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

Housing prices soar as relative security returns to Basra


If the housing market is an economic indicator, then Iraq’s southern city of Basra is in the midst of an economic boom.

Property prices have surged more than three folds on average in the three months since a major military offensive brought some semblance of normalcy to the restive city.

But the losers are families who sold their property fearing that even harsher times were ahead.

Many families sold their houses at what is seen now as peanuts. When security returned, they returned too, only to find their property has more than trebled in value.

“People did not only sell their homes. They even sold agricultural land and other forms of property. Now many of them have returned to a market that has turned upside down,” said Ghazi Kadhem, a Basra real estate agent.

For example, he said, in the district of Zubair, one of Basra’s posh areas, average price before the military operations to subdue the city averaged 40 million dinars (a U.S. dollar is worth 1,300 dinars).

But today, he added, the average price is more than 150 million Iraqi dinars.

Winners are those who opted to stay despite the upsurge in security. Losers are those who chose to flee the city after selling their property.

Three months ago, it was even difficult to sell a house.

Demand is soaring now as life in the city is slowly returning to normalcy.

Rents have gone up dramatically and the average monthly rent in Zubair, for example, is now 300,000 dinars, the average salary of a civil servant in Iraq.

Mohammed Mansour said nearly 65 percent of all the families who had fled the city have returned but many are forced to rent as they had already sold their houses and cannot afford to have them back.

Ahmad Hayali had fled to Syria where stayed for a few months. On hearing that Basra was safe, he decided to return.

“I had to pay 55 million dinars for my own house which I had sold for less than 27 million,” he said.

http://www.azzaman.com/english/index.asp?fname=news%5C2008-06-12%5Ckurd.htm

Trade Bank of Iraq commissions Visa card training to tackle demand
As the Iraqi economy strengthens, Iraqis have begun putting their faith, and savings, into banks and the Visa card is being used more and more widely in Iraq.

The Trade Bank of Iraq (TBI) was the first Iraqi bank to issue Visa cards in 2005 and has recognized the need for professional financial training of its employees, to support ongoing demand and to give employees the tools to market the Visa card as effectively as possible.

TBI recently commissioned CEMEA, the Visa Business School, to customize a tailor-made course only for TBI Visa employees.

A customized course was necessary since there are still difficulties in guaranteeing entry permits to the countries where Visa typically holds such courses for its member banks.

The course covered training in Launching and Marketing the Visa card programme; Visa card operations; Visa card systems and processes; and Acquiring and Merchant procedures.

Hussein Al-Uzri, chairman of TBI, said: 'The increased use of Visa cards is testimony to Iraq's potential to establish itself among the leading emerging countries. TBI is putting every effort into encouraging international business best practice through its training programmes.'

85% of Iraq now has an acceptable security situation and it is becoming a land of opportunity for investors, many of whom are making very significant returns.

Increased investment has increased liquidity in banks, which leads to more demand for credit cards and more training courses are likely as credit card usage increases.

Trade Bank of Iraq commissions Visa card training to tackle demand | Iraq Updates

2008 BP Energy Review Declares Problems are Political, not Geological

BP has released its annual Statistical Review of World Energy to an oil and gas industry facing increased scrutiny from Washington and the realities of an ever-rising cost-per-barrel. But, according to BP CEO Tony Hayward, the economic situation remains fundamentally strong, highlighted by steady consumption and a sufficient theoretical fuel base to meet the demand. Counterbalancing this is a weakness in oil supply and a rising demand for oil outside the Organisation for Economic Co-operation and Development (OECD). Ultimately, Hayward suggests, the perceived decline in oil production is a question of politics, not scarcity.

"Declining oil production in the OECD highlights the fact that, while resources are not a constraint globally, the resources within reach of private investment by companies like BP are limited," said Hayward. "Political factors, barriers to entry, and high taxes all play a role here. In other words, when it comes to producing more oil, the problems are above ground, not below it. They are not geological, but political."

"But despite high and volatile energy prices, the world's energy markets continue to deliver reliable energy supplies," he reiterated.

According to the Review, last year saw continued economic growth regardless of general market turmoil beginning in August. While energy consumption slowed in 2007 compared to 2006, at 2.4%, growth was once again above the ten-year average for the fifth year in a row.

In addition, oil prices have been growing steadily for more than six years, which, according to BP's records dating back to 1861, is the single longest period of rising prices.

"This year's Statistical Review shows very clearly that markets do work, and that consumers and producers respond to changes in energy prices when given the opportunity to do so," commented Christof Ruhl, BP's chief economist. "However, in many places, policies interfere with market mechanisms, and access to economically rational upstream reserves is difficult. Further, in a number of countries consumers are shielded from price increases via subsidies."

2008 BP Energy Review Declares Problems are Political, not Geological | Iraq Updates

Draft law to train the unemployed

Legal committee at Parliament decided offering proposal to set law that organizing train the unemployed, as the legislative called Govt. to delay state buildings' vacating of displaced and poor families, a statement of the council said.

The legislative justified these decision to direct bad affect of the unemployment on security situation and necessity of exploit monetary surplus lest freezing it.

On the other hand, the council called the Govt. to find suitable solutions to the displaced families and delaying drive them out of the state's buildings and camps.

Draft law to train the unemployed | Iraq Updates

Originally Posted by Seaview

Top secret al-Qaeda dossier and Iraq report left on London train

Top secret British documents containing an intelligence assessment of the al-Qaeda terrorism network and a classified report on the military situation in Iraq were left on a train in London, the government said Wednesday. A spokesman confirmed that Scotland Yard had launched an investigation into what was described as a "grave security breach."

The papers were in an orange envelope picked up by a passenger on a train leaving London's Waterloo station Tuesday.

The papers had security coding and were marked "for UK, US, Australian and Canadian eyes only," the BBC reported.

"Two documents which are marked as secret' were left on a train and have subsequently been handed to the BBC," a spokesman for the Cabinet Office said.

"There has been a security breach, the Metropolitan Police are carrying out an investigation."

Top secret al-Qaeda dossier and Iraq report left on London train : UK World

British Official Suspended after Documents Found
Senior British Intelligence Official Suspended after Secret al-Qaida and Iraq Documents Found

The British government says a senior intelligence official in the Cabinet office has been suspended after secret government documents were left on a commuter train.

The documents on al-Qaida and Iraq were found by a passenger on a London commuter train Tuesday. The passenger gave the documents to the British Broadcasting Corp.

The government's decision to suspend the employee comes as police launch a major investigation into the security breach. An internal inquiry is also under way.

One of the documents was a seven-page report on al-Qaida's weaknesses. The second document was top secret and contained an assessment of Iraq's security forces.

PUKmedia :: English - British Official Suspended after Documents Found

Italy to Open Consulate in Kurdistan Region Soon

The Italian ambassador to Iraq said on Thursday that his country will open a consulate in Erbil soon for promoting bilateral commercial and political relations between Italy and the Kurdistan region.

The Italian ambassador indicated that bilateral relations between Italy and the Kurdistan region are strong but his country wants to promote the relations further.

“We welcome the decision by the Italian government to open its consulate in Erbil since it will reinforce bilateral commercial and political relations between Italy to service common interests. We welcome the decision in the framework of the Iraqi constitution,” Jamal Abdullah, official spokesman of the Kurdistan regional government (KRG) told the KRG official website.

Kurdish lawmaker in the Kurdistan region national assembly, Nouri Talabani who is also a specialist of the international law, said that opening the Italian consulate in Erbil would improve the economy, cultural conditions of the Kurdistan region and it will boost the Kurdistan region’s ties with world’s great states at the international level.

PUKmedia :: English - Italy to Open Consulate in Kurdistan Region Soon

Update.......

Global economy needs Iraq more than ever- deputy

The Iraqi deputy prime minister on Thursday stressed the global economy's need for Iraq more than ever before, highlighting the country's richness of natural resources.

"Iraq has an abundance of water resources and huge service and economic demands. Therefore, it represents a huge opportunity for investment…The global economy needs Iraq and its resources more than ever before and this is a unique opportunity to work with one of the most resource-rich countries in the world," Barham Saleh said during a speech delivered in the Turkish city of Istanbul during the inauguration of the third Arab-Turkish economic forum.

Istanbul hosts the Arab-Turkish economic form in the period June 12-13, with the participation of key figures, including the secretary of the Arab League, Amr Moussa, in addition to delegations from Turkey, Palestine, Syria, Qatar, the United Arab Emirates, Jordan and Yemen.

"Iraq welcomes foreign investment and is working hard with private companies to create a favorable climate for investment," Saleh explained.

In its recent report on Iraq, the International Monetary Fund (IMF) praised the successes of the Iraqi government in addressing the challenges facing the country, Saleh noted.

"The Iraqi government has discussed the issue of government expenditure, which will not be able to meet the country's economic needs. Therefore, we encourage the private sector in Iraq and Arab and foreign countries to help with Iraq's recovery," Saleh said.

Turkish-Iraqi economic relations have leapt forward since the convention of the first Arab-Turkish economic forum in 2006 with the participation of several Arab states. Arab investments of nearly $36 billion have been accomplished in Turkey, in addition to trade exchange and joint projects.

Aswat Aliraq

Slight increase in demand for the dollar on Thursday

Demand for the dollar was slightly up in the Iraqi Central Bank's auction on Thursday, reaching $76.420 million compared to $75.800 million on Monday.

"The demand hit $19.370 million in cash and $57.50 million in foreign transfers outside the country, all covered by the bank at a stable exchange rate of 1,197 Iraqi dinars per dollar," according to the central bank's daily bulletin which was received by Aswat al-Iraq - Voices of Iraq - (VOI).

None of the 14 banks that participated in the auction offered to sell dollars.

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

Aswat Aliraq

Chairman of the Committee on Oil: Resumption of talks between the petroleum law Irbil and Baghdad next week

The head of the Committee on Oil and Gas Council, the Iraqi parliament, Ali Hussein Blue, to resume next week, will see representatives of the Kurdistan Regional Government of Iraq for talks with officials of the Federal Government, to resolve disagreements petroleum law.

He said, Blue, in an interview with "Uzmatik", today, Thursday, that "Iraqi officials in both Baghdad and the Kurdistan region, are facing difficulties in agreeing on a draft of the law of oil and gas, for submission to the House of Representatives ratified view, pointing out that these difficulties, Emerged since the interference of the state council to impose amendments to the draft submitted to it last year, 2007. "

On the other hand, completed a delegation of deputies from nine members of the Committee on Oil and Gas, today, Thursday, visited the Kurdistan region of Iraq, with a view to see the functioning of the Ministry of natural resources in the province and corporate activity, and ensure the authenticity of the reports of the existence of smuggling of oil extracted from Areas of the territory to neighboring countries.

The Chairman of the Committee on Oil and Gas House, to visit "came the invitation of the Ministry of natural resources in the Kurdistan region of Iraq, to stand on the evolution of talks between officials of the federal government in Baghdad, and the government in Kurdistan province, on the law of oil and gas, legal distribution of oil revenues, and the National Oil Company "He added that" the delegation listened to the explanation from the Minister of natural resources, various Horami, on the working mechanism and TV stations that have been negotiated on them. "

He added, Blue, "The Commission found wills views on the Kurdish cause of the failure of the talks and agree on a draft oil law and referred it to the House of Representatives," and explained "that the interference of the state council and make amendments to the draft law of oil agreed upon between Baghdad and the Kurds in 2007, is , Which hampered efforts to refer the law to the parliament aimed at approving them. "

The Chairman of the Committee for the transfer of oil and gas in the parliament, Ali Hussein Bello, Minister of natural resources in the Kurdistan region, saying that "the talks stalled, but there is hope in moving next week, when a delegation from the Kurdistan Regional Government in Baghdad a new round of talks with officials in The federal government. "

The Blue noted, "The Committee visited the sites where oil is extracted them in the field, Tauki juvenile Zakho border with Turkey where they work there or that De Norwegian, and ascertained that the talk about the smuggling of oil is not correct," explaining that the Committee was briefed on the ongoing work By the Norwegian company that had not extracted only about ten thousand barrels of crude oil, with the aim of testing, as well as to operate the machines used by some. "

The Chairman of the Committee on the oil and gas in the Iraqi Parliament, said "the Norwegian company informed them of their willingness to add fifty thousand barrels of crude oil daily to the Iraqi export pipeline which carries crude from Kirkuk to Ceyhan in Turkey, if approved by the Iraqi government," noting that " The extension of the company's pipeline diameter and length of 12 Lang 43 km, from oil fields to the Iraqi pipeline connecting Turkey, in preparation for pumping oil through it with the consent of Baghdad. "

He praised Hussein Blue, the work that De or Norwegian, indicating that it had managed to dig 13 wells in the field Tauki which includes a reserve of up to about two billion barrels.

The Chairman of the Committee on Oil and Gas told his "Uzmatik" saying that "the Commission will report to the lifting of the presidency of the Parliament after its members return to Baghdad, to explain the results, and progress in oil projects in the Kurdistan region of Iraq."

Translated version of http://iraqalaan.com/bm/Politics/2819.shtml

Mufti calls for transparency in the Oil and Gas Law

The President of the Kurdistan Parliament, Adnan Mufti to "the need to adopt standards of justice in the distribution of dividends natural wealth in Iraq in accordance with constitutional principles

In order to consolidate the foundations of trust between Iraqis, "adding that" the wrong policies of the former regime in this area has a large gap between the components of Iraqi "

The Mufti, during his meeting with a delegation from the Committee on the oil and gas in the parliament, who is visiting Iraqi Kurdistan to hold consultations on the oil law will soon be put to parliament, that "the effects of this policy (Baathist) still exist today in reducing the mentality of some Iraqi officials," according to leap By the parliamentary source

According to the source, "Mufti discussed at length with the Parliamentary Committee on the draft law proposed for oil and gas in Iraq, emphasizing the need for transparency in the oil policy in Iraq."

Sotaliraq.com -