Thread: Archive Latest News - Think Tank - 01/01/08 - 14/04/08

ISX opens with 2.5 million share contract on Tuesday

The Iraqi Stock Exchange (ISX) opened its session on Tuesday with a 2.5 million share contract by the Iraqi Islamic Bank at a value of 0.950 Iraqi dinars (1 U.S. dollar =1,220 Iraqi dinars) per share.

A foreign contract was concluded during the session. Al-Warkaa Investment Bank bought 1,000 shares from the United Company, a foreign investment corporation, at 1.350 Iraqi dinars per share.

On Sunday, the index increased by 0.235% compared to the previous session, closing at 34.100 points.

Traded shares in Sunday's session exceeded 658 million at a total value of over $903.703 million by implementing 247 contracts.

Non-Iraqi investors had participated with 58 million shares, totaling more than 120 million Iraqi dinars by implementing 12 contracts in the banking sector.

According to the daily analysis of the capital market, the banking sector's index, in which 13 companies traded, closed at 36.370 points, while the industrial index, in which five companies traded, ended at 11.120 points.

An ISX statement revealed that 26 companies were traded in Sunday's session out of 94 companies registered in Iraq's stock exchange, of which nine indexes went up, 12 dropped, and five maintained their previous price.

http://www.iraqdirectory.com/DisplayNews.aspx?id=5500

Iraq laws still pending in Parliament

It seems that security has taken the upper hand on critical political issues as it is weighing on military and political commandments mainly as Iraqi police and army is taken by the fight against Al Qaeda in Mosul. However, Iraq is determined to deal with urgent issues mainly the governmental issue and the ratification of a series of laws.

Meanwhile, Iraqi Parliament has adjourned anew voting on the State budget as debate is ongoing over Kurdistan’s share. Voting on the provincial law has been delayed as well while Pardon Law has been backtracked due to exemptions therein. As for Accountability and Justice Law, it has entered into force as no party objected to it.

Iraq laws still pending in Parliament | Iraq News | Alsumaria Iraqi Satellite TV Network

Al Maliki to hoist Iraq new flag today

Government spokesman Ali Al Dabbagh affirmed that Iraq’s new flag approved by Parliament for one year will be used starting today. He clarified that Prime Minister Nuri Al Maliki will lift the new flag in person above the ministerial council’s building. Al Dabbagh explained that once the new flag is hoisted, state institutions and others are authorized to start using it.

On the other hand, Iraqi Foreign Ministry addressed a protest memorandum to the Iranian Embassy calling to stop extracting Iraqi oil while members of the parliamentarian committee for oil and gas stressed the necessity for Iran to respect Iraq’s sovereignty and restore the fifteen oil wells from which oil was extracted illegally.

Al Maliki to hoist Iraq new flag today | Iraq News | Alsumaria Iraqi Satellite TV Network

Iraq Finance Minister meets Jordanian King

Finance Minister Bayan Jabr Sulagh called Jordanian private sector to invest in Iraq and pointed out that Iraq is experiencing a huge economic boost. According to Jordanian Royal Office, during his meeting with Jordanian King Abdullah II in Amman, Sulagh affirmed that Iraq government wants to enhance the relations with Jordan especially in economics, trade and investment sectors. Iraq finance Minister laid emphasis on the importance of boosting cooperation between private sectors in the 2 countries.

Moreover, Jordanian King affirmed that Jordan wants to develop and enhance its relations with Iraq in all t fields especially in economic and trade fields in a way that serves the common interests of the 2 people and the 2 countries.

In a different context, France established a diplomatic office in Arbil. This diplomatic representation carries a lot of cultural, trade politic and investment prospects.

Iraq Finance Minister meets Jordanian King | Iraq News | Alsumaria Iraqi Satellite TV Network

Addison Energy Inc bids to get approval to exploit Ukaz gas field

Addison Energy Inc Company, which is an Italian energy company, bids to win a license in order to exploit Ukaz natural gas field in Al Ramadi desert.

However, Royal Dutch Shell said last month that Iraq asked it to carry out experiments in Ukaz field and added that these experiments may allow the company to take a share of the field that contains about 200 billion cubic meters of gas reserves.

Addison Energy Inc bids to get approval to exploit Ukaz gas field | Economics News | Alsumaria Iraqi Satellite TV Network

Iraq Finance Minister talks over financial issues with his Jordanian counterpart

A Jordanian official source affirmed that Iraq Finance Minister Bayan Jabr Al Zubaidi is currently visiting Amman in order to study how to settle the debts of Iraq. Zubaidi held talks with Jordanian Finance Minister Hamad Al Kasasba in order to study the mechanism of dealing with the debts that Iraq Central Bank shall pay to Jordanian Central Bank. In addition the two ministers also talked over the issue of frozen deposits as well as the claims of Jordanian private sector from Iraq.

Both parties agreed that technical committees shall carry on their works in order to settle all the issues of common interest.

Iraq Finance Minister talks over financial issues with his Jordanian counterpart | Economics News | Alsumaria Iraqi Satellite TV Network

Electronic information center on donations to Kurdistan

Iraq's Kurdistan planning minister said that an electronic information center will be developed to provide expanded information resources about donations received by the region and its government's allocations for reconstruction and investment projects.

"The center will provide thorough information about all donations to the Kurdistan Regional Government (KRG) and means of spending them on projects…," Minster Othman Shawani told Aswat al-Iraq, Voices of Iraq, (VOI).

The statements came during a five-day workshop launched by the ministry in Arbil on Monday in cooperation with the United Nations Development Fund (UNDF).

The workshop aims at training staff from the ministry to manage the center under ministerial supervision.

The establishment of the center is the first step towards full transparency in managing the region's budget and spending funds on investment, the minister said.

Aswat Aliraq

Wide-scale reclamation to be launched in Karbala

Work is underway to reclaim 28,000 donums of land in two districts in Karbala province, director of the water resources department said on Tuesday.

"The work is part of a plan to reclaim the entire land of the province," Mahdi Abdul Lateef told Aswat al-Iraq, Voices of Iraq, (VOI).

"Work has begun to reclaim 14,000 donums (1 donum = 1,388 square meters) in northern Karbala's al-Huseiniya district and 14,000 donums in al-Jadwal district in eastern Karbala," according to the director.

The project aims at establishing new canals and coating rivers and tributaries in a way that best serves peasants and keeps water loss to a minimum.

Abdul Lateef did not reveal the cost of the project, but indicated that the Ministry of Water Resources will undertake reclamation work.

Karbala has not seen land reclamation for 23 years, the director added, citing 250,000 donums of unreclaimed land in the province.

Karbala, Iraq's second holiest Shiite city after Najaf, lies 110 km southwest of the Iraqi capital Baghdad.

Aswat Aliraq

Slight decrease in dollar exchange rate

The U.S. dollar's exchange rate dropped slightly on Tuesday in local markets in Baghdad and Basra, hitting 1,225 Iraqi dinars per dollar, compared to 1,226 on Monday.

The buying price, however, hit 1222.5 dinars per dollar, compared to 1,224 yesterday in Baghdad markets.

In Iraq's southern province of Basra, the dollar maintained its yesterday's selling and buying prices, hitting 1,223 and 1222.5 respectively.

Other currencies maintained their prices against the Iraqi dinar in Baghdad markets and were as follows:

1 Euro= 1,810 IQD (selling price), 1,790 IQD (buying price).
1 British pound =2,410 IQD (selling price), 2,400 IQD (buying price).
1 Jordanian dinar= 1,732 IQD (selling price), 1,675 IQD (buying price).
1 Saudi riyal= 330 IQD (selling price), 300 IQD (buying price).
1 Syrian pound= 24 IQD (selling price), 23.5 IQD (buying price).
1 Lebanese pound= 700 IQD (selling price), 650 IQD (buying price).
1 Kuwaiti dinar=4,500 IQD (selling price), 4,450 IQD (buying price).

Aswat Aliraq

14 billion IQD for irrigation projects in Babel

A total amount of 14 billion Iraqi dinars has been allocated for the establishment of large projects of land reclamation and irrigation facilities in Babel province, Iraq's minister of water resources said on Tuesday.

"In the course of the current year the ministry will carry out several irrigation projects in Babel with the aim of improving the agricultural sector in the province," Minister Abdul Lateef Jamal Rasheed said in a statement received by Aswat al-Iraq, Voices of Iraq, (VOI), noting that an amount of 14 billion Iraqi dinars (1 USD=1,225 IQD) will be allocated for this purpose.

Work includes land reclamation and maintenance of irrigation facilities, the minister noted.

During his meeting with Babel Governor Saleh Mahdi al-Maslamawi and several local department heads on Tuesday, the minister cited a 13 billion IQD investment in the irrigation sector in 2007. An amount of 6 billion IQD was granted by the world Food and Agriculture Organization (FAO) to lay the groundwork for al-Maseeb irrigation project, rehabilitate its pumping station and go ahead with the development of al-Maseeb's southern canal.

Hilla, the capital city of Babel province, lies 100 km south of the Iraqi capital Baghdad.

Aswat Aliraq