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

Iraq's Talabani predicts "new phase" in Syria ties

BBC Monitoring International Reports
Jan 9 2007

Text of report by Iraqi Al-Sharqiyah TV

Iraqi President Jalal Talabani, leader of the Patriotic Union of Kurdistan [PUK], stressed, during a PUK plenum held today, the need to enhance relations with neighbouring countries, particularly Syria and Turkey.

Commenting on the first day of the plenum - which will conclude next Monday [8 January] in (Qualajwalan) resort, near Al-Sulaymaniyah - PUK sources cited Talabani as saying that ties with Syria will witness a new phase. As regards ties with neighbouring countries, Talabani noted the need to maintain and sustain ties with Turkey based on the principle of non-interference in internal affairs, particularly concerning the Kirkuk issue.

Presenting his report on the Kurds' relations and unity with other Iraqi forces, Talabani stressed the need to preserve ties with Shi'i Arabs, particularly the Supreme Council for the Islamic Revolution in Iraq, Al-Da'wah Party, and other parties. He added that ties with Sunni Arabs must be developed as well, particularly through the Iraqi Islamic Party.

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Iraqi factions agree on draft oil law

Turkish Daily News
Jan 9 2007

A meeting in London has revealed that the Iraqi government is preparing to send important arrangements to Parliament on how the country's oil resources are to be carved up.

A meeting was held in London over the weekend, and Iraq was represented by Vice Prime Minister Berham Salih there. His counterparts included representatives of big oil companies, a source close to the meeting told Referans on condition of anonymity.

The fact that Salih, a Kurd who is also the president of the Iraq Oil Committee, is in the process is interpreted as a sign that Iraqi Kurds have been persuaded for a national, not regional, arrangement.

Cengiz Candar, columnist for the Turkish Daily News and Referans, noted that Kurds being part of the effort makes the matter of separate Kurdish independence moot. "In this respect, it should reduce Turkish concerns," he said.

The draft foresees transfer of the exploitation of oil fields nationalized by the Baath government in 1972 to oil companies via 30-year privileged contracts. The Independent on Sunday revealed the text of the draft law in its headline story, "Future of Iraq: The Spoils of War."

According to the Production Sharing Agreement (PSA) system to be invoked by the draft, companies will have the right to retain 75 percent of their annual income from Iraqi oilfields, until they match their oil production costs. After then they will be able to pocket 20 percent of the annual income.

Experts point to the fact that this is double normal market rates. The lion's share in the PSAs will go to giants such as BP, Shell and ExxonMobil.

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The big boys already has secured their big piece of the pie!

Rebuilding Iraq 'bonanza' for US companies

Turkish Daily News
Jan 9 2007

Rebuilding Iraq after the 2003 invasion has proven lucrative for U.S. companies.

While funds for reconstruction in the war-ravaged country have slowly diminished and the bulk of the allocated budget been diverted to security operations, many companies have also won contracts to "restore" Iraq's media, its schools and hospitals, its financial services industry and its oil industry, reported The Independent on Sunday.

According to the U.S.-based Center for Public Integrity, more than 150 U.S. companies have won contracts in Iraq worth over $50 billion in total

In May 2003, the Coalition Provisional Authority (CPA), part of the U.S. Department of Defense, created the Project Management Office in Baghdad to oversee reconstruction efforts.

In June 2004 the CPA was dissolved and the Iraqi interim government took power. But the United States maintained its grip on allocating contracts to private companies, noted the British newspaper. The management of reconstruction projects was transferred to the Iraq Reconstruction and Management Office, a division of the U.S. Department of State, and the Project and Contracting Office, in the Department of Defense.

The largest beneficiary of reconstruction work in Iraq has been Kellogg, Brown & Root (KBR), a division of U.S. giant Halliburton. The company has secured contracts in Iraq worth $13 billion to date. Halliburton was the source of media attention as U.S. Vice President Dick Cheney was a top manager for the company before he secured his seat at the White House.

Other U.S. companies benefiting from Iraq contracts include Bechtel, BearingPoint and General Electric. BearingPoint is the consultant group that advised on the drawing up of Iraq's new oil legislation

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More and more is coming out!!

Iraqi oil could be more important than anyone ever thought. I think the EU will be looking heavily at making some big deals with Iraq.


Russians turn off Europe's oil supply
Tony Halpin in Moscow, Christine Seib and Roger Boyes

Alarm at Moscow's strong-arm tactics

Merkel tells The Times 'we need secure energy'




Europe’s oil supplies from Russia were being held to ransom last night as the Kremlin fell into bitter dispute with a former Soviet satellite state.



Moscow abruptly halted millions of barrels of oil destined for the EU via Belarus in an increasingly hostile wrangle with its neighbour.

The move raised further questions over whether Western Europe can trust Mr Putin for its energy supply. Experts said that Russia had a deeply entrenched habit of manipulating oil and gas supplies as a substitute for diplomatic policy.

Russia’s strong-arm tactics have added resonance in Britain, amid persistent speculation that Gazprom, the Kremlin-controlled gas group, will seek to buy Centrica, the British Gas group, which has 16 million gas and electricity customers in the UK. Angela Merkel, the German Chancellor, told The Times last night that Germany will use its six-month EU presidency to improve energy security on the Continent. In her first interview with a British newspaper she signalled that she would take a harsher line towards Russia than her predecessor, Gerhard Schröder, who is now on the board of a German-Russian consortium constructing a gas pipeline linking Russian gasfields with Western Europe.

“For us, energy is what coal and steel used to be,” she said, referring to the driving forces behind the European project.

Russia’s “gas war” with Ukraine last January caused supplies to Europe to drop briefly by a third during one of the coldest winters recorded. In this case, Mr Putin’s struggle with President Alexander Lukashenko of Belarus, branded “Europe’s last dictator” by the US, once again reduced the EU to watching nervously from the sidelines as its energy supplies were hit.

Belarus considered itself Moscow’s closest ally until a week ago, but was on the verge of a trade war last night after the bitter flare-up over oil duties. More than 1.2 million barrels of oil a day flow from Russia through the Druzhba, or Friendship, pipeline, providing almost a quarter of Germany’s needs and 96 per cent of Poland’s imports, as well as supplies to Ukraine, Hungary, Slovakia and the Czech Republic.

Andrei Sharonov, Russia’s Deputy Trade and Economic Development Minister, accused Belarus of jeopardising contracts with European customers by imposing a tax on oil passing through the pipeline. Relations between the two countries have soured rapidly since New Year’s Eve, when Belarus and Russia’s state-run monopoly Gazprom came within minutes of failing to agree a gas contract for 2007.

The Government in Minsk was forced to accept a doubling of gas prices to prevent supplies from being cut to its ten million citizens.

The oil dispute centres on a tit-for-tat row over taxes. Minsk introduced a penalty on January 1 on Russian oil crossing Belarus to Europe, in retaliation against Moscow’s decision to slap a duty on oil it sold to Belarus. A government delegation from Belarus flew to Moscow last night to try to negotiate a settlement. But Mr Sharonov said that there would be no talks until Minsk cancelled its tax. Europe should expect to see the natural resources giant use the same ploy in the future to extract market prices for oil and gas out of former Soviet states, experts said.

Andris Piebalgs, the EU Energy Commissioner, said that he was seeking an “urgent and detailed explanation” about the cut in oil deliveries.

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اEconomic : Raise the value of the Iraqi dinar and its impact in reducing inflation rates

Contrary Reza Ayub diamantaire
The decision by the Central Bank on the rise in the value of the Iraqi dinar against the dollar to reduce inflation in the economy now, as well as raising interest rates to levels higher than in the past and payment deadlines for various encouragement

To save all of this piece of the action, which is the heart of the duties of the Central Bank, but the main problem that these actions that have been taken were not synchronizing with a stable economic interact with all mechanisms in the economy in a harmonious manner and gross domestic product comes from a variety of sources productivity in the economy, but to come and see what is on the economic scene in the country.

1- One of the Chairperson of the economy, which is a compass to guide savings and investment in the country is the stock exchange or market Iraq securities and this market, we find that the poor security situation brought the case on the fact that most of the shares traded companies declined to the lowest of the dinar one after that the prices of those shares ranging between five dinars session dinars or more, as most investors as a result of the deteriorating security situation and fear for themselves from the kidnapping and murder. The well as their families, they transfer their investments to the Amman stock exchange and stock primarily with the Gulf States and other According to statistics from the Amman stock exchange that Iraqi investments in the stock exchange to quote the three billion dollars, and if we look here, we will see how quickly the Iraqi economy from the lost capital in the economic cycle and how the result will add capital turnover.

2- GDP Iraqi derived all its resources of oil, as we know that the Iraqi economy is one-sided and was supposed since 2005 that the government measures that encourage the private sector to play its role and the advancement of the Iraqi economy through the actions of soft loans and the laws of protection for local industries as well as the procedures for customs control on the imports of goods into Iraq compete for the produce of the private sector and to develop and support projects in the private sector which have an impact on the lives of citizens.

We find it of the foregoing that the private sector remained weak and marginalized and unable to embrace the challenge individually without government support Had for a specified period and within a studied what led to the increase in volume is inflation and be reflected in the the rising price of goods and services and are most of those goods and services imported This pushed the traders to lift from Akiam those goods and services, including parallels the decline in the value of the dollar in front of the Iraqi dinar according to the submission made by the Central Bank of Iraq and the result led to a the erosion of the value of the Iraqi dinar before the dollar once again due to the increase in prices including parallels the value of during the period of imported to preserve the ratios reasonable profit and with the minimum level, this the part and the other side is the the scarcity of import of the goods from before traders because of the security situation and the terrorist threat to traders to close down the their shops.

3- Three - that most local industries parked This result leads to the curtailment of resources derived from the industrial sector as well as the lack of the state's contribution and, as I said before, earlier in the activation of this sector, including those towards maximizing resources and have a share in the GDP.

4. -agricultural sector and the result of the opening of outlets in the country of import controls and without increasing the demand for agricultural products by all citizens led to a reduction in the role of the agricultural sector in any addition of the gross domestic product, as well as to weaken its ability to compete and, consequently, the evolution and growth.

And return once more to the procedure of the Central Bank with regard raise the value of the Iraqi dinar before the dollar we find that this procedure with each the suffering of the Iraqi economy from the stoppage in the process the entire economic because of terrorism as well as because of the underdevelopment of State institutions to be relevant after consideration of the events and beat of personal interests and selfishness for some all of that led to a reduction in the impact of dinar's value once again before the dollar with the procedures the Central Bank of Egypt because of the attempt to traders in maintaining on their right to non-loss result the difference between the value of the goods imported timely and between the teams dinar rate of exchange against the dollar as well as of a decline of import since the no less ferocious on the two months because of the deterioration of the security situation and a continuous basis what make the before of the goods declining about the survival of the same level of demand.

:In order to emerge from this vicious must follow :

1-activating the role of the private sector and to give sufficient flexibility to move in the hands of the laws and legislation in line and by the Constitution

2- .Two-and start working now since the principle of small projects through loans simple to activate the economic cycle in the country and to combat unemployment through these projects.

3- .Three-start from now to activate the industrial enterprises of the public sector that can through rehabilitation to provide service to the community and absorb part of a reasonable unemployment.

4- Four-start housing projects, according to the basic needs of the community to ensure that such projects are implemented by the private sector with some of the projects that wish to implement the public sector, as we know that housing projects move more than 60% of the economic sectors in the country as well as it would eliminate the major proportion of unemployment.

4- promote the agricultural sector through soft loans through the Agricultural Bank, as well as in the first stage, the provision of fertilizers, pesticides and seeds at affordable rates to help re-production format which allows it to block the local market need, as well as the provision of the means of agricultural production and building Almbazl other hardware and channels and provide incentives for farmers who have known that production is increasing year after year.

5- important issue and last, namely, that the security situation You can not disbanded only through dialogue and the political aspects, but through the revitalization of joints the economic process including suited and maintaining the continuity Durán all sectors of the economy and in a flexible manner gives the economic process the dynamic required in the face of any pressures may be subjected to This can be done only through coordination between the political side and the economic side like someone who strikes a of U.S. MUSICAL it could not depends on the the guitar player without others, as the total instrumentals instrumentalists gives uncontrollably consistency and makes it Ttarb comforting Thus economy when left most of its sectors for Atazv in tune with the Central Bank of the Central quitted uncontrollably anachronism and made life miserable comforting, and when spoke in political in economic language before politics and had a friendly the Platform economic when that one be delighted to we are fine, Allah willing.

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The first political : Starting regardless new additions in the salaries of public servants and retirees


As of this month
Baghdad A'ala Tai
The Ministry of Finance said that the increase in the salaries of government employees and retirees would be introduced as of January according to the current regulations set by the relevant committees in this regard.

An official source in the ministry for the "morning" that the committee charged with studying the new retirement law had made the necessary adjustments to the resolution was based on obtaining approval from the Council of Ministers to be working side by side with the decision to increase salaries of employees with effect from this month. The director-general of the retirement Assembly renewed the new retirement law that would allow retirees to increase the salaries by up to 80% of the salaries of their peers in the ongoing jobs for the low degree of functional, and those who have 30 years or more of service, explaining that the increase would be identified according to the grades after they had been divided into four categories. It is noteworthy that the Ministry of Finance allocated amount (400) million from the budget of the year 2007 for the implementation of increasing the salaries of government officials, was an exception employees of the ministries of defense and interior of this increase.

When will the CBI catch up?
Before or after the budget meeting today in Parliament!


Sunday, January 07, 2007 1270.8 IQD
Monday, January 08, 2007 1260.8 IQD
Tuesday, January 09, 2007 1259.5 IQD


MENAFN - Middle East North Africa . Financial Network Currency Charts,Currency Update,Money Markets,Analysis,Projection

Iraqi dinar continues its surge
Iraqi dinar continues its surge
09/01/2007
Source: American Thinker
The Iraqi dinar continues its recent surge, now up 11% from its early September value. As anyone familiar with financial markets knows, it is not in their nature to go in one direction indefinitely, so we must be prepared for a reverse move at some point.

However, this move up, coming as it does at a time of apparent crisis, is one tile in the mosaic of Iraq that may be pointing to success for our venture there. We do not want to get panicked by apparently negative events - the violence we see in the press and that is unmistakably a significant part of the Iraqi mosaic - and miss other, less photogenic trends that may ultimately be more important. If the Iraqi economy is improving, as the value of the dinar may be suggesting, this would be an enormous positive, even if it is occurring in the midst of great violence.
http://www.iraqdirectory.com/DisplayNews.aspx?id=2908

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The general budget for 2007 is met the basic needs of the country?
Baghdad Haider spring

.It is expected that the top of the Parliament today, Tuesday, the discussion of the general budget for 2007, in the meantime, views vary specialists in the economic aspect regarding investment expenditure for this year's budget of 2007 and 41 billion dollars.

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Speaking news received from governorate of Najaf that Mr. Muqtada al-Sadr discussed with religious authority Grand Ayatollah Ali al-Sistani in the current issue of the suspension of its participation in Sadri government and the parliament and the need to return the decision to boycott without mentioning that any decision has been reached during the meeting in this regard.

Azzaman in English

Welcome to ALrafidayn: The Iraqi information service

Welcome to ALrafidayn: The Iraqi information service

Quote:
Speaking news received from governorate of Najaf that Mr. Muqtada al-Sadr discussed with religious authority Grand Ayatollah Ali al-Sistani in the current issue of the suspension of its participation in Sadri government and the parliament and the need to return the decision to boycott without mentioning that any decision has been reached during the meeting in this regard


SGS, does this mean that the a;-sadr guy is boycotting the parliment again or is thsi referring that he is returning?

kerby team