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

Iraq agrees committee to amend constitution
9/26/2006


By Peter Graff and Mussab Al-KhairallaMon Sep 25, 1:55 PM ET

Iraq's parliament agreed on Monday to set up a body to draft constitutional changes, a key part of a breakthrough deal reached by the country's factions to end political paralysis and avoid civil war.

Iraq's new, U.S.-sponsored political system has been stalled by wrangling over amendments to the constitution and autonomy for the oil-rich Shi'ite heartland in the south, while the streets have grown ever more violent since December's election.

Breaking the deadlock at a time when U.S. commanders fear a surge in violence through the Muslim holy month of Ramadan was a crucial test of Shi'ite Prime Minister Nuri al-Maliki's efforts to sustain his four-month-old national unity government.

In the south of Iraq, British forces said they had killed Omar Faruq, described as a senior al Qaeda figure who escaped from a U.S. military prison in Afghanistan more than a year ago.

"I think the agreement is like a gift presented by parliament to the Iraqi people for Ramadan," parliament speaker Mahmoud al-Mashhadani, a Sunni Arab, told the house.

More Info... Iraqi Dinar News - Iraq agrees committee to amend constitution, SafeDinar.com

Iraq's Federalism Debate Rages On
9/26/2006

Emad al-Sharaa and Duraed Salman, Institute for War and Peace Reporting, 26 September 2006

KARBALA and BASRA - The oil fields start on the outskirts of Basra, the southern city that is home to Iraq's largest port and has about 80 per cent of its oil.

But neither the city, on the Persian Gulf about 580 kilometres south of Baghdad, nor the surrounding area has much to show for their natural wealth. Like much of the Shia-dominated south, Basra province was largely neglected by Saddam Hussein's regime, and today public services remain poor and living conditions difficult.

The Shia leaders who now run most of the south and hold the majority of seats in the Iraqi parliament are hoping to improve conditions in the region by creating a federal state along the lines of the autonomous Kurdish region in the north.

The very idea is ruffling feathers among Sunni Arab leaders, who argue that the shift to federal rather than unitary will break up Iraq, and in recent weeks the question has become the most contentious domestic topic.

More Info... Iraqi Dinar News - Iraq's Federalism Debate Rages On , SafeDinar.com

Kurds agree to share oil revenue with Iraq
9/25/2006


SPECIAL TO WORLD TRIBUNE.COM
Monday, September 25, 2006
LONDON — The autonomous region of Kurdistan has expressed readiness to share crude oil revenues with the rest of Iraq.

Kurdistan Natural Resources Minister Ashti Hawrami said the regional government plans to draft an oil bill over the next few weeks that would share revenues with the rest of the country, Middle East Newsline reported.

But the bill would grant Kurdistan the sole right to develop resources in the northern Iraqi province.

"Control of the new fields is the exclusive right of the regions and we are not going to budge on that," Hawrami said. "We will control them 100 percent. We have no intention of withholding revenue from the central government. We will not take a dollar extra than our fair share, but we expect our fair share."

More Info...Iraqi Dinar News - Kurds agree to share oil revenue with Iraq , SafeDinar.com

I posted this before the site went down...seems like it might be worth reading again...

Retailers ready for Ramadan rush
By Robert Ditcham, Staff Reporter

Dubai: The UAE's retail scene has undergone a complete transformation for Ramadan. New store opening hours, fiercely-driven promotions and altered product selections will all be features of the next 30 days.

Some malls say Ramadan spending represents 15 per cent of total annual sales, driven by increased visitor numbers to the UAE and heavily-promoted sales.

Food manufacturers, in particular, benefit from a jump in demand. A top official at Dubai-based Halal food producer Co-op Al Islami said the company's sales increase by up to 75 per cent over average rates during the rest of the year

According to Piyush Mathur, regional managing director of ACNielsen, "Around 70 per cent of sales for certain items happen during Ramadan."

"The stores see it as an opportunity to cater directly to people's needs and often time product launches to coincide with Ramadan. Another main difference is the change in opening hours. Most malls open until 2am and traffic peaks at around 11.30pm."

Officials at Sharjah-based retail conglomerate Safeer Group say 15 per cent of the company's total annual sales come during the month of Ramadan alone, with garments and foot-wear leading sales before Eid.

"Also Ramadan is a month when the Muslim faith amplifies the act of giving offerings to the poor so a lot of buying for offerings occur. It's also a season when all retailers hold promotions and sales, so even the non-Muslim population sees it as a good time to buy."

The company is launching a host of promotions on novelty and food items to coincide with Ramadan

Gulfnews: Retailers ready for Ramadan rush

and this...

Published: 09/23/2006 12:00 AM (UAE)


Airlines change strategy for fasting month
By Ivan Gale, Staff Reporter

Dubai: Ramadan, generally a slow month for air travel, is pushing airlines to be creative in enticing travel while also catering to Muslim travellers' specific needs.

Carriers are considering shifting flights around to accommodate Iftar, when Muslims gather to break the fast in a communal setting.

Many Muslims spend the month enjoying time at home with family, which is why air travel generally slumps during the month. However, some observers often take a week or two to fly back home to see loved ones, and carriers may add additional flights on an as-needed basis for such travellers.

However, nowhere is the demand going to see such a spike as in Jeddah, the gateway for religious travellers during Umrah, one of the holy pilgrimages to Makkah.

Stimulate demand

Emirates has announced the start of extra flights to Jeddah for Ramadan between September 20 and November 5, while elsewhere it may offer promotions to fill seats. An Air Arabia spokesperson said from September 22 to October 22 the Sharjah-based airline could add over a dozen flights to Jeddah depending on customer demand.

Qatar Airways is unfurling plans for several promotions geared for various parts of their customer base. During the month of Ramadan the Doha-based carrier will promote a companion fare.

Gulfnews: Airlines change strategy for fasting month


Like I said before, even though this isn't talking about Iraq, I think that if the Iraqi's had money, they'd be spending and celebrating and giving to the needy. From what I've read Ramadan is a time for piety, but there is also a festive aspect to it....the women set a special table with their finest things for the nightly breaking of the fast. Like our religious holidays, it seems that their holy days include a healthy amount of consumer spending.
I have no doubt that a reval could happen during Ramadan..."a time of charity and piety and good deeds" AND TAKING CARE OF BUSINESS!!!!

KANSAS CITY, Sept 26: High prices for American wheat are a concern for Iraq as it seeks fresh supplies for the country’s bread-making and other needs, but the war-torn country is eager to begin buying US wheat again after a lengthy hiatus, an Iraqi trade official said on Tuesday.

“We will be buying American wheat ... but maybe not now.

American wheat is good and tasty, but it is also expensive,” said Abdul Hadi K. Al-Hamiri, an Iraq Ministry of Trade official and one of a group of trade officials who on Tuesday were visiting the Kansas City Board of Trade, the world’s largest futures market for hard red winter wheat.

There has been widespread market speculation over the last week that Iraq was poised to buy possibly one million tons, or more, of wheat.

But the Iraqi trade delegation, who have been crisscrossing the United States over the last week meeting with grain suppliers and US trade officials, said any formal announcement would have to wait until after a meeting in Iraq in October, and they stressed high prices were an issue.
Ferial Jawad, head of the grain import department of the Iraqi Grain Board and another member of the delegation visiting Kansas City, told Reuters that Iraq planned to buy at least enough for one month’s consumption needs, about 300,000 tons, with 90 per cent of the amount coming from the United States and the rest from Australia.

Jawad said American supplier Archer Daniels Midland Co. was able to offer attractive pricing.

—Reuters

Iraq may again start buying costly US wheat -DAWN - Business; September 27, 2006

Iraq, Australia Near Resolving Wheat Trade Issues
26/09/2006
Source: Cattle Network


Iraq may be able to begin buying Australian wheat soon because the two countries are close to coming to terms on a scandal that prompted Iraq to stop importing from Australia's AWB Ltd. (AWB.AU) in February, Iraqi Trade Minister Abdul Falah al-Sudani said Monday.

Iraq stopped buying from AWB in the wake of an investigation into alleged kickbacks paid to Saddam Hussein's regime in return for wheat purchases under the United Nation's oil-for-food program.

Al-Sudani told reporters here Monday he believes the two countries can get beyond that "problem." He said that "it will be resolved soon and we will resume purchasing from Australia."

But Iraq is also increasingly able to rely on domestic wheat production. Al-Sudani said wheat production there has more than doubled to about 1 million metric tons this year.

Meanwhile, if U.S. industry was hoping for an announcement of a wheat purchase during al-Sudani's visit to the U.S., it is not going to get it Monday. Al-Sudani told reporters he would make no such announcement.

Other members of the Iraqi trade delegation with whom he is traveling will leave Washington and head to Kansas City, but al-Sudani will not accompany them.

Alan Tracy, president of the U.S. Wheat Association, said Monday that Iraq still has "big import needs" and that U.S. exporters "expect to compete with the Australians."

http://www.iraqdirectory.com/DisplayNews.aspx?id=2157

Iraqi Central Bank to apply International Standards Concerning Sufficiency of Capitals
26/09/2006
Source: Al-Sharq Al-Awsat


An official source in the Iraqi Ministry of Finance confirmed that Iraqi Central Bank will possibly approve the application of international standards concerning the sufficiency of capitals, according to the resolutions of the second conference held in Bazil.

http://www.iraqdirectory.com/DisplayNews.aspx?id=2159

The Iraqi Central Bank seeks to adopt the application of international...


The Iraqi Central Bank seeks to adopt the application of international standards on capital adequacy.

Source : Middle East - 24/09/2006
An official source in the Iraqi Ministry of Finance, the possibility of the application of international standards on capital adequacy by the Central Bank of Iraq, under the resolutions of the Second Conference, held in Basel.

The source added, in an exclusive, on the sidelines of the Economic Forum, which was held at the Ministry of Industry and Minerals, the role of banks in the economic reform process, 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 (January) 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.

Here is the link for that news item.

Iraq, Australia Near Resolving Wheat Trade Issues

http://www.iraqdirectory.com/DisplayNews.aspx?id=2157

An agreement with the International Finance Corporation (IFC)


Source : Al-Sabah - 25/09/2006

The Deputy Chairman of the Chamber of Commerce and Industry Iraqi American (Adek Nai) in the Jordanian capital of Amman signed an agreement with the International Finance Corporation (IFC) one of the institutions of the World Bank, whereby the Iraqi training of personnel in the fields of industry and all the economic, administrative and develop their skills and the development of human resources in Iraq.

Said an authorized in the Chamber of Commerce and Industry Iraqi American and added : the agreement stipulates that the obligation of the International Finance Corporation to work with the chamber as coach in the Training Section at times set by the Chamber, according to the requirements of the program (IFC-Business edge), the source said the training program did not include Baghdad alone but also to all of Iraq's provinces and the southern Central and Northern.

The source said that the agreement indicated that the chamber is the owner the exclusive right training program in Iraq and with the consent of the International Finance Corporation, which promised not to conduct training courses for the program without the supervision of the chamber as the owner the exclusive right training.
The source : that Chairperson of the objectives of the program is to build and rehabilitate the size of the Iraqi training for their role and future plans commensurate with the chamber in the development of human resources and make them with Iraqi hands.

For his part, Director of the Chamber's branch in Amman, Faris reformer : The chamber is the first institution activity and worked hard since its founding in order to communicate with the traders and industrialists Iraqis and their connections with the industrial and commercial institutions operating outside Iraq. reformer has pledged to continue to work with the institutions of the World Bank with a view to developing the work of the room.
Praising the representative of the International Finance Corporation (IFC), Dr. Ahmed obsolete achievements of the Chamber of Commerce and Industry Iraqi American in the field of training and rehabilitation pledging to continue working in the field of training and qualification of personnel in Iraq, one of the largest training programs of the institution, which included seven states, including Abra s, pointing to the existence of a marked decline in the activities of the World Bank in Iraq because of deteriorating security conditions.

It is noteworthy that the (IFC-Business edge) is the trade name for the formation of global products for training in management skills, This program includes 36 books dealing administratively five different topics : marketing, human resources, production and operation, finance and accounting skills and productivity.