Thread: Archive Latest News - Think Tank - 15/04/08 - 26/08/08

Baghdad Stock Market seeks to open branches in Governorates

The ****utive Director of the Iraq market for securities Taha Abdul Salam, announced that the improvement of security experience in Iraq during the first half of this year, contributed significantly to the revitalization of the Iraqi Stock Exchange. He stated to «Al Sabah », the number of shares traded amounted to 94 billion, compared with 27 billion for the same period of last year, an increase of 248 percent and increased the number of sessions from 50 to 67. The value of transactions increased 354 percent, rising from 46 billion to 209 billion dinars (about 180 million dollars), as the market index rose from 34 to 38 points. Abdul Salam expressed his confidence that online trading to be adopted during the very short period of time, will greatly enhance the performance of the stock market, which will enhance investment opportunities. He said: The Stock Exchange seeks to open branches in the governorates, the first will be in Babil province.

Baghdad Stock Market seeks to open branches in Governorates

Kurdish Parties Discuss Passing Provincial Elections Law

Today, the Kurdish parties held an expanded meeting to discuss the issue of passing the Provincial Elections Law in the Iraqi Parliament.

The meeting is headed by Qadir Aziz, the Secretary of Kurdistan Toiler Party.

The participant parties are the Patriotic Union of Kurdistan (PUK), the Kurdistan Democratic Party (KDP), the Kurdistan Communist Party, the Kurdistan Toiler Party, the Democratic Socialist Party and the Kurdistan Islamic Union.

A press conference will be held after the meeting in order to explain its contents.

PUKmedia :: English - Kurdish Parties Discuss Passing Provincial Elections Law

Long term plan to enhance Iraq daily production of Oil and Gas

Electricity Minister Karim Wahid revealed a long term plan to develop the daily production of oil to 6.5 million barrels and to increase gas production to 4 thousand 5 hundred million cubic feet. He also affirmed that Energy Ministry headed by Prime Minister Nuri Al Maliki had established a plan to develop Iraq oil production until 2017.

Long term plan to enhance Iraq daily production of oil and gas | Economics News | Alsumaria Iraqi Satellite TV Network

Italy, Iraq to sign understanding memorandum

Italian Interior Minister Roberto Maroni announced that his country will sign within the coming weeks an understanding memorandum with Iraq in fields of security and fighting terrorism and organized crime. In a press conference he held in Rome with his Iraqi counterpart Jawad Bolani, Maroni affirmed that Italy would the first country to help Iraq and its people in aim to strengthen democracy and freedom in the country.

For his part, Bolani asserted that Italy has assumed a constructive role in endeavors deployed in favor of Iraq on military, security and civil levels. Al Bolani clarified that he discussed with his Italian Interior Minister the details of the bilateral protocol that will be signed soon covering security, training, exchange of intelligence and fighting organized crime and terrorism.

Italy, Iraq to sign understanding memorandum | Iraq News | Alsumaria Iraqi Satellite TV Network

Japan intends to provide Iraq with easy loans to reconstruct the infrastructure

Japan intends to provide simplified loans to Iraq aimed to contribute into reconstruction of the infrastructure as well as the economic development.

The ambassador in charged of Japanese aid in the reconstruction of Iraq )Wakawa Katarw)announced in a statement in the Seventh Conference of Donors, held recently in Baghdad said that Japan will provide simplified loans to contribute into reconstruction of the infrastructure and development of Iraqi Economy.

He added that the projects will be included within these loans are to rebuild the power station of Faw and to reconstruct the port of Umm Qasr , besides sewage plants in Baghdad and the electrical sector in the Kurdistan region.

Katarw explained that grants provided by Japan for Iraq, amounting to one billion and 700 million dollars, pointing out that most of the amounts distributed among the many reconstruction projects such as power station in Samawah, and the reconstruction of 13 general hospitals in different parts of Iraq, along with ambulances, Noting that the Japanese government is going to follow the distribution of the remaining amounts of the loans with the Iraqi counterpart for the inclusion of new projects, particularly in central and western areas.

He stressed that Japanese companies need to improve the security situation fully to come and invest in Iraq, pointing out that the sectors of oil, importing and exporting goods, construction and marine transports are the most important areas likely to be invested by Japanese companies.

Japan intends to provide Iraq with easy loans to reconstruct the infrastructure

the economic impact of al-Maliki's visit Germany

Was the Prime Minister's visit to Germany much media attention that was going on within the economic goal .. The visit included many statements made in this direction, while preceded by a statement of the spokesman for the German Adviser Angela Merkel, expressed concern over the bird on the development of economic and trade relations with Iraq and included the activity of members of the delegation, which included a series of economic ministers and dignitaries which included ministers Electricity and Industry and Chairman of the National Authority for investment and other economic figures, for meetings with investors after the Germans were planning a meeting of these meetings since German Economic Commission of Iraq in Berlin beginning last June under the chairmanship of the German Economy Minister Michael Glos and Iraqi Industry Minister Fawzi Hariri ..

Then followed six weeks Glos visit to Iraq, accompanied by many businessmen Germans .. Despite these moves, which accompanied the reservation - by some eminent German - by the fear of the emergence of new acts of violence, but it produced a clear desire among German investors to come to Iraq despite attempts by some media focus on the dark corner of the scene, the Iraqi side Iraq tried to get close to the German side which has shown a clear desire to rediscover the market after Iraq promised a check on the legal elements of the investment climate and security managed to do ..

Despite the statement (Excel Nicecche) Director of the Department of the German Trade Union of German Chambers of Commerce ..

Newspaper Press of New bracelets - that the risks of hiring people from Germany (in Iraq) is still very high - but Picard von Clyde charge of External Relations of parliamentary democracy group said in a radio statement - must begin by going to relatively safe areas in Iraq, more prospered Represented a model of the most dangerous areas, will lead to the emergence of a good positive developments .. Picard wrote von Ungern of the German Federation of Industries in an article published by a newspaper (Handisblat) - in the near future we want to represent Iraq's 4 billion euros as in the past beautiful ..

While Matilda books Richter, a writer and analyst Aguensadi - that the interest of German companies in Iraq has increased the natural resources of a task, not where the reconstruction process of its game makers equipment and industrial installations, an area which excel Germany ..

So, the movements of the Iraqi side were starting the most important results represented a broken barrier of fear is said about the security situation and financial and administrative corruption and the lack of legal environment that protects the capital ..

It proved the Iraqi delegation of German investor, it seems appropriate that the investment climate and to enter the Iraqi arena in this timing will give the German investor opportunities biggest and most OWNING ..

And will remain the biggest impact on the outcome of the visit in the near term is to enter more German companies at this time to Iraq would open the doors wide for companies of other nationalities, and this is a great asset returns him on the ground of economic, political and social situation of the country.

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the Iraqi banking sector looks for growth with a retreat in violence

Data showed that the U.S. embassy in the Iraqi banking sector witnessed signs of growth with the retreat of violence to its lowest level in four years of operations increased lending, deposit, electronic transfers significantly in the past few months. And jumped loans extended to private banks in February by almost half to 755 million dollars compared with last October, the value of letters of credit in March to more than doubled to $ 189 million dollars compared with October. He said Charles Reyes prominent American official charged with the task of assisting the embassy in Iraq to rebuild its economy "improved security situation made it possible to establish business and trade was not possible before."

The embassy statistics data collected from a number of Iraqi sources. Did not respond to the Central Bank and Ministry of Finance to requests for data could not be reached with officials from banks, including banks, especially for comment.

The figures are small compared with international banking standards, but great for the state is trying to rebuild their financial sector and promote investment after years of wars and sanctions.

Reyes helped some banks to adopt the Iraqi regime SWIFT transfers of global electronic banking is an important step for integration in the global banking system.

And still many large dealings in Iraq are made in cash, businessmen and contractors usually travel to Baghdad carrying large amounts of dollar securities.

And insist the U.S. Army spent considerable currently in Iraq to be any transfers of more than $ 50 thousand dollars electronically.

In the daily auction conducted by the Central Bank of dollars have been assigned that are being traded in cash and stable over the years but there was a steady increase in remittances.

Reyes said in an interview with a journalist in the recent period "This proves banking system more natural and in keeping with the global banking system."

He suggested the Iraqi Council of Ministers in the recent period lifted the budget in 2008 to 70 billion dollars from 41 billion dollars last year after a record rise in oil prices.

It said the Iraqi parliamentary economic committee that the proportion of 55 percent from last year's budget set aside for investment has been spent and there are preliminary indications indicate that the figure might go up in 2008 to 70 percent.

Reyes said "Iraq needs to continue to improve the application of the budget ... it is difficult to spend all this money for logical reasons for it have made tremendous efforts."

Despite signs of increased activity of private banks more than 90 percent of bank deposits - more than 60 percent of them from the government - deposited in the largest government banks.

Elsewhere the number of private banks in Iraq to 32 banks after the number in 2002 was no more than 12 banks, increased their capital to more than one trillion dinars after it was in 2002 not to exceed 80 billion dinars. Confirmed that Associate Administrator of banking and credit control The Central Bank of Iraq Idi Dr. Walid Abdel-Nabi, said: "The number of Islamic banks rose from one bank in 2003 to seven banks in 2007.

"Dr. Abdul Nabi that the number of participants in the banking Iraqi capital has risen to seven participations by banks and financial institutions, Jordanian, Lebanese and Gulf, British, Iranian, has reached the minimum participations 2.23% in Mansour Bank for Investment and 73% in the Islamic Bank of regional cooperation.

He explained Dr. Abdel Nabi, the number of branches has increased from 350 branches in 2003 to 620 branches in 2007 to become bank density limits one bank per 40 thousand inhabitants which is a good practice in monetary and financial.

He pointed out that Abdel-Nabi these developments achieved in the banking sector were the result of the Iraqi Special his CBE effort scientific thought, was a ******* in providing legal and procedural environment to attract Arab capital flows and foreign, for the establishment of foreign banks or branches or representative offices in Parts of Iraq.

He stated that in addition to the participation of the Central Bank in the capital of private Iraqi banks through the issuance of law No. 56 for in 2004, Law No. 94 of the banks in 2004.

He stressed Dr. Abdel Nabi that these partnerships have helped to improve the performance of Iraqi banks concerned, including the issuance of credit cards, use ATM machines at work, preparing budgets in accordance with international accounting standards and carry out investment and open documentary credits and issuing letters of guarantee, conducting conversion Outer for various purposes. He said the Central Bank had prepared a draft law guaranteeing company deposits and the establishment of a loan guarantee along with his now reconsidering the law of the banks towards the re-drafted according to an Iraqi vision, granting the banks more investment opportunities and credit.

It also allowed the Central Bank to establish a fund investment banks have a capital of an independent entity composed of units of investment in various denominations, and managed by the Investment Manager, has obtained preliminary approval of the Bank of the Islamic country to establish such a fund. Abdel Nabi said that the central bank adopted a system of universal pilgrimage to evaluate the performance of Iraqi banks, and the third Arab state of Iraq that have applied this system for the purpose of improving the performance of banks and urged them to abide by laws and regulations and create competition and provide advanced services.

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Deputies asked to host the oil minister

member of the Committee on Oil and Gas deputy compatibility Noureddine about the Commission's intention to apply for hosting and Oil Minister Hussein Shahrastani in the House of Representatives to stand on the recent call made by Shahrastani for 35 oil companies to invest oil contracts in Iraq.

He said in an interview about the "Radio Sawa" The hosting of this announcement concerning Mr. Minister for contracts such long-term contracts of up to 25 years, and these contracts with the giant oil companies, these contracts contrary to the bill of oil and gas, which underlines the necessity of a Federal Council, But since this law did not recognize the ministry adopted the previous laws which have the right to conclude contracts, but must return the contracts signed before the House of Representatives to endorse it.

He stressed that the conclusion about these contracts require time-consuming up to about a year, expressing his belief that these contracts are not suitable for the Iraqis and looks forward to his statement:

"These contracts contravene directed Iraqis because it will be productive in the fields of Iraq, which currently produce. 30 years ago, Iraq was producing more than four million barrels per day of the same fields. Development of these fields violates the law of oil and gas. Ministry may take more than a year to conclude such contracts Because there are bids submitted. "

He noted that about a host Shahrastani will also discuss the causes of the scarcity of oil derivatives and the rule Alkazhoyl for farmers, as well as the ministry is willing to stand for the upcoming winter.

Translated version of http://www.aljeeran.net/economic.html

Retirees will be able to receive their salaries through ATM next month

The Ministry of Finance declared that they will start working with the smart card (ATM) in the first of next August, as retirees will be able to receive their salaries from a bank ATM in the Rafidain and Rasheed.

Meanwhile, the Cabinet approved as preparatory on a law of granting monthly salaries for students of universities and institutes. The Director of the Office of Information and Minister of Finance Adnan Abdul-Rahman said in a telephone conversation with the "Al Sabah:"

The smart card system will begin in the first of August it will be able to each retiree to possess a card which recognizes the salary of ATM without the need to stand in long queues, indicating that at the present time devices are installed on the bank branches of the Rafidain and Rasheed in Baghdad only until security is stabilized, then it will be circulated after the operation of that system to all branches of banks across the country as well as for retirees living abroad, pointing out that this system will release retirees waiting for a long time in regarding to their health , In addition to ease the pressure on staff and contributes streamline in work. In the meantime, the Cabinet approved "in preparatory" a law granting monthly salaries for students of universities and institutes, ranging between 150 and 50 thousand dinars.

It was announced by a member of the Education Committee in the parliament, Mr. Shahid Jabri, stressing that the Commission is now studying a draft proposal granting of university students 100 thousand dinars per month and master's 150-thousand and students of Teaching Institutes for the last two grades, 50 thousand; in order to support them financially to complete the educational journey and to reduce the lack of students in schools. He added in a press statement that the Commission received preliminary approval from the Cabinet and the Ministry of Finance, but it expects to receive the written official approval.

Retirees will be able to receive their salaries through ATM next month

Committee Meeting Fails to deal with Kirkuk Issue

Iraqi lawmaker from Kurdistan Alliance Bloc, Khalid Shwani, Sunday exclusively told PUKmedia that the special committee for consensually dealing with Kirkuk’s issue held its first meeting today, but the session failed due to the session’s mismanagement by head of the Iraqi Regions and Provinces Committee inside the Iraqi parliament, Hashim al-Taie.

Shwani indicated that al-Taie’s personal justifications do not harmonize with the soul of law and they are in contradiction with the Iraqi parliament Presidency Council’s decision.

He also clarified that the Kurdish side in the meeting has called for dealing with the disputed topics which led the Iraqi presidency council reject the Iraqi provincial elections law, indicating that another meeting is expected to be held soon today. He said if the committee would not reach a consensual formula for the disputed topics; the committee will be given a chance to present its report to the presidency of the Iraqi parliament.

The committee includes 30 members from the legal committee, the committee for the regions affairs’ inside the Iraqi parliament and several members related to Kirkuk issue.

PUKmedia :: English - Committee Meeting Fails to deal with Kirkuk Issue