Thread: Iraq/Dinar News until 6/17/07 8:30 PM CST

Originally Posted by shotgunsusie

you cant get much clearer than this. they have the reserves built up to stabilize the dinar which is going to affect exchange rate capabilities. so they can revalue and keep the dinar stable at the same time. THE MOST EXCITING TIME OF THIS INVESTMENT IS HERE!!!!!
WOOOOOOOOOOOOT!!!!

yeah, but how do you really feel?

anyone seen anything on the reasons the oil strikers called off further strikes?
what about the postal worker strike? is that still on?

Gulf banks leaping into international markets -- official ECO-ARAB-BANKS-OFFICIAL
Gulf banks leaping into international markets -- official
CAIRO, June 13 (KUNA) -- Gulf banks are making great strides in increasing credit ratings, growing capital and assets, diversifying services and expanding investments and asset management, an Arab banking official said in remarks published on Wednesday.

The Union of Arab Banks CEO Adnan Youssif told Al-Akhbar, an Arabic language daily, Gulf banks are increasingly becoming able to compete with international banks. They are able to fulfill the needs of the growing markets in the region, he said. He added, local markets have become too small for these growing banks in Kuwait, Saudi, the UAE and Lebanon.

During the next few years the Union will strengthen partnerships with foreign banks to increase joint investments, he said.

The Union underwent a period of strong growth over the last 10 years and is now able to serve its 300 members with the latest in the industry and improve their international standing, Youssif added.

The union has also increased awareness of money-laundering methods and put clear measures for banks to follow to be compliant with the Basel I, the chief said.

Islamic banks represent less than 15 percent of the union's members, he added. Regardless, the union does not look at the number of members but of the influence and size of the member, Youssif explained.

Arab banks should not be working individually at this time were mergers and acquisitions are taking over the industry, he said. Mergers minimize the operating cost at a financial institution and maximize both the revenues and its bargaining power.

Youssif praised the high quality ratings the Gulf banks have received from reputable international credit institutions.

Youssif, a Bahraini national, was elected for a three year term last month in Beirut.(end) az.
go
KUNA 131132 Jun 07NNNN

Kuna site|Story page|Gulf banks leaping into international markets -- o...6/13/2007

http://www.iraqdirectory.com/DisplayNews.aspx?id=3933

Shares decline 30% in 2006
774 billion shares worth $1.5 billion
Translated by IRAQdirectory.com - [13/06/2007]


The total shares registered in the Iraqi Market for Securities increased from 432 billion (85 companies) in 2005 to 774 billion (93 companies) at the end of last year, while market value dropped from 3160 billion IQD ( $2.136 billion) to 1949 billion IQD ($1.5 billion), a loss of 30% in valuation. The share price index declined from 38,209 to 25,288 points by the end of the year.

Executive Director of the Market Taha Ahmed Abdul Salam said that circulation indices show a decline in circulation in the past year compared to the previous year for several reasons, most notably lack of stability and security, increasing problems associated with citizens' daily lives, and declines in performance of some of the listed companies. Abdul-Salam maintained that this did not prevent continuation of work in the market or trading by investors.

He added that real efforts have been made to preserve vital market gains resulting both from joining the Arab Union of Capital Markets June last year with its impact on the development of the Iraqi Stock Exchange culture, and from the further development of legislation and regulations to raise market efficiency. In addition, media exposure was enhanced through the publication of a capital market newspaper.

Executive Director of the Iraqi exchange said that the Board of Governors was successful in obtaining financial aid from donor countries. More than an estimated $7 million was allocated for development of trading mechanisms, moving from manual to electronic trading. Implementation of the electronic trading system "Horizon" and the central deposit system "Equator" was by the Swedish company O.M.X., already responsible for automation projects in 30 Arab and international exchanges.

Abdul Salam explained that setting up the internal networks in the Market had finished; training in their application will be thorough, including the President and members of "The Securities Body" plus the Board of Governors, as well as all associates.

He stated that the plan envisages a direct link between the Iraqi Market of Securities and the Body of Securities and with transfer agencies like companies, governmental and private banks. As well, the network will link to provinces which open electronic exchange centers, first tying them to Baghdad's center and from there linking globally.

Abdul Salam pointed out that this development, which impacts the performance of the market at all levels, is expected to provide many advantages, notably: increasing the number of weekly sessions, the number of contracts executed per session, and the rate of circulation of shares. This will fulfill the goals of maintaining high share liquidity to facilitate investment, plus efficient and safe storage and recording of shares in the deposit centers permitting rapid, accurate, certificate issuance before and after trades.

The Executive Director of the Iraqi exchange concluded that the Market had satisfied Investment Law No. 13 of 2006's requirements as instructed by a committee from the Board of Governors, including with regard to the involvement of non-Iraqis in the market.

I know this isn't the right place but wanted to give some advice to all our news posters, Don't know if the Mods want this done or not, but when posting a story if you put a space between words that get censored the whole word gets posted, this way we don't have to play scabble to figure out the word in a sentence.

Originally Posted by crave681

anyone seen anything on the reasons the oil strikers called off further strikes?
what about the postal worker strike? is that still on?

Look on post#240.

British Consul in the territory of Kurdstan renews support for the British government to implement Article 140 of the Iraqi Constitution

Mr. Erskar received the lions Jean President of the Kirkuk governorate office in the territory of British Consul Kurdstan Iraq governorates of northern Iraq, Allison Kemp, on Wednesday, 06/13/2007

The two sides discussed on the most important issues relating to the province of Kirkuk to the implementation of Article 140 and its importance in restoring normalcy in the province.

Mr. Erskar beginning on the existence of a historic document issued by the British Empire found subordination Kirkuk to the territory of Kurdstan Ottoman documents, Dutch and Arab prove this fact.

He pointed out that Alcord fought against regulations on the former central Kirkuk and leaders Alcord not bargain on Cordstanih Kirkuk during their negotiations with those regulations.

He stated that Kirkuk has suffered from neglect and destruction at the hands of previous regimes.

He added that the Iraqi constitution came to finding solutions to Iraqi problems, including constitutional article 140, which paves the way for normalization of the situation in the province of Kirkuk, and finding solutions to most problems, this constitution represents the will of the Iraqi people and must be implemented by the Iraqi government as well as the Prime Minister's commitment to the implementation of Article 140 and the government which emphasizes the implementation of this article steps expiring referendum process.
He stressed the peaceful coexistence and brotherhood among the people of Kirkuk.

For its part, British Consul renewed support of the British government to implement Article 140 of the Iraqi constitution.

Mr. Erskar also called on the British government to contribute to the reconstruction of the province of Kirkuk through funding developers and service models and the British government and pointed out that the American government had Sadvic spent four times what the Iraqi government service projects and infrastructure in Kirkuk since the liberalization process.
Also among policy neglect and injustice by the Iraqi government and Iraqi ministries towards Kirkuk in terms of implementing projects and the allocation of the budget.

British Consul and stated that it would discuss with the government ways to provide grants to implement service projects to the province of Kirkuk to contribute to the reconstruction of Kirkuk and solutions suffering citizens regarding basic services.

KRG, Kurdistan Regional Government

just got back from a trip, been gone for a week anything of any signifigance take place? dont have time to read all the pages.

thanks

Originally Posted by chadm

just got back from a trip, been gone for a week anything of any signifigance take place? dont have time to read all the pages.

thanks

Still awaiting confirmation of HCL, FIL implementation...but it has not been implemented...news bites about Art 140 popping up everywhere, but nothing officical...(I think). ISX is open to foreign investment, but not....(I think).

Awwwwwwwww screw it....I'm twisting my brain just trying to explain it....we're not rich yet. Whew! There ya go.

Beep Beep.

Tender NO (11/2007)

TheCentral Bank of Iraq invites all consultative Bureaus and experienced construction Companies to participate in the above tender concering the reconstruction of the damaged Bullding of the central Bank of Iraq located in AL Resheed street in fornt of suq AL arabi according to the conditions and specifications that can be obtained from procurement Management Division within twenty eight days from publishing this announcement noting that the closing date of the tender is 10/7/2007.



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