while marveling over Trump's ‘great economy'
CNBC host Jim Cramer's excitement about President Donald Trump's latest trade deal got the better of him on Monday. Cramer blurted out 'What the f—!' during a segment of CNBC's 'Squawk on The Street' after seeing a graphic detailing the United States' recent trade deals with various countries, including a major trade deal made with the European Union on Sunday. 'Our biggest problem is we have so much growth that the Fed won't cut. What the f—!' the co-host exclaimed, regretting it as soon as he said it. 'Oh my God! I'm so sorry,' Cramer said. 'I'm so sorry. I take it right back. I take it right back. That was bad.' His co-hosts David Faber and Carl Quintanilla reassured their colleague it wasn't a big deal. 'It's OK. It's OK. It's OK!,' Faber told Cramer as he kept apologizing. 'We're in the moment. It's just the way we talk.' 4 Cramer blurted out 'What the f—!' during a segment of CNBC's 'Squawk on The Street'. MSNBC 'Real people doing live TV,' Quintanilla added. Cramer continued: 'I'm done. I think I'm out of here.' 'No, you're fine,' Faber replied, laughing. 'You're absolutely fine. You want me to say one?' Cramer said, 'No, I just feel like, enough with the rate cut and the economy's booming.' 4 'Oh my God! I'm so sorry,' Cramer said. 'I'm so sorry. I take it right back. I take it right back. That was bad.' REUTERS The anchor also apologized on X following the appearance. He wrote, 'I apologize to all viewers. I was too effusive in making my point about the great economy we have..' Trump averted a trade war and notched another win on Sunday. The president and European Commission President Ursula von der Leyen announced a trade deal between the U.S. and the European Union that set a 15-percent tariff on most EU goods imported into the U.S. 4 His co-hosts David Faber and Carl Quintanilla reassured their colleague it wasn't a big deal. MSNBC Von der Leyen said Europe will also purchase $150 billion worth of U.S. energy as part of the deal, in addition to making $600 billion in other investments. The agreement comes days after Trump secured a $550 billion trade deal with Japan. 'We just completed a massive Deal with Japan, perhaps the largest Deal ever made,' Trump wrote on Truth Social. 'Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits. This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it.' 4 The agreement comes days after Trump secured a $550 billion trade deal with Japan. via REUTERS Some prominent critics of the president have admitted that they were wrong about the damage Trump's tariffs would do to the economy. Most recently, HBO host Bill Maher admitted on his 'Club Random' podcast that his predictions were incorrect. 'Just to take an example, tariffs. Now I remember that I, along with probably most people, was saying at the beginning, 'Oh, you know, by the 4th of July… the economy was going to be tanked by then,' and I was kind of like, 'Well, that seems right to me,'' he told guest, liberal pundit Brian Tyler Cohen. 'But, that didn't happen,' Maher said. 'It could happen tomorrow. I'm just saying, that's reality, so let's work first from the reality of that, not from 'I just hate Donald Trump,' because that's boring and doesn't get us anywhere and leads you to dishonesty.'
Time of India
6 days ago
- Politics
- Time of India
Columbia University to pay $200million to settle clash with Trump admin; accepts other demands too: 10 things to know about their deal
Columbia University on Wednesday announced that it agreed to pay over $220 million to the Trump administration to restore federal research funding that was previously cancelled due to concerns about antisemitism on campus. Tired of too many ads? go ad free now The agreement requires the Ivy League institution to pay $200 million across three years, plus an additional $21 million to address alleged civil rights violations against Jewish staff following the October 7, 2023, Hamas attack on Israel. "This agreement marks an important step forward after a period of sustained federal scrutiny and institutional uncertainty," acting University President Claire Shipman said. The institution faced potential losses of billions in government support, including over $400 million in cancelled grants. The funding was withdrawn due to the university's alleged inadequate response to antisemitism during the Israel-Hamas conflict. 10 things to know more about agreement Columbia has accepted various administrative requirements, including restructuring student disciplinary procedures and implementing a federally-endorsed definition of antisemitism in teaching and disciplinary matters involving students critical of Israel. The agreement, which includes no admission of wrongdoing, formalises these changes whilst maintaining university independence, according to Shipman. In a post on Truth Social, Trump said, "I am pleased to announce that the Trump Administration has reached a historic agreement with Columbia University. Columbia has agreed to pay a penalty of $200 Million Dollars to the United States Government for violating Federal Law, in addition to over $20 Million to their Jewish employees who were unlawfully targeted and harassed. Columbia has also committed to ending their ridiculous DEI policies, admitting students based ONLY on MERIT, and protecting the Civil Liberties of their students on campus. Numerous other Higher Education Institutions that have hurt so many, and been so unfair and unjust, and have wrongly spent federal money, much of it from our government, are upcoming. It's a great honor to have been involved, and I want to thank and congratulate Secretary Linda McMahon, and all those who worked with us on this important deal. I also want to thank and commend Columbia University for agreeing to do what is right. I look forward to watching them have a great future in our Country, maybe greater than ever before!" Education Secretary Linda McMahon described the deal as "a seismic shift in our nation's fight to hold institutions that accept American taxpayer dollars accountable for antisemitic discrimination and harassment." "Columbia's reforms are a roadmap for elite universities that wish to regain the confidence of the American public by renewing their commitment to truth-seeking, merit, and civil debate," McMahon stated. The pact comes after months of uncertainty and fraught negotiations at the more than 270-year-old university. It was among the first targets of Trump's crackdown on pro-Palestinian campus protests and on colleges that he asserts have allowed Jewish students be threatened and harassed. Columbia's own antisemitism task force found last summer that Jewish students had faced verbal abuse, ostracism and classroom humiliation during the spring 2024 demonstrations. The agreement includes previously announced changes from March, such as reviewing Middle East curriculum for balance, strengthening the Institute for Israel and Jewish Studies, and discontinuing programmes that promote unlawful race-based outcomes. The agreement requires Columbia to question international students about their motivations for studying in America and share information about disciplinary actions involving student visa holders with the government. The pressure on Columbia began with a series of funding cuts. Then Mahmoud Khalil, a former graduate student who had been a visible figure in the protests, became the first person detained in the Trump administration's push to deport pro-Palestinian activists who aren't U.S. citizens. Columbia was an early test case for the Trump administration as it sought closer oversight of universities that the Republican president views as bastions of liberalism. Yet it soon was overshadowed by Harvard University, which became the first higher education institution to defy Trump's demands and fight back in court. The Trump administration has used federal research funding as its primary lever in its campaign to reshape higher education. More than $2 billion in total has also been frozen at Cornell, Northwestern, Brown and Princeton universities. Columbia's reinstatement for federal research funding marks a significant development. The institution's removal from the federal blacklist enables access to previously frozen grant funds. Scientists at the university can now utilise their approved grants that were suspended. Additionally, the academic community at Columbia regains eligibility to apply for new federal research grants.
Indian Express
6 days ago
- Business
- Indian Express
$16 million settlement done, Trump claims new CBS owner will gift him $20 million in airtime
US President Donald Trump has claimed that the future owner of CBS will provide him with $20 million worth of advertising and programming, just days after the network announced the cancellation of The Late Show With Stephen Colbert. This follows a $16 million legal settlement Trump reached with CBS's parent company, Paramount, over what he alleged was misleading editing of a pre-election interview with former Vice President Kamala Harris during the 2024 election. While CBS had originally dismissed the lawsuit as 'completely without merit,' the settlement comes amid Paramount's $8 billion pending sale to Skydance Media, a deal that still requires regulatory approval. In a post on his Truth Social platform, Trump wrote: 'Paramount/CBS/60 Minutes have today paid $16 Million Dollars in settlement, and we also anticipate receiving $20 Million Dollars more from the new Owners, in Advertising, PSAs [public service announcements], or similar Programming, for a total of over $36 Million Dollars.' Neither CBS nor Skydance has publicly responded to Trump's claim. But, as per a report by Forbes, Paramount previously denied reports that the company could compensate Trump via advertising, telling The Washington Post it 'has no knowledge of any promises or commitments made to President Trump.' Colbert, a vocal critic of Trump, had previously called the $16 million settlement 'a big fat bribe.' While he's expected to remain on air until May 2026, Colbert warned viewers this week that 'the gloves are off.' 'I don't know if anything, anything will repair my trust in this company,' Colbert said last week on his show. 'But, just taking a stab at it, I'd say $16 million would help.' Responding to Trump's latest claim, Democratic Senator Elizabeth Warren posted on X: 'This reeks of corruption.'
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First Post
7 days ago
- Business
- First Post
Trump on Asia deal spree, Taiwan aims to seal trade pact in new round of talks as deadline nears
Negotiators from the island-nation reached the US on Wednesday for tariff talks, as the delegation hopes to clinch a deal with US counterparts. The fourth round of talks is being attended by Vice Premier Cheng Li-chiun and trade negotiator Yang Jen-ni read more As US President Donald Trump secured trade deals with two Asian countries back-to-back, Taiwan is hurrying to get in line and seal its own agreement with Washington as the August 1 deadline nears. Negotiators from the island-nation reached the US on Wednesday for tariff talks, as the delegation hopes to clinch a deal with US counterparts, a source has told Bloomberg. The fourth round of talks is being attended by Vice Premier Cheng Li-chiun and trade negotiator Yang Jen-ni. STORY CONTINUES BELOW THIS AD The source said that discussions between the two sides have been 'constructive' so far, adding that the final tariff rate will ultimately be decided by Trump. The Taiwanese delegation's visit comes as the country's neighbours successfully reached trade deals with the US as announced by the president. Japan and Philippines seal the deal Trump announced Tuesday a 'massive' trade deal with Japan. He said that under the deal, 'Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90 per cent of the Profits'. Japanese Prime Minister Shigeru Ishiba said that the autos levy had been cut to 15 per cent, sending Japanese car stocks soaring, with Toyota and Mitsubishi up around 14 percent each. The Nikkei rose 3.5 percent. Trump agreed Tuesday to reduce threatened tariffs on the Philippines, but only by one percentage point, after what he termed a successful meeting with his counterpart Ferdinand Marcos. The Japan agreement, along with another pact with the Philippines also announced on Tuesday, means Trump has now secured five agreements since his administration promised in April '90 deals in 90 days.' US-Taiwan trade Taiwan's increasing dependence on the US market has heightened its urgency to reduce tariffs. Last year, Taiwan recorded a trade surplus of around $65 billion with the US, driven by strong demand for tech products essential to the AI boom. In April, Trump imposed a 32 per cent tariff on Taiwanese goods before pausing it. This gave Taipei the time to hammer out a deal with the US. STORY CONTINUES BELOW THIS AD Taipei had also committed to increasing investment in the US and tightening export control loopholes on high-tech products, an area of concern for Washington as it seeks to limit China's technological advances amid fears that Beijing could gain a military advantage. With inputs from agencies
