Thread: Iraq/Dinar News. 09/05 to 01/14/07

AUB completes purchase of 49pc Iraq bank stake
01/10/2006
Source: Gulf Daily News


Ahli United Bank (AUB) has completed the acquisition of 49 per cent stake in the Commercial Bank of Iraq, one of the largest private banks in Iraq.

As a result of this acquisition, the capital base of the Commercial Bank of Iraq has increased to $43.7 million from $9.6m.

The Commercial Bank of Iraq was established in 1992. Since its inception, the bank has performed consistently well and its total assets were ID131 billion ($ 89m) and net profit was ID1,927m ( $1.28m) as of June 30, last year.

"The acquisition represents a significant step for Ahli United Bank and another important milestone in our strategy to become a major regional banking group." said chairman Fahad Al Rajaan.

"The economic potential for Iraq is tremendous. After years of economic isolation, the rebuilding of the country's industry, infrastructure and oil sector will need considerable banking support.

"With an educated population, vast oil wealth and the opening up of the economy, Iraq is at the threshold of progress and development; as soon as the security atmosphere improves."

Given the current security situation in Iraq, AUB will adapt a gradualist approach towards developing its presence and operations, said Mr Al Rajaan.

The Commercial Bank of Iraq, established in 1992, has nine branches, eight in Baghdad and one in Basra.

The bank provides commercial banking services and employs 364 people.

Meanhile, AUB has signed an agreement with the Arab Trade Financing Programme (ATFP).

The agreement will allow the bank to extend ATFP's credit facility of $30m to its customers to support foreign trade flows. It was signed by ATFP chairman and chief executive officer Dr Jassim Al Mannai, and AUB group chief executive officer and managing director Adel El Labban.

ATFP trade development director Sherif Abdel Khalek was also there.

Under the terms of the new agreement ATFP, will refinance the credit extended by AUB to its eligible customers in Bahrain. AUB will, therefore, be able to assist the growth of the export-oriented manufacturing and services sectors in Bahrain.

The Abu Dhabi- based ATFP, a specialised financial institution launched by the Arab Monetary Fund, has done extensive work around the Middle East region to develop and promote trade in Arab countries and improve the competitive capabilities of Arab exporters.

"AUB is pleased to be associated with the ATFP, an institution that has been pivotal to the increase in trade in the Gulf countries," said Mr El Labban.

"AUB will be able to further promote the kingdom's commerce and industry by financing and encouraging local exports to the rest of the Arab world and beyond.

"The partnership between AUB and the ATFP will help exporters to manufacture and market goods abroad efficiently."

http://www.iraqdirectory.com/DisplayNews.aspx?id=2201

Iran to support oil price raise

Aljazeera.Net - Iran to support oil price raise
Sunday 01 October 2006, 11:18 Makka Time, 8:18 GMT

Iran is one of the world's largest oil exporters

Iran has said it will support any move by the Organisation of Oil Producing Countries (Opec) to raise crude oil prices.

"The Islamic republic of Iran supports any effort by Opec members to strengthen the oil market and return oil prices to an acceptable and logical level," Hossein Kazempour Ardebili told Irna, Iran's official news agency, on Sunday.

He did not say what an acceptable level was.

Oil prices have tumbled from a mid-July peak of nearly $80 a barrel to just under $63.

Analysts say that the fall in value is due to a range of factors, including an increase in US oil stocks and slower-than-expected global economic growth.

Kazem Vaziri-Hamaneh, Iran's oil minister, said last month that he wanted to see Opec's basket of crude hold above $60 a barrel, which would equate to about $65 a barrel for US crude.

"Some Opec members, by decreasing production, are trying to prevent the slide of oil prices," Kazempour Ardebili said.

Nigeria and Venezuela, both Opec members, have recently pledged to cut production in order to push up prices.

Rv anyone?

Rifts emerge in Iraq cabinet after 'bomb plot' foiled
Published: 10/02/2006 12:00 AM (UAE) Reuters

Gulfnews: Rifts emerge in Iraq cabinet after 'bomb plot' foiled
Baghdad: Sunni and Shiite leaders in Iraq clashed publicly yesterday over a US allegation that a bodyguard for a top Sunni politician may have plotted an Al Qaida suicide attack on the vast Green Zone government compound.

Rifts between parties in the four-month-old unity government broke the surface as data indicated sectarian violence may have claimed a record number of victims last month and a new mass kidnap saw 26 meat factory workers seized by gunmen in Baghdad.

Iraq's national security adviser said security forces were closing in on the Al Qaida leader in Iraq who took over from the late Abu Musab Al Zarqawi in June.

A leading parliamentary supporter of Shiite cleric Moqtada Al Sadr accused the government of being 'infiltrated by terrorists'.

He was responding to the arrest on Friday of a bodyguard to Adnan Al Dulaimi, leader of the Sunni Accordance Front bloc.

(I did not include the death toll for all the past months.)

The Iraqi government : the imminent terrorist was behind the imposition of curfews
ÇáÍßæãÉ ÇáÚÑÇÞíÉ: ÚãáíÉ ÅÑåÇÈíÉ æÔíßÉ ßÇäÊ æÑÇÁ ÝÑÖ ÍÙÑ ÇáÊÌæÇá - äÇÏí ÇáÈÑáãÜÜÜÜÜÜÜÜÜÇä

BAGHDAD (October 1, 2006): for the first time, the Iraqi government succeeded in keeping the security of the capital, Baghdad, to prevent any explosion of a car bomb after the imposition of a curfew began at dawn yesterday, Saturday, and ended this morning. amid news that aimed to "thwart suicide conspiracy" and terrorist operations against the sensitive centers including the attack on the government compound in the "Green Zone". At the same time the Iraqi army to stop the plan to declare what has been described as the "Islamic Emirate" in Diyala after Eid Al-Fitr.
With the curfew, which paralyzed the capital, the first week, the American occupation army announced the arrest of a leader of chaperones list of "consensus" Iraqi Sunni Adnan Al-Dulaimi. to believe his involvement in the planning of the bombing of suicide car bomb exploded inside the Al Khadra area ».
On the other hand, denied spokesman for the general command of the Iraqi armed forces, Brigadier General Qasim al-Musawi, in a statement to the "al-Hayat" newspaper, reports and rumors about a "scheme coup against the government." what drove her to the imposition of curfew, which led to the suspension of flights from Baghdad airport and the mechanism, as well as stop flights land. He said that "this news is incorrect." The "contained inaccurate intelligence information about the intention of the terrorists and the introduction of car bombs and explosive belts of suicide bombers to Baghdad, prompting the government to take such action." He added that "military operations are still continuing in Anbar, Diyala, two days ago targeted cracking down on Al-Qaeda."
He said that "these operations have resulted during the past 24 hours, killing four Arab fighters, including leading nicknamed "Abu Yemeni brave" and the arrest of eight other Arab nationalities. "

(Time to celebrate with an RV announcement, any takers? Pick me! Pick me! September to Remember, October to Rol-Over!)

good job everybody Thanks for all your hard work keep it up

Translated version of http://www.kululiraq.com/

Latest news : Central Bank seeks to adopt the application of international standards on capital adequacy (Fourth article down the main page!)

An official source in the Ministry of Finance, the possibility of the application of international standards on capital adequacy by the Central Bank of Iraq, under decisions of the second conference, held in Basel.

He added Almusderali margin Economic Forum, which was held at the Ministry of Industry and Minerals, the role of banks in the process of economic reform that the Central Bank of Iraq and work quickly to take its active role in the economic stability of the country, It also tries to lay off some of the mechanisms that were prevalent days of the previous regime, especially lending to government institutions. So there is serious studies on the possibility of introducing and developing a market for government securities would provide a needed all of the institutions of cash and fast, in addition to that it will enable individuals and owners of capital to create a new type of domestic investment content, and the reduction of the phenomenon of capital flight abroad. And the Central Bank's role in achieving economic stability at the current stage, The source pointed out that the Central Bank of Iraq enjoys complete independence, which is making a big effort in order to achieve a stable monetary policy, contribute to the strengthening of the Iraqi economy and reconstruction, and that through a series of constructive steps. The most important of these steps to replace the national currency, been completed, replacing the old Iraqi national currency in January 15, 2004 through the replacement of four trillion OID new currency. This step has been made of a number of important benefits, which restored confidence in the Iraqi dinar is very high, , which reflected an improvement in the exchange rate are clear. The approval, the recent granting of licenses to foreign banks one important step in the efforts of the Central Bank of Iraq to build banking sector active and competitive in Iraq. The auction on foreign exchange of the Central Bank of Iraq. Their main objectives of this auction in helping to alleviate the excessive fluctuations in the exchange rate, which may occur suddenly, the bank also worked on new legislation to provide full legal independence and a clear mandate for the pursuit of price stability and effective regulatory authorities. As is the direct use of open market operations through the purchase and sales of treasury transfers to control the liquidity of the economy and the stability of cash flows, and approval of a new law to commercial banks, where is the ratification of the Law on Commercial Banks Iraqi major step towards establishing a financial system that works in accordance with the criteria, Iraq and the promotion of trade and the liberalization of interest rates is immediate and full liberalization of interest rates on financial instruments of all local deposits, loans and securities in force. The World This action is an important step towards the birth of modern financial sector and efficient allows borrowers to make their own decisions rather than having them bound by the directives and orders issued by the Central Bank of Iraq, The bank now plans to implement several projects, the most important of the restructuring and rehabilitation of government banks, an important application of the system to control and the development of local control and ability to implementation, the creation of the framework of the comprehensive statistical standard covers all sectors President, and finally the development of a market for government securities.

(Sorry, started getting a tad dizzy reading, must be I was getting too excited!)

Originally Posted by shotgunsusie

http://www.iraqdirectory.com/DisplayNews.aspx?id=2202


isnt the OIL INVESTMENT LAW the one they keep talkin about bein done at the end of the year?? didnt i read the other day and mention its before parliament and it awaits APPROVAL??? (vote) wouldnt it come AFTER the FOREIGN INVESTMENT LAW???
looks as if parliament has some explainin to do...

it appears as if we have been waiting on them to finish the final details of a huge package. rv, fil, oil, territories, maliki plan to be announced to the peope ALL AT ONCE.

bloody hell this waitin is startin to take its toll on me...

parliament meets in 5 hours...

Truly an impressive find....I think you might be on to something here. With all the time thay've already taken it would be nice if they put the ribbons and curls on a complete package.....Good Job

Check out all the backdoor secret meetings going on over the past weekend......surprised...I think not!!! Let's reval now we are ready!

Congressional delegation in Baghdad to review the progress of reconciliation

(Voice of Iraq) - 02-10-2006 | This issue was sent to a friend

Baghdad Ali Khalil
The delegation of the Congress of the United States of Iraqi Prime Minister Nuri al-Maliki found on the initiative of national reconciliation in addition to the security situation in Iraq ". according to a source close to Al-Malki, the time »learned that the congressional delegation began an unannounced visit yesterday. He pointed out that the »Al-Maliki said his government's seriousness in their importance draft reconciliation and national dialogue, and its intention to address the imbalances of the security situation through a package of measures parallel effort of security, military, political, economic and Al. The source did not reveal any other details about what happened during the meeting discussed, but only reference to it was a gathering »whatever was frank", the the source also refrained from commenting on the news of a connection between the meeting and telephone call made by President George Bush with Maliki on Friday and discussed the security situation and efforts to secure Baghdad. They discussed the political process and the need for progress in national reconciliation, according to White House spokesman Tony Snow.
In the meantime, renewed criticism of America for the performance of the Iraqi police, as quoted by the New York Times »" and the American ambassador to Iraq, Zalmay Khalilzad, »saying that the United States may reduce the volume of financial assistance to the Iraqi police. in keeping with United States law prohibits providing assistance for foreign security services involved in the commission of violations of human rights ".
The newspaper pointed out that a joint American-Iraqi had been inspected one of the prisons run by the Interior Ministry in eastern Baghdad last May. and there are clear signs of violations and torture in the prison.
Khalilzad explained that Washington did not reach this decision Baghdad formally so far, He added that he was still optimistic that the Iraqi officials will take appropriate action to rectify this situation.

Sotaliraq.com

October 01, 2006

Minister Ashahristani officially stated: "I met with representatives of big oil companies during the meeting of OPEC in Vienna and they were ready to negotiate with us about developing our oil fields before the legislation of the gas and oil law is finished. However, the minister did not name these companies. He added that the Iraqi Oil Ministry is currently responsible for running the Iraqi Oil sector and will bound itself to one type of contracts only. This, clearly points out to the dispute over the production process and the sharing agreements. Ashahristani did not comment on what kind of contracts the Ministry will sign with these companies.

Ashahristani added: "there will be many forms of contracts specified to develop our oil fields. The Iraqi oil sector will need about 20 billion USD of investments so that it will be able to double its oil production up to 4.5 million barrel a day during the next five year." He also mentioned: "The current production of oil in Iraq is ranging between 2.3 and 2.4 million barrel a day. But, Iraq is still facing many difficulties like: the need to exhort more efforts to raise up the production rate to their pre-war levels, the deteriorating security status, bad and old technology bad weather and insufficient logistic support."