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

The conclusion of the first Economic Forum Events in Baghdad

the National Economic Forum concluded its first, on Tuesday, three days after opening the auspices of the Vice-President Tareq al-Hashemi Republic.

Hashemi said in a speech marking the conclusion of the National Economic Forum events and the first broadcast on S.atellite channels

"During the forum to discuss the oil and gas, as well as the role of banks in Iraq."

He pointed out that "the role of banks is very weak," he said, adding that the Forum "came out the recommendations will be announced later after the adviser to the minister," he said.

The Economic Forum meetings, in which, Mohamed Plasm research on "monetary policy in times of economic challenges," and poetry, Jalal consider "monetary policy and economic features of foggy," and Mohammed Hussein climate research on the commercial sector in Iraq, Humam Shammaa study the concepts of the modern economy , and other matters related to fiscal policy in Iraq and monetary policies in place and the intersections of cash, which starts with the end of fiscal policy in economic perspective.

http://209.85.229.132/translate_c?hl...jKPeh7Djac_S1A

Officials: delay to monetary union after the 2010 Gulf

A senior Gulf on Tuesday that he will extend the deadline for monetary union after the 2010 Gulf for the first postponement of the adoption of a formal monetary union.

The five Gulf Arab states are Saudi Arabia and the UAE, Kuwait, Bahrain and Qatar to launch the unified Gulf currency in 2010, when analysts said that the decision-makers say so long ago that he was not subject to investigation.

A senior official of the Gulf Cooperation Council, speaking on condition of anonymity, told reporters: "As the deadline will be extended after 2010 and the Council will adopt a schedule of cash to launch a new currency for circulation."

Nasser and his repeated failure Assistant Secretary-General of the Gulf Cooperation Council, said the new timetable established by the Monetary Council considered the nucleus of a GCC central bank, but did not establish yet.

The Gulf Cooperation Council said the council will establish the cash by the end of this year.

The failure of a banking conference that the council will determine the schedule of cash to launch a single currency for circulation in that light.

He said there are a number of technical committees are currently working to ensure that a single currency as soon as possible.

Oman out of the single currency plan in 2006 and Kuwait dropped the peg to the dollar in 2007 dispersed the convergence in the oil-exporting region, where currencies linked to the dollar for a long time.

With the exclusion of a single currency of the agenda of the next year the focus of the GCC central banks to help financial institutions to overcome the effects of global crisis, which has a boom driven by a six-year highs in oil prices, he said.

http://209.85.229.132/translate_c?hl...*****Channel=0

Interesting,

So many behind the scenes in recent months have been focused on dropping peg to U.S. dollar, and for good reason, Iraq Dinar has been more stable than any other currency over the last 5 plus years, and with most currencies bounching up and down every few days, we are all in unchartered water economically speaking.

Persoanally, I don't feel the dollar will be the currency of the next decade to peg to, never mind have faith in. We have all heard the only reasong the dollar was used was because of faith in dollar, but with so little faith in U.S. politics, as well as banking sector now, this is all about to change forever.

Already China is talking about pulling out of dollar denominated currency investments, and if this happens, the dollar will drop like a rock. It has been supported only by threats to world banks to prop it up after it dropped 20% towards end of last year, so Rice was sent to threaten that if they did not support dollar, the collapse would hurt them more than by investing in dollar which is dropping like a rock.

We are seeing the worse case scenario building with this artificially supported dollar which was last ditch effort to keep dollar from dropping like a rock. It was already down 20% late last year, and if intervention didn't happen, it would be in freefall given bank failures, bailouts and deep recession which was finally admitted in Dec. of last year. When Bernanke through more tax dollars at toxic bank mortgage mess, the dollar dropped immediately.

Again, we are in unchartered waters, as are all countries, including Iraq, but look whose currency has been the most stable, amazingly, the dinar. Now we are seeing talk of new currency, just as has been talked about for NA by combining the peso, loonie and dollar, so why shouldn't we see the same talk for middle east currencies. Sure will be interesting to see how all this plays out later this year. The dinar being pegged to petro dollars makes the most sense as dollar generates little faith from anyone anymore. I know I lost faith in it years ago. You can trust oil to back a currency, but good faith is long gone for dollar.

Success to all, Mike

Iraq and Lebanon agree to establish an economic forum in Beirut

Iraqi economic delegation headed by Chairman of the Federation of Iraqi Chambers of Jafar al-Hamadani, with the Chairman of the Chamber of Commerce, Industry and Agriculture of Lebanon Abdallah Ghandour, strengthening economic and trade cooperation between the two countries.

The two sides discussed in their meeting in the Lebanese city of Tripoli, ways of developing relations between the Lebanese private sector and the various economic sectors, public and private Iraq, particularly in the area of Iraq and the supply of processing materials and food supply, through the Lebanese institutions.

It was also agreed to set up the Iraqi Economic Forum - the Lebanese, on 4 and May 5 May in Beirut, which he agreed to organize a visit of a delegation of Lebanese businessmen to Baghdad.

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US President hopes for promoting bilateral ties between Iraq & US as well as US & Kurdistan region

US President Barack Obama hoped for promoting bilateral ties between Iraq and US and the US and the Kurdistan region.

That came during a responding letter which Obama addressed to the Kurdistan Region President Massud Barzani who previously congratulated Obama on the occasion of his election as the new US president.

In the letter, Obama appreciated Barzani for the letter and hoped to work jointly in the coming four years for establishing a calmer world.

During another part of the letter, Obama has sent his salutations to the Kurdistan region people.

US President Barack Obama also sent an appreciation letter to the KRG premier Nechirvan Barzani That came during a responding letter which Obama addressed to the Kurdistan Region President Massud Barzani who previously congratulated Obama in a letter on the occasion of his election as the new US president.

http://pukmedia.com/english/index.ph...10041&Itemid=1

Iraqi Airways to arrange direct flights to European countries

For the first time since 25 years, the Iraqi Airways will arrange direct flights to the European countries without assistance from the neighboring countries, a source from the Iraqi Airways told PUKmedia correspondent in Baghdad.

The source said that the flights would start on March 27th through three Boeing 737 new planes.

Two flights for each of Greece and Sweden will be arranged every week.

http://pukmedia.com/english/index.ph...10039&Itemid=1

Parliament is expected to ratify Kurdistan region elections draft law, official says

The Kurdistan region parliament is expected to hold a session on Wednesday March the 25th, to discuss the Kurdistan region general elections draft law, PUKmedia correspondent reported.

“In the session notes by Kurdistan region president on Kurdistan region elections draft law will be discussed. The draft law is expected to be ratified and then it would be submitted to the Iraqi Independent High Electoral Commission, IHEC. Some of the notes by President Barzani would be taken into consideration, however the draft law eventually is expected to be ratified since President Barzani can reject draft laws once,” Arez Abdullah, Head of Cultural and Foreign Relations Committee inside the Kurdistan region parliament exclusively told PUKmedia.

“I think general elections in the Kurdistan region should be ratified in due time, since there are no obstacles except for technical issues. However, if there were any technical issue the Iraqi Independent High Electoral Commission can expand the elections’ deadline for needed preparations. If the elections would be postponed, the Kurdistan region democratic and political processes would be under question and suspension. The sooner the draft law to be ratified the better for the Iraqi Independent High Electoral Commission to make preparations for these elections.” he added.

http://pukmedia.com/english/index.ph...10037&Itemid=1

Adnan Mufti and new Russian Ambassador in Iraq discuss bilateral relations

The Speaker of Kurdistan Region Parliament Adnan Mufti received the Ambassador of Russian Federation in Iraq Valerian Shuvaev accompanied by the Russian General Counsel in Erbil Vagiv Garaev. The aim behind his visit to Kurdistan Region Parliament was on the occasion of taking office as a new Russian Ambassador in Iraq.

The friendly relations between the Kurdistan Region and Iraq with the Russia in cultural, political and economic aspects were discussed during a meeting attended by the Kurdish Lawmakers Arez Abdulla, Nasih Ghafur, and Aram Rasul Mamand.

Following congratulating him as new Russian Ambassador in Iraq, Mufti confirmed the historic relations between the Kurdish people and the Soviet State as well as the Federal Russia. Mufti hoped him to play a great role in promoting the relations between Russia with each of Kurdistan Region and Iraq during his work as a new Russian Ambassador, especially in supporting the democratic process in Iraq, economy and investment aspects to pave the way to the Russian firms to participate in the reconstruction process in both Iraq and Kurdistan Region.

For his part, the new Russian Ambassador in Iraq thanked all reception. He expressed his delight for his visit to Kurdistan Region as well as the current stability in the Region, and said, “We attempt to boost our ties with the Kurdistan region and Iraq in all aspects especially economy, politics, and culture.”

http://pukmedia.com/english/index.ph...10036&Itemid=1

CAPMS: inflation rates in the country recorded a decline

Indicators of inflation rates recorded in the country declined by about a continuous result of the low index of commodity groups, which include food, textiles, clothing and footwear, fuel and lighting, transport and communications.

A statement issued by the Central Bureau of Statistics and Information Technology of Iraq that the family spent 79.9 per cent of these articles of the total monthly consumption expenditure.

He explained that the commodity groups, which include tobacco and beverages, furniture and medical services, medicines and miscellaneous goods and services increased during the month compared with UNPROFOR during the month of January last they constitute 8.6 percent of total domestic expenditure.

He noted that the indicators of the annual inflation during the period from February 2008 until February 2009 have seen a slight rise in rates by 0.2 percent, attributed to an increase in the record for most commodity groups, which include food, tobacco and beverages, furniture, transportation, medical services, medicines and miscellaneous goods and services and rent.

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Trader to bid for Iraq oil and gas fields
Oil trader Vitol will expand into natural gas, carbon emissions, ethanol and coal to operate across the changing landscape of the global energy mix, the company's Chief E.xecutive, Ian Taylor, said on Tuesday.

"All these parts of the energy market are linked and if you are going to be a good global energy trader then that is what you are going to have to do," he told Reuters in an interview.

The Geneva-based Vitol plans to bid for Iraq's oil and gas fields as a member of a consortium, and is also looking at upstream opportunities in West Africa.

"These are world class fields...hopefully the situation in Iraq will improve and the international oil companies will be able to get in to help develop these oilfields," Taylor said.

Iraq has offered some of its largest oil and gas fields in two bidding rounds so far for service contracts. Vitol intends to bid with other firms for a role to develop Iraq's reserves.

Last year, Vitol negotiated with Anadarko and Dome Petroleum for a short term oil service contract but Iraq eventually halted the initiative in favour of longer term deals.

Pension funds and other institutional investors moved into commodities over the past five years and contributed to oil's bull run, which was not particularly healthy for oil markets, Taylor said.

"In some ways from a Vitol perspective, overall the oil and the energy markets are moving back to a stronger focus on the fundamentals of supply and demand ... in the longer term this is quite healthy," Taylor said.

http://www.arabianbusiness.com/55055...iraq-oilfields