Thread: Archive - Latest News Think Tank - 15/01/09 - 04/05/09

no wonder they can't revel...they cant even get it right in a press conference that Talabani will or will not run for president when his term is over....lol....Pat

Evening Pat, looks like you found the reason for us being on the waiting list so long...LOL Hope you are doing well. maybe we see something later in the year. At this juncture, 100 to 1 looks good to me... Best 67

i'm doing fine Warrior...hope you are doing good also...I'm a little younger then you...57....but i am thinking this is the year....all,indications are pointing to that...but we know how these Iraqi's work....or should i say...lack of work...lol..they seem to want everyone else to fix their problems for them while they don't have to fool with anything...unfortunately it doesn't work like that...quite a few times in the past i think they could have or should have reveled....but they didn't....I really don't know what it will take to kick start the revel....every indicator we know of has just about been reached...if this government would ever stop quarreling long enuff to see that they have people who are starving and still blowing themselves up while they dilly dally around in the safety of the green zone.....sheesh....must be nice...put these leaders out their on the streets with all the other common people might make them hurry along a little faster i would think...IMHO...Pat

Bureaucracy, clashing rules hinder Iraq investment

Investment in Iraq remains hindered by conflicting regulations and a labyrinthine bureaucracy, officials said on Sunday, as the country awaits a wave of foreign cash needed to help it rebuild.

"Frankly speaking, the value of the investment in Iraq is not that big," Thamir Ghadhban, head of Iraq's national investment committee, told Reuters. "Some provinces have managed to award investment licenses worth billions of dollars ... But what is important here is not only granting licenses, but for investors to actually start e.xecuting projects," he said at an investment conference in Baghdad.

Ghadan said officials were mulling amendments to pre-2003 regulations that conflict with a 2006 investment law, which has hindered allocation of land for investment. They are also seeking to improve cooperation between local and federal powers. Such steps are part of Iraq's efforts to ensure infusions of investor cash, needed to rebuild bombed-out buildings, overhaul decaying infrastructure and create jobs, actually materialize.

Major investors are lining up to take part in the oil sector -- Iraq has the world's third-largest oil reserves -- and officials are expected to clinch a spate of massive oil and contracts in 2009. But outside oil, investment is coming slowly. Aqeel al-Khazali, governor of southern Kerbala province, said there was more than $1 billion in stalled investment in his region. "We get these investment projects going, but then they get lost in the bureaucratic labyrinth," he said.

GLACIAL PACE

Investors who seek to break ground in Iraq must get the sign-off from various ministries whose regulations are often not harmonized, there is often confusion about proper procedures and approval of the right paperwork can occur at a glacial pace.

Khazali urged the federal government to give provincial authorities greater autonomy to close investment deals. Iraq has been hoping for a tide of investment since the U.S.- led invasion in 2003 ended Saddam Hussein's isolated regime, but it needs foreign cash more than ever after a collapse in oil prices weakened its own spending ability. Oil exports account for more than 95 percent of Iraqi revenue and officials are revising spending plans after oil plunged to less than $100 a barrel from last summer's record highs.

"The government cannot be responsible for all investment in Iraq," Deputy Prime Minister Rafie al-Esawi said.

The government of Prime Minister Nuri al-Maliki is hoping improving security will turn years of talk about major foreign investment into reality. The security situation is seen as far better than in the peak of sectarian violence in 2006-07, but violence continues especially in restive areas such as northern Nineveh province, and the threat of resurgent violence looms.

That makes investors anxious when it when it comes to hunkering down billions of dollars for long-term deals.

http://www.reuters.com/article/gc05/...52E10120090315

OPEC holds off from oil output cut

The OPEC oil cartel opted not to cut output at a meeting here Sunday, delaying the decision at least until May, to give rich and emerging nations time to respond to the global economic crisis.

The Organization of Petroleum Exporting Countries had been expected to cut output at its meeting here in a move to boost falling crude prices, despite concerns of consumer countries that higher oil prices would hurt their recession-hit economies even more. In response, the 12-nation oil cartel chose to hold off from a further reduction in output, at least until an extraordinary meeting to be held on May 28.

"It's a rollover until May," Iraqi oil minister Hussein al-Shahristani told reporters after the meeting, using the technical term for the decision to hold output steady.

For Algerian energy minister Chakib Khelil, it was "a responsible position" that would "give the chance to the G20 to do its job on April 2. In light of the decision they will make, we'll make our decision on May 28." The Group of 20 rich and emerging nations (G20) is to meet in London next month. OPEC Secretary General Abdalla Salem El-Badri explained that the cartel could effectively tighten conditions on the oil market by making sure that member states fully adhered to cuts agreed last year.

The rate of "compliance" to those cuts was currently around 80 percent. By raising that compliance to 100 percent, it would take a further 800,000 barrels of oil a day out of the market, El-Badri said. "If we have more compliance, we can reduce the overhang further. We've called another meeting in May. If something happens between now and May, we'll have to correct the market in May," El-Badri said.

OPEC has already slashed its output three times since September as crude prices slumped in the face of a worldwide economic slowdown. At the last output meeting in December in Oran, Algeria, OPEC cut a record 2.2 million barrels per day from its output quota, bringing the total cuts over three meetings to 4.2 million barrels per day.

Venezuelan Energy and Oil Minister Rafael Ramirez said the problem was that countries had stockpiled too much oil and that was weighing on prices. "The last decision in Oran was a huge cut of oil and now we're trying to follow that decision" with 100 percent compliance, Ramirez said. "For that reason we are waiting up to March and after in May we can have better elements to evaluate the market situation."

In its closing statement, OPEC noted that the world economy "is in the midst of the worst global economic recession in decades" and that was having a "deep impact on world oil demand." The cartel said the world economy was forecast to contract by 0.2 percent in 2009 and estimated that global oil demand would drop by 1.0 million barrels per day (bpd) in 2009 to stand at 84.6 million bpd. Analysts said Sunday's decision could lead to a brief drop in oil prices when the markets opened on Monday, because participants had widely expected a cut in output.

"In the near term, we'll see some disappointment. Prices rallied on Thursday and Friday amid talk of a cut, so we could see a bit of a draw back tomorrow on profit-taking," said VTB Capital analyst Andrey Kruchenkov.

Dave Evans, an analyst at BetOnMarkets, agreed. "With most analysts predicting a cut between 500,000 and one million barrels a day, today's OPEC decision not to cut could result in weaker oil prices when markets open tomorrow," he said.

Oil prices remain more than 100 dollars below the historic heights scaled last summer, and traded at about 45 dollars per barrel on Friday.

The gathering of ministers from OPEC, whose members pump around 40 percent of the world's crude supplies, was also attended by non-member Russia. Russia said Sunday it had discussed sending a permanent observer to OPEC, deputy premier Igor Sechin told a meeting of OPEC ministers.
Russia rivals Saudi Arabia as the world's largest oil producer and has been deeply affected by the plunging prices.

OPEC comprises Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. Iraq does not have an output quota due to unrest in the country.

http://www.google.com/hostednews/afp...L0DJFrNakMsXYQ

CBE: criticism of fiscal policy is not acceptable

Central Bank of Iraq, criticized what he called the allegations made by the local community to put the blame on the monetary policy of the Central Bank with regard to hyper-inflation and the deterioration of the exchange rate of the dinar.

A source authorized in the bank in a statement received a copy of the Tigris Radio on Monday, that the circles with the monetary policy and its successes are responsible for stalling the country's investment programs and the ability to build development projects that have reached their targets in reducing the rates of inflation by a large margin.

The source said that the financing of investment projects of different government takes over serious consequences for the external economic balance, the country loses its force and the defense of the entire economic stability, as well as weaken the ability of monetary policy in the protection of the national currency and re-entering the failures caused by the deterioration of inflation, exchange rates and with a sudden high waves imbalances Foreign Affairs. He said the Central Bank's monetary policy has enabled the country's stability and to meet its cash-and-wave activity after the inflationary significant improvement in the exchange rate of the dinar.

He said the force Gabip of the Iraqi dinar is strong, it is now the best in the evolution of monetary savings and financial intermediation and the proper and appropriate way to address the phenomenon of inflationary expectations.

The source pointed out that, in spite of a high interest rate the central bank in accordance with the purposes of monetary policy, but the energy credit (loans granted to citizens of cash) has risen to more than nine times since the beginning of the year 2004.

The source address and then, the successes of the powerful over the monetary policy in the implementation of its Alastaqrari inflation and interest rates the same signal, that is designed to cover up the failure of programs and many government policies, low capacity in the conduct of their material in exchange for development projects and reconstruction.

http://64.233.183.132/translate_c?hl...NGQHnn8Q1Rbmdw

Originally Posted by Seaview

CBE: criticism of fiscal policy is not acceptable

Central Bank of Iraq, criticized what he called the allegations made by the local community to put the blame on the monetary policy of the Central Bank with regard to hyper-inflation and the deterioration of the exchange rate of the dinar.

A source authorized in the bank in a statement received a copy of the Tigris Radio on Monday, that the circles with the monetary policy and its successes are responsible for stalling the country's investment programs and the ability to build development projects that have reached their targets in reducing the rates of inflation by a large margin.

The source said that the financing of investment projects of different government takes over serious consequences for the external economic balance, the country loses its force and the defense of the entire economic stability, as well as weaken the ability of monetary policy in the protection of the national currency and re-entering the failures caused by the deterioration of inflation, exchange rates and with a sudden high waves imbalances Foreign Affairs. He said the Central Bank's monetary policy has enabled the country's stability and to meet its cash-and-wave activity after the inflationary significant improvement in the exchange rate of the dinar.

He said the force Gabip of the Iraqi dinar is strong, it is now the best in the evolution of monetary savings and financial intermediation and the proper and appropriate way to address the phenomenon of inflationary expectations.

The source pointed out that, in spite of a high interest rate the central bank in accordance with the purposes of monetary policy, but the energy credit (loans granted to citizens of cash) has risen to more than nine times since the beginning of the year 2004.

The source address and then, the successes of the powerful over the monetary policy in the implementation of its Alastaqrari inflation and interest rates the same signal, that is designed to cover up the failure of programs and many government policies, low capacity in the conduct of their material in exchange for development projects and reconstruction.

http://64.233.183.132/translate_c?hl...NGQHnn8Q1Rbmdw

Central Bank: Financing of investment projects, the government loses the defense of the country's economic stability

Warned the Central Bank of Iraq to finance government investment projects, saying it will have serious consequences on the external economic balance and lose the country's defense force for economic stability.

He criticized the bank in an official statement, received a copy of the NOAA Radio, "what he called the allegations made by the local community to put the blame on the monetary policy of the Central Bank with regard to hyper-inflation and the deterioration of the exchange rate of the dinar, saying" Gabip the force of the Iraqi dinar is strong and is now better.

A source authorized in the bank, told a news briefing that "those circles with the monetary policy and its successes are responsible for stalling the country's investment programs and the ability to build development projects that have reached their targets in reducing the rates of inflation by a large margin.

The source said that the financing of investment projects of different government takes over serious consequences for the external economic balance, the country loses its force and the defense of the entire economic stability, as well as weaken the ability of monetary policy in the protection of the national currency and re-entering the failures caused by the deterioration of inflation, exchange rates and with a sudden high waves imbalances Foreign Affairs.

"The monetary policy of the Central Bank allowed the country's stability and to meet its cash-and-wave activity after the inflationary significant improvement in the exchange rate of the dinar. The Gabip force of the Iraqi dinar is strong, it is now the best in the evolution of monetary savings and financial intermediation and the proper and appropriate way to address the phenomenon of inflationary expectations .

He pointed out that "In spite of a high interest rate the central bank in accordance with the purposes of monetary policy, but the energy credit (loans granted to citizens of cash) has risen to more than nine times since the beginning of the year 2004.

He considered, "the source address and then, the successes of the powerful over the monetary policy in the implementation of its Alastaqrari inflation and interest rates the same signal, that is designed to cover up the failure of programs and many government policies, low capacity in the conduct of their material in exchange for development projects and reconstruction."

http://64.233.183.132/translate_c?hl...lyF0VgNjXeH8aw

Central sales rise to 173 million dollars in the canteen

the U.S. dollar sales of the Central Bank in an auction for the sale and purchase of foreign currencies, on Monday, to reach 173 million versus $ 122 million and 480 thousand dollars, at the previous meeting.

The bulletin issued by the Central Bank and the Agency has received (Voices of Iraq) a copy of which was that "the total volume of demand for the dollar stood at 173 million and 930 thousand dollars at the exchange rate was stable compared to 1170 dinars per dollar."

The figure is up from the previous meeting, which recorded a total volume of demand for the dollar stood at 122 million and 480 thousand dollars at the exchange rate was 1170 dinars per dollar.

The Bulletin that "the demand for the dollar is distributed at 48 million and 605 thousand dollars in cash, covered by the bank at the exchange rate was 1176 dinars per dollar, including the central bank and a commission of six dinars per dollar."

With the value of remittances outside the country of 125 million and 325 thousand dollars at the exchange rate of the central covered was 1173 dinars, including the central bank and a commission of three dinars per dollar, "did not make any of the 15 banks participating in the auction, offers to sell the dollar.

http://64.233.183.132/translate_c?hl...lo9Mjy7Be76yFQ

Luxurious hotel, residential city, stadium in Baghdad soon

Baghdad's secretariat on Sunday agreed to requests to build a five-star hotel on the banks of the Tigris River, in addition to a residential city and a 30,000-seater stadium in the capital.

"During a meeting by Baghdad's Design Committee, presided over by Secretary Sabir al-Issawi, several requests have been granted to change the use of pieces of land for the construction of residential and commercial property in the capital Baghdad," according to a statement released by the secretariat and received by Aswat al-Iraq news agency.

The committee is headed by Issawi and includes several university professors as members.

http://www.zawya.com/Story.cfm/sidZA...Baghdad%20Soon

European countries to open its airports to Iraq after a long isolation

According to the Transport Ministry that a number of European countries to open airports to the aircraft coming from Baghdad in the first step of its kind in nearly two decades.

The ministry said that Iraqi citizens will be able within the next ten days to go on a flight from Baghdad to the airport in Europe after he was previously forced to travel to a number of neighboring countries before heading to Europe.

While many considered a radical shift in an important area of integration with the international community as it marks the end the international isolation of the air and communications lines in Iraq.

http://64.233.183.132/translate_c?hl...3G4_29Jh_h7F4g