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

Iraq's VP urges Japanese firms to invest in Iraq

Iraq's Vice President Tareq al-Hashemi on Monday called on Japanese companies to invest in the country during his reception of the general director for Middle Eastern and African Affairs Department in the Japanese Ministry of Foreign Affairs in his Baghdad-based office.

The two sides discussed the role of the Japanese government in the field of reconstruction and investment, according to a statement released by al-Hashemi's office and received by Aswat al-Iraq-Voices of Iraq- (VOI).
Al-Hashemi called on Japanese businessmen and companies not to hesitate to invest in the Iraqi market and to contribute to the reconstruction campaign, which he said will soon begin.

In a press release issued after the meeting, the Japanese official, Norihiro Okoda, described his visit as "very encouraging" for both the Japanese and Iraqi sides.

"We tackled issues of mutual concern and the participation of Japanese companies in reconstruction projects, in addition to several issues with regards to Iraq's stability," Okada said.

Aswat Aliraq

Securities commission Ban Companies from trading in ISX

The Iraqi Securities Commission has decided to ban a number of companies from trading in the Iraqi Stock Exchange (ISX) for their non-compliance with the disclosure principles.

Starting May 25, a number of companies will be banned from trading in shares for their non-compliance with the disclosure principles, the securities commission said during the ISX's session on Sunday.

"The ban will last until the companies submit their final accounts and pay the fine levied on them," the commission noted.

The companies are the Iraqi Canning Company, the Electronic Industries Company, al-Khazer for Construction Materials, Ninewa for Food Industries, the Eastern Beer Company and Babel Company for Cinematic Production.

Aswat Aliraq

Slight increase in the demand for the dollar on Monday

Demand for the dollar was slightly up in the Iraqi Central Bank's auction on Monday, reaching $67.120 million compared to $40.630 million on Sunday.

"The demand hit $3.870 million in cash and $63.250 million in foreign transfers outside the country, all covered by the bank at a stable exchange rate of 1,198 Iraqi dinars per dollar," according to the central bank's daily bulletin which was received by Aswat al-Iraq - Voices of Iraq - (VOI).

The 14 banks that participated in the auction offered to sell $150,000, which the bank bought at an exchange rate of 1,196 dinars per dollar.

The Iraqi Central Bank runs a daily auction from Sunday to Thursday.

Aswat Aliraq

Central Bank Governor: Dinar rose against the dollar by 20% in 16 months

The Iraqi dinar went up against the U.S. dollar by 20 percent in the past 16 months, said the governor of the Central Bank of Iraq (CBI), attributing the rise to the bank's policy.

"The improvement in the dinar was the result of the monetary policy adopted by the bank, which appreciated the dinar against the dollar in its daily auction throughout the past 16 months," the governor, Sinaan al-Shabibi said during a Baghdad-based press conference on Sunday.

The exchange rate cannot be determined because it depends on several factors, mainly inflation, and the supply and demand for the dollar, al-Shabibi noted.

During the past three or four years, Iraq suffered from inflation that reached 65 percent, according to figures announced by the Central Agency for Statistics, he noted.

Al-Shabibi called on the Iraqi government to pay particular attention to economic growth by supporting the industrial and agricultural sectors.

Aswat Aliraq

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Iraq: Food and energy costs lift inflation rate

Higher food and energy costs lifted Iraq's inflation rate to 16 percent in April, still well below the rate recorded in 2007.

Despite the record price of oil which was trading at 133 dollars a barrel on Monday, the oil-rich nation has not benefited from recent price rises because of corruption and security concerns.

Iraq's Central Bank governor Sinan al-Shibibi said the bank would absorb the inflation rate by appreciating the Iraqi dinar against the US dollar and maintaining high interest rates which currently stand at 17 percent.

The figures are still considerably lower than in 2007, when the inflation rate reached almost 32 percent. In 2006 the rate stood at almost 70 percent.

In its monthly report, the Iraqi Planning Ministry said that the prices of goods and services had risen so much, they accounted for two-thirds of the spending of an average Iraqi family.

The ministry said that food prices had risen by 13.6 percent while medical services, including medicines, had increased by 1.3 percent.

Iraq's economy is heavily dependent on its oil exports, which have brought much-needed money to government coffers.

But chronic security problems and widespread corruption are still a major obstacle to public investment and improving the lives of ordinary Iraqis.

http://www.adnkronos.com/AKI/English...1.0.2196934967

Iraq starts repairing refinery pipelines to Baghdad

Repair teams started work on major oil pipelines connecting Iraq's largest refinery to Baghdad on Sunday, in a bid to help meet a domestic supply shortfall, a British official overseeing the project said.

"This group of pipelines connects north and south Iraq and will help distribute crude oil to refineries and oil products such as kerosene and diesel to people," Brigadier Carew Wilkes, energy operations director for U.S.-led forces in Iraq, said.

"Repair teams started work on this group of pipelines in Baghdad and Baiji today," he added, without giving a time frame for when the work would be complete.

Once finished, some pipelines would also distribute natural gas from northern gas fields to power stations, he said.

The Baiji refinery, 180 km (110 miles) north of Baghdad, supplies the domestic market with gasoline, diesel, cooking gas, kerosene and other crude oil and gas derivatives.

Despite having the world's third-largest reserves of crude oil, Iraq suffers chronic fuel shortages and has been plagued by power cuts that have left some regions with less than one hour of electricity a day.

The electricity and oil networks have been hard hit by decades of war and international sanctions imposed on former President Saddam Hussein.

Baiji has a capacity of more than 200,000 bpd, Iraqi officials say, but it is frequently shut down by fires, sabotage by militants and lengthy power outages.

Wilkes said production of refined products had increased 14 percent since December last year, but he gave no figures.

Wilkes said recent repairs to oil products and liquid petroleum gas lines around Baghdad and improved security had greatly boosted the amount of fuel available to the city.

He added that work was ongoing to boost the production of crude oil in Iraq's northern Kirkuk oilfields, which he said had already set new post-invasion records this year of close to 650,000 bpd, though he said production was still being limited by the insufficient capacity of export pipelines and terminals.

Iraq's oil ministry says average daily crude exports from Kirkuk, which go through Turkey, were 475,000 bpd in May. It expects to boost that average to 600,000 in June, thanks to better security since last summer.

http://www.reuters.com/article/reute...*****Channel=0

Maliki to Submit New Cabinet to Council of Representatives

Iraqi Prime Minister, Nuri al-Maliki, is expected to submit next week his new cabinet to the Iraqi Council of Representatives, Iraqi lawmaker, Muhsin Saadun, said.

As he told PUKmedia, if the blocs, which boycotted the government, do not return to join the new cabinet, their expected given ministries will be distributed among other blocs and independent persons.

“The main Sunni Tawafuq bloc decided to return to the cabinet while al-Iraqiya bloc claimed they will not return to it. The withdrawal of those blocs from the cabinet has created a gap in the Iraqi administration bodies,” Saadun added.

http://pukmedia.com/english/index.ph...=4490&Itemid=1

Al-Maliki to visit Sweden

Dr. Ali al-Dabbagh, the Spokesperson of the Iraqi government said in a press statement that Nuri al-Maliki, the Iraqi Prime Minister will pay a visit to the Kingdom of Sweden to attend the second conference on the International Commitment with Iraq.

Al-Maliki’s visit comes as a response to an official invitation by the Swedish Prime Minister Frederick Rinflet. He will meet King Carl Gustaf of Sweden.

Al-Dabbagh added that al-Maliki will discuss the progress in carrying out the joint commitment between Iraq and the International Community. Al-Maliki will also explain in the conference the achievements in Iraq in the fields of economy, services, and building the state institutions on democratic bases.

http://pukmedia.com/english/index.ph...=4483&Itemid=1

Foreign Minister Undersecretary Receives Head of Middle East Department at the Japanese Foreign

Dr. AbdulKareem Hashim Mustafa, Foreign Ministry Undersecretary, received Mr. Norihiro Okuda, Head of Middle East Department at the Japanese Foreign Ministry on 25 May, 2008.

Undersecretary valued the positive role of Japan in the reconstruction campaign of Iraq, reviewing the developments of security situations in the Iraqi provinces.

Foreign Ministry Undersecretary urged the Japanese companies to contribute in implementing the provided projects within the Japanese loan.

On his part, Mr. Okuda invited His Excellency Foreign Minister Hoshyar Zebari to visit Japan for strengthening and developing the ties of cooperation and friendship between the two countries.

http://pukmedia.com/english/index.ph...=4484&Itemid=1

Iran to Attend Sweden Talks on Iraq

Iran will attend a ministerial conference of Iraq’s neighbors and the United Sates this week in Sweden as part of efforts to help Iraq rebuild after five years of war, Foreign Ministry spokesman Mohammad-Ali Hosseini said on Monday.

UN Secretary General Ban Ki-moon and Iraqi Prime Minister Nouri al-Maliki will chair the conference on Thursday which aims to assess implementing a plan adopted at a meeting in Egypt last year to restore security to war-ravaged Iraq, he stated.

Iranian Foreign Minister Manuchehr Mottaki is also scheduled to address the conference, he told reporters during his weekly press briefing.

http://pukmedia.com/english/index.ph...=4489&Itemid=1