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

o, im not talkin about sydney, the official opening of the stock exchange is when it opens in nyc according to documentation ive read on the internet.

Doesn´t the market in London open 5 hours before NYC.

I´ll be surprised if it´s not ready in time for London opening ??

Sunday would be better though.........

Originally Posted by Webster

Absolutely agree! I thought, and one should never presume, that Australia is so far in front of the rest of the world (I mean TIME WISE Lol), that our forex would open before anywhere else. Thanks Susie.

it does open before anyone else along with auckland but the sites about the forex operations that ive read have said that its 'official' opening is recognized est. when nyc begins trading so i assumed that would be a time to get it out there.

actually, if i were iraq i believe i would do it on sunday their time in order to be ahead of the game so to speak.

http://www.kuwaittimes.net/Navariedn...rtid=451630313

Kuwait to host meeting of Intl Compact for Iraq


KUWAIT: Kuwait government will host a preparatory meeting for the International Compact for Iraq on October 31 where discussions would focus on the final preparations to endorse the international compact by the end of 2006.
A statement by the Kuwait Fund for Arab Economic Development (KFAED) said yesterday the meeting would be attended by Deputy Prime Minister and Foreign Minister of Kuwait Sheikh Mohammad Al-Sabah and US Assistance Secretary of State, Iraqi Vice-president, and senior officials representing 22 states as well as the United Nations.
Labelled as "The International Compact" by the Iraqi government, the meeting aims at reinforcing cooperation between Iraq and the international community for the sake of strengthening economic, social, and political growth in the Middle Eastern country.
The meeting would discuss the procedures to develop the international compact to guarantee that reconstruction efforts in Iraq would continue, said KFAED.
It went on saying that another preparatory meeting would be held in Baghdad which would precede the official International Compact conference to be held by the end of this year.
Kuwait confirmed its supports to the Iraqi government during the last meeting in the UAE. The Kuwaiti Fund granted the Iraqis $60 million to finance the sectors of Education and Health, as well as easy loans worth $450 million were also given to develop several projects in Iraq. - Kuna

Translated version of http://www.alsabaah.com/ (October 28, 2006)

With the Ministry of Finance seeks to merge banks and curtailed
Baghdad-Yasser incumbent
Banking expert stressed that the development achieved by concrete Iraqi banks and made much progress and an important stage in her openness to the global banking system, however, drew attention to the fact that some phenomena inherent in the banking system for both the public and private sectors need to Tgiergezri for Ttwiradae this system and Alar coats division to the international banks.

The expert, Walid Abdel Nabi Idi assistant general manager of the banking and credit control in the Central Bank of Iraq in an interview with Al (morning) we need today because Iraqi banks to raise their levels in the world to play their role in the activation of the great Iraqi economy, and added that among the most important phenomena of the aforementioned lack of awareness the banking and the non-arrival of the Iraqi economy and Iraqi society to the global level in this area, which demonstrates the great need to raise awareness within the banking community to the Iraqi banks themselves through the development of banking services and dissemination.
Based on its analysis of Hzaaloaga across indicators and statistics relating to banking density in Iraq any preparation banks to the population as information indicates that the banks, one for each 46632 persons compared between the bank and the standard of the same bank for each ten thousand people, which demonstrates a lack of awareness of the banking system.
Idi effects on this side issue of importance in terms of this vision at odds with the decisions of the Ministry of Finance knockout number of banks to merge with each other, which means that the ministry is not committed between the banking standard.

So it Idi that private banks in Iraq, characterized by the primacy of the family nature of any union management with ownership in the bank in order to achieve the narrow interests of the family in addition to the weakness of the banking culture to some of the capital Mmai'di to the loss of these banks between the wishes of the owners of capital and the requirements of Achi graduating and commitment to the laws and regulatory authorities that have been developed for the benefit of the banking system.

The absence of public banking strategies actors and detailed annual plans and contingency plans and the lack of policies provided by the Banking Act and the Law of the Central Bank of Iraq and regulations issued by the Central Bank of negative phenomena as well.

He sees banking that other negative phenomena is the prevailing absence of institutions of the banking system and currency such as insurance companies on deposits and other insurance Aumkateb loans to the study and analysis of banking risks as well as the lack of suitable Khadnat provided by the Iraqi banks in terms of the number, type and procedures and the way the secret Eh presented with the requirements of the development of the Iraqi economy and the requirements of Aghtassadalasuk, The weakness in comparison with the number and type of services provided by banks and the Arab world.
He pointed to a weakness in technology means used by banks and the lack of rapid means of communication required by the new working conditions and the absence of appropriate computer programs to the development of the banks as well as the decision-making structure and the weakness of modern banking expertise and weak specialties and the high volume of non-performing loans Paid owing to the unstable security situation.

He said that private banks and government suffer from other problems permanently, and needed to take decisions on undermining and find solutions for the problems of counterfeit currency and documents damaged and the problem of the transfer of money and pilferage and secondary services provided by banks at the expense of their duties Chairperson of each of these problems is one of the m Haddat banking and non-development. There are fundamental problems experienced by banks governmental formation boards consisting of the Chairman of the Board of Directors and Director-General into by the minister and four people from the bank in addition to other representatives of this structure is considered a banking expert influential in the decisions that all developed However, the Director-General, who is president of the Governing Council and that most decisions are administrative in nature predominantly political nature and the individual may be far from the banking system and even the distribution of profits in government banks contributed to the weakening of the capital base and prevented access of the number of government banks to a minimum of capital.

A Idi method of distribution according to Article 11, where profit of only viable distribution than 30% of the cost of doing business, the rest being transferred to the account of the Ministry of Finance of this profit 45% for the public treasury. 33% incentives of the management and staff of the company's research and development 5%. 5% of social services for workers and the remaining 12% goes reserve capital weakened capital base.
The method of distribution for consideration Alaattabarahtiajat nor did the actual work for the development of the banking system.

In order to address these phenomena that hinder the evolution of the banking Idi believes in the need for the development of the use of automation in the banking and programs entitle to the occasion and provide the service banking precision, speed and gradually, as well as the reorganization and rehabilitation of the banking owners within a clear organizational structure.

The expert concluded banking and Idi Walid Abdel-Nabi said that the upcoming stage requires hard work to restructure the government according to the requirements of banks present stage of the Iraqi economy and the integration of the banks specialist investment bank governmental one. With the increase of its capital. A review of the Companies Act in the fifth paragraph of the formation of a coalition government banks and the Department of actual independence for the exercise of banking work, and reconsideration of the rate of profits and processing banks Bmcnanh modern equipment for the banking and the development also sees the need to prepare an integrated study to restructure banks and encouraged to make joint loans to reduce credit risks, and tightening control by the banks and insurance on their loans medium and long term as well as the establishment of insurance companies on deposits to ensure the protection of depositors and banks.

We can deduce from the foregoing that the banking expert Asher weakness in the banking density in Iraq as a result of the distribution of rates among the population at bank branches, With the Ministry of Finance is seeking to abolish or merge or downsize some branches of government banks because of the current circumstances in the country and which lead to its loss, however, a banking expert expected in return for increasing the number of private banks, which would replenish those banks that verification of any loss that with the abolition at the present time.

The Al (morning) for obtaining the consent of the bank
Central Bank to leave (6) of new banks out of (15) banks under study for the banks.

(This article is at the site above, then on the left side, hit the economic tab!)

Translated version of http://www.alsabaah.com/
To activate its role in the processes of reconstruction and development
Baghdad Yasser incumbent
Economic expert disclosed that the banking system in Iraq is suffering from deficiencies in the performance of its core functions, stressing the need for restructuring government banks. He said Dr Maged fictitious expert at the Central Bank of Iraq in an interview with the (morning)

On the role of banks in the economic reform : the fundamental task of restructuring the banks are improving their performance in order to provide banking services to the government, institutions and individuals in accordance with the requirements of the development of the economy.
The picture also emphasized that the banking sector plays an important role in economic relations and international financial, it enjoys considerable international attention, He pointed out that the banking sector needing care and responsibility in the implementation of these transactions.
He said : Therefore, the main objective of the restructuring is to eliminate the problems of the banks to ensure the functioning of the domestic and international dealings.
The tasks of restructuring main factors first. The existence of a genuine political will and clear and transparent for this process, There is a need for a restructuring process in a timely manner and the period of relative calm financial and banking activity. The second task in financial restructuring, which includes the commitment to the minimum capital for the banks. If the transition to broad international activity, it should increase the capital to contain higher levels of new capital as well as the revision in the credit portfolio and the improvement and development of management commitment and regulations, instructions and procedures. Dr. Magid pointed to the need to ease the liabilities of banks and convert what could be converted into a capital increase, The restructuring of the requirements of the banking activity to reconsider the type of services provided and developed and implemented as soon as possible and strengthen internal controls and compliance monitoring and policy-making required in accordance with the Banking Act and the regulations of the Central Bank and the instruction of the Governing Council, as well as reducing operational costs and the use of modern means of providing banking services.
So counting nominal subject to review and specialized banks merged bank and one specializing in the development of industry and agriculture-related projects together. One of the requirements for restructuring government banks.

He called for the capital increase until a half billion dollars in order to be able to deal with the new tasks of the current stage of economic development and the exploitation of part of the oil resources allocated to this development, in order to develop the industrial and agricultural activities in small and medium-sized enterprises and to be a center for attracting foreign investments in collaboration with the implementation of these projects, even big ones.

He concluded by saying that the restructuring of banks requires action by a plan of action and thought seriously by all of them to these banks are in a state represented by the Ministry of Finance, as the sole owner of these banks and the Central Bank of Iraq as the supervisor of the banking activity and the more specialized in assessing these a activity and said :
Without a combination of these bodies and to support the government it is impossible to complete the task of restructuring government banks drastically. He pointed out that the restructuring will do the role of banks in the process of reconstruction and development

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Muhannad Hamid spring * * Department of Foreign Economic Relations and Trade Ministry

The follower of the tide and economic developments that occur on a global scale and the resulting outcome of the last round of negotiations taking place in the corridors of the World Trade Organization after the developing countries that demonstrate a unified defied the rich, including the United States and the European Union, before us to say that the followers of this to see and the fact that There are features and characteristics of a new geography of international trade is in the process of re-shaping the global economy, by gradually moving south from the revolving in the orbit of the World Trade Center thus enabling the developing countries new opportunities for development gains from international trade and trade negotiations. There are two basic characteristics of this transformation : The first relates to the growing importance of developing countries in gaining global markets as a producer, trader and consumer. In this capacity represents developing countries next engine of growth for the world economy and prosperity, The share of developing countries in world trade significantly in the past two decades, it now stands at 30% compared with 20% recorded in the mid-1980s. The developing countries have become an important destination countries for the exports of developed. Therefore, the interdependence between the two sides stressed the need for developed countries to increase solidarity in the area of development support to developing countries and to serve the common interests between them. It also means that the developed countries to sponsor this new development in the integration of the integration of developing countries into the international trading system and to develop and strengthen policies and strategies to support developing nations as a partner in development. The second feature of the new trade geography relates to the new dynamism and momentum that characterizes trade between developing countries in commodities and manufactured products and services. since more than 40% of the exports of developing countries from goods, , including manufactured goods, addressed to other developing countries, and this trade fair is an annual rate of 11%, almost double the growth rate of total world exports. As evidenced trade in services between developing countries growing, allowing for the increase of other developing nations great potential for diversity and that the structure of exports which were dominated by commodities. This is confirmed by the increase of investment and the transfer of technology and the relations between enterprises of the developing countries on the regional and international level, Among the factors to assist in this recovery increased citizen integration between developing countries in the areas of production, trade and the increase in the number of agreements that support bilateral cooperation, regional and interregional cooperation (between regions block trade) in the area of investment and trade, as well as the difficulty of entering the markets of developed countries and the high cost تها. The new trade geography, which gives new weight commercially for developing countries. also working to strengthen the bonds of solidarity and equality among the developing countries on the basis of fair rules and principles of solidarity, including the treatment of weaker special treatment, In addition, The increase trade between developing countries as a complement to trade with developed countries and not a substitute for it. Not only the growing importance of developing countries into the global economy to relations alone, where there are similar patterns are also emerging in international investment flows, suggesting the possible emergence of a new geography of international relations in the field of investment. The increased direct foreign investments flowing annually from developing countries flows faster than developed countries over the past five years, after the amounts do not exceed the negligible level of the developing countries (about $ 28 billion at the beginning of the 1990s) rose arriving flows to these countries to reach in 2005 to about $ 120 billion, More importantly, many developing countries emerged as a source of direct investment. This, if anything, it indicates that There developing nations found practical solutions To address the most important problems of development and the problem of financing. Despite this, States remain the dominant countries in terms of the origin of transnational corporations cent region in the world. About 90% of the largest transnational corporations are headquartered in the economic triad of the United States-European Union-Japan Although transnational corporations outside of this triangle, including the number belongs to the economies of developing countries, accounting for a few transnational corporations cent, However, the average index spread across the State is the highest since for some companies belonging to the economies of developing countries like (South Korea and Malaysia) performance record as outward investors, and now other companies, such as companies from Chile and Mexico have become players in recent times. There are some developing economies are now large investors by global standards. In 2003, for example, The Hong Kong (China) of the stock of foreign direct investment outside of the largest stocks Italy or Spain. Singapore also submitted to Denmark or Norway. The growing volume of foreign investment from developing countries to other developing countries, The rate of international investment among the developing countries, faster than investment from developed countries to developing countries. It can develop a strategy for cooperation among the developing countries, focused on a number of key thrust areas, in order to support and expand the transformation that is taking place in trade and economic cooperation and investment among the developing countries. Since that would enable the developing countries to play a real engine for sustained economic growth, diversification and poverty reduction in these countries themselves and the rest of the world. Such a strategy should pay particular attention to needs and situations of least developed countries and small countries, landlocked developing States, as well as countries with economies in transition, The address in the context of agreements Bilateral, regional and interregional cooperation among developing countries and between them and developed countries. That is what will go in the second part of This topic.

Economic : Industry is preparing to hold its Colloquium five. الشهر المقبلNext month

Proposed new hubs for economic reform Baghdad-Sabah The Ministry of Industry and Minerals its Colloquium Economic five on the 6th of November next, tagged "the effects of economic reform on employment" of the researcher, Huda Taha Ismail. The Economic Adviser in the Ministry of Industry and Minerals Yaqub Shonia that the Central Committee for economic reform of state-owned enterprises was able to complete the four seminars aimed at sensitizing the community goals and the importance of the pros and cons of economic reform. The symposia were four in a row is, the importance and the role of corporate governance in the economic reform of the researcher Afif al. The role of banks in the economic reform of the researcher Majid Mansour, transparency and their role in the economic reform of the researcher Raad Shawki public awareness and the need for the success of economic reform by researcher Afif al. He added. With the end of the symposium five aforementioned Committee has completed an integrated program in the area of sensitive and important in the history of change, which will face economic policy in Iraq. The Committee and an update of its economic awareness and educate the citizens of what is happening variables were prepared axes proposed new subjects in the same objective. The hubs are the imperatives of the proposed pre-qualification process in the appropriate economic reform of the Iraqi economy, The role of a strategic partner projects covered by the reform, economic reform and facilities for the service sector and the role of consulting offices in the marketing of the projects covered by privatization. The role of scientific knowledge, The role of public oversight in the reform process, appropriate applications of privatization in the world of the reality of Iraq. Economic Adviser asked specialists from the lecturers, academics and specialists to contribute to provide the ministry research on these themes enriching this experiment led by the ministry in order to achieve economic reform course for the development of Iraq and its economic and social development.

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Economic : Iraq needs $ 300 billion for the rehabilitation and reconstruction

Baghdad-Sabah
Both Haidar Al-Ebadi, Unadim Kana of the economy, investment and reconstruction in the parliament should adopt the House bill one of the most important investment decisions approved by the Council because it will open the door to foreign investment and to be a good sign for the country, while we said : Iraq needs $ 300 billion for the rehabilitation and reconstruction. He added Abadi, Chairman of the People's economy in a joint press conference held with a number of members of the Committee that "the investment law will be the investment process and encourage investors and the decision of the ratification of the most important decisions that have been taken." He continued : "Now the government formation Investment Authority, The law opens the country mainly for investments, We want the Iraqi senses a change in the economic life. " Ebadi pointed out that the executive will then put Investment Authority names members to the House of Representatives on them. He said that "the investment law in line with the Iraqi Constitution, which gives powers of the regions and governorates, Accordingly, there will be a national investment, The bodies of the regions and governorates. For his part, we pointed to the benefits of the law said it will help them to attract foreign capital to participate in the advancement of the country. He added, "the country needs $ 300 billion for the rehabilitation and reconstruction, The housing projects only need 200 billion dollars. " And we express its understanding of the fears of some members of the investment law to pave the section of interventions and exploitation of the law, but said "there Balancing between national sovereignty and attract investments." He added : "We hope that the law provides jobs for the unemployed and thus contain unemployment and contain tensions. the fact that some of the unemployed were to uncover terrorist operations.

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Turkish-Iraqi businessmen's association established
Turkish-Iraqi Businessmen's Association (TIRIAD) was founded in the Turkish Mediterranean province of Mersin to enlarge share of Turkish businessmen in the Iraqi market, Turkey's semi-official Anatolia news agency reported on Friday.

Political first : meetings between the leaders of the resistance and representatives of the United States in Amman during the next two weeks

A new political front shortly announce
Baghdad morning
The secretary general of the Nasserite Vanguard proximity formed a new political front, including old Nasserist, nationalist and Islamic and national in the next few days, With one of the leaders of the Islamic army that the next two weeks will attest to the meetings between the leaderships of the (resistance) and representatives from the American side. Said Dr. Abdel-Sattar al-Jamili secretary general of the Nasserite Vanguard told the "morning" : his party supports supports any national effort to ensure Iraqi security depends on Iraq, according to the priorities of ending the occupation and the cancellation of sectarian, ethnic and reaffirm the Arab identity of Iraq and national unity of land and people. Jumaili between that coordination with a number of forces and the national parties led to the formation of the Front, which will include an integrated program offers to address the problems of the current phase and the post-foreign presence, and we will deal with everyone in the supreme national interest to build Iraq as well as the respect for the legitimate rights of a T. people in the framework of a democratic Iraq. The Front representatives in the House and will have a role in any talks with interested parties through dialogue and talks, which would be open to dialogue with all relevant parties, the Iraqi issue and on the basis of the four priorities put forward by the Front. Meanwhile, Al (morning) one of the leaders of the Islamic Army that the meetings will take place during the next two weeks between the leaderships of the "resistance" and representatives of the American side in the framework of negotiations on the Iraqi security situation. Abdel Rahman Al-Ansari : The meetings will be held mostly in the Jordanian capital of Amman with nearly (12) armed faction which encounters the first of its kind conducted directly. He explained that most will be discussed is a schedule or withdrawal of the occupying forces and the amendments to the political process and the abolition of the problem in this era of former civil administrator, Paul Bremer, as well as to resolve the armed militias.

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